To get an idea of where the real financial gravity sits within the Australian investing universe, CSL’s market valuation plunge on Tuesday exceeded the entire $17 billion value of Qantas Airways with a billion or two to spare.

It would be unfair to blame this huge 15 per cent stock slump only on CSL’s battles with the Trump administration. The biopharmaceutical giant has other challenges that were revealed on Tuesday with its full-year financial results and massive cost-cutting.

US Health Secretary Robert F. Kennedy Jr and President Donald Trump.Credit: AP

But that should only add to the alarm for investors who may have noticed its outlook statement included the words: “This guidance assumes no impact from pharmaceutical sector tariffs.”

For the uninitiated, CSL’s business is dominated by blood plasma products but includes iron-deficiency-type treatments as well as vaccines. The vaccines company, Seqirus, will soon be spun off into a separately listed business.

CSL chief executive Paul McKenzie put a brave face on Donald Trump’s threats to put tariffs of up to 250 per cent on pharmaceuticals. This could affect $2 billion........

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