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

研报英文原文证据摘录

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

Global Research

2 July 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

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

James Meares

Data Releases Analyst

james.meares@ubs.com

+61-29-324 3575CSL - US PPTA March-26 Data

Grace Allen

Associate Analyst

PPTA North America Data Program is an industry initiative that reports national plasma

grace-za.allen@ubs.com

collection volumes and supply trends. +61-2-9324 2000

IG volumes +30.3%, +9.4% on a 12 month rolling basis.

Albumin (25%) +35.6%, +6.6% on a 12 month rolling basis.

UBS View: The uplift in March Ig volumes was encouraging, reflecting the historic

pattern of weighting to the end of the quarter. The recovery in volume growth to 9.4%

on an annualised basis is positive in light of more cautious market commentary, but we

see little read through for CSL after its recent market update.

News and press releases

CSL - "Grifols reorganizes its operating model to accelerate execution of its strategic

roadmap" (Company PR, 1 Jul)

UBS View: Grifols has restructured to create separate US and ROW Biopharma

organisations. This follows the EMA approval of plasma therapies from Egyptian sourced

plasma. The read through for CSL is limited, but we view this as likely to create a cost

disadvantage for CSL in the medium term.

TLX - "FDA Alignment to Advance ProstACT Global Phase 3 Trial" (Company PR, 2 Jul)

UBS View: FDA has confirmed the safety data from Part 1 is sufficient to progress to

stage 2 across all three SOC cohorts, including the docetaxel arm (an investor concern

given hemetox). Initiation of Part 2 remains subject to FDA review of an IND

amendment.