Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com-- Shares of Australia’s CSL Ltd (ASX:CSL) climbed over 3% on Tuesday after the Australian Financial Review reported the biotech giant is planning to cut around one-third of its roughly 2,500-strong global R&D workforce.
The AFR report on Monday said CSL aims to streamline operations by consolidating R&D activities across six global sites and leaning more heavily on external partnerships.
The company has not officially confirmed the exact number of positions to be eliminated.
The report stated that the company will disclose further details in its full-year results on August 19.
Sydney-listed CSL shares jumped more than 3% to A$250.65, their highest level since late May.
CSL has invested around $5.8 billion in R&D over five years, including $1.4 billion in FY2024. The funding has driven innovation across plasma, vaccine, and iron therapy divisions, with CSL Behring division alone delivering over $2.9 billion in net profit last year.