Australian Biotech Company Shares Chinese Super League The company’s shares fell to an eight-year low on Wednesday after it announced Paul McKenzie would step down as chief executive and reported weak profits for the first half of its financial year.

Shares fell 17% to A$151.3, their lowest level since February 2018.

Gordon Naylor, a 33-year senior executive with the company, was named interim chief executive effective Wednesday until a permanent replacement is found.

CSL reported on Wednesday that net profit after tax plunged 81% year-on-year to $401 million in the six months to December as the drugmaker booked one-time restructuring costs and asset impairments. Revenue fell 4% to $8.3 billion.

The company said it was also affected by changes in government policies, but did not elaborate in its financial report.

CSL chief financial officer Ken Lim said: “We are clearly not satisfied with our performance and have implemented a series of initiatives to drive stronger growth in the future.”

The company is one of the world’s largest flu vaccine makers, with a market capitalization of $58.9 billion as of Tuesday, according to London Stock Exchange Group data. The report emphasized that the U.S. seasonal influenza vaccine market is expected to decline by 6%-8% due to low immunization rates.

CSL said it expected results to improve in the second half and kept its full-year outlook unchanged, with revenue and profits expected to grow slightly. The company also expanded its stock repurchase program by $250 million, to $750 million.

Headquartered in Australia, CSL operates globally, with primary operations in the United States, Europe and Asia. Its shares fell about 39% last year.