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

Research evidence excerpt

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

Global Research

11 June 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

Stocks covered: COH, CSL, SHL, TLX, RMD, RHC +61-2-9324 2843

James Meares

News and press releases Analyst

james.meares@ubs.com

+61-29-324 3575COH: "Sensorion Achieves Key Regulatory Milestones for SENS-601 for GJB2-related

Hearing Loss and Selects Program as Lead Gene Therapy Candidate" (Company PR, 10 Grace Allen

Jun) Associate Analyst

grace-za.allen@ubs.com

+61-2-9324 2000

UBS View: Sensorion has announced it will begin trials of its gene therapy to treat the

GJB2 mutation, the most common cause of genetic congenital deafness, in France. If

successful it could reduce Cochlear's addressable paediatric market. The likelihood of

success is difficult to assess at this early stage with any treatment some years away.

CSL: "Sanofi terminates riliprubart P3 MOBILIZE in 2L CIDP after interim due to lack of

efficacy." (Company PR, 10 Jun)

UBS View: This is positive for CSL, with the failure of a potential new treatment (anti-

C1) for CIDP supportive of Ig treatment of CIDP. The news also casts a shadow over

Sanofi’s continuing P3 VITALIZE study (head to head vs IVIG) and Argenx’s trial (similar

trial design and a related mechanism).

CSL, COH, SHL: "Patient payments are up. It’s not helping hospital balance sheets"

(Bloomberg, 9 Jun)

UBS View: Hospitals are collecting a higher share of patient payments upfront but these

gains are not reducing bad debt, as patients are taking on more costs through

deductibles/coinsurance and due to rising claim denials. This is a further sign of the