The Australian share market has delivered an average return in the region of 10% per annum over the long term.
While this is a great return, Bell Potter thinks these ASX shares could rise materially more in 2026. Here's what it is recommending to clients:
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Telix Pharmaceuticals Ltd (ASX: TLX)
Bell Potter remains bullish on radiopharmaceuticals company Telix and believes it could be an ASX share to snap up in 2026. Especially given how it believes the US FDA will approve its Zircaix product this year. It commented:
We are confident regarding the approval in CY 2026 of Zircaix following resubmission of the Biological License Application (BLA). The FDA rejected the original BLA due to CMC (chemistry manufacturing & control) matters at Telix's manufacturing partner. There were no matters related to safety or efficacy. We expect the market for Zircaix once approved will be in excess of US$500m.
The product has been included in guidelines for disease management in the US and Europe and continues to be available in the US under the expanded access program. Elsewhere, sales of Iluccix/ Gozellix in the PSMA franchise continue to grow and were recently boosted by the refresh on the pass through pricing.
The broker currently has a buy rating and $23.00 price target on its shares. Based on its current share price of $10.55, this implies potential upside greater than 100%.
Pro Medicus Ltd (ASX: PME)
Another ASX share that could soar in 2026 is health imaging technology company Pro Medicus.
The broker believes that the company is well-placed to benefit from a structural shift to the cloud in the radiology industry. Especially given its sustainable competitive advantage over peers. It said:
Pro Medicus is among the highest quality companies on the ASX. CY25 was yet another banner year with 10 major contract announcements, totalling minimum revenues of $445m. We expect EPS growth of 36% in FY26 followed by 30% in FY27. The company continues to announce new contract wins on a regular basis as the drivers of interest in its product offering remain firmly in place. The entire radiology industry is headed to cloud-based (off premises) archiving.
Put simply, the Visage 7 viewer, Workflow and Archive are the fastest and most advanced tools for the retrieval and viewing of large radiology files. The platform is immensely scalable and relatively easily installed, providing it with a sustainable competitive advantage over the likes of peers Intelerad, Sectra, Philips and GE Healthcare. The company is conservatively managed and well owned by large institutional investors while the two founders continue to have a controlling stake.
Bell Potter has a buy rating and $320.00 price target on its shares. Based on its current share price of $184.12, this suggests that upside of almost 75% is possible in 2026.
