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CSL Limited: Fair Value Assessment Amidst Evolving US Tariff Scenarios Executive Summary This report provides an assessment of the fair value of CSL Limited (CSL) under various potential United States (US) tariff scenarios. CSL, a global biotechnology leader with significant operations in plasma therapies (CSL Behring), influenza vaccines (CSL Seqirus), and iron/nephrology treatments (CSL Vifor), faces potential impacts from evolving US trade policies.

--- [Narrative update per Investor announcement 24-Mar-2025] --- The analysis below was written ahead of Opthea’s Phase 3 results. As stated, the thesis was highly dependent on trial success.

Key Takeaways The dual-channel market strategy and strategic leadership hiring are set to enhance U.S. market penetration and significantly drive future revenue growth. New product approvals and strong validation through peer-reviewed studies are expected to bolster market credibility and diversify revenue streams.

Key Takeaways Expansion into the US and new product launches are set to drive significant revenue growth and enhance market share. Improved operational efficiency and new distribution channels indicate increased profitability and promising future financial performance.

Key Takeaways Strong financial position and partnerships reduce the need for capital raising, protecting margins and earnings. International expansion and R&D investments present significant long-term growth and valuation opportunities.

Key Takeaways Expansion into new regions and increased treatment support are expected to drive future revenue growth and improve earnings. Self-financing through reinvested profits is likely to enhance net margins and support earnings sustainability.

Key Takeaways Advancements in plasma collection and operational efficiencies are set to reduce costs and improve CSL Behring's margins, potentially boosting overall earnings. Product rollouts and expanded market approvals, especially in HAE therapy, aim to drive revenue growth and offset vaccine sector challenges.