CSL's outlook is mixed. The collaboration with Arcturus Therapeutics is a positive development, potentially opening new avenues for vaccine development and pandemic preparedness. Improved financial performance, with margin recovery driven by plasma efficiency and growth across different business segments, also bodes well. The approval of science-based emission reduction targets can also positively impact CSL's reputation. However, the significant share price decline in 2025 and investor concerns about profit guidance, costs, and plasma collection recovery cannot be ignored. While core businesses remain intact and cost-cutting plans are in place, investor confidence needs to be restored. Whether CSL shares will rebound in 2026 depends on successful execution of its strategic repositioning, cost control measures, and the realization of benefits from its investments. Overall, CSL is in a period of transition. While challenges remain, the company's strong fundamentals, strategic initiatives, and potential for margin improvement offer hope for a positive turnaround in the coming year. The success of the Arcturus collaboration and the effectiveness of cost-cutting measures will be key factors to watch.