CSL Ltd. — Investor Presentation 2022

Aug 16, 2022

17 August 2022

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For immediate release

RESULTS PRESENTATION FOR THE FULL YEAR ENDED 30 JUNE 2022

Melbourne, Australia – CSL (ASX:CSL; USOTC:CSLLY)

Please find attached the slides for the presentation on the full year results that will be given by the Chief Executive Officer and Chief Financial Officer shortly. The live - briefing will be webcast and can be viewed at https://edge.media

server.com/mmc/p/4vrmr7kw. Please note that this link will expire after the webcast concludes.

A recording of the webcast will be made available later in the day at: https://investors.csl.com/site/investors/financial-results-and-information

Authorised for lodgment by:

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Fiona Mead Company Secretary

For further information, please contact:

Investor Relations:

Bernard Ronchi Stephen McKeon Director, Investor Relations Director, Investor Relations CSL Limited CSL Limited Telephone: +61 3 9389 3470 Mobile +61 402 231 696 Email: bernard.ronchi@csl.com.au Email: stephen.mckeon@csl.com.au

Media:

Jimmy Baker Communications, CSL Limited Mobile +61 450 909 211 Email: jimmy.baker@csl.com.au

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CSL Limited

2022 Full Year Results

17 August 2022

Paul Perreault Joy Linton CEO and Managing CFO Director

IMPORTANT NOTICE AND DISCLAIMER

This presentation contains summary information about CSL Limited (ACN 004 089 936) and its related bodies corporate (together, CSL ) and CSL's activities as at the date of this presentation. It is information given in summary form only and does not purport to be complete. It should be read in conjunction with CSL's other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange ( ASX ), available at www.asx.com.au This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire CSL shares or other securities.

Legal Notice

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of CSL or its directors, employees or agents, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of CSL or its directors, employees, contractors or agents.

This presentation contains forward-looking statements in relation to CSL, including statements regarding CSL's intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to CSL's business and operations, market conditions, results of operations and financial conditions, products in research, risk management practices, climate change and other environmental and energy transition scenarios. Forward-looking statements can generally be identified by the use of words such as "forecast", "estimate", "plan", "will", "anticipate", "may", "believe", "should", "expect", “project,” "intend", "outlook", "target", "assume" and "guidance" and other similar expressions.

The forward-looking statements are based on CSL's good faith assumptions as to the financial, market, risk, regulatory and other relevant environments that will exist and affect CSL's business and operations in the future. CSL does not give any assurance that the assumptions will prove to be correct. The forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors, many of which are beyond the control of CSL, that could cause the actual results, performances or achievements of CSL to be materially different to future results, performances or achievements expressed or implied by the statements. . Factors that could cause actual results to differ materially include: the success of research and development activities, decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; acquisitions or divestitures; research collaborations; litigation or government investigations, advances in environmental protection processes, uncertainty and disruption caused by the COVID-19 pandemic and CSL’s ability to protect its patents and other intellectual property.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date of the presentation. Except as required by applicable laws or regulations, CSL does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based.

TRADEMARKS

Except where otherwise noted, brand names designated by a ™ or ® throughout this presentation are trademarks either owned by and/or licensed to CSL.

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CEO Overview Paul Perreault CEO & Managing Director

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FY22 Performance[1]

Revenue up 3% with net profit after tax down 6%

Performance in line with expectations

As expected Ig and Albumin sales have been limited by COVID constrained plasma collections in FY21

Plasma collections have grown strongly and anticipated to underpin future sales growth

Supply chain cost pressures

Differentiated influenza vaccines driving record CSL Seqirus performance

Growth in R&D investment

CSL Behring

CSL Seqirus

• •

• IDELVION[®] +20% Seasonal influenza vaccines +16%

• • KCENTRA[®] +18% − FLUAD[®] +41% −

• • US sales >$1b for the first time HAEGARDA[®] +5% • Record volume of ~135 million doses

• • HPV royalties +55% distributed in FY22

• • Immunoglobulin -3% • Fill and finish capacity expansion

• • Plasma collected +24% projects completed at Holly Springs and Liverpool

• • Commenced roll out of new plasmapheresis platform

• Garadacimab (HAE) positive top line data

Acquisition of

Vifor Pharma Ltd

1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

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CSL Behring Revenue up 2%[1]

	Revenue	Change1
Therapy	$m	%
Immunoglobulins	4,024	(3%)
IVIG	2,511	(5%)
SCIG	1,513	(0%)
Albumin	1,072	(1%)
Haemophilia	1,166	8%
Recombinants	759	16%
Plasma	407	(4%)
Specialty	1,792	3%
Peri-Operative Bleeding	924	11%
Other Specialty	868	(4%)
Other2	544	37%
Total	8,598	2%

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Revenue By Region [1]
1% (5%)
EU / UK
24%
North US$8.6B
America
49% 2%
Asia
Pacific
21%
ROW
6%
(18%) 21%
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1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail. 2. Includes HPV royalties, Hyperimmunes & COVID vaccines

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Immunoglobulins[1] Sales down 3%

Supply constrained environment curtailed growth

• Improved second half performance reflects growth in plasma collected

HIZENTRA[®]

• Continued steady uptake for CIDP

• Enhanced neurologists confidence driven by independent guideline support[2]

• Greater Medicare access and enhanced label dosing with long term efficacy from PATH extension study[2]

• Increased preference for home treatment as a result of the pandemic

Despite challenging conditions HIZENTRA[® ] and PRIVIGEN[®] remain market leaders

1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

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Market

• Underlying Ig demand remains robust

• Growth limited by COVID constrained supply environment

• Lead indicators of disease diagnosis returning

2. Combination of Medicare Part B reimbursement approval, updated Peripheral Nerve Society (PNS) treatment guidelines, PATH extension data

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Albumin[1] Sales down 1%

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China

Other markets

• •

• Maintained market leadership EU and ROW declined due to the position with sales up 10% localisation of supply

• •

• Expanded hospital share with Decline in US as supply brand differentiation and effective constraints continued from HCP engagement COVID related plasma collections downturn

• Increased pricing tension as competitors attempt to generate demand into hospital and retail distribution channels

• Market demand outlook - volume growth mid to high single digits

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Market

• Preference for albumin over artificial colloids

• Increased utilisation in sepsis and liver disease patients

• Competitive pressure

1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

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Haemophilia[1] Sales up 8%

Recombinant Coags

• +16% • IDELVION[®]

  • Market leader and most prescribed product in the prophylactic segment

  • Compelling clinical profile drives patient demand and market share

  • Extension study enhances long term efficacy and safety profile

  • − Continued growth across all launched markets

• AFSTYLA[®]

  • Continued competitive market

Market

Ongoing market movement towards new generation products

PD Coags -4%

• Continued competitive market

1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

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Specialty Products[1] Sales up 3%

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HAE

Hospital Products

HAEGARDA[®] +5%

• KCENTRA[®] +18%

• −

• New launches in EU and Australia Exceeds pre-pandemic sales exceeding expectations • RIASTAP[[®]] /

• RIASTAP[[®]] / HAEMOCOMPLETTAN[®] -3%

• Despite increased competition, continue to add new patients

• EU competitive pressures

• In the US, continue to have the highest share of on-demand to prophylaxis switches

ALPHA 1 -17%

• ZEMAIRA[®] / RESPREEZA[®]

BERINERT[®] -6%

• • Supply interruptions now Impacted by shift to HAEGARDA[®] resolved

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FY22 Sales
Other
Zemaira
Wound
Healing
Haegarda
Riastap
$1.8B
Berinert
Kcentra
HAE
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1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

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Plasma Collections

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Growth Drivers

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Contemporary Topics

• •

• Operating and marketing New COVID variants disruption to initiatives supporting donor operations recruitment and retention • Competitive US employment

• • Enhanced donor experience environment through increased use of • Industrywide cost pressures

• technology •

• Volume New plasmapheresis platform • Improved social mobility within to be rolled out in FY23

• 24% Growth COVID environment • Mexican border

• • Donor incentives

• New centres

• 27 opened in FY22

Collection run rate now exceeds pre-COVID levels

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Plasma Collections Volume now exceeds pre-pandemic levels

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2020
2021
•
Annual tax season drop 2022
• Pandemic and
lockdowns begin
• Vaccine momentum
• Further initiatives
Holiday
• Stimulus burn-off
Season
Initiatives
launched
US fiscal
stimulus
JAN FEB MAR APR MAY JUN JULY AUG SEP OCT NOV DEC
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Not to scale

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DONORS PER WEEK
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CSL Behring Well positioned for growth post COVID

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Investment In Collections

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Ig Manufacturing Capacity

Demand

• Collection centre fleet growth of >30% over COVID period

• Ig yield improvement initiatives

  • Lead indicators of disease diagnosis returning

• ~10% beds temporarily removed during COVID

• Digital marketing initiatives

• FY23 roll out of new

• plasmapheresis platform delivering >30% faster procedures

• Ig Modules 5 and 6 now complete in Bern Switzerland, adding 8 million litres of capacity

• Ongoing preference for the convenience of home based treatment

• ~Three quarters of targeted physicians now using HIZENTRA[®] to treat CIDP

• Increased use of Ig for SID e.g. oncology

• Incidence of disease similar across geographies

• Strong demand outside US

Capacity Strength – Demand Strong

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CSL Seqirus[1] Revenue up 13%

	Revenue	Change1
Therapy	$m	%
Egg Based	228	(25%)	~~+16%~~
Cell Culture	486	10%	Seasonal
			~~Influenza~~
Adjuvanted Egg	885	41%	vaccines
Other / In-licence	178	2%
Total Product Sales	1,777	15%
Pandemic	162	0%
Other Income	25	5%
Total Revenue	1,964	13%

Revenue By Region[1]

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4% 7%
Asia
Pacific
13%
North
US$2.0B America57%
13%
EU / UK
27%
42%
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1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

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CSL Seqirus Operating Highlights

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135 million doses

• Record volume distributed FY22

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EU / UK

• Strong growth in differentiated products

• FLUAD® QIV[1] launched

• Additional fill & finish completed at Liverpool

65 + FLUAD ® years

• CDC adopted ACIP’s recommendation to be a preferentially recommended seasonal vaccine option for adults aged 65+ years

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US

• US seasonal influenza vaccines >$1 billion for the first time

• Awarded new pandemic contract with US Govt for development of two influenza candidates

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Holly Springs fill & finish completed and operational NH 22/23

• Achieved pandemic-ready designation from US Govt (BARDA) for Holly Springs

1. Marketed as FLUAD TETRA[®]

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R&D Highlights

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Immunology

• Garadacimab (Anti-FXIIa) HAE

• Primary and secondary endpoints met

• Demonstrated favourable safety and tolerability

• FDA Fast Track designation granted

• EMA Orphan Drug Designation granted

• BERINERT[®] SC HAE submitted to JP PMDA

• HIZENTRA[®]

• Phase II SSc study enrolment completed (Last Patient, Last Visit)

  • EU approval to expand SID indications

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Hematology

• CSL888 (Haptoglobin) SAH US Orphan Drug Designation granted

• Etranacogene dezaparvovec

  • Primary endpoint achieved in (Haem B gene therapy) HOPE-B study

• MAA (EU) and BLA (US; fast track) submitted

• KCENTRA[®] Trauma

• FDA approval to proceed with Phase III

• IDELVION[®] Haem B China CTA filed

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Cardiovascular & Metabolic

• CSL112 (ApoA-1)

• 80% enrolment achieved

• 3rd interim analysis completed

• CSL346 (Anti-VEGF-B) DKD Phase II POC study completed enrollment

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Respiratory

• Garadacimab (Anti-FXIIa) IPF Phase II study initiated

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Influenza Vaccines

• FLUCELVAX[®] Quadrivalent

  • US & Argentina approval 6M+ indication

• AU 2yr+ extension

• NZ 9yr+ extension approval

• FLUAD[®] Quadrivalent

  • Adults 50-64yr Phase III study enrolment completed

• AUDENZ  MDV US approval, triggering full ownership transfer of Holly Springs to CSL Seqirus

Partnerships & Alliances

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• CSL, WEHI, & University of Melbourne secured State Government funding to create biotech start-up incubator in CSL’s new global headquarters under construction in Melbourne

R&D Capacity Expansion

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• Melbourne: New AU HQ and R&D facilities under construction to accommodate ~800 employees; on track for completion early 2023

• Marburg: New R&D Campus to accommodate ~500 employees set to open Sep 2022

• Boston: New CSL Seqirus facility in Waltham to be operational in 2022; to accommodate ~300 employees supporting CSL’s R&D portfolio including sa-mRNA technology platform

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Transplant

• CSL964 (AAT) prevention of GvHD – MODULAATE Phase III study Part 2 initiated

• aQIVc (cell antigen + MF59[®] ) Phase II study complete

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Financials Joy Linton CFO

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Financial Highlights
Net profit after tax
-5%
$2,375m
reported
$2,255m
FX$19m
$2,236m
•
-6% @CC [1] CSL has delivered in line with
expectations
@CC [1]
•
Increased cost for collections
•
Higher fixed cost absorption on
lower plasma volumes
•
Includes net contribution of
~$70m from:
•
Non-recurring COVID
vaccines, and
•
Vifor acquisition transaction
FY21 FY22
costs
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1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

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Financial Highlights CSL Group

US$ Millions	FY21 Reported	FY22 Reported	FY22 at CC	1	Change %
Total Revenue	10,310	10,562	10,668		3%1
Gross Profit	5,843	5,732	5,786		(1%)1
GP margin	56.7%	54.3%	54.2%
EBIT	3,130	2,927	2,872		(8%)1
EBIT margin	30.4%	27.7%	26.9%
NPAT	2,375	2,255	2,236		(6%)1
Cashflow from Operations	3,622	2,629			(27%)
ROIC	21.2%	18.1%
EPS ($)	5.22	4.81			(8%)2
DPS ($)	2.22	2.22			-

1. Constant Currency (CC) removes the impact of exchange rates movements to facilitate comparability. See end note for further detail

2. FY22 includes the pro-rata impact of 26.1 million CSL shares issued for the acquisition of Vifor Pharma

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Financial Highlights Segments

CSL Behring

CSL Seqirus

US$ Millions	FY21 Reported	FY22 Reported	Change % at CC 1	Change % at CC 1
Sales	8,428	8,360	0%
Other Revenue	146	238	63%
Total Revenue	8,574	8,598	2%
Gross Profit	4,848	4,580	(4%)
GP margin	56.5%	53.3%

US$ Millions	FY21 Reported	FY22 Reported	Change % at CC 1	Change % at CC 1
Sales	1,552	1,777	15%
Other Revenue	184	187	1%
Total Revenue	1,736	1,964	13%
Gross Profit	996	1,152	16%
GP margin	57.3%	58.7%

1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

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Financial Highlights Reported Expenses

FY22 $m	Change @ CC 1
	$m %
Research & Development 1,156	171 17%
Sales & Marketing 961	0 0%
General & Admin 688	29 4%
Finance (Net) 148	(6) (4%)
FY22	FY21
ETR 18.9%	19.8%

Investing in R&D Controlling SG&A costs

R&D

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• Trials resumed post COVID pause

• Within guidance of 10-11% of revenue

SG&A

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• Etranacogene dezaparvovec pre-launch activities

• Cost control

• Includes Vifor acquisition transaction costs

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Tax

• FY23 ETR est. ~18 – 20%

1. Constant Currency (CC) removes the impact of exchange rates movements to facilitate comparability. See end note for further detail

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Inventory
$M Inventory
$4,333m
$3,781m
4,000
0%
Key Insights
3,000
•
FY22 reflects increased volumes
of plasma collected, as well as
+28%
2,000 increased cost per litre of
plasma
•
1,000 FY23 rebuilding finished goods
+16% inventory, following depletion
during COVID years
0
FY21 FY22
Raw materials Work in progress Finished goods
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Inventory

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Debt Profile

Wide range of maturities enhancing flexibility

US$m

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1,600
1,400
1,200
1,000
800
600
400
200
-
FY23 FY25 FY27 FY29 FY31 FY33 FY35 FY37 FY42 FY52 FY62
Private Placement 144A QDI Bank Debt KfW Loans Other
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Key Insights

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11.8 years
Weighted average tenor
3.38%
Weighted average cost of debt
Credit ratings maintained
Moodys A3
S&P A-
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As at 30 June 2022

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CSL is committed to a healthier world. Our vision is a sustainable future for our employees, communities, patients and donors, inspired by innovative science and a values-driven culture.

Sustainability Strategy Focused on 3 key pillars – Environment, Social and Sustainable Workplace

Carbon emissions reduction targets

Scope 1 & 2

Scope 3

A reduction of 40% of absolute Scope 1 & 2 emissions against a baseline of the average annual emissions across FY19-21 by 2030

Ensure suppliers who contribute 67% of Scope 3 emissions set Scope 1 & 2 reduction targets by 2030 aligned with Science Based Targets initiative

Scope 1 & 2

Scope 3

Abatement Levers

Abatement Levers

• Increased energy efficiency

• Revised procurement standards and award criteria

• A push towards more renewable power

• Supplier enablement through advocacy and education

• Switching fuels to less carbon intensive energy sources

• Strategic partnerships to innovate and collaborate

• Re-designing some of our manufacturing sites

Further information see https://investors.csl.com/site/investors/sustainability

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Outlook[1] Strong mid-term outlook as COVID recedes Promising cluster of R&D programs nearing completion

CSL Behring

CSL Seqirus

CSL Group

• •

• Strong plasma Ongoing Northern collections and Ig Hemisphere growth anticipated demand for as COVID recedes influenza vaccines

• Continue to navigate challenging external cost environment

• Early data indicates no change to our overall view of the financial contribution from the acquisition of Vifor Pharma Ltd

• •

• Higher cost of Continued growth plasma continuing from product differentiation

• Inventory re-build to strengthen resilience

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FY23 Outlook[1] excluding CSL Vifor

Revenue Growth

FY23 guidance excludes CSL Vifor earnings and acquisition transaction costs Updated FY23 guidance, including CSL Vifor, will be provided at the first practicable opportunity

~ 7 - 11% @CC[2 ]

NPAT

~$2,400 - $2,500m @CC[2, 3]

• 1 For forward looking statements, refer to Legal Notice on page 2

• 2 Constant Currency (CC) removes the impact of exchange rate movements to facilitate comparability. See end note for further detail 3 Excludes CSL Vifor transaction costs and COVID vaccine contribution

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CSL Contacts

Mark Dehring VP Investor Relations  +61 3 9389 3407 mark.dehring@csl.com.au

Bernard Ronchi Investor Relations  +61 3 9389 3470 bernard.ronchi@csl.com.au

Stephen McKeon Investor Relations  +61 3 9389 6798 stephen.mckeon@csl.com.au

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Notes

(#) Constant currency removes the impact of exchange rate movements to facilitate comparability of operational performance for the Group. This is done in three parts: a) by converting the current year net profit of entities in the group that have reporting currencies other than US Dollars, at the rates that were applicable to the prior comparable period (translation currency effect); b) by restating material transactions booked by the group that are impacted by exchange rate movements at the rate that would have applied to the transaction if it had occurred in the prior comparable period (transaction currency effect); and c) by adjusting for current year foreign currency gains and losses. The sum of translation currency effect, transaction currency effect and foreign currency gains and losses is the amount by which reported net profit is adjusted to calculate the operational result.

Summary NPAT

Reported net profit after tax $2,254.7m Currency effect $ (19.1m) Constant currency net profit after tax* $2,235.6m

Average Exchange rates used for major currencies for the year ended 30 June 2022/30 June 2021 were as follows:

USD/EUR (0.88/0.84); USD/AUD (1.37/1.35); USD/CHF (0.93/0.91); USD/CNY (6.44/6.65); USD/GBP (0.75/0.75).

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Summary Revenue

Reported revenue $10,561.9m Currency effect $ 105.7m Constant currency revenue* $10,667.6m

• Constant currency net profit after tax and constant currency sales have not been audited or reviewed in accordance with Australian Auditing Standards.

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