I think it is fair to say that it is rarely comfortable buying ASX 200 shares that have disappointed investors.
Sharp pullbacks often come with negative headlines, downgraded forecasts, and shaken confidence. But history shows that some of the market's best long-term opportunities emerge when high-quality companies fall out of favour.
With that in mind, here are three ASX 200 shares that have struggled recently but could prove to be among the most rewarding buys looking ahead to 2026.
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CSL Ltd (ASX: CSL)
CSL shares had a bruising 2025, falling heavily as investors reacted to slower-than-expected earnings growth, weaker demand trends in parts of its plasma business, and uncertainty around its Seqirus vaccine division.
However, the long-term investment case for CSL remains largely intact. The biotech operates in markets with powerful structural tailwinds, including ageing populations, rising diagnosis rates, and increasing global demand for plasma-derived therapies. Few companies can match CSL's scale, research capability, and global manufacturing footprint.
Importantly, periods of slower growth are not new for CSL. In the past, similar phases have been followed by renewed earnings momentum. If the company regains even a portion of its historical growth profile, today's valuation could look very cheap.
Telix Pharmaceuticals Ltd (ASX: TLX)
Telix Pharmaceuticals has also tested investor patience. After a strong run in earlier years, its shares have pulled back as the market reassessed regulatory milestones and commercialisation expectations.
Despite this, Telix arguably remains one of the ASX's most compelling healthcare growth stories. Its flagship prostate cancer imaging product is already generating revenue, while a deep pipeline of diagnostic and therapeutic candidates offers significant long-term upside.
Radiopharmaceuticals are still a relatively young field, and successful execution could unlock very large global markets.
If the US FDA approves its Zircaix and Pixclara products in 2026, it wouldn't be a surprise to see Telix thump the market over the next 12 months.
WiseTech Global Ltd (ASX: WTC)
WiseTech Global was one of the biggest ASX 200 share casualties in 2025. After years of premium valuations, concerns around acquisitions, executive behaviour, insider trading, and product launch delays triggered a sharp derating.
Yet WiseTech still owns one of the most mission-critical software platforms in global logistics. CargoWise is deeply entrenched in customer operations, creating high switching costs and recurring revenue. Global trade volumes may fluctuate year to year, but the long-term trend toward digitalisation and automation in logistics remains strong.
If WiseTech can restore market confidence, I think the combination of earnings growth and valuation recovery could be powerful over the next few years.
