Telix Pharmaceuticals Ltd (ASX: TLX) and Ramsay Health Care Ltd (ASX: RHC) are two ASX healthcare powerhouse stocks with entirely different core businesses.
Telix is a commercial-stage biopharmaceutical company that is focused on the ongoing development of diagnostic and therapeutic products using targeted radiation. This process treats cancerous or diseased cells without attacking healthy tissue at the same time, like many traditional cancer medicines.
Meanwhile, Ramsay is a large global private healthcare provider that has over 500 facilities across 11 countries. It operates private hospitals, day surgeries, primary care clinics, diagnostic and imaging centres, mental health facilities, pharmacies, and some in-home and community care services.
What the two businesses do have in common is that they both generate a significant portion of their revenues outside Australia, they're both reliant on regulatory approvals, and they've both outperformed the S&P/ASX 200 Index (ASX: XJO) and the S&P/ASX 200 Health Care Index (ASX: XHJ) over the past 12 months.
And this is particularly significant given the amount of headwinds and volatility the ASX healthcare sector experienced through late-2025 and into 2026.
While many shares suffered from intense volatility driven by unstable inflation and a general investor rotation away from the healthcare sector, both Telix and Ramsay shares bucked the trend.
But which stock has made investors richer so far in 2026? And which has the strongest upside ahead?
Let's take a look.
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Telix vs Ramsay: Which ASX healthcare stock has climbed higher in 2026?
At the close of the ASX on Tuesday afternoon, Telix shares had climbed another 7% to $16.79 a piece. That brings the company's year-to-date increase to an impressive 48%.
But it hasn't been smooth sailing for Telix shares this year. After tumbling to a three-year low of $8.63 in mid-February, the share price started rebounding in peaks and troughs. Telix shares have fluctuated anywhere between $8.63 and $17.85 this year.
Meanwhile, Ramsay shares closed the day in the red, down slightly by around 0.2% to $55.50. But the share price trajectory is quite different. Despite the dip, the shares are now up an impressive 60% year to date.
Ramsay shares started climbing higher in late 2025 and continued increasing through to early 2026. The rally has been pretty steady and consistent, reaching a two-year high of $55.61 on Monday.
The verdict: Ramsay shares have made investors richer in 2026 so far.
What do brokers tip next for Telix shares?
The experts are still incredibly bullish on Telix shares over the next 12 months. TradingView data shows the majority (13 out of 15) have a buy/strong buy rating on the ASX healthcare stock.
The $25.63 average target price implies an upside of around 53% at the time of writing.
But some are even more optimistic and forecast the stock could jump 88% to $31.53 over the next 12 months.
What do brokers tip next for Ramsay shares?
While Ramsay shares may be the winner in terms of which of the two has made investors richer year to date, its 12-month outlook isn't as positive as Telix's.
In fact, analyst forecasts suggest that the ASX healthcare stock could now be trading above fair value.
TradingView data shows the majority (12 out of 17) have a hold rating on Ramsay shares. And the $51.36 average target price now implies around a 7% downside, at the time of writing.
