ASX 200 healthcare shares deteriorated overall in FY25, with the S&P/ASX 200 Health Care Index (ASX: XHJ) slipping 5.99% in value.
Dividend income mitigated the capital loss, but only by a small amount. The healthcare sector's total gross return was (4.61%).
By comparison, the benchmark S&P/ASX 200 Index (ASX: XJO) lifted 9.97% and provided total gross returns of 13.81% in FY25.
Here are the top ASX 200 healthcare shares for price growth in FY25.
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Top 5 ASX 200 healthcare shares of FY25
1. Sigma Healthcare Ltd (ASX: SIG)
ASX 200 healthcare share Sigma ripped 135% higher to close at $2.99 on 30 June.
Sigma Healthcare's share price rode a wave of momentum in FY25 on the back of the blockbuster Chemist Warehouse merger.
2. Pro Medicus Limited (ASX: PME)
The Pro Medicus share price rose by 99% to finish the year at $285.08 per share.
Pro Medicus has since cracked the $300 per share milestone and set a new record at $316.47 on news of two major contracts in the US.
3. Mesoblast Ltd (ASX: MSB)
The Mesoblast share price lifted 67% to close at $1.65 on 30 June.
The ASX 200 biotech share had a rollercoaster year, as the following chart shows.
In December 2024, Meosblast finally secured approval for its flagship drug, remestemcel-L, or Ryoncil, in the US.
Ryoncil treats steroid-refractory acute graft-versus-host disease (SR-aGvHD) in children.
The Mesoblast share price leapt by almost 70% between 19 December and 2 January after the approval.
The ASX 200 healthcare share peaked at a four-year high of $3.37 before commencing a gradual decline as excitement waned.
Mesoblast is now discussing an adult trial of Ryoncil with the FDA in the hope of extending the label to adult sufferers.
The biotech has also just announced alignment with the FDA on parameters for accelerated approval for rexlemestrocel-L (Revascor).
Revascor is a treatment for patients with ischemic heart failure with reduced ejection fraction (HFrEF) and inflammation.
4. Resmed Inc CDI (ASX: RMD)
The Resmed share price ascended 35% to close at $39.35 per share on 30 June.
My colleague James reckons this ASX 200 healthcare share is a no-brainer investment.
ResMed is a global leader in sleep apnoea treatment and is renowned for its continuous positive airway pressure (CPAP) devices.
The company has a huge addressable market, with more than 1 billion people estimated to have sleep apnoea.
For a while there, investors feared that GLP-1 obesity medicines like Ozempic and Mounjaro would disrupt Resmed's business.
But Resmed CEO Mick Farrell reckons GLP-1s have done "the exact opposite".
He says the remarkably effective weight loss medicines have encouraged more obesity sufferers to seek medical care, and this has resulted in higher rates of sleep apnoea diagnosis.
Resmed's research shows a 10% increase in patients commencing CPAP therapy for sleep apnoea after being prescribed a GLP-1.
5. Telix Pharmaceuticals Ltd (ASX: TLX)
This ASX 200 healthcare share ascended 31% to close at $24.42 per share on 30 June.
Telix is a radiopharmaceutical company that develops products for the imaging and treatment of solid cancer tumours.
Revenue from its Illuccix prostate cancer imaging product is growing in nations where it has approval, including the US and Australia.
Bell Potter says a new product, Zircaix, for the imaging of clear cell renal cell carcinoma (ccRCC), may be approved shortly.
