The business faces long-term headwinds due to cost-of-living pressures in the US and hospital capacity constraints in Europe.

Near-term cost growth does not change our long-term view.

Fiercer competition expected to squeeze margins.

Our view following announcement of potential spinoff.

We welcome the CEO change at CSL but relatively soft plasma performance will postpone recovery

Higher sales and a new loan facility increase our conviction.

Despite a surging share price a weakening competitive position causes a reassessment of our view.

Our analysts believe a long-term margin recovery is underway.

Investors are ignoring a strong long-term outlook.

Shares plunge after guidance is cut.