GE Healthcare Technologies Inc: Flyrcado: what our value chain work reveals

研报英文原文证据摘录

GE Healthcare Technologies Inc: Flyrcado: what our value chain work reveals

Global Research

15 July 2026ab

GE Healthcare Technologies Inc Equities

United StatesFlyrcado: what our value chain work reveals

Medical Supplies

12-month rating Neutral

Equity story lacking in momentum, Flyrcado a case in point

Flyrcado remains a key investor debate for GE Healthcare. While management targets 12m price target US$67.00

$500m of sales by 2028 and sees blockbuster potential longer term, a slower-than- Prior : US$69.00

expected launch has weakened buy-side confidence. Based on our work across the value

Price (14 Jul 2026) US$61.66

chain, we believe adoption is being constrained by radiopharmacy investment

requirements, hospital switching costs and uncertainty around future reimbursement. RIC: GEHC.O BBG: GEHC US

While these challenges may be manageable, they may also slow uptake and increase risk

Trading data and key metrics

to expectations, leaving our forecasts below consensus from 2027 onwards and

52-wk range US$88.16-59.49

underpinning our Neutral rating and $67 price target (previously $69).

Market cap. US$28.0b

Flyrcado is a key investor debate, but expectations are diverging Shares o/s 454m (ORD)

Free float 100%

Flyrcado (GEHC's newly launched radiopharmaceutical tracer used in the diagnosis of

coronary artery disease) has become a key debate point for investors. On the one hand, Avg. daily volume ('000) 5,340

it is viewed as a potential blockbuster product (management expecting sales of $500m Avg. daily value (m) US$339.9

by 2028 and even the potential for up to $1bn beyond this) given its unique clinical Common s/h equity (12/26E) US$12.3b

benefits. Whilst we think these expectations are reflected in sell-side estimates, we think P/BV (12/26E) 2.3x