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Australian (ASX) Healthcare Sector Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies129
  • 7D-4.4%
  • 3M-20.1%
  • 1Y-31.6%
  • YTD-18.3%

Over the last 7 days, the Healthcare industry has dropped 4.4%, driven by a pullback from CSL of 2.4%. On the other hand Telix Pharmaceuticals is actually up 6.4%. However, the industry is down 32% over the past year. Looking forward, earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 17 Mar 2026AU$174.0bAU$78.3bAU$2.0b24.8x87.7x2.2x
Thu, 12 Feb 2026AU$203.7bAU$72.0bAU$2.0b33.2x101.2x2.8x
Sat, 10 Jan 2026AU$214.3bAU$73.9bAU$4.5b31.4x47.5x2.9x
Mon, 08 Dec 2025AU$222.8bAU$74.2bAU$4.3b33.5x52.2x3x
Wed, 05 Nov 2025AU$222.4bAU$74.9bAU$4.6b32.9x48.1x3x
Fri, 03 Oct 2025AU$240.5bAU$74.5bAU$4.6b30.5x52.8x3.2x
Sun, 31 Aug 2025AU$244.2bAU$74.2bAU$4.6b31.6x53.2x3.3x
Tue, 29 Jul 2025AU$277.4bAU$71.7bAU$4.3b31.1x65x3.9x
Thu, 26 Jun 2025AU$253.8bAU$71.8bAU$4.3b25.2x59.3x3.5x
Sat, 24 May 2025AU$257.4bAU$71.9bAU$4.3b27.3x60x3.6x
Mon, 21 Apr 2025AU$242.4bAU$70.8bAU$4.9b26.9x49.4x3.4x
Wed, 19 Mar 2025AU$253.1bAU$70.8bAU$4.9b27.8x51.9x3.6x
Fri, 14 Feb 2025AU$239.5bAU$66.3bAU$3.6b28x66.6x3.6x
Sun, 12 Jan 2025AU$250.1bAU$69.2bAU$3.4b26.3x73.2x3.6x
Tue, 10 Dec 2024AU$249.3bAU$68.2bAU$3.2b26.9x77x3.7x
Thu, 07 Nov 2024AU$239.6bAU$67.8bAU$3.2b25.6x75.5x3.5x
Sat, 05 Oct 2024AU$241.0bAU$66.7bAU$3.0b30.4x79.8x3.6x
Mon, 02 Sep 2024AU$243.4bAU$66.1bAU$3.2b25.6x75.8x3.7x
Wed, 31 Jul 2024AU$244.9bAU$63.2bAU$2.7b28.9x91.2x3.9x
Fri, 28 Jun 2024AU$236.1bAU$62.7bAU$2.6b32.1x90.1x3.8x
Sun, 26 May 2024AU$223.7bAU$61.1bAU$2.6b27.5x85.4x3.7x
Tue, 23 Apr 2024AU$215.4bAU$61.9bAU$2.7b25.9x78.8x3.5x
Thu, 21 Mar 2024AU$220.2bAU$61.8bAU$2.7b26.1x82.4x3.6x
Sat, 17 Feb 2024AU$223.4bAU$60.5bAU$3.5b25.8x64.1x3.7x
Mon, 15 Jan 2024AU$226.9bAU$60.1bAU$2.8b24.5x81x3.8x
Wed, 13 Dec 2023AU$212.7bAU$60.4bAU$2.9b24.9x74.2x3.5x
Fri, 10 Nov 2023AU$200.4bAU$61.1bAU$3.0b24.4x67.5x3.3x
Sun, 08 Oct 2023AU$198.7bAU$61.2bAU$2.9b24.9x67.8x3.2x
Tue, 05 Sep 2023AU$209.8bAU$61.1bAU$2.8b26.3x74.3x3.4x
Thu, 03 Aug 2023AU$212.9bAU$58.0bAU$2.9b26.6x72.6x3.7x
Sat, 01 Jul 2023AU$216.5bAU$57.9bAU$2.9b27x74.4x3.7x
Mon, 29 May 2023AU$229.6bAU$58.2bAU$3.0b27.8x77.8x3.9x
Wed, 26 Apr 2023AU$233.8bAU$57.4bAU$2.9b27.5x80.7x4.1x
Fri, 24 Mar 2023AU$220.3bAU$56.9bAU$2.8b24.9x77.5x3.9x
Price to Earnings Ratio

77.5x


Total Market Cap: AU$220.3bTotal Earnings: AU$2.8bTotal Revenue: AU$56.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.2x202420252026
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 87.7x which is higher than its 3-year average PE of 70.2x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 11% 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-2.69%
Healthcare-4.35%
Healthtech-0.11%
Pharma-0.93%
Medical Equipment-2.41%
Biotech-4.07%
Life Sciences-4.51%
Healthcare Services-6.81%
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 6.3%, 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 53% 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 6.3% 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$11.706.4%
+AU$237.8m		-56.9%PS3.5x
TTX TetratherixAU$5.6040.0%
+AU$81.2m		n/aPS142.3x
PNV PolyNovoAU$0.944.4%
+AU$27.6m		-26.3%PE65.7x
SPL Starpharma HoldingsAU$0.4716.3%
+AU$27.3m		379.4%PS13.4x
ANN AnsellAU$29.750.4%
+AU$11.3m		-11.4%PE22x

Latest News

TTX
AU$5.60
Tetratherix
7D
40.0%
1Y
n/a
TLX
AU$11.70
Telix Pharmaceuticals
7D
6.4%
1Y
-56.9%
IMM
AU$0.051
Immutep
7D
-87.1%
1Y
-82.7%
SHL
AU$20.71
Sonic Healthcare
7D
-5.5%
1Y
-19.1%

SHL: Upcoming Dividend And Stable Margins Will Support A Higher Future Multiple

Analysts have trimmed their price target for Sonic Healthcare slightly to A$26.03 from A$26.15. This reflects modestly softer assumptions for revenue growth, profit margins and future P/E multiples, while keeping the discount rate unchanged.
COH
AU$173.70
Cochlear
7D
-4.8%
1Y
-35.3%
AHC
AU$0.36
Austco Healthcare
7D
5.8%
1Y
21.7%
PNV
AU$0.94
PolyNovo
7D
4.4%
1Y
-26.3%

PNV: Refined Profitability And P E Assumptions Will Support Balanced Future Returns

Analysts have slightly adjusted their valuation work on PolyNovo, trimming the implied P/E multiple and updating growth and profitability assumptions. This has led to a modest change in their A$ price target while keeping the overall fair value view broadly in line with prior estimates.
CSL
AU$141.15
CSL
7D
-2.4%
1Y
-43.0%

CSL: Manufacturing Expansion And Leadership Transition Will Support Future Share Recovery

Analysts have trimmed their CSL price target by about A$6 to reflect slightly lower long term fair value estimates, modestly higher discount rates and more conservative assumptions for revenue growth and profit margins, partially offset by a higher future P/E multiple. Analyst Commentary Recent Street research around CSL points to a mixed setup, with some firms taking a more constructive stance and others turning cautious.
PME
AU$128.11
Pro Medicus
7D
-8.3%
1Y
-45.0%
ANN
AU$29.75
Ansell
7D
0.4%
1Y
-11.4%

ANN: Sustainable Chemical Protection And Capital Returns Will Support Future Margin And Pricing Power

Analysts have made a small upward adjustment to their Ansell valuation, with the fair value estimate nudging higher from about A$36.05 to around A$36.47. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E.
4DX
AU$3.79
4DMedical
7D
-14.4%
1Y
924.3%
ATH
AU$0.008
Alterity Therapeutics
7D
14.3%
1Y
-20.0%
RHC
AU$40.99
Ramsay Health Care
7D
-3.5%
1Y
17.0%

RHC: Execution Risks Will Cap Upside Despite Higher Fair Value Estimate

Analysts now see fair value for Ramsay Health Care at A$35.70, up from A$33.97. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples.
RCE
AU$0.47
Recce Pharmaceuticals
7D
8.0%
1Y
17.5%
SIG
AU$2.66
Sigma Healthcare
7D
-3.3%
1Y
-9.8%
SPL
AU$0.47
Starpharma Holdings
7D
16.3%
1Y
379.4%