Key highlights

  • CSL (ASX:CSL) reported underlying NPATA of US$3.1 billion and a reported net loss of US$2.6 billion after impairments.
  • Ramsay Health Care (ASX:RHC) reported underlying NPAT of A$364.1 million, up 19.3%, and a full-year Dividend of 91 cents.
  • Sigma Healthcare (ASX:SIG) reported Revenue of $10.8 billion and normalised EBIT of $1,090.0 million, up 20.6%.

Healthcare companies span plasma therapies, hospitals and pharmacy distribution, and their annual results can look very different depending on the Business model and one-off items. This article reviews the FY26 results of CSL Limited (ASX:CSL), Ramsay Health Care Limited (ASX:RHC) and Sigma Healthcare Limited (ASX:SIG).

Sector context

Healthcare companies are affected by patient volumes, government funding and reimbursement settings, product demand, regulation and Acquisition integration. The releases refer to plasma market conditions, hospital funding arrangements and pharmacy demand, including Demand for GLP-1 medicines.

CSL Limited (ASX:CSL)

CSL described FY26 as a reset year. Total revenue was US$15.8 billion, down 1%, underlying NPATA was US$3.1 billion, down 2%, and Cash Flow from operations was US$3.5 billion, up 1%. After one-off restructuring costs of US$799 million pre-tax and total pre-tax impairments of US$7.1 billion, of which US$5.5 billion was in the second half, the company reported a net loss after tax of US$2.6 billion. The impairments related principally to changes in commercial outlook, the timing of generic competition, regulatory developments, market conditions and site utilisation assumptions.

The final dividend was US$1.62 per share, maintaining the dividend, and the share buy-back program continued. CSL Behring revenue was US$11.4 billion, down 1%. The transformation program achieved about US$176 million of cost savings, and CSL said it intends to spend about US$1.5 billion expanding US plasma manufacturing.

Ramsay Health Care Limited (ASX:RHC)

Ramsay reported FY26 results on 27 August 2026. Group EBIT was A$1,105.4 million, up 56.5%, and net profit after tax after non-controlling interests was A$329.2 million, compared with A$24.0 million. Underlying EBIT was A$1,162.2 million, up 11.5%, and underlying NPAT was A$364.1 million, up 19.3%. The final dividend was 48.5 cents, fully franked, up 21.3%, with a full-year dividend of 91.0 cents, up 13.8%.

In Australia, underlying EBIT rose 11.2%, with activity growth of 3.3% and improved revenue indexation. UK hospitals grew EBIT by 10.3% despite an 8% decline in NHS activity, and the Elysium turnaround progressed through site and ward closures. Group capex was A$729 million and funding group Leverage was below 2 times. Separation of Ramsay Santé is subject to a vote in November.

Sigma Healthcare Limited (ASX:SIG)

Sigma reported FY26 results on 27 August 2026, its first full year following the Merger with Chemist Warehouse Group. Revenue was $10.8 billion, up 15.5%, normalised EBIT was $1,090.0 million, up 20.6%, with the Margin up to 10.1%, and normalised NPAT was $732.3 million, up 22.3%. Net Debt was $663 million, with debt to normalised EBITDA of 0.57 times, and $32.6 million of integration synergies were delivered toward a target of $100 million per annum by FY29.

The Australian segment’s revenue was $10.4 billion, up 14.9%, with normalised EBIT of $1,034.2 million, up 18.3%. International EBIT rose 91.3% to $55.8 million, with Ireland profitable for the first time. The company referred to a network approaching 1,000 pharmacies globally and to higher consumption of GLP-1 medicines.

What separates the three healthcare results

CSL’s profit was reduced by large impairments and restructuring costs, Ramsay reported higher Underlying Profit and dividends from hospital operations, and Sigma reported growth after its merger. The three releases use different underlying and normalised measures, so figures should be compared with care.