CSL LIMITED (CSL.AU) saw its shares plummet 9.15% during intraday trading on Wednesday. The sharp decline followed the release of the biotechnology company's first-half financial results, which significantly missed market expectations and were accompanied by the unexpected retirement of its chief executive.

The company reported a dramatic 81% collapse in net income to US$401 million, far below the IBES estimate of US$1,936 million. Underlying net profit after tax fell 7% to US$1.9 billion, while revenue declined 4% to US$8.33 billion, missing FactSet estimates for both earnings per share and revenue. The results were impacted by a 27% drop in albumin sales, softer immunoglobulin sales, and continued generic competition affecting its Vifor iron products business.

Adding to investor unease was the announcement that CEO Paul McKenzie would retire, with the board confirming the leadership change less than 24 hours before the earnings release. The company also reported substantial impairments of US$843 million related to its Vifor and Seqirus businesses. Although CSL maintained its full-year guidance and expanded its share buyback program, the market reacted negatively to the weak first-half performance and sudden management transition.