ASX healthcare 2024 winners and losers, plus what’s next for 2025

Morgans analyst Iain Wilkie said 2024 was “pretty patchy” for the ASX healthcare sector, which underperformed broader markets.

2024 has been "pretty patchy" for the ASX healthcare sector. Pic via Getty Images

• The S&P/ASX 200 Health Care Index rose 6.98% in 2024 underperforming the benchmark S&P/ASX 200, which was up 8.5%

• Morgans healthcare analyst Iain Wilkie described 2024 as "pretty patchy" for the ASX healthcare sector

• Mesoblast was the top healthcare performer for 2024, up 835% on the back of FDA approval of its therapy for paediatric graft-versus-host disease (GvHD)

Morgans healthcare analyst Iain Wilkie describes 2024 as "pretty patchy" for the ASX healthcare sector, which has underperformed broader markets.

The S&P/ASX 200 Health Care Index (ASX:XHJ) from the start of January to December 20, 2024 was up 4.8% (not including dividends), while the benchmark S&P/ASX 200 (ASX:XJO) had risen 6.5%.

"The whole year was pretty patchy and there was some good patches and there were some bad ones," Wilkie said.

He said the re-election of Donald Trump as US president and his appointment of Robert F Kennedy Junior – aka RFK Jr – to head the US Department of Health and Human Services (HHS) in his upcoming administration had shaken up the ASX and global healthcare markets.

RFK Jr was a controversial pick and, among other things, has been critical of the US childhood immunisation schedule. As HHS secretary, RFK Jr would have oversight of both the US Food and Drug Administration (FDA) and Centers for Disease Control and Prevention (CDC).

"The question is what will be the administration's new views on healthcare, what their new initiatives will be, and there just questions overhanging the sector," Wilkie said.

"We will just have to wait and see what happens, but uncertainty doesn't help market sentiment."

ASX healthcare stocks 2024 performance

CODE	COMPANY	LAST SHARE PRICE	YTD RETURN %	MARKET CAP (AUD millions)
MSB	Mesoblast Limited	$2.52	711%	$ 2,847.39
SHG	Singular Health	$0.22	479%	$ 55.78
EZZ	EZZ Life Science	$2.88	348%	$ 139.16
NYR	Nyrada Inc	$0.09	323%	$ 17.31
SNT	Syntara Limited	$0.06	205%	$ 96.33
OCC	Orthocell Limited	$1.20	193%	$ 292.44
SIG	Sigma Health Ltd	$2.65	164%	$ 4,133.58
PME	Pro Medicus Limited	$247.22	158%	$ 25,820.14
RSH	Respiri Limited	$0.08	157%	$ 103.47
TLX	Telix Pharmaceutical	$25.09	149%	$ 8,348.02
CU6	Clarity Pharmaceuticals	$4.60	143%	$ 1,466.11
LTP	LTR Pharma Limited	$0.84	140%	$ 129.20
ANR	Anatara Ls Ltd	$0.05	130%	$ 10.50
PGC	Paragon Care Limited	$0.49	118%	$ 811.10
ILA	Island Pharmaceuticals	$0.18	113%	$ 30.83
COV	Cleo Diagnostics	$0.37	109%	$ 46.90
AYA	Artrya Lmited	$0.50	107%	$ 45.51
BOT	Botanix Pharma Ltd	$0.38	97%	$ 672.52
REG	Regis Healthcare Ltd	$6.18	94%	$ 1,854.19
OIL	Optiscan Imaging	$0.16	90%	$ 133.65
IMR	Imricor Med Systems	$1.00	88%	$ 201.85
HIQ	Hitiq Limited	$0.04	82%	$ 14.52
SDI	SDI Limited	$1.19	69%	$ 140.86
CAJ	Capitol Health	$0.39	68%	$ 412.89
RAC	Race Oncology Ltd	$1.39	65%	$ 239.72
CC5	Clever Culture	$0.02	64%	$ 31.68
EBR	EBR Systems	$0.98	62%	$ 356.76
CYP	Cynata Therapeutics	$0.20	60%	$ 45.05
CTE	Cryosite Limited	$0.85	56%	$ 41.49
IDX	Integral Diagnostics	$2.91	56%	$ 683.03
FPH	Fisher & Paykel H.	$33.60	56%	$ 19,752.41
DXB	Dimerix Ltd	$0.31	51%	$ 175.73
ALA	Arovella Therapeutic	$0.17	48%	$ 180.10
GSS	Genetic Signatures	$0.64	47%	$ 143.10
RMD	ResMed Inc.	$36.91	46%	$ 54,013.59
PSQ	Pacific Smiles Grp	$1.95	42%	$ 315.17
TYP	Tryptamine Ltd	$0.04	42%	$ 49.78
NUZ	Neurizon Therapeutic	$0.17	42%	$ 83.62
PEB	Pacific Edge	$0.14	38%	$ 109.61
AHX	Apiam Animal Health	$0.38	36%	$ 67.53
AHC	Austco Healthcare	$0.27	35%	$ 98.30
OPT	Opthea Limited	$0.70	33%	$ 849.45
ANN	Ansell Limited	$32.81	33%	$ 4,767.40
PYC	PYC Therapeutics	$1.44	32%	$ 681.25
IRX	Inhalerx Limited	$0.04	31%	$ 8.11
CMB	Cambium Bio Limited	$0.39	30%	$ 5.18
NOX	Noxopharm Limited	$0.09	30%	$ 26.89
ONE	Oneview Healthcare	$0.30	28%	$ 202.34
SNZ	Summerset Grp Hldgs	$11.70	27%	$ 2,770.85
CSX	Cleanspace Holdings	$0.42	27%	$ 35.48
CBL	Control Bionics	$0.06	26%	$ 14.36
AGN	Argenica	$0.63	23%	$ 80.70
ACL	Au Clinical Labs	$3.39	21%	$ 674.61
TRP	Tissue Repair	$0.26	18%	$ 15.72
PNV	Polynovo Limited	$1.96	18%	$ 1,350.60
DOC	Doctor Care Anywhere	$0.07	16%	$ 26.40
BMT	Beamtree Holdings	$0.27	15%	$ 78.24
ATX	Amplia Therapeutics	$0.09	14%	$ 31.58
GLH	Global Health Ltd	$0.14	13%	$ 7.84
EMV	Emvision Medical	$1.90	12%	$ 157.35
SOM	SomnoMed Limited	$0.43	11%	$ 91.85
ACW	Actinogen Medical	$0.02	11%	$ 76.75
FRE	Firebrickpharma	$0.05	6%	$ 11.35
MAP	Microbalifesciences	$0.19	6%	$ 85.09
VLS	Vita Life Sciences	$1.78	5%	$ 99.77
EBO	Ebos Group Ltd	$33.19	4%	$ 6,424.61
MDR	Medadvisor Limited	$0.22	2%	$ 121.42
OCA	Oceania Healthcare	$0.67	2%	$ 481.61
IMC	Immuron Limited	$0.08	1%	$ 17.87
VFY	Vitrafy Life Science	$1.70	0%	$ 108.54
BB1	Blinklab Limited	$0.24	0%	$ 14.40
DVL	Dorsavi Ltd	$0.01	0%	$ 8.77
EPN	Epsilon Healthcare	$0.02	0%	$ 7.21
BDX	Bcal Diagnostics	$0.10	0%	$ 34.77
IMM	Immutep Ltd	$0.34	-1%	$ 494.90
COH	Cochlear Limited	$289.54	-2%	$ 18,876.51
CSL	CSL Limited	$276.47	-2%	$ 133,791.23
MVF	Monash IVF Group Ltd	$1.22	-2%	$ 472.43
TRU	Truscreen	$0.02	-3%	$ 10.50
HMD	Heramed Limited	$0.02	-5%	$ 17.33
IDT	IDT Australia Ltd	$0.10	-7%	$ 42.27
LGP	Little Green Pharma	$0.13	-7%	$ 39.37
CMP	Compumedics Limited	$0.26	-9%	$ 46.86
PAR	Paradigm Bio.	$0.38	-11%	$ 147.98
RHT	Resonance Health	$0.05	-12%	$ 24.36
SHL	Sonic Healthcare	$27.25	-12%	$ 13,003.92
AVH	Avita Medical	$3.75	-13%	$ 464.56
AGH	Althea Group	$0.03	-13%	$ 13.78
AT1	Atomo Diagnostics	$0.02	-14%	$ 12.14
NC6	Nanollose Limited	$0.02	-14%	$ 3.27
HLS	Healius	$1.38	-16%	$ 991.17
RCE	Recce Pharmaceutical	$0.45	-17%	$ 103.18
MX1	Micro-X Limited	$0.09	-17%	$ 48.85
IXC	Invex Ther	$0.07	-17%	$ 5.04
ARX	Aroa Biosurgery	$0.69	-17%	$ 236.26
OSL	Oncosil Medical	$0.01	-18%	$ 32.25
NSB	Neuroscientific	$0.04	-18%	$ 4.92
TRJ	Trajan Group Holding	$1.00	-19%	$ 152.26
ALC	Alcidion Group Ltd	$0.06	-20%	$ 79.23
1AI	Algorae Pharma	$0.01	-20%	$ 11.81
IIQ	Inoviq Ltd	$0.53	-21%	$ 59.67
AFP	AFT Pharmaceuticals	$2.55	-21%	$ 267.41
CYC	Cyclopharm Limited	$1.52	-21%	$ 167.82
ATH	Alterity Therapeutics	$0.01	-21%	$ 31.92
NTI	Neurotech International	$0.05	-22%	$ 57.32
UCM	Uscom Limited	$0.03	-22%	$ 8.02
MYX	Mayne Pharma Ltd	$4.79	-22%	$ 385.92
CDX	Cardiex Limited	$0.09	-22%	$ 26.68
ACR	Acrux Limited	$0.03	-23%	$ 12.38
HXL	Hexima	$0.01	-25%	$ 2.17
AVE	Avecho Biotech Ltd	$0.00	-25%	$ 9.51
CUV	Clinuvel Pharmaceut.	$11.91	-25%	$ 592.22
ECS	ECS Botanics Holding	$0.02	-26%	$ 22.03
CGS	Cogstate Ltd	$1.07	-26%	$ 185.70
PIQ	Proteomics Int Lab	$0.63	-30%	$ 82.53
EMD	Emyria Limited	$0.04	-31%	$ 16.58
ZLD	Zelira Therapeutics	$0.62	-31%	$ 7.04
PCK	Painchek Ltd	$0.03	-31%	$ 46.05
RHY	Rhythm Biosciences	$0.08	-32%	$ 23.17
PTX	Prescient Ltd	$0.04	-32%	$ 33.82
NAN	Nanosonics Limited	$2.96	-33%	$ 900.02
RHC	Ramsay Health Care	$34.43	-33%	$ 7,887.35
UBI	Universal Biosensors	$0.13	-34%	$ 37.26
EYE	Nova EYE Medical Ltd	$0.15	-36%	$ 34.36
1AD	Adalta Limited	$0.02	-36%	$ 9.47
4DX	4Dmedical Limited	$0.45	-38%	$ 185.05
SPL	Starpharma Holdings	$0.10	-41%	$ 41.81
TRI	Trivarx Ltd	$0.02	-43%	$ 7.90
IME	Imexhs Limited	$0.37	-46%	$ 16.69
MVP	Medical Developments	$0.40	-47%	$ 45.06
LDX	Lumos Diagnostics	$0.04	-47%	$ 26.95
IVX	Invion Ltd	$0.26	-48%	$ 18.01
MEM	Memphasys Ltd	$0.01	-50%	$ 10.58
PAB	Patrys Limited	$0.00	-50%	$ 8.23
NEU	Neuren Pharmaceut.	$12.20	-51%	$ 1,567.02
BP8	Bph Global Ltd	$0.00	-53%	$ 1.51
AVR	Anteris Technologies	$8.85	-54%	$ 318.07
CAN	Cann Group Ltd	$0.04	-59%	$ 20.36
M7T	Mach7 Tech Limited	$0.33	-59%	$ 80.82
VFX	Visionflex Group Ltd	$0.00	-59%	$ 10.07
ICR	Intelicare Holdings	$0.01	-63%	$ 3.90
IPD	Impedimed Limited	$0.05	-65%	$ 103.20
CTQ	Careteq Limited	$0.01	-66%	$ 2.37
RAD	Radiopharm	$0.02	-67%	$ 53.24
IMU	Imugene Limited	$0.04	-67%	$ 267.78
RGT	Argent Biopharma Ltd	$0.16	-67%	$ 8.41
CVB	Curvebeam Ai Limited	$0.13	-68%	$ 48.72
NXS	Next Science Limited	$0.11	-68%	$ 32.14
OSX	Osteopore Limited	$0.04	-69%	$ 4.32
GTG	Genetic Technologies	$0.04	-70%	$ 9.45
VIT	Vitura Health Ltd	$0.08	-70%	$ 44.21
VBS	Vectus Biosystems	$0.08	-74%	$ 4.10
ADR	Adherium Ltd	$0.01	-78%	$ 9.10
CHM	Chimeric Therapeutics	$0.01	-80%	$ 11.03
VTI	Vision Tech Inc	$0.05	-82%	$ 2.70
EOF	Ecofibre Limited	$0.03	-83%	$ 10.24
BIT	Biotron Limited	$0.02	-84%	$ 14.44
PER	Percheron	$0.01	-87%	$ 7.61
ENL	Enlitic Inc.	$0.06	-93%	$ 32.83
IBX	Imagion Biosystems	$0.02	-95%	$ 4.03

Note: Data to December 20, 2024

Mesoblast (ASX:MSB) was the top performer for the year up 835% (as of December 30). On December 18 Mesoblast announced that the US Food and Drug Administration (FDA) had finally approved its therapy Ryoncil for paediatric graft-versus-host disease (GvHD).

Apart from a GvHD approval in Japan, this marks the first time one of Mesoblast’s stem cell therapies had been approved after years of trying and is good news for its long-term shareholders.

"It seems like Mesoblast is finally getting there," Wilkie said.

Radiopharmaceuticals has emerged as one of hottest themes in the sector this year with Clarity Pharmaceuticals (ASX:CU6) a major beneficiary, up 123% (per Dec 30 ASX close).

"Clarity has been a massive outperformer and is almost half of what it is at its peak but still up ~150%," Wilkie said on December 20.

Another radiopharmaceuticals play, Telix Pharmaceuticals (ASX:TLX) has also had a strong year, up about 145%.

Read > Health Check: Telix CEO gets pay bump as company files for US kidney imaging approval

Wilkie also noted medical imaging software giant ProMedicus (ASX:PME) continues to be a star performer of the ASX healthcare sector. As of Dec 30, it's sitting on a 169% gain for 2024.

"It's one of the best stocks on the ASX and hasn't put a foot wrong," he said.

"There's certainty in the forward pipeline and what it's going to earn as a baseline every year for the next five to seven years.

"The sky won't fall out of that one and people pay up for that sort of certainty so that's one of the reasons it gone up plus it won two record contracts in the last year."

He said another standout this year was pharmaceutical distributor Sigma Healthcare (ASX:SIG) which has risen 162% on its merger with privately owned discount pharmacy chain Chemist Warehouse.

The union, which is set to be formalised in February 2025,  will combine Sigma's 400-plus pharmacies, under brands Discount Drug Store and Amcal, and its wholesale distribution business (servicing more than 4000 chemists) with Chemist Warehouse’s 600 franchised outlets.

"It's going to be a very large company with good growth prospects so again people will buy," Wilkie said.

He said it seems the market has been pivoting to mid to larger companies, which are approved and have revenue.

"There's a lot less uncertainty towards them and that is what the market has been gravitating towards," he said.

Percheron among the biggest losers

Percheron Therapeutics (ASX:PER) is among the biggest losers of 2024, falling about 85%.  Percheron announced on December 18 that its phase 2b trial of its lead candidate avicursen (ATL-1102) into non-ambulant (unable to walk unassisted) boys with Duchenne muscular dystrophy failed to achieve its primary endpoint, which measured upper limb function at week 25 of treatment, compared with placebo.

"The trial was very disappointing and a clear failure," Wilkie said.

On the bottom end of the list Wilkie said most are small companies with limited access to capital.

"They've been unable to gather any significant support and have dwindled a bit," he said.

Wilkie said while cheque books appear to be opening up after a couple of years of being shut, investment is still very targeted particularly with institutional investors.

"The money is there but given the volume of requests coming at them they still need to pick and choose," he said.

"The ones they are choosing either have pretty clear catalyst or likelihood of success as opposed to a raise to keep the lights on."

Outlook for 2025

Wilkie said it is hard to know what may happen in the ASX and global healthcare markets in 2025 and all eyes maybe on the new US administration.

"We will see what happens in January when Trump takes office, what changes are made and how quickly," Wilkie said.

"Ultimately, the outlook particularly for the smaller end in healthcare is interest rates and the other day dulled a bit with the US Federal Reserve taking a more hawkish stand.

"But as long as interest rates are trending down then it should be supportive of markets."

Wilkie said Morgans was focusing more on companies which had good access to capital and a reasonable likelihood of success.

"We will happily keep to that script which is less risky than the boom or bust which we've seen with the likes of Percheron," he said.

The views, information, or opinions expressed in the interview in this article are solely those of the interviewee and do not represent the views of Stockhead.

Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article.

Originally published as ASX healthcare 2024 winners and losers, plus what’s next for 2025