The CSL Ltd (ASX: CSL) share price is falling hard today, down 8.28% right now.
Shares in the S&P/ASX 200 Index biotechnology company closed yesterday trading for $308.52. At the time of writing, shares are swapping hands for $282.98.
Here's what ASX 200 investors are considering today.
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What did the ASX 200 biotech stock report?
The CSL share price is tumbling after the company updated the market on the impact of foreign currency movements on its 2023 financial year (FY23) profit forecast.
CSL's FY23 profit forecast was reduced due to higher-than-expected foreign currency headwinds of some US$230 million to US$250 million. CSL had previously forecast an impact of US$175 million when it reported its half-year results.
The company's constant currency profit guidance for FY23 remains the same.
As for FY24, having finalised its budget for the year, CSL expects net profits after tax and amortisation (NPATA) to increase by 13% to 18%, or approximately US$2.9 billion to US$3.0 billion at constant currency.
While that's a decent year-on-year growth in NPATA, RBC Capital expected the CSL share price would take a hit from its FY24 profit guidance (courtesy of The Australian Financial Review).
That's because it comes in below consensus expectations of US$3.5 billion and well below RBC's own forecast of US$3.8 billion.
CSL share price snapshot
The CSL share price has been a strong outperformer, gaining 9% over the past 12 months despite today's slide.
Year to date, the ASX 200 biotech stock remains up 2%.
