Australian (ASX) Healthcare Sector Analysis

Sector Valuation and Performance

Has the Australian Healthcare Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 06 Jun 2026	AU$153.9b	AU$77.7b	AU$1.8b	24x	85.3x	2x
Mon, 04 May 2026	AU$162.5b	AU$77.5b	AU$1.9b	27x	84.1x	2.1x
Wed, 01 Apr 2026	AU$170.4b	AU$78.8b	AU$2.0b	25.4x	84.8x	2.2x
Fri, 27 Feb 2026	AU$186.9b	AU$74.1b	AU$2.4b	29.3x	78.7x	2.5x
Sun, 25 Jan 2026	AU$216.3b	AU$73.1b	AU$4.4b	32.7x	49.4x	3x
Tue, 23 Dec 2025	AU$215.8b	AU$74.1b	AU$4.5b	33.4x	47.6x	2.9x
Thu, 20 Nov 2025	AU$217.3b	AU$74.8b	AU$4.6b	31.7x	46.9x	2.9x
Sat, 18 Oct 2025	AU$245.5b	AU$75.1b	AU$4.6b	30.7x	52.9x	3.3x
Mon, 15 Sep 2025	AU$239.7b	AU$74.3b	AU$4.5b	32x	52.9x	3.2x
Wed, 13 Aug 2025	AU$270.0b	AU$70.3b	AU$4.8b	30.2x	56x	3.8x
Fri, 11 Jul 2025	AU$259.5b	AU$71.5b	AU$4.2b	28x	61.2x	3.6x
Sun, 08 Jun 2025	AU$255.5b	AU$71.8b	AU$4.3b	26.1x	59.7x	3.6x
Tue, 06 May 2025	AU$260.4b	AU$70.3b	AU$4.8b	29.3x	53.8x	3.7x
Thu, 03 Apr 2025	AU$251.1b	AU$71.1b	AU$4.9b	28.3x	51.2x	3.5x
Sat, 01 Mar 2025	AU$263.8b	AU$71.4b	AU$4.9b	29.8x	53.7x	3.7x
Mon, 27 Jan 2025	AU$247.0b	AU$68.5b	AU$3.3b	26.3x	74.4x	3.6x
Wed, 25 Dec 2024	AU$244.3b	AU$68.8b	AU$3.4b	25.9x	72.9x	3.5x
Fri, 22 Nov 2024	AU$235.7b	AU$67.9b	AU$3.2b	26x	73.8x	3.5x
Sun, 20 Oct 2024	AU$247.4b	AU$67.2b	AU$3.1b	27.7x	80.1x	3.7x
Tue, 17 Sep 2024	AU$238.6b	AU$66.9b	AU$3.1b	27.4x	77.3x	3.6x
Thu, 15 Aug 2024	AU$239.7b	AU$63.8b	AU$2.9b	29.7x	82.7x	3.8x
Sat, 13 Jul 2024	AU$242.6b	AU$62.3b	AU$2.6b	33.4x	94.8x	3.9x
Mon, 10 Jun 2024	AU$231.4b	AU$63.3b	AU$2.7b	30x	86.6x	3.7x
Wed, 08 May 2024	AU$224.9b	AU$61.2b	AU$2.6b	26.9x	85.5x	3.7x
Fri, 05 Apr 2024	AU$225.2b	AU$61.2b	AU$2.6b	27.6x	86.2x	3.7x
Sun, 03 Mar 2024	AU$223.2b	AU$61.7b	AU$2.7b	26.1x	84x	3.6x
Tue, 30 Jan 2024	AU$228.8b	AU$60.4b	AU$2.8b	25.1x	80.5x	3.8x
Thu, 28 Dec 2023	AU$224.9b	AU$59.6b	AU$2.7b	24.9x	82.9x	3.8x
Sat, 25 Nov 2023	AU$202.1b	AU$60.5b	AU$2.9b	24.9x	70.2x	3.3x
Mon, 23 Oct 2023	AU$187.0b	AU$61.4b	AU$3.0b	24.9x	62x	3x
Wed, 20 Sep 2023	AU$206.0b	AU$61.1b	AU$2.9b	25.3x	71.7x	3.4x
Fri, 18 Aug 2023	AU$211.7b	AU$60.5b	AU$2.8b	27.6x	74.6x	3.5x
Sun, 16 Jul 2023	AU$210.0b	AU$57.2b	AU$2.8b	27.6x	74.4x	3.7x
Tue, 13 Jun 2023	AU$230.0b	AU$57.5b	AU$2.9b	25.5x	80.5x	4x

Current Industry PE

Investors are optimistic on the Australian Healthcare industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 85.3x which is higher than its 3-year average PE of 70.6x.

The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.0x.

Past Earnings Growth

The earnings for companies in the Healthcare industry have declined 14% per year over the last three years.
Meanwhile revenues for these companies have grown 11% per year.
This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Australian Healthcare sector?


AU Market	-1.23%
Healthcare	2.04%
Healthtech	21.86%
Life Sciences	10.02%
Biotech	0.63%
Medical Equipment	-0.19%
Healthcare Services	-1.02%
Pharma	-4.26%

Industry PE

Investors are most optimistic about the Healthtech industry even though it's trading below its 3-year average PE ratio of 2kx.

Analysts are expecting annual earnings growth of 3.9%, which is lower than the prior year's growth of 92.7% per year.

Forecasted Growth

Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 50% over the next 5 years.
This is better than its past earnings decline of 60% per year.

In contrast, the Healthtech industry is expected to see its earnings grow by 3.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
PME Pro Medicus	AU$165.64	25.2% +AU$3.5b	-40.0%	PE73.7x
CSL CSL	AU$97.91	1.3% +AU$630.9m	-59.5%	PE24.3x
AVR Anteris Technologies Global	AU$13.80	12.5% +AU$148.9m	97.1%	PS518.2x
TLX Telix Pharmaceuticals	AU$13.31	2.1% +AU$95.0m	-47.9%	PS4x
VFY Vitrafy Life Sciences	AU$3.25	25.5% +AU$42.1m	120.3%	PS88.6x

Telix Pharmaceuticals Limited Presents Part 1 Data from Prostact Global Phase 3 Study of Tlx591-Tx in Metastatic Castration-Resistant Prostate Cancer

Telix Pharmaceuticals Limited announced the oral presentation of Part 1 safety, dosimetry and pharmacokinetics data from the ProstACT Global Phase 3 Study of TLX591-Tx (lutetium-177 (177Lu) rosopatamab tetraxetan), in metastatic castration-resistant prostate cancer (mCRPC). Results demonstrated that TLX591-Tx, Telix’s lead prostate-specific membrane antigen (PSMA) targeted lutetium rADC therapy candidate, has an acceptable safety and tolerability profile when administered with standard of care (SoC) therapies in mCRPC, with no new safety signals observed. ProstACT Global is an international, multi-center, randomized Phase 3 trial comparing TLX591-Tx, administered as two doses, 14 days apart with SoC (abiraterone, enzalutamide or docetaxel) versus SoC alone. The study is designed to reflect real-world clinical practice and enrolls PSMA-positive mCRPC patients previously treated with one androgen receptor pathway inhibitor (ARPI). Patients were monitored for treatment-emergent adverse events and underwent serial SPECT/CT imaging after TLX591-Tx administration for dosimetry and blood sampling for pharmacokinetics. The primary endpoint was safety and tolerability of TLX591-Tx + SoC. Key secondary endpoints were pharmacokinetics and radiation dosimetry. Data from 36 patients (baseline median PSA: 18.18 ng/mL) who received any study treatment were included: Cohort 1 (11 patients), TLX591-Tx + abiraterone; Cohort 2 (11 patients), TLX591-Tx + enzalutamide; Cohort 3 (14 patients), TLX591-Tx followed by docetaxel. Acceptable safety profile observed across all combination cohorts, tolerability of TLX591-Tx consistent with prior studies. All 36 patients received both doses of TLX591-Tx per protocol. No new safety signals identified. Almost all treatment-emergent non-hematologic events were Grade 1–2, primarily fatigue (53%), nausea (28%) and dry mouth (25%). Hematologic events were transient and manageable: Grade 3 thrombocytopenia (14%) and neutropenia (22%), and Grade 4 thrombocytopenia (31%) and neutropenia (25%) events were in line with the profile expected for this class of therapy and extent of disease. Radiation exposure to key organs was well below established safety limits. Highest absorbed dose observed in liver (range, 1.62-5.08 mGy/MBq), with lower doses received by kidneys (0.336-0.961 mGy/MBq) and salivary glands (0.001-0.104 mGy/MBq). Lesion dosimetry confirmed uptake across tumor sites and across all cohorts. Pharmacokinetics demonstrated sustained activity at Day 15, corroborated by imaging which demonstrated prolonged tumor retention. No evidence of drug-drug interactions impacting TLX591-Tx targeting, distribution or clearance. Telix has initiated Part 2, a 2:1 randomized treatment expansion, in jurisdictions where regulatory approvals have been obtained. ProstACT Global (ClinicalTrials.gov ID: NCT06520345) is an international, multicenter trial in two parts: Part 1, safety and dosimetry lead-in with 36 patients (complete); and Part 2, 2:1 randomized global expansion with an overall target enrollment of approximately 490 patients. Eligible patients must have confirmed progressive mCRPC assessed with a 68Ga-PSMA-11 PET imaging agent (such as Illuccix®, kit for the preparation of gallium-68 (68Ga) gozetotide injection, or Gozellix®, kit for the preparation of gallium-68 (68Ga) gozetotide injection) following prior treatment with one ARPI. The antibody approach demonstrates different targeting and pharmacology to that observed in other PSMA-targeted small molecule radioligand therapies (RLT). In contrast to these therapies, collective long-term follow-up of patients administered with TLX591-Tx has not observed significant acute or delayed kidney toxicity, as the agent is primarily cleared through the liver, a comparatively radioresistant organ, instead of the kidneys. Due to its large molecular weight, TLX591-Tx also demonstrates minimal salivary and lacrimal gland uptake, reducing dry mouth and dry eyes, common adverse effects of existing PSMA-targeted RLTs.

Australian (ASX) Healthcare Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

RHC: Dividend Strength And Potential UK Exit Will Support Future Upside

CSL Shares Fall to Decade Lows as Leadership Shifts and Privigen Receives European Approval

Telix Pharmaceuticals Limited Presents Part 1 Data from Prostact Global Phase 3 Study of Tlx591-Tx in Metastatic Castration-Resistant Prostate Cancer

Investor sentiment improves as stock rises 26%

Integration Risks And Asia Medtech Execution Will Shape Fairly Valued Outlook

PNV: Higher Discount Rate And P/E Framework Will Support Future Upside Potential

Investor sentiment improves as stock rises 17%

Anteris Technologies Global Corp. has filed a Follow-on Equity Offering in the amount of $250 million.

New minor risk - Insider selling

New minor risk - Market cap size

Mesoblast Limited Achieves Patient Recruitment Target in Pivotal Phase 3 Trial for Chronic Low Back Pain

Vitrafy Life Sciences Limited to Report Q3, 2026 Results on Apr 28, 2026

CEO, MD & Executive Director recently sold AU$1.1m worth of stock

New minor risk - Profitability

First half 2026 earnings released

Optiscan Imaging Limited, Annual General Meeting, Nov 14, 2025