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Australian (ASX) Healthcare Sector Analysis

UpdatedSep 14, 2026
DataAggregated Company Financials
Companies128
  • 7D-3.7%
  • 3M22.7%
  • 1Y-19.4%
  • YTD-10.4%

Over the last 7 days, the Healthcare industry has dropped 3.7%, driven by CSL declining 4.2%. However, the industry is down 19% over the past year. Earnings are forecast to grow by 30% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 14 Sep 2026AU$193.7bAU$80.4b-AU$2,945,458,653.2430.7x-65.8x2.4x
Wed, 12 Aug 2026AU$184.9bAU$77.9bAU$1.9b26.8x96.3x2.4x
Fri, 10 Jul 2026AU$176.2bAU$78.4bAU$2.0b27.9x89.5x2.2x
Sun, 07 Jun 2026AU$153.9bAU$78.1bAU$1.8b23.8x84.5x2x
Tue, 05 May 2026AU$163.0bAU$77.6bAU$1.9b25x84.2x2.1x
Thu, 02 Apr 2026AU$173.8bAU$78.5bAU$2.0b24.6x87.4x2.2x
Sat, 28 Feb 2026AU$186.0bAU$74.3bAU$2.2b31x83x2.5x
Mon, 26 Jan 2026AU$216.3bAU$73.1bAU$4.4b32.7x49.4x3x
Wed, 24 Dec 2025AU$217.4bAU$73.9bAU$4.5b33.4x48.3x2.9x
Fri, 21 Nov 2025AU$218.5bAU$74.9bAU$4.6b31.9x47x2.9x
Sun, 19 Oct 2025AU$245.5bAU$74.9bAU$4.6b30.9x53.1x3.3x
Tue, 16 Sep 2025AU$238.6bAU$74.3bAU$4.5b32x52.7x3.2x
Thu, 14 Aug 2025AU$272.4bAU$70.0bAU$4.8b31.1x57x3.9x
Sat, 12 Jul 2025AU$259.5bAU$71.5bAU$4.2b28x61.2x3.6x
Mon, 09 Jun 2025AU$255.5bAU$71.8bAU$4.3b26.1x59.7x3.6x
Wed, 07 May 2025AU$254.9bAU$70.4bAU$4.9b28.5x52.5x3.6x
Fri, 04 Apr 2025AU$251.9bAU$70.9bAU$4.9b28.8x51.6x3.6x
Sun, 02 Mar 2025AU$263.9bAU$71.5bAU$4.9b29.7x53.6x3.7x
Tue, 28 Jan 2025AU$247.0bAU$68.6bAU$3.3b26.3x74x3.6x
Thu, 26 Dec 2024AU$244.3bAU$68.9bAU$3.4b25.9x72.7x3.5x
Sat, 23 Nov 2024AU$239.0bAU$68.0bAU$3.2b26.3x74.6x3.5x
Mon, 21 Oct 2024AU$247.4bAU$67.2bAU$3.1b27.7x80.1x3.7x
Wed, 18 Sep 2024AU$239.2bAU$66.9bAU$3.1b27.5x77.7x3.6x
Fri, 16 Aug 2024AU$239.6bAU$63.9bAU$2.9b30.2x82.3x3.7x
Sun, 14 Jul 2024AU$242.6bAU$62.3bAU$2.6b33.4x95x3.9x
Tue, 11 Jun 2024AU$231.4bAU$63.2bAU$2.7b30x86.8x3.7x
Thu, 09 May 2024AU$225.5bAU$61.4bAU$2.6b26.8x85.2x3.7x
Sat, 06 Apr 2024AU$223.8bAU$61.3bAU$2.6b27.1x85.2x3.6x
Mon, 04 Mar 2024AU$223.3bAU$61.7bAU$2.7b26.1x84x3.6x
Wed, 31 Jan 2024AU$231.0bAU$60.4bAU$2.8b25.1x81.2x3.8x
Fri, 29 Dec 2023AU$226.0bAU$59.6bAU$2.7b24.9x83.3x3.8x
Sun, 26 Nov 2023AU$202.1bAU$60.4bAU$2.9b24.9x70.4x3.3x
Tue, 24 Oct 2023AU$189.4bAU$61.5bAU$3.0b24.9x62.7x3.1x
Thu, 21 Sep 2023AU$205.1bAU$60.9bAU$2.9b24.9x71.3x3.4x
Price to Earnings Ratio

71.3x


Total Market Cap: AU$205.1bTotal Earnings: AU$2.9bTotal Revenue: AU$60.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 68.2x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 3.3x is higher than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • Total earnings for the Healthcare industry have declined over the last three years, with the industry now making a loss overall.
  • Meanwhile revenues have grown 9.6% 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-2.94%
Healthcare-3.75%
Healthcare Services-1.50%
Pharma-1.78%
Life Sciences-3.99%
Medical Equipment-4.44%
Biotech-4.48%
Healthtech-6.07%
Industry PE
  • Investors are most optimistic about the Healthcare Services industry even though it's trading below its 3-year average PE ratio of 171x.
    • Analysts are expecting annual earnings growth of 13.9%, which is lower than the prior year's growth of 18.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Healthcare Services industry is expected to see its earnings grow by 14% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
TLX Telix PharmaceuticalsAU$16.340.6%
+AU$30.6m		16.7%PE118.5x
NEU Neuren PharmaceuticalsAU$20.671.0%
+AU$26.6m		6.8%PE129.4x
NAN NanosonicsAU$2.802.9%
+AU$23.9m		-30.9%PE46.9x
BLS BLS PharmaceuticalsAU$1.175.9%
+AU$15.0m		177.4%PE17.4x
OIL Optiscan ImagingAU$0.166.7%
+AU$10.4m		88.2%PS46.2x

Latest News

TLX
AU$16.34
Telix Pharmaceuticals
7D
0.6%
1Y
16.7%
COH
AU$136.44
Cochlear
7D
-2.8%
1Y
-54.9%
OIL
AU$0.16
Optiscan Imaging
7D
6.7%
1Y
88.2%
CSL
AU$171.57
CSL
7D
-0.9%
1Y
-16.1%
SIG
AU$2.63
Sigma Healthcare
7D
-2.2%
1Y
-12.3%
New Narrative • Sep 10

Aging Population And Store Expansion Will Support Long Term Pharmacy Earnings Resilience

Catalysts About Sigma Healthcare Sigma Healthcare operates a large pharmacy franchise and wholesale distribution business focused on community health and medicines. What are the underlying business or industry changes driving this perspective?
NUZ
AU$0.075
Neurizon Therapeutics
7D
19.0%
1Y
-46.4%
NAN
AU$2.80
Nanosonics
7D
2.9%
1Y
-30.9%
Narrative Update • Sep 09

NAN: Share Buyback And 2027 Guidance Will Support Future Upside Potential

Analysts have revised their price target on Nanosonics to A$3.85 from A$4.30, citing updated views on revenue growth, profit margins, and future P/E assumptions as key drivers of the change. What’s in the News for Nanosonics Nanosonics has announced a share repurchase program that allows the company to buy back up to $40 million of its shares, with purchased shares to be cancelled as part of its capital management approach.
BLS
AU$1.17
BLS Pharmaceuticals
7D
5.9%
1Y
177.4%
PME
AU$165.40
Pro Medicus
7D
-1.9%
1Y
-43.8%
Narrative Update • Sep 04

PME: Rising FY26 Cash Returns Will Support Optimistic US Market Share Hopes

Analysts have lifted their price target for Pro Medicus to A$202.47 from A$190.74, reflecting updated assumptions for slightly higher revenue growth and a lower future P/E. They also note that current market pricing already appears to bake in very optimistic long term US PACS market share gains.
CUV
AU$8.31
Clinuvel Pharmaceuticals
7D
1.8%
1Y
-23.1%
Narrative Update • Sep 03

CUV: Late-Stage Vitiligo Studies And Platform Progress Will Drive Future Upside

Analysts have trimmed their price target on Clinuvel Pharmaceuticals to A$9.52 from A$13, citing lower assumed revenue growth, reduced profit margins and a higher future P/E multiple as key drivers of the change. What's in the News Clinuvel Pharmaceuticals reported progress on its VLRX-L controlled release liquid injectable peptide platform, with one candidate formulation showing a superior release profile in pre clinical studies and further optimisation and pre clinical work planned at its Singapore VALLAURIX centre, with additional studies scheduled for early first quarter 2027.
SHL
AU$19.05
Sonic Healthcare
7D
-2.7%
1Y
-15.4%
Narrative Update • Sep 03

SHL: Slightly Higher Discount Rate Will Still Support Positive Long-Term Outlook

Analysts have trimmed their fair value estimate for Sonic Healthcare from about A$23.36 to A$22.51 as they factor in updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. What’s in the News for Sonic Healthcare No recent Sonic Healthcare specific news items were identified in the provided sources as of 1 Sep 2026.
MSB
AU$2.12
Mesoblast
7D
-4.9%
1Y
-8.6%
PYC
AU$2.23
PYC Therapeutics
7D
-11.2%
1Y
83.5%
AVE
AU$0.021
Avecho Biotechnology
7D
10.5%
1Y
200.0%
NEU
AU$20.67
Neuren Pharmaceuticals
7D
1.0%
1Y
6.8%
AYA
AU$3.22
Artrya
7D
-19.5%
1Y
42.5%