2346 GMT - Pharmaceutical company CSL keeps Morgan Stanley as a bull after reviewing the outlook for immunoglobulin and albumin. MS sees EPS falling 3% and 2% in FY 2026 and 2027, respectively, before rebounding to 8% growth annually over FY 2028-2030. MS stays positive on immunoglobulin's outlook. "Over the medium to longer-term, we continue to see opportunities in primary and secondary immunodeficiency (PID/SID), key drivers of our industry volume growth forecast of 5.5% per annum through to 2030," MS says. In China, it expects regulatory changes to moderate volume growth and hurt selling prices. MS pares forecasts for immunoglobulin and albumin revenue growth. "However, benefits from immunoglobulin yield initiatives (Horizon 1 and 2) should support margin expansion within CSL Behring, with our forecasts implying a gross margin of 54.5% by FY32," MS says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

July 21, 2026 19:46 ET (23:46 GMT)

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