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

Research evidence excerpt

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

Global Research

22 July 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

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

James Meares

Competitor results Analyst

james.meares@ubs.com

+61-29-324 3575TLX - Novartis 2Q 2026 Results (Novartis PR, 21 July)

Grace Allen

Associate Analyst

Novartis, a Swiss pharmaceutical company reported its June quarter. Key points from the

grace-za.allen@ubs.com

result include: +61-2-9324 2000

Pluvicto sales lift 43%: Pluvicto sales of US$651m were attributed to continued

strong demand in the pre-taxane mCRPC setting in the US, as well as access

expansion ex-US.

UBS view: The strong growth in Pluvicto sales is further evidence of the size of the

market opportunity Telix is targeting with its TLX591 program.

News and press releases

RHC - "Ramsay Health Care begins quiet asset clear-out ahead of Sante demerger" (The

Australian, 21-Jul)

UBS View: Ramsay has cleaned up its portfolio via the sale of a number of small facilities

which the article describes as sub-scale operations. Overall, we see this as evidence of

management's sensible efforts to improve margins and returns. We expect evidence of

margin expansion to be evident in the upcoming result.

RHC - "Flight from top health cover ‘an existential threat'" (AFR, 21-Jul)

UBS View: The sustainability of the private health system is called into question given

declining uptake of gold level insurance packages as members downgrade/drop cover.

The on-going cost pressures, particularly from wages is also called out. Some hospital

groups are contemplating greater usage of automation to counter the wage pressure.