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Australian (ASX) Healthcare Sector Analysis

UpdatedJul 28, 2026
DataAggregated Company Financials
Companies130
  • 7D-4.4%
  • 3M0.6%
  • 1Y-40.8%
  • YTD-22.8%

Over the last 7 days, the Healthcare industry has dropped 4.4%, driven by a pullback from CSL of 5.1%. In contrast, Imricor Medical Systems has gained 20%. The industry has fallen 41% in the last year. As for the next few years, earnings are expected to grow by 23% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 28 Jul 2026AU$164.7bAU$78.1bAU$2.0b26.8x84.4x2.1x
Thu, 25 Jun 2026AU$163.0bAU$78.7bAU$2.0b24.2x81.8x2.1x
Sat, 23 May 2026AU$150.6bAU$77.8bAU$1.8b24.6x83.7x1.9x
Mon, 20 Apr 2026AU$175.6bAU$77.6bAU$1.9b26.7x90.5x2.3x
Wed, 18 Mar 2026AU$172.9bAU$78.0bAU$2.0b24.2x88x2.2x
Fri, 13 Feb 2026AU$191.4bAU$72.0bAU$2.1b37.4x90x2.7x
Sun, 11 Jan 2026AU$214.3bAU$73.9bAU$4.5b31.4x47.6x2.9x
Tue, 09 Dec 2025AU$222.5bAU$74.2bAU$4.3b33.6x52.1x3x
Thu, 06 Nov 2025AU$221.3bAU$75.0bAU$4.6b31.7x47.8x2.9x
Sat, 04 Oct 2025AU$242.8bAU$74.5bAU$4.6b30.4x53.3x3.3x
Mon, 01 Sep 2025AU$244.2bAU$74.9bAU$4.6b31.6x53.5x3.3x
Wed, 30 Jul 2025AU$278.3bAU$71.7bAU$4.3b31.2x64.9x3.9x
Fri, 27 Jun 2025AU$254.2bAU$71.7bAU$4.3b25.9x59.7x3.5x
Sun, 25 May 2025AU$257.4bAU$71.8bAU$4.3b27.4x60.3x3.6x
Tue, 22 Apr 2025AU$242.5bAU$70.6bAU$4.9b27.1x49.7x3.4x
Thu, 20 Mar 2025AU$253.9bAU$70.9bAU$4.9b27.9x51.9x3.6x
Sat, 15 Feb 2025AU$239.0bAU$66.0bAU$3.6b28.7x67.1x3.6x
Mon, 13 Jan 2025AU$250.1bAU$66.6bAU$3.3b23.7x76x3.8x
Wed, 11 Dec 2024AU$246.0bAU$68.4bAU$3.3b26.7x75.3x3.6x
Fri, 08 Nov 2024AU$239.6bAU$67.3bAU$3.1b25.5x77.2x3.6x
Sun, 06 Oct 2024AU$241.0bAU$66.9bAU$3.0b30.4x79.4x3.6x
Tue, 03 Sep 2024AU$243.3bAU$66.0bAU$3.1b26.2x79.7x3.7x
Thu, 01 Aug 2024AU$246.4bAU$63.3bAU$2.7b29.7x91x3.9x
Sat, 29 Jun 2024AU$237.3bAU$62.7bAU$2.6b32.1x90.6x3.8x
Mon, 27 May 2024AU$223.7bAU$61.1bAU$2.6b27.5x85.4x3.7x
Wed, 24 Apr 2024AU$222.8bAU$61.8bAU$2.7b25.8x82x3.6x
Fri, 22 Mar 2024AU$219.9bAU$61.5bAU$2.6b26.4x83.7x3.6x
Sun, 18 Feb 2024AU$223.4bAU$60.5bAU$3.5b25.8x64.2x3.7x
Tue, 16 Jan 2024AU$225.9bAU$60.2bAU$2.8b24.5x80.4x3.8x
Thu, 14 Dec 2023AU$215.2bAU$60.5bAU$2.9b24.9x74.6x3.6x
Sat, 11 Nov 2023AU$200.5bAU$61.3bAU$3.0b24.5x67x3.3x
Mon, 09 Oct 2023AU$198.7bAU$61.2bAU$2.9b24.9x67.8x3.2x
Wed, 06 Sep 2023AU$211.5bAU$61.4bAU$2.9b26.3x72.4x3.4x
Fri, 04 Aug 2023AU$211.9bAU$58.2bAU$3.0b26.2x71.6x3.6x
Price to Earnings Ratio

71.6x


Total Market Cap: AU$211.9bTotal Earnings: AU$3.0bTotal Revenue: AU$58.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 71.1x202420252026
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 84.4x which is higher than its 3-year average PE of 71.1x.
  • The 3-year average PS ratio of 3.3x 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 13% per year over the last three years.
  • Meanwhile revenues for these companies have grown 10% 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 Market0.96%
Healthcare-4.38%
Life Sciences-0.40%
Healthcare Services-1.89%
Medical Equipment-1.98%
Pharma-2.17%
Biotech-4.99%
Healthtech-11.51%
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 5.8%, 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 46% 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 5.8% 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
SHL Sonic HealthcareAU$22.014.2%
+AU$439.7m		-21.9%PE20.2x
COH CochlearAU$119.881.6%
+AU$122.9m		-62.5%PE22.7x
ANN AnsellAU$32.682.6%
+AU$116.7m		7.5%PE23.4x
IMR Imricor Medical SystemsAU$1.9512.7%
+AU$77.8m		63.2%PS1643.9x
NEU Neuren PharmaceuticalsAU$17.051.7%
+AU$36.8m		2.1%PE71x

Latest News

CSL
AU$119.52
CSL
7D
-1.5%
1Y
-56.1%
IMR
AU$1.95
Imricor Medical Systems
7D
12.7%
1Y
63.2%
Narrative Update • Jul 24

IMR: Equity Raise Will Support Stronger Outlook For Future Returns

Analysts have revised their fair value estimate for Imricor Medical Systems from A$2.14 to A$2.97. This change reflects updated assumptions around growth, discount rates, and margins in their price target models.
PME
AU$163.14
Pro Medicus
7D
-9.4%
1Y
-49.5%
Narrative Update • Jul 24

PME: Long Term US PACS Share Assumptions Will Drive Future Upside

Analysts have trimmed their fair value estimate for Pro Medicus to A$250.00 from A$300.00, citing more cautious assumptions about the company’s long term US PACS market share, even as recent Street research points to a higher near term price target. What's in the News for Pro Medicus Pro Medicus Limited continues to build its position as a healthcare informatics company, supported by rapid organic growth, strong cash conversion and a debt free balance sheet.
TLX
AU$14.47
Telix Pharmaceuticals
7D
-5.5%
1Y
-29.6%
Narrative Update • Jul 24

TLX: Radioligand Therapy Pipeline Progress Will Drive Future Upside Potential

Analysts have trimmed the Telix Pharmaceuticals fair value estimate from A$35.00 to A$31.00, reflecting a lower future P/E assumption and a slightly higher discount rate, while also highlighting ongoing product momentum and clinical catalysts that are now seen as largely captured in the current A$18.00 to A$23.60 price target range. Analyst Commentary Recent Street research on Telix Pharmaceuticals points to a mixed but generally constructive tone, with price targets clustering in the A$18.00 to A$23.60 range and commentary that links valuation closely to execution on clinical, regulatory, and commercial milestones.
MSB
AU$2.06
Mesoblast
7D
-11.2%
1Y
-17.3%
Narrative Update • Jul 23

MSB: RMAT Backed Phase 3 Progress Will Drive Future Upside Potential

Analysts have raised their Mesoblast price target from A$2.80 to A$3.00, citing updated assumptions around revenue growth, profit margins and a lower future P/E multiple as the key factors behind the change. What’s in the News for Mesoblast Mesoblast has treated at least 300 patients in its pivotal Phase 3 trial of rexlemestrocel-L for chronic low back pain linked to degenerative disc disease.
SHL
AU$22.01
Sonic Healthcare
7D
4.2%
1Y
-21.9%
New Narrative • Jul 22

Sonic Healthcare is poised for large upside as margins recover

Sonic Healthcare (ASX: SHL) is a stock the market currently seems to be pricing for permanent disappointment rather than temporary difficulty. Shares have fallen 23.3% over the past year to A$21.12, sitting below even the lowest analyst target of A$18.
ANN
AU$32.68
Ansell
7D
2.6%
1Y
7.5%
Narrative Update • Jul 17

ANN: Steady Protection Demand And Margin Discipline Are Expected To Sustain Returns

Analysts have trimmed their fair value estimate for Ansell from A$36.23 to A$34.48, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E multiples, partly offset by a modestly reduced discount rate. What’s in the News for Ansell Ansell has recorded a 2.32% share price gain over the past year, according to recent coverage of the stock.
CU6
AU$2.12
Clarity Pharmaceuticals
7D
-4.9%
1Y
-51.0%
NEU
AU$17.05
Neuren Pharmaceuticals
7D
1.7%
1Y
2.1%
COH
AU$119.88
Cochlear
7D
1.6%
1Y
-62.5%
Narrative Update • Jul 16

COH: Profit Downgrade And Softer Implant Demand Will Pressure Earnings Expectations

The analyst fair value estimate for Cochlear has increased from A$95 to A$100, reflecting updated assumptions related to discount rates, modest adjustments to long-term revenue growth and profit margins, and a slightly higher future P/E multiple cited by analysts in recent research. Analyst Commentary Recent research on Cochlear points to a more mixed setup, with some analysts highlighting risks that could limit upside from current levels.
REG
AU$6.25
Regis Healthcare
7D
1.3%
1Y
-21.7%
Narrative Update • Jul 14

REG: CFO Transition And M&A Pipeline Will Support Future Earnings Upside

Analysts have trimmed their fair value estimate for Regis Healthcare from A$8.32 to A$7.79. This reflects slightly more conservative assumptions for the discount rate, revenue growth, profit margin and future P/E.
CGS
AU$2.46
Cogstate
7D
-9.2%
1Y
36.3%
Narrative Update • Jul 08

CGS: Higher Revenue And Margin Assumptions Will Support Future Upside

The analyst price target for Cogstate has been revised from A$3.18 to A$3.54. Analysts point to updated assumptions for revenue growth, profit margins and future P/E as the key drivers of this recalibration.
VFY
AU$3.09
Vitrafy Life Sciences
7D
10.0%
1Y
93.1%
4DX
AU$3.25
4DMedical
7D
-5.0%
1Y
1,283.0%
PNV
AU$0.85
PolyNovo
7D
-10.5%
1Y
-30.6%
Narrative Update • Jun 15

PNV: Refined Cash Flow Assumptions Will Support Steady Outlook And Balanced Upside Potential

Analysts have modestly revised their fair value outlook for PolyNovo, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E. Together, these factors support a slightly adjusted A$ price target and a more refined view of the stock’s long term earnings profile.
TTX
AU$7.40
Tetratherix
7D
9.6%
1Y
48.3%