Pharma BD Deal Intelligence
CSL acquired Vifor Pharma for $11.7B in an all-cash tender offer ($179.25/share, 61% premium; closed 9 Aug 2022) to diversify beyond plasma into iron-deficiency, nephrology and cardio-renal disease. Post-close the thesis has deteriorated: at its 1H FY26 results (period ended 31 Dec 2025) CSL booked US$843M after-tax impairments on CSL Vifor and CSL Seqirus intangibles, with the Vifor portion largely tied to VENOFER after lower sales forecasts driven by generic competition. On 11 May 2026 interim CEO Gordon Naylor flagged a further ~US$5B in non-cash pre-tax impairments across FY26-FY27 (on top of US$1.5B at 1H FY26), explicitly including CSL Vifor intangibles and under-utilised property, plant and equipment, and cut FY26 guidance to ~US$15.2B revenue and ~US$3.1B NPATA. The write-downs represent CSL effectively conceding the Vifor deal has not delivered its original returns.