VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Saturday, January 3, 2026
CSL Limited
CSL · ASX
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
CSL Limited is an Australian biopharma company organized into three reported segments: CSL Behring (plasma-derived, recombinant and gene therapies), CSL Seqirus (influenza vaccines and pandemic preparedness), and CSL Vifor (iron deficiency and nephrology medicines). The core moat is supply-side in plasma: a large, sophisticated collection network plus vertical integration and operational yield improvements support reliability and scale. Seqirus benefits from government pandemic preparedness relationships and specialized vaccine capabilities, but seasonal volumes are procurement- and immunization-rate sensitive. Vifor's position is supported by market access/tender execution and regulatory/HTA wins, while facing competitive pricing pressure in IV iron.
Primary segment
CSL Behring
Market structure
Oligopoly
Market share
—
HHI: —
Coverage
3 segments · 6 tags
Updated 2026-01-02
Segments
CSL Behring
Plasma-derived therapies (immunoglobulins, albumin, coagulation factors) plus recombinant and gene therapies for rare and serious diseases
Revenue
71.7%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
CSL Seqirus
Influenza vaccines (seasonal) plus pandemic/pre-pandemic preparedness and related government services
Revenue
13.9%
Structure
Oligopoly
Pricing
weak
Share
—
Peers
CSL Vifor
Iron deficiency therapies (IV iron) and nephrology/rare renal disease pharmaceuticals
Revenue
14.4%
Structure
Oligopoly
Pricing
weak
Share
—
Peers
Moat Claims
CSL Behring
Plasma-derived therapies (immunoglobulins, albumin, coagulation factors) plus recombinant and gene therapies for rare and serious diseases
Revenue_share and operating_profit_share are computed from FY2025 segment totals (Total segment revenue: CSL Behring US$11,158m of US$15,558m; Segment operating result: US$4,704m of US$6,827m). Source: FY2025 segment information table.
Supply Chain Control
Supply
Supply Chain Control
Strength
Durability
Confidence
Evidence
Vertically integrated model from donor to patient helps secure critical raw material (plasma), enables end-to-end quality control, and improves supply reliability versus less-integrated competitors.
Erosion risks
- Competitors expand plasma collection footprints and fractionation capacity
- Regulatory changes affecting plasma collection economics
- Sustained donor compensation inflation raising input costs
Leading indicators
- Plasma collections growth and cost per liter
- Fractionation utilization rates and lead times
- Gross margin trend for plasma-derived therapies
Counterarguments
- Other major plasma players are also vertically integrated
- Vertical integration is capital intensive and can reduce flexibility in downturns
Physical Network Density
Supply
Physical Network Density
Strength
Durability
Confidence
Evidence
Large plasma collection network and donor experience investments make replication slow and support scale advantages in plasma sourcing.
Erosion risks
- New plasma centers from peers increase donor competition
- Local/community opposition or permitting friction for new centers
- Supply shocks (e.g., public health events) reducing donor availability
Leading indicators
- Net number of plasma centers and center productivity
- Donor return rates / repeat donor mix
- Peer announcements on new center openings
Counterarguments
- Well-capitalized peers can build networks over time
- Donors can switch centers if compensation/experience is better elsewhere
Operational Excellence
Supply
Operational Excellence
Strength
Durability
Confidence
Evidence
Collection and yield improvement programs (e.g., Rika and iNomi, analytics-driven yield optimization) support unit economics and supply growth in a long-cycle manufacturing model.
Erosion risks
- Operational advantages diffuse as competitors adopt similar devices/analytics
- IT/automation execution risk in donor operations and manufacturing
- Quality events or manufacturing disruptions
Leading indicators
- Collection efficiency metrics (plasma per donor hour)
- Yield per liter trends for key proteins (Ig/albumin)
- Manufacturing deviations/recalls and regulatory inspection outcomes
Counterarguments
- Operational improvements are replicable with investment and time
- Benefits may be offset by donor pay inflation or mix shifts
CSL Seqirus
Influenza vaccines (seasonal) plus pandemic/pre-pandemic preparedness and related government services
Revenue_share and operating_profit_share are computed from FY2025 segment totals (Total segment revenue: CSL Seqirus US$2,166m of US$15,558m; Segment operating result: US$1,027m of US$6,827m). Source: FY2025 segment information table.
Government Contracting Relationships
Legal
Government Contracting Relationships
Strength
Durability
Confidence
Evidence
Pandemic and pre-pandemic agreements with governments provide durable institutional relationships and recurring preparedness revenue streams.
Erosion risks
- Government budget tightening and reprioritization of pandemic programs
- Policy-driven declines in vaccine uptake reduce seasonal volumes and weaken utilization
- Changes in procurement frameworks favoring lowest-cost suppliers
Leading indicators
- Number/value of government preparedness agreements
- Pandemic reservation fees trend
- Seasonal influenza vaccination rates in key markets
Counterarguments
- Government contracts can be retendered; incumbency is not permanent
- Political shifts can reduce funding regardless of supplier performance
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength
Durability
Confidence
Evidence
Vaccine development, clinical/regulatory submissions, and approvals create barriers to entry and favor scaled incumbents with established quality systems and regulatory track records.
Erosion risks
- Regulatory changes increasing compliance cost or delaying approvals
- Safety signals leading to label restrictions or withdrawals
- New platforms (mRNA/sa-mRNA) enabling faster-follow competitors
Leading indicators
- Approval timelines and submission cadence
- Manufacturing inspection outcomes and quality metrics
- R&D pipeline progress for next-gen platforms
Counterarguments
- Large pharma peers also have deep regulatory capabilities
- Platform shifts can reset advantages if incumbents execute poorly
Capacity Moat
Supply
Capacity Moat
Strength
Durability
Confidence
Evidence
Specialized influenza vaccine manufacturing network and ongoing investment in cell-based platforms can be difficult to replicate quickly at scale.
Erosion risks
- Under-utilization if vaccination rates fall
- Competitors add capacity or win tenders in core markets
- Manufacturing disruptions during peak seasonal ramps
Leading indicators
- Seasonal demand vs. production capacity utilization
- Tender win/loss rates by geography
- Unit cost per dose trend
Counterarguments
- Capacity is only valuable if demand materializes; utilization risk is high
- Industry leaders can expand capacity with sufficient lead time
CSL Vifor
Iron deficiency therapies (IV iron) and nephrology/rare renal disease pharmaceuticals
Revenue_share and operating_profit_share are computed from FY2025 segment totals (Total segment revenue: CSL Vifor US$2,234m of US$15,558m; Segment operating result: US$1,096m of US$6,827m). Source: FY2025 segment information table.
Procurement Inertia
Demand
Procurement Inertia
Strength
Durability
Confidence
Evidence
Hospital and national procurement/tendering dynamics plus reimbursement listings can create operational stickiness once a therapy is preferred or listed, supporting incumbent volume even in competitive markets.
Erosion risks
- Price competition intensifies in IV iron tenders
- Biosimilar/generic-like competition and substitution policies
- Loss of key formulary/reimbursement positions
Leading indicators
- Tender win rates and average net price trend
- Reimbursement/listing status changes by country
- Volume growth vs. price/mix movement
Counterarguments
- Procurement can flip quickly when tenders re-price
- Clinical substitution can increase when multiple options exist
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength
Durability
Confidence
Evidence
Regulatory and health-technology assessment wins (e.g., NICE recommendation) can expand access and reinforce differentiated positioning in nephrology indications.
Erosion risks
- Additional evidence requirements or reimbursement restrictions
- Safety/label changes reducing addressable population
- Competitive trial readouts and new entrants in rare nephrology
Leading indicators
- New indication approvals and HTA outcomes
- Launch cadence across geographies
- Prescription/penetration trends in key nephrology indications
Counterarguments
- HTA decisions can be revisited; access is not permanent
- Competitors can achieve similar endorsements with strong data
Evidence
CSL Behring consists of three vertically integrated components that span the journey from donor to patient.
Direct statement supporting vertical integration as a structural advantage.
CSL Plasma operates one of the world's largest and most sophisticated plasma collection networks...
Supports the physical network moat in plasma sourcing.
PDTs have a 9-12 month manufacturing cycle... [CSL] aim[s] to increase yield for immunoglobulins (Ig) and albumin...
Highlights complexity/long-cycle operations and explicit focus on yield improvement.
[T]he Rika collection device and... iNomi... enables CSL to collect the optimal amount of plasma from donors.
Concrete mechanism for operational efficiency and plasma supply growth.
CSL has more than 30 agreements with governments around the world...
Direct evidence of government relationship footprint relevant to pandemic preparedness.
Showing 5 of 10 sources.
Risks & Indicators
Erosion risks
- Competitors expand plasma collection footprints and fractionation capacity
- Regulatory changes affecting plasma collection economics
- Sustained donor compensation inflation raising input costs
- New plasma centers from peers increase donor competition
- Local/community opposition or permitting friction for new centers
- Supply shocks (e.g., public health events) reducing donor availability
Leading indicators
- Plasma collections growth and cost per liter
- Fractionation utilization rates and lead times
- Gross margin trend for plasma-derived therapies
- Net number of plasma centers and center productivity
- Donor return rates / repeat donor mix
- Peer announcements on new center openings
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.