Switching plasma collection back to Haemonetics by end-2027; Part of a broader pattern of bold decision-making if conditions have changed; Overweight

CSL has confirmed that it will be rolling out the latest Haemonetics plasma collection system across all of its 320+ US centres by end-2027. Having announced in Aug-26 that it was trialing NexSys PCS with Persona PLUS, this confirmation is not a total surprise, but CSL's final decision to move entirely to this latest system has been taken quickly (we had expected a slow rollout across the network over several years). The completion by end-2027 is near to the shortest timeframe realistically possible and represents an unambiguous move by new management. The decision is likely to be predominantly driven by yield gains (the pivotal study demonstrated a mid-single digit yield benefit above the previous generation, and possibly Rika) but there are potentially also other benefits. We do not anticipate material costs arising from the transition (consumable costs comparable), but clearly the possibility of a mid-single digit yield gain in the company's largest cost line would be potentially ma