FPH and CSL: A tale of two healthcare heavyweights

ANALYSIS: While FPH’s premium may prove justified, CSL’s discount increasingly embeds a pessimism that may already account for more than the business ultimately delivers.

Jonty Nattrass Tue, 10 Feb 2026

Rewind the clock two years, and the battle between the two healthcare giants in the Australian and New Zealand indices looked very different.

CSL and Fisher & Paykel Healthcare (FPH) were working their way through Covid disruptions and, in the case of CSL, integrating a large acquisition. Supply and

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