Yet the sector rose<\/a> 9% in a week during reporting season, which tells you sentiment may have started to turn.<\/p>\n Image source: Getty Images<\/p>\n Why ASX healthcare shares fell so far<\/p>\n The damage was mostly self-inflicted at the company level.<\/p>\n CSL wrote down its Vifor acquisition, Pro Medicus derated from an extraordinary multiple, and drug pricing pressure from the United States hung over the entire sector.<\/p>\n None of those problems has vanished, but the price investors are now asked to pay for them has changed.<\/p>\n That is usually where the better opportunities in a beaten-up sector are found.<\/p>\n 1. CSL<\/p>\n CSL trades around $175 against a 52-week range of $90.00 to $222.47.<\/p>\n FY26 was openly badged as a reset year.<\/p>\n Revenue slipped<\/a> 1% to US$15.8 billion, and impairments of US$7.1 billion drove a statutory loss of US$2.6 billion.<\/p>\n Underlying profit after tax and amortisation still reached US$3.1 billion, which is the figure worth focusing on because the impairments were non-cash and largely historical.<\/p>\n The forward numbers are what matter here.<\/p>\n CSL is targeting US$400 million of annual cost savings, rising to US$550 million by FY28.<\/p>\n FY27 guidance points to underlying profit growth of around 5%, with a further A$1.1 billion buyback authorised.<\/p>\n On the flipside, the company’s dividend was held at US$2.92 per share and net debt sits at 1.8 times EBITDA.<\/p>\n 2. Pro Medicus<\/p>\n Pro Medicus is the quality name and remains the expensive one.<\/p>\n The shares trade near $185 against a 52-week high of $321.57, so the derating has been severe.<\/p>\n FY26 revenue rose 22.9% to $261.7 million and underlying net profit climbed 24.1% to $144.7 million.<\/p>\n The company’s underlying EBIT margin reached 74.9% and the company remains debt-free with $252.3 million in cash.<\/p>\n Chief executive Dr Sam Hupert was optimistic about the previous year:<\/p>\n We were aiming for 30% increases in EBIT and NPAT, and we exceeded both on a constant currency basis.<\/p>\n The company signed $407 million of new contracts<\/a> and lifted its dividend 25.5% to 69 cents.<\/p>\n At roughly 75 times earnings the shares are still priced for something close to perfection, though considerably less so than they were twelve months ago.<\/p>\n 3. Ramsay Health Care<\/p>\n![\"a](\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2026\/09\/GettyImages-1217176805-1-1200x675.jpg\")
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