You’ve got to feel just a little sorry for Paul McKenzie. Having become the new chief executive of biotech powerhouse CSL just over three months ago, McKenzie’s first major outing as chief executive was to deliver a disappointing profit downgrade.

CSL’s 2023 financial year profit will come in at the top end of guidance on a constant currency basis, at $US2.8 billion ($4.1 billion) but foreign currency headwinds (mainly the strengthening of the US dollar against a range of currencies) will wipe up to $US250 million off net profit after tax and amortisation (NPATA), much higher than the group’s earlier prediction of a $US175 million headwind.