Australian Life Science Companies Thriving in European Markets

Several publicly listed Australian life science companies have demonstrated strong European growth and performance, highlighting what is a key export success for Australia.

Industry leaders across biotechnology, pharmaceuticals, medical technology, and diagnostics – from giants like CSL and ResMed to emerging players – are leveraging European operations to drive growth.
Below we examine the market strategies and European expansion activities of these companies.

CSL: Biotech Leader Expands Footprint in Europe

CSL Ltd (ASX: CSL), Australia’s largest biopharmaceutical company, reported a net profit of US$2.91 billion for the 2024 fiscal year, an 11% increase in constant currency over the prior year.

Strategically, CSL’s 2022 acquisition of Switzerland-based Vifor Pharma has bolstered its European presence. The newly formed CSL Vifor division delivered modest growth in iron therapy sales and is continuing to grow volume in Europe despite generic entrants.  CSL Vifor is a global leader in iron deficiency and iron deficiency anaemia therapies, with a history dating back to 1872, starting in Switzerland.

This European contribution helped CSL exceed forecasts and reinforced its confidence in sustaining double-digit earnings growth in the medium term. The Vifor integration, along with CSL’s flu vaccine unit Seqirus, has solidified CSL’s footprint across EU markets as it executes on global expansion plans.

ResMed: Strengthening European Market Position

ResMed (ASX: RMD), a global leader in sleep apnoea and respiratory devices founded in Australia, has also seen solid success in Europe over the past year.

ResMed expanded strategically beyond devices: it acquired Germany’s MEDIFOX-DAN in late 2022, a €958 million out-of-hospital care software firm. This move boosted ResMed’s software-as-a-service segment in Europe.

Europe is a vital market for ResMed, where the company maintains strategic hubs across key countries including France, Germany, the United Kingdom, Spain, and the Netherlands. These hubs support core operations such as sales, marketing, customer service, and research and development. In addition, ResMed collaborates closely with healthcare professionals and providers throughout Europe to ensure broad access to its respiratory care solutions and digital health services.

Cochlear: Hearing Technology Gains Ground in Europe

Cochlear (ASX: COH) is an Australian-based maker of implantable hearing devices.

In 2024 the company announced strong growth in the US and Western Europe following the launch of its new Nucleus 8 sound processor. This product launch spurred market growth and share gains in Europe, as Western European clinics adopted the Nucleus 8 for both adult and paediatric patients.
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The European market for cochlear implants is experiencing significant growth, with an estimated 500,000 users and around 25,000 new implants each year.

Sonic Healthcare: Diagnostics Expansion Across Europe

Sonic Healthcare, a large Australian medical diagnostics company, has pursued an ambitious European growth strategy while navigating a post-COVID landscape.

In late 2024, Sonic announced a deal to acquire Germany’s LADR laboratory group for €423 million, adding roughly €370 million in annual revenue and broadening Sonic’s footprint in Germany, Poland, and Finland.
This followed a series of smaller acquisitions – about A$655 million worth – of lab practices in Germany, Switzerland and other markets, further strengthening Sonic’s European presence.
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The LADR deal was one of the largest acquisitions Sonic has made as it seeks to ramp up its presence in Europe and save pathology costs by merging with other players. One analyst predicted the deal would give Sonic 30 to 35 per cent market share in Germany, one of its core markets.
Sonic Healthcare made 20 per cent of its revenue from Germany in the fiscal 2024 year, the company’s third-largest market after the US at 24 per cent and Australia at 22 per cent.

Telix’s Rapid Growth in Europe

Telix Pharmaceuticals (ASX: TLX) continues to grow European sales. The company’s flagship product Illuccix (a prostate cancer imaging radiopharmaceutical) gained adoption across Europe following regulatory approvals.

Trajan Group: Expanding Analytical Science in Europe

Trajan Group Holdings (ASX: TRJ), an Australian developer and manufacturer of analytical and life sciences products, has been making significant strides in the European market. The company operates a German subsidiary, Trajan Europe GmbH, which plays a pivotal role in its European operations.

Trajan's European operations, particularly through its German subsidiary, are integral to its global strategy. The company's focus on analytical science and life sciences products aligns well with the European market's demand for precision and innovation in these fields.

Summary

The Australian life sciences sector is a vey strong global growth engine that looks set to continue to develop as the likes of Telix Pharmaceuticals and Mesoblast look to become global players in their respective fields.
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European retail, sophisticated and institutional investors have also shown an appetite for these ASX listed companies with solid buying on German markets for their dual-listed securities.
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