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The ASX healthcare sector has had one of its worst 12-month stretches in modern history. The S&P/ASX 200 Health Care Index is down 39% over the past year. CSL has fallen more than 50% from its peak. Cochlear is trading 33% below its own historical valuation norm. The entire sector now sits at two-decade valuation lows according to Wilsons Advisory.
But here is what makes this moment genuinely interesting. UBS published a research note last week covering the sector and found that three of the four largest ASX healthcare stocks are forecast to grow earnings through FY2028. The share prices imply a collapse in profits that the underlying forecasts simply do not show. Three CSL directors bought shares on the open market in recent weeks with their own money, including the company chair and interim CEO.
The sector is already up 20% from its June 3 lows as value investors have started moving in. August is ASX results season and the healthcare sector’s full-year numbers are arriving this month. Cochlear reports on August 18, Sonic Healthcare on August 20, and CSL in mid-August. Those results will either confirm the selloff was justified or trigger a sharper recovery rally.
This guide covers the five ASX healthcare names that matter most heading into reporting season, what the numbers actually show, and what traders need to watch from each one.