ANZ Healthcare "Vital signs: ANZ Healthcare Jun-26" Low

Research evidence excerpt

ANZ Healthcare "Vital signs: ANZ Healthcare Jun-26" Low

Global Research

30 June 2026ab

ANZ Healthcare Equities

AustralasiaVital signs: ANZ Healthcare Jun-26

Healthcare

David Low

We wrap up recent investor feedback and research highlights Analyst

david.low@ubs.com

+61-2-9324 2843Strong outperformance in June not driven by sector specific issue

The health sector outperformed the market by a wide margin in June after James Meares

Analystunderperforming for most of the last 12 months. The outperformance was broad based

james.meares@ubs.com

with CSL, Cochlear and Ramsay all rising by ~20% and Telix leading the way with a

+61-29-324 3575

27% lift. There was limited company specific news to explain this recovery, suggesting it

was due to broader market forces including sector rotation. The uplift was correlated Grace Allen

Associate Analystwith the US biotech index.

grace-za.allen@ubs.com

+61-2-9324 2000

CSL - Expectations low but no sign of improvement in market conditions

Revisions to consensus estimates this month reflect the sharp deterioration of the Vifor

division in the face of rising generic competition, the impending end of TDAPA coverage

for Velphoro, and the confirmation this week that Tavneos may be withdrawn from sale

in Europe. We believe the difficult outlook is largely reflected in consensus estimates

which now assume only low-single-digit NPATA growth. While the valuation has appeal

(hence our Buy rating), we are cautious the result will offer little evidence of improved

competitive conditions in CSL's major markets, including China, nor has there been

much progress with the search for a new CEO.

COH - Cautious outlook expected in a less predictable environment

After the shock downgrade in April revealed an unexpected downturn in the US, along