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

Research evidence excerpt

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

Global Research

15 July 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

Stocks covered: CSL, ANN, COH, RMD +61-2-9324 2843

James Meares

Competitor results Analyst

james.meares@ubs.com

+61-29-324 3575CSL - Beijing Tiantan - 1H Net Income -51.8% (Bloomberg 14 July)

Grace Allen

Associate Analyst

UBS View: Tiantan, the largest of the domestic plasma companies reported a 52% drop

grace-za.allen@ubs.com

in net income in the June half. This was blamed on intensified competition due to +61-2-9324 2000

medical insurance costs and reforms to the medical insurance payment system. We

expect CSL to confirm its Chinese albumin sales remain weak at its full year results next

month.

ANN - Fastenal 2Q 2026 Results (14 July)

Key points from the result and investor call with read across to Ansell included.

Average daily sales growth +14.7%, implying volume growth at +12%, a

sequential acceleration from 9% in 1Q26.

Operating margin below expectations, driven by negative price/cost and some

headwinds from transportation costs and customer rebates.

Fastenal cited share gains amidst improving market conditions, on pace

with 1Q26.

UBS view: A positive read-through for Ansell with improving market conditions and a

sequential acceleration in volumes partly offset by cost pressures. We expect the new

Ansell CEO to present a positive assessment of ANN's medium-term growth prospects

but set a wide EPS guidance range for FY27 at its upcoming result.

The First Read write up by the UBS covering analyst, Amit Mehrotra, is here "First Read:

Fastenal Co "2Q first look; Strong sales, Ok margins" (Neutral)"

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