Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Research evidence excerpt

Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Global Research

18 May 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

Competitor results +61-2-9324 2843

James Meares

CSL: Terumo - March quarter result (Company PR, 15 May) Analyst

james.meares@ubs.com

+61-29-324 3575Terumo, a Japanese medical supplies company, reported its March quarter. Key points

from its quarterly include: Grace Allen

Associate Analyst

CSL order level "within what is expected". Management cited possible grace-za.allen@ubs.com

volatility. +61-2-9324 2000

UBS View: Terumo's commentary provided limited read across for CSL. We will seek

additional information from the company on the impact of CSL's market share losses.

News and press releases

CSL: "The $100 billion downfall of an Aussie giant"(The Sydney Morning Herald, 15

May)

CSL: "Time's up for CSL's longstanding chair"(The Australian, 15 May)

UBS View: These stories highlight CSL's poor performance and challenging outlook.

We continue to see valuation appeal, but with demand fundamentals weakened, the

recovery is likely to be protracted and the CEO search adds to the uncertainty.

TLX: "New PSMAddition data show 58% lower risk of PSA progression with Pluvicto®

in metastatic hormone-sensitive prostate cancer" (Company PR, 18 May)

UBS View: Trial data for Pluvicto in combination with standard of care (ARPI + ADT),

versus standard of care alone, supports its potential move into earlier line settings in the

treatment of prostate cancer. This is arguably positive for Telix's TLX-591 in so much as it

expands the potential market opportunity.

TLX: "Telix Announces Collaborations to Explore PSMA-PET Imaging in Emerging