CSL Ltd (ASX: CSL) may be trading at over $240 per share, but recent analyst insights suggest this blue-chip biotech could be undervalued.

While its performance in 2025 has disappointed some investors, analysts at Bell Potter believe the current price represents a compelling opportunity. Let’s explore why this ASX healthcare stock is starting to turn heads again.

A Tough Year So Far for CSL

Since the start of 2025, CSL shares have dropped around 15%. Much of this decline is tied to challenges in the company’s vaccines division—particularly its Seqirus unit, which contributes about 8% of group revenue and 10% of earnings.

According to Bell Potter, recent regulatory changes in the US—especially within the CDC’s vaccine advisory panel—have led to more conservative growth forecasts for Seqirus. Though the CDC hasn’t narrowed flu recommendations, general vaccine sentiment in the US has cooled. This has been viewed as a temporary headwind, not a structural issue.

Despite this pressure, CSL remains one of the top-tier stocks to look out for in the biotechnology sector.

A $3 Billion Product Opportunity: Andembry

Offsetting these concerns is positive momentum in another CSL division: Behring. The company recently secured FDA approval for its new HAE treatment, Andembry, which could become a blockbuster.

Bell Potter sees Andembry as CSL’s most exciting near-term launch. The product enters a US$3 billion market where the current leader—Takhzyro—requires fortnightly dosing. Andembry, by contrast, offers monthly convenience from the outset.

This gives CSL a unique competitive edge in an underserved niche within immunology, reinforcing its reputation as one of the leading biotech stocks on the ASX.

Valuation: A Discounted Blue-Chip

Despite recent weakness, Bell Potter believes the underlying growth story remains intact. The firm has slightly lowered its earnings forecasts but continues to predict double-digit earnings growth for CSL in the years ahead.

Currently trading on a P/E multiple of 21x, CSL is well below its 10-year average multiple of 32x. Bell Potter argues that this discount is excessive given the company’s long-term outlook and resilient fundamentals.

The broker has trimmed its price target from $335 to $305, reflecting updated assumptions. But even with this revision, the stock still offers 27% upside from current levels. That’s enough to turn a $10,000 investment into $12,700 within a year if their forecast proves accurate.

Final Thoughts

For investors seeking high-quality, growth-oriented ASX healthcare stocks, CSL looks increasingly attractive. It’s a well-capitalised global player facing short-term sentiment-driven headwinds—not structural decline.

Whether you’re building a diversified portfolio or hunting for ASX blue-chip stocks with long-term upside, CSL may well be one of the best mining companies in Australia—or rather, biotech companies in Australia—to keep on your radar.

As far as stocks to look out for in 2025 go, CSL’s current discount might just be the opportunity smart investors have been waiting for.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.