3 ASX 200 healthcare shares to buy with 35% to 103% upside ahead

The ASX 200 healthcare sector was one of the worst performing markets by index in the first half of the 2026 calendar year, with multiple shares suffering steep declines and strong headwinds.

The ASX 200 Health Care Index (ASX: XHJ) dipped to an annual low in early-June but has made an incredible recovery over the past four months and is now up around 2% for the year to date.

The latest rally is great news for investors, but some ASX healthcare shares have now climbed into danger territory and are considered to be trading above fair value.

But not all of them have reached their peak just yet.

Here are three ASX 200 healthcare shares which could still have more room to run higher. And brokers forecast upsides ahead between 35% and 103% over the next 12 months.

Telix Pharmaceuticals Ltd (ASX: TLX)

Telix shares closed around 0.5% lower on Tuesday afternoon, at $12.79 each. The shares have now tumbled around 19% since Tuesday last week, when the company posted its third-quarter earnings for FY26.

For the three-month period ending 30th of September, Telix posted a 19% increase in its revenue year on year. This was around 1% lower from the second quarter of FY26, but still broadly in line with expectations.

The company has reaffirmed its FY26 revenue and said it is tracking in line with the upper end of guidance. 

The result was positive on paper, but it looks like it was a miss versus investor expectations. It seems that profit-taking investors have been selling up their stake in the company in anticipation of more share price declines ahead.

But the experts have a different view. TradingView data shows all brokers have a strong buy rating on the ASX healthcare shares. The $25.98 average target price implies an upside of 103% over the next 12 months, at the time of writing.

4DMedical Ltd (ASX: 4DX)

4DMedical shares also closed in the red on Tuesday afternoon, down around 2% to $3.61. The medical technology company's shares flew higher in early 2026, reaching an all-time high of $6.79 in mid-April. But they've since fallen and have been steadily trading somewhere between the low-$3 to high-$4 since May. 

For the year to date, the shares are down around 20%, but they're still a huge 89% higher than 12 months ago.

It's worth noting that the business is still very much in its growth phase. 4DMedical is working hard to expand its commercial footprint. It has secured approvals in Canada and New Zealand and is actively progressing commercialisation plans in Europe and Australia.

But it looks like investors want to see evidence that its growth can translate into sustainable earnings growth before jumping back on board.

The company's FY26 results in late-August were viewed positively. Highlights included a 21% lift in revenue to $7.1 million, and a 7% improvement in adjusted net loss to $32.9 million.

Management also said it plans to continue scaling its commercial partnerships and integrating new technologies, while building a competitive medical imaging and AI platform.

It looks like investors were pleased with the results, but it hasn't done much to build share price momentum back to previous highs.

But the experts are more bullish about the outlook for the ASX 200 healthcare shares. TradingView data shows two experts are split between a strong buy and a hold rating. But they both agree an upside is ahead. The $5.13 average target price implies a potential 42% upside, at the time of writing. 

Ebos Group Ltd (ASX: EBO)

Ebos shares closed around 3% lower on Tuesday afternoon, at $16.54 a piece. The shares have suffered a steep, and mostly sustained, share price decline so far in 2026 and the shares are now around 33% lower than 12 months ago.

The pharmaceutical wholesaler and distributor has multiple headwinds this year, including higher fuel price, which has affected its logistics and distribution business, leadership changes, and a contract wind down.

Investors have also been spooked by a wave of executive departures from Ebos over the past month. The Australian has reported that four senior staff members have resigned or been put on leave over the past month. The departures add to ongoing redundancies within the business amid an ongoing restructure.

Meanwhile, at its AGM last week, the company confirmed that while it still holds a wholesale contract with Chemist Warehouse New Zealand, which has been extended by agreement, it will now ramp down progressively through to the end of FY28 to give the company time to adjust its cost base.

Some investors are still coming to terms with the company's Chemist Warehouse Australian contract in 2024.

But the experts are confident that the business can emerge stronger following its current transition period. TradingView data shows the majority of analysts have a strong buy rating on the ASX healthcare shares. The $22.34 average target price implies a 35% potential upside, at the time of writing. 

The post 3 ASX 200 healthcare shares to buy with 35% to 103% upside ahead appeared first on The Motley Fool Australia.

Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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