CSL LIMITED's stock plummeted 5.01% during intraday trading on Tuesday, extending a significant decline for the Australian biotech firm.

The sharp drop follows the company's announcement that it cut its annual profit forecast and warned of a substantial $5 billion impairment charge. This news triggered immediate negative reactions from major financial institutions.

Citi downgraded CSL's rating from "Buy" to "Neutral" and drastically reduced its price target from A$200.00 to A$110.00. Meanwhile, Morningstar analysts slashed their revenue and underlying net profit after tax forecasts for CSL by an average of 3% and 9% respectively over the next decade, citing a lack of sales momentum and the urgent need for the company to hire a new CEO with a compelling turnaround vision.