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Australian (ASX) Healthcare Sector Analysis

UpdatedApr 30, 2026
DataAggregated Company Financials
Companies129
  • 7D-2.4%
  • 3M-23.7%
  • 1Y-36.7%
  • YTD-23.9%

Over the last 7 days, the Healthcare industry has dropped 2.4%, driven by a pullback from CSL of 3.6%. However, the industry is down 37% over the past year. As for the next few years, earnings are expected to grow by 22% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 30 Apr 2026AU$162.0bAU$77.7bAU$1.9b25x83.4x2.1x
Sat, 28 Mar 2026AU$172.1bAU$78.7bAU$2.0b25.4x86.1x2.2x
Mon, 23 Feb 2026AU$189.4bAU$73.0bAU$2.2b24.7x88x2.6x
Wed, 21 Jan 2026AU$213.1bAU$73.7bAU$4.5b32.1x47.6x2.9x
Fri, 19 Dec 2025AU$212.1bAU$74.2bAU$4.6b32.4x46.5x2.9x
Sun, 16 Nov 2025AU$219.7bAU$74.6bAU$4.6b32.4x47.9x2.9x
Tue, 14 Oct 2025AU$239.8bAU$74.8bAU$4.6b29.9x52.1x3.2x
Thu, 11 Sep 2025AU$241.4bAU$74.5bAU$4.6b31.9x52.9x3.2x
Sat, 09 Aug 2025AU$269.2bAU$70.1bAU$4.8b37.3x56.1x3.8x
Mon, 07 Jul 2025AU$261.4bAU$71.6bAU$4.2b28x61.6x3.7x
Wed, 04 Jun 2025AU$257.8bAU$72.0bAU$4.3b26.2x59.8x3.6x
Fri, 02 May 2025AU$255.4bAU$70.8bAU$4.9b28.2x52x3.6x
Sun, 30 Mar 2025AU$252.0bAU$71.1bAU$4.9b28.3x51.3x3.5x
Tue, 25 Feb 2025AU$270.9bAU$66.6bAU$4.3b29.3x63.4x4.1x
Thu, 23 Jan 2025AU$245.0bAU$68.6bAU$3.3b26.3x73.3x3.6x
Sat, 21 Dec 2024AU$240.8bAU$68.9bAU$3.4b25.5x71.6x3.5x
Mon, 18 Nov 2024AU$237.5bAU$68.2bAU$3.2b24.3x73.4x3.5x
Wed, 16 Oct 2024AU$249.0bAU$67.2bAU$3.1b26.1x80.7x3.7x
Fri, 13 Sep 2024AU$241.5bAU$67.2bAU$3.1b26.8x77.4x3.6x
Sun, 11 Aug 2024AU$241.2bAU$63.0bAU$2.7b29x90.7x3.8x
Tue, 09 Jul 2024AU$234.7bAU$62.5bAU$2.6b33.4x91x3.8x
Thu, 06 Jun 2024AU$228.4bAU$63.0bAU$2.6b29.2x87.5x3.6x
Sat, 04 May 2024AU$221.9bAU$61.3bAU$2.6b27.3x84x3.6x
Mon, 01 Apr 2024AU$228.9bAU$61.6bAU$2.7b27.2x86x3.7x
Wed, 28 Feb 2024AU$223.6bAU$60.4bAU$2.7b27.7x82.5x3.7x
Fri, 26 Jan 2024AU$228.3bAU$60.4bAU$2.8b25.3x80.3x3.8x
Sun, 24 Dec 2023AU$222.3bAU$59.7bAU$2.7b24.9x81.4x3.7x
Tue, 21 Nov 2023AU$202.7bAU$60.5bAU$2.9b24.5x70.3x3.3x
Thu, 19 Oct 2023AU$192.5bAU$61.3bAU$2.9b24.9x65.5x3.1x
Sat, 16 Sep 2023AU$208.3bAU$61.2bAU$2.9b25.9x72.3x3.4x
Mon, 14 Aug 2023AU$210.4bAU$58.3bAU$3.0b25.9x70.9x3.6x
Wed, 12 Jul 2023AU$209.7bAU$57.7bAU$2.9b27.8x72.5x3.6x
Fri, 09 Jun 2023AU$230.4bAU$57.7bAU$2.9b25.7x79.8x4x
Sun, 07 May 2023AU$229.8bAU$57.0bAU$2.8b28x80.8x4x
Price to Earnings Ratio

80.8x


Total Market Cap: AU$229.8bTotal Earnings: AU$2.8bTotal Revenue: AU$57.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.5x202420252026
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 83.4x which is higher than its 3-year average PE of 70.5x.
  • The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 12% 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-1.67%
Healthcare-2.37%
Pharma1.26%
Healthcare Services-1.58%
Biotech-2.16%
Healthtech-3.80%
Medical Equipment-5.63%
Life Sciences-9.06%
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 5.3%, 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 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 5.3% 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$15.004.0%
+AU$193.3m		-46.4%PS4.5x
ARX Aroa BiosurgeryAU$0.6323.5%
+AU$41.5m		40.0%PS2.9x
NEU Neuren PharmaceuticalsAU$12.462.3%
+AU$35.4m		5.6%PE51.8x
MYX Mayne Pharma GroupAU$2.849.7%
+AU$20.3m		-59.4%PS0.6x
VFY Vitrafy Life SciencesAU$2.2016.1%
+AU$19.5m		29.4%PS60x

Latest News

DXB
AU$0.23
Dimerix
7D
-40.3%
1Y
-66.2%
RHC
AU$38.98
Ramsay Health Care
7D
-1.3%
1Y
15.7%

RHC: Dividend Payouts And Possible UK Exit Will Shape Balanced Outlook

Analysts have nudged the price target for Ramsay Health Care slightly lower from A$35.70 to A$35.60, reflecting updated assumptions around the discount rate, revenue growth, profit margin and forward P/E multiples. What's in the News Ramsay Health Care declared an actual fully franked ordinary dividend of A$3.3608 per share for the six months ending October 19, 2026, payable on October 20, 2026, with an ex date of September 29, 2026 and record date of September 30, 2026 (Key Developments).
AVR
AU$7.70
Anteris Technologies Global
7D
1.9%
1Y
-7.2%
4DX
AU$4.01
4DMedical
7D
-23.9%
1Y
1,214.8%

4DX: Index Inclusion And European Imaging Rollout Will Test Stretched Future Earnings Multiple

Analysts have raised their price target on 4DMedical to A$4.47 from A$4.13, reflecting updated views on fair value, discount rate assumptions and future P/E expectations. What's in the News 4DMedical entered a one year contractual engagement with GlaxoSmithKline, in association with Flywheel Exchange, to provide proprietary quantitative lung imaging analytics for pulmonary drug development and clinical research, with contract value described as commercially confidential and not individually material (client announcement).
CUV
AU$9.12
Clinuvel Pharmaceuticals
7D
3.5%
1Y
-21.6%

CUV: Pivotal Vitiligo Study And Stable Metrics Will Support Future Upside

Analysts have kept their A$13.00 price target for Clinuvel Pharmaceuticals unchanged, citing slightly adjusted assumptions for discount rate, revenue growth, profit margins and future P/E that together support a steady view of the company's valuation. What's in the News The European Medicines Agency provided final scientific advice on the design of Clinuvel's planned pivotal Phase III CUV107 study for SCENESSE as a systemic vitiligo treatment after over 12 months of interaction and two formal submissions (European Medicines Agency).
SHL
AU$19.77
Sonic Healthcare
7D
-2.1%
1Y
-23.2%

SHL: Upcoming Dividend Will Support Future Re-Rating Despite Slightly Lower Fair Value

Analysts have trimmed their price target for Sonic Healthcare slightly, with updated fair value moving from around A$25.74 to about A$25.26, reflecting small adjustments to revenue growth, profit margin and future P/E assumptions. What's in the News Sonic Healthcare declared a dividend of A$0.45 per share for the six months ended 31 December 2025, giving investors clearer visibility on upcoming cash returns (Key Developments).
NEU
AU$12.46
Neuren Pharmaceuticals
7D
2.3%
1Y
5.6%
VFY
AU$2.20
Vitrafy Life Sciences
7D
16.1%
1Y
29.4%
REG
AU$6.63
Regis Healthcare
7D
-5.7%
1Y
-8.4%
CSL
AU$124.37
CSL
7D
-3.6%
1Y
-50.5%

CSL: Manufacturing Expansion And CEO Transition Will Support Long Term Share Rebound

The CSL analyst price target has been trimmed by about A$9, as analysts now factor in slightly lower revenue growth, a modestly softer profit margin outlook, a marginally higher discount rate and a small reset in assumed future P/E multiples. Analyst Commentary Recent Street research on CSL and peers points to a mixed but useful read on how analysts are thinking about valuation, execution risk and growth expectations.
TLX
AU$15.00
Telix Pharmaceuticals
7D
4.0%
1Y
-46.4%
PME
AU$134.40
Pro Medicus
7D
-5.1%
1Y
-42.6%
ARX
AU$0.63
Aroa Biosurgery
7D
23.5%
1Y
40.0%

Reimbursement Shifts And Partner Dependence Will Reshape Tissue Regeneration Prospects Over Time

Catalysts About Aroa Biosurgery Aroa Biosurgery develops and supplies biologically derived soft tissue regeneration products used in wound care, reconstruction and surgical procedures. What are the underlying business or industry changes driving this perspective?
EBR
AU$0.63
EBR Systems
7D
5.0%
1Y
-46.4%
MYX
AU$2.84
Mayne Pharma Group
7D
9.7%
1Y
-59.4%
SIG
AU$2.79
Sigma Healthcare
7D
-0.7%
1Y
-7.3%