CSL has been working to improve the efficiency of its plasma business, including introducing a new plasma collection technology called Rika, which cuts the time needed for each donation, but there have been delays in the system’s rollout.

“What will be interesting from the plasma collection side will be what progress has been made on the Rika device rollout,” Milne said.

Citi analysts said in a note to clients after the company’s update in June that they are expecting CSL Behring’s gross margins to recover to pre-COVID levels in 2027, later than previous forecasts of 2025. “The reasons for the delayed recovery are donor fees and labour cost inflation – both remain higher than what’s been previously anticipated,” Citi’s equities team said.

The company’s newest division, CSL Vifor, will also be under the microscope on Tuesday as the market hunts for more information about the competitive position of the portfolio of products CSL bought for $16.4 billion in 2022.

Vifor’s biggest product, an iron deficiency treatment called Ferinject, faces competition from generic competitors over the next year because of the expiration of the exclusivity of its patent this year.

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“A known headwind when CSL purchased Vifor, we will be interested to hear of any developments in this space and CSL’s apparent comfort in retaining market share and price going forward,” Milne said.

The market was initially sceptical of CSL’s purchase of the Vifor business, given the big price tag and the fact the company’s portfolio of iron deficiency and kidney disease drugs was a departure from CSL’s long-term focus.

UBS notes that after weeks of discussions with investors in Australia and overseas, it is clear shareholders want clarity on how Vifor is expected to perform once generics hit the market.

“Vifor remains a black box for many we have spoken with,” the investment bank said in a note to clients.

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