Ann: Market Update, page-27

All this market update says is that CSL is tracking at the higher end of previous market guidance for FY23 in constant currency (true business performance), but there will be about $75M lopped off the result due to foreign currency movements, which should only reduce average market consensus profit growth by about 2 percentage points. And to be honest, everyone should have expected that anyway.

The next point being that they recognise the broad range of analyst projections for FY24, so they have cleared that up and said they expect it to be in the 13%-18% range in constant currency...and right there is what is spooking investors: what will be the foreign currency implications in 12-months' time from now?? Chances are that it will negatively impact the FY24 end result even further, but if it actually goes the other way then it will be a positive. But hey, are we discussing a world-leading Biotech company's prospects here, or analysing foreign exchange movements??

At constant currency, CSL is still expected to grow at a compounding double-digit rate with a lot of options for potential growth. So then it's just a matter for investors to judge at what price it becomes relatively fair value. Even with this market update and SP correction, its value is still very high, but not ridiculous for a company with its track record and growth prospects.