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Australian (ASX) Healthcare Sector Analysis

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies129
  • 7D-1.7%
  • 3M-20.3%
  • 1Y-33.1%
  • YTD-20.3%

Over the last 7 days, the Healthcare industry has dropped 1.7%, driven by CSL declining 3.8%. However, the industry is down 33% over the past 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
Fri, 03 Apr 2026AU$169.7bAU$78.8bAU$2.0b24.5x84.6x2.2x
Sun, 01 Mar 2026AU$186.0bAU$77.8bAU$2.2b29x86x2.4x
Tue, 27 Jan 2026AU$216.3bAU$73.0bAU$4.4b32.8x49.6x3x
Thu, 25 Dec 2025AU$214.8bAU$73.8bAU$4.5b33.3x47.8x2.9x
Sat, 22 Nov 2025AU$218.1bAU$75.0bAU$4.7b31.7x46.6x2.9x
Mon, 20 Oct 2025AU$245.5bAU$74.9bAU$4.6b30.9x53.1x3.3x
Wed, 17 Sep 2025AU$238.6bAU$74.2bAU$4.5b32.1x52.7x3.2x
Fri, 15 Aug 2025AU$274.5bAU$70.2bAU$4.8b31.1x57.1x3.9x
Sun, 13 Jul 2025AU$258.9bAU$71.5bAU$4.2b27.9x61.1x3.6x
Tue, 10 Jun 2025AU$255.5bAU$71.7bAU$4.3b26.2x59.9x3.6x
Thu, 08 May 2025AU$251.2bAU$70.3bAU$4.8b27.7x51.8x3.6x
Sat, 05 Apr 2025AU$246.8bAU$71.8bAU$5.1b27.4x48.7x3.4x
Mon, 03 Mar 2025AU$263.9bAU$71.5bAU$4.9b28.5x53.5x3.7x
Wed, 29 Jan 2025AU$247.6bAU$68.8bAU$3.4b26.4x73.6x3.6x
Fri, 27 Dec 2024AU$244.3bAU$68.9bAU$3.4b25.9x72.8x3.5x
Sun, 24 Nov 2024AU$239.0bAU$68.0bAU$3.2b26.3x74.6x3.5x
Tue, 22 Oct 2024AU$249.1bAU$67.3bAU$3.1b25.5x80.3x3.7x
Thu, 19 Sep 2024AU$239.0bAU$66.8bAU$3.1b27.6x78.1x3.6x
Sat, 17 Aug 2024AU$241.7bAU$63.9bAU$2.9b30.7x83.2x3.8x
Mon, 15 Jul 2024AU$242.6bAU$62.3bAU$2.6b33.4x95x3.9x
Wed, 12 Jun 2024AU$231.4bAU$63.2bAU$2.7b30x86.9x3.7x
Fri, 10 May 2024AU$223.2bAU$61.3bAU$2.6b26.9x84.4x3.6x
Sun, 07 Apr 2024AU$223.8bAU$61.3bAU$2.6b27.1x85.1x3.6x
Tue, 05 Mar 2024AU$221.3bAU$61.8bAU$2.7b25.7x83.1x3.6x
Thu, 01 Feb 2024AU$233.5bAU$60.5bAU$2.9b25.1x81.9x3.9x
Sat, 30 Dec 2023AU$226.0bAU$59.7bAU$2.7b24.9x82.7x3.8x
Mon, 27 Nov 2023AU$202.1bAU$60.4bAU$2.9b24.9x70.4x3.3x
Wed, 25 Oct 2023AU$189.2bAU$61.3bAU$3.0b24.6x63.2x3.1x
Fri, 22 Sep 2023AU$201.9bAU$61.1bAU$2.9b24.9x69.3x3.3x
Sun, 20 Aug 2023AU$212.8bAU$60.6bAU$2.9b28.2x74.7x3.5x
Tue, 18 Jul 2023AU$209.4bAU$57.3bAU$2.8b27.1x74x3.7x
Thu, 15 Jun 2023AU$221.7bAU$57.4bAU$2.8b25.7x78x3.9x
Sat, 13 May 2023AU$232.8bAU$57.2bAU$2.9b27.7x81.1x4.1x
Mon, 10 Apr 2023AU$230.6bAU$57.2bAU$2.9b26.6x80.2x4x
Price to Earnings Ratio

80.2x


Total Market Cap: AU$230.6bTotal Earnings: AU$2.9bTotal Revenue: AU$57.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.3x202420252026
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 84.6x which is higher than its 3-year average PE of 70.3x.
  • 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 Market0.42%
Healthcare-1.68%
Life Sciences1.77%
Medical Equipment1.63%
Pharma-0.25%
Healthcare Services-0.69%
Healthtech-0.82%
Biotech-3.39%
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 6.5%, 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 6.5% 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
SIG Sigma HealthcareAU$2.661.5%
+AU$460.1m		-8.0%PE51x
COH CochlearAU$172.363.9%
+AU$423.8m		-35.9%PE32.6x
PNV PolyNovoAU$0.944.5%
+AU$27.6m		-15.0%PE65.4x
NEU Neuren PharmaceuticalsAU$12.031.5%
+AU$22.8m		13.8%PE50.1x
ATH Alterity TherapeuticsAU$0.00928.6%
+AU$21.8m		12.5%PS14.7x

Latest News

RHC
AU$38.92
Ramsay Health Care
7D
-3.8%
1Y
14.7%

RHC: Dividend Outlook And Tighter Assumptions Will Shape Future Share Performance

Analysts have trimmed their price target for Ramsay Health Care to about A$43.04 from about A$43.33, reflecting slightly lower revenue growth assumptions, a modestly higher discount rate, and a small adjustment to the future P/E multiple, partly offset by a slightly higher profit margin outlook. Analyst Commentary Bullish Takeaways Bullish analysts view the A$43.04 target as still supported by expectations for steady execution on revenue and profit margins, even after trimming growth assumptions.
NEU
AU$12.03
Neuren Pharmaceuticals
7D
1.5%
1Y
13.8%
CU6
AU$3.15
Clarity Pharmaceuticals
7D
-5.4%
1Y
66.2%
4DX
AU$5.64
4DMedical
7D
-10.2%
1Y
2,111.8%

4DX: Equity Raises And Index Inclusion Will Highlight Stretch In Future Earnings

Analysts have trimmed their 4DMedical price target slightly to A$4.13 from A$4.20, reflecting updated fair value work and a modestly lower future P/E assumption, while revenue growth and margin expectations are broadly unchanged. What's in the News CT:VQ, 4DMedical's non-contrast ventilation perfusion imaging technology, has received CE Mark certification for commercial use in the European Union, allowing the company to pursue one of the largest respiratory imaging markets globally (Key Developments).
ATH
AU$0.009
Alterity Therapeutics
7D
28.6%
1Y
12.5%
SHL
AU$19.98
Sonic Healthcare
7D
-2.0%
1Y
-23.0%

SHL: Upcoming Dividend And Conservative Assumptions Will Support A Higher Future Multiple

Analysts have nudged Sonic Healthcare's fair value estimate slightly lower, trimming their price target by about A$0.28 as small adjustments to revenue growth, profit margin assumptions and future P/E expectations feed into a more conservative valuation. 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 clarity on the upcoming income timeline.
PNV
AU$0.94
PolyNovo
7D
4.5%
1Y
-15.0%

PNV: Higher Margin Outlook And Steady P E Assumption Will Support Upside Potential

Analysts have slightly increased their A$ price target for PolyNovo, citing updated assumptions for revenue growth, profit margins and future P/E that together support a modestly higher valuation outlook. Valuation Changes Fair Value: A$ fair value input is unchanged at 1.0. Discount Rate: Discount rate has edged down slightly from 7.58% to 7.58%.
CSL
AU$138.93
CSL
7D
-3.8%
1Y
-46.1%

CSL: Manufacturing Expansion And Horizon 2 Rollout Will Support Future Share Recovery

Narrative Update on CSL Analysts have adjusted CSL's fair value estimate from A$205.16 to A$207.81. This reflects updated views on its discount rate, revenue growth, profit margins and future P/E assumptions, alongside recent mixed rating actions on the stock.
BXN
AU$0.064
Bioxyne
7D
12.3%
1Y
137.0%
COH
AU$172.36
Cochlear
7D
3.9%
1Y
-35.9%

COH: VA Access Expansion Will Support Future Upside Potential

Analysts have adjusted their price target on Cochlear slightly lower to A$245.91 from A$250.59, reflecting modest tweaks to assumptions around the discount rate, revenue growth, profit margins and future P/E following recent research updates. Analyst Commentary Bullish Takeaways Bullish analysts see the revised A$245.91 target as still supportive of upside potential relative to recent trading levels, suggesting the core earnings story remains intact despite the small adjustment.
MSB
AU$2.13
Mesoblast
7D
-2.7%
1Y
13.6%
REG
AU$6.10
Regis Healthcare
7D
-6.9%
1Y
-9.8%

REG: RAD Retention And M&A Pipeline Will Support Future Earnings Upside

Analysts now see a slightly different outlook for Regis Healthcare, with the updated price target moving in line with minor tweaks to revenue growth, profit margin assumptions and future P/E expectations. This results in a refined valuation around A$8.32 per share.
PME
AU$118.84
Pro Medicus
7D
-0.6%
1Y
-41.4%
SIG
AU$2.66
Sigma Healthcare
7D
1.5%
1Y
-8.0%
NYR
AU$0.63
Nyrada
7D
15.7%
1Y
531.3%
SPL
AU$0.50
Starpharma Holdings
7D
7.5%
1Y
437.6%