Best ASX Healthcare stocks to buy now in May 2026

ASX healthcare stocks are currently trading at compelling valuations due to a pullback yet their strong fundamentals and long-term demand drivers position them well for future growth. The following are the 3 best ASX Healthcare Stocks to buy In May 2026.

Pro Medicus Limited (ASX: PME) 

is among the best ASX healthcare stocks to buy in May 2026 and has a market capitalisation of $14.22 billion which is supported by its high- margin and scalable imaging software platform.

The company on 8 April 2026 signed a 5-year $23 million contract with University of Maryland Medical System which will deploy its cloud-based Visage 7 platform across the network.
Another update came on 13 April 2026 when the company renewed a 5-year $37 million contract with Northwestern Medicine.
The company in HY26 reported strong financial performance as revenue increased 28.4% year-on-year to $124.8 million while underlying EBIT reached $90.7 million after a rise of 29.7% which shows the scalability of its capital light model.

Profit after tax stood at $171.2 million after a massive increase of 230.9% year-on-year while cash and investments rose to $221.8 million and the balance sheet is strong because the company has no debt.

Telix Pharmaceuticals Limited (ASX: TLX)

is a solid ASX healthcare stock to buy in May 2026 which has a market capitalisation of $5.28 billion and its growth is driven by an expanding precision medicine and therapeutics portfolio.

The company in Q1 2026 reported group revenue of US$230 million which increased by 24% year-on-year and by 11% quarter-on-quarter while the Precision Medicine segment reached US$186 million which grew 23% year-on-year due to strong demand compared to the prior period.

Operational performance has been solid because dose volumes have increased while global market share has expanded and key products such as Illuccix and Gozellix have seen wider adoption across 21 countries which reflects strong execution.
Recent progress has been encouraging because the late-stage therapeutics pipeline advanced well with TLX591 Tx Phase 3 trial success and regulatory submissions across the US, Europe and China.

The outlook is positive as management has reaffirmed FY26 revenue guidance of US$950 million to US$970 million while continued investment in high value research and development is expected to support long-term growth.

Sonic Healthcare Limited (ASX: SHL) 

is among the best ASX Healthcare Stocks to buy in May 2026 and shows resilient growth which is supported by its globally diversified diagnostics business and a current market capitalisation of $9.86 billion.

The company in H1 FY26 reported strong financial performance where revenue rose 17% to $5,445 million while EBITDA increased 10% to $907 million and net profit grew 11% to $262 million which reflects clear improvement compared to the prior corresponding period.
Earnings quality remains solid because operating cash flow increased 10% to $682 million and EPS rose 8% to 53.1 cents.

The business benefits from organic growth of about 5% while margins improved through operating leverage and performance remained strong across key regions such as Germany, UK and Switzerland as shown in regional breakdowns.

The outlook is stable with FY26 EBITDA guidance maintained at $1.87–$1.95 billion alongside cost control initiatives and an impressive annual yield of 5.41%.

(Source: Company Announcements)