Highlights

The S&P/ASX 200 Index slipped 4.60 points to 8,768.4 in early trade on Friday.
Healthcare stocks led losses, with Ramsay Health Care, CSL, and Pro Medicus all trading lower.
The mining sector provided partial support but was unable to offset healthcare-driven losses.

The Australian sharemarket eased at the open on Friday (26 September 2025), with healthcare stocks leading losses despite a lift in miners. The S&P/ASX 200 Index edged down 4.60 points to 8,768.4 in early trade, mirroring another subdued session on Wall Street.

Healthcare stocks were under pressure after the White House announced a 100 per cent tariff on imports of patented or branded pharmaceutical products, unless manufacturers establish production facilities in the United States. It will in effect from 1 October 2025. The move weighed heavily on several major ASX 200 healthcare companies, which recorded notable share price declines in morning trade.

Ramsay Health Care

Ramsay Health Care Ltd (ASX:RHC) shares fell 1.15% to AUD 31.68 per share. For FY25, the company reported revenue of AUD 17.8 billion from contracts with customers, up 6.8%. Underlying NPAT excluding non-recurring items rose 1.7% to AUD 305.3 million, while NPAT attributable to owners of the parent declined 97.3% to AUD 24 million.

The board announced a fully franked dividend of 80 cents per share. Looking ahead, Ramsay outlined three priorities: transforming its Australian hospital business, capital discipline and returns across its portfolio, and evolving its culture of “people caring for people” to support innovation and performance.

CSL Ltd

CSL Ltd (ASX:CSL) shares dropped 1.86% to AUD 194.33. In FY25, the company delivered revenue growth of 5%, with NPATA up 14% and NPAT rising 17%. Leverage stood at 1.8x, while free cash flow increased by 58%. The company also increased its dividend by 12%.

Pro Medicus

Pro Medicus Ltd (ASX:PME) shares decreased 2.16% to AUD 302.45. The company reported revenue of AUD 213.0 million in FY25 from ordinary activities, an increase of 31.9%. Underlying profit before tax rose 40.2% to AUD 163.3 million, while net profit reached AUD 115.2 million, up 39.2%.

Cash (including other financial assets) rose 35.5% to AUD 210.7 million, with the company remaining debt-free. FY25 was a record year for contract wins, renewals, and additional module sales to existing clients.

The healthcare stocks dropped on Friday against the backdrop of continued volatility in US markets. Overnight, Wall Street closed lower as investors responded to tariff-related developments and global growth concerns. The ripple effects were evident on the ASX, particularly within sectors most exposed to international trade and regulatory changes.