Australian (ASX) Biotech Industry Analysis

Industry Valuation and Performance

Has the Australian Biotech Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 13 Jul 2026	AU$71.7b	AU$23.7b	AU$1.5b	22.6x	49.3x	3x
Wed, 10 Jun 2026	AU$59.4b	AU$23.4b	AU$1.4b	19x	41.4x	2.5x
Fri, 08 May 2026	AU$71.5b	AU$22.7b	AU$1.4b	22.8x	52.2x	3.2x
Sun, 05 Apr 2026	AU$77.7b	AU$23.9b	AU$1.5b	23.4x	52.9x	3.2x
Tue, 03 Mar 2026	AU$81.8b	AU$23.2b	AU$1.4b	25.7x	57.9x	3.5x
Thu, 29 Jan 2026	AU$99.1b	AU$23.5b	AU$3.8b	20.3x	26x	4.2x
Sat, 27 Dec 2025	AU$95.4b	AU$24.5b	AU$4.0b	18.5x	23.8x	3.9x
Mon, 24 Nov 2025	AU$98.2b	AU$25.4b	AU$4.2b	18.6x	23.6x	3.9x
Wed, 22 Oct 2025	AU$120.6b	AU$25.3b	AU$4.1b	23.1x	29.1x	4.8x
Fri, 19 Sep 2025	AU$107.6b	AU$24.7b	AU$4.0b	21.3x	26.6x	4.4x
Sun, 17 Aug 2025	AU$143.7b	AU$24.4b	AU$3.9b	40.7x	37.2x	5.9x
Tue, 15 Jul 2025	AU$130.6b	AU$24.2b	AU$3.8b	35.7x	34.1x	5.4x
Thu, 12 Jun 2025	AU$130.8b	AU$24.4b	AU$3.9b	20.5x	33.9x	5.4x
Sat, 10 May 2025	AU$130.5b	AU$24.8b	AU$3.9b	20.8x	33.2x	5.3x
Mon, 07 Apr 2025	AU$135.9b	AU$26.3b	AU$4.2b	20.3x	32.6x	5.2x
Wed, 05 Mar 2025	AU$143.4b	AU$25.5b	AU$4.0b	22.5x	35.5x	5.6x
Fri, 31 Jan 2025	AU$152.7b	AU$24.7b	AU$3.7b	24.5x	41.3x	6.2x
Sun, 29 Dec 2024	AU$151.9b	AU$24.7b	AU$3.7b	24.8x	41x	6.1x
Tue, 26 Nov 2024	AU$149.3b	AU$23.7b	AU$3.5b	25.8x	42.4x	6.3x
Thu, 24 Oct 2024	AU$153.4b	AU$23.2b	AU$3.4b	27.5x	44.7x	6.6x
Sat, 21 Sep 2024	AU$153.7b	AU$22.6b	AU$3.3b	28.4x	46x	6.8x
Mon, 19 Aug 2024	AU$158.5b	AU$23.0b	AU$3.5b	30.2x	45.3x	6.9x
Wed, 17 Jul 2024	AU$160.5b	AU$21.9b	AU$3.2b	33.1x	50.1x	7.3x
Fri, 14 Jun 2024	AU$149.9b	AU$22.2b	AU$3.3b	30.9x	46x	6.8x
Sun, 12 May 2024	AU$144.8b	AU$22.2b	AU$3.3b	30.7x	44.5x	6.5x
Tue, 09 Apr 2024	AU$144.8b	AU$22.3b	AU$3.3b	31.1x	44.4x	6.5x
Thu, 07 Mar 2024	AU$143.9b	AU$22.5b	AU$3.3b	29.2x	43.6x	6.4x
Sat, 03 Feb 2024	AU$152.4b	AU$20.8b	AU$2.8b	34.9x	55.3x	7.3x
Mon, 01 Jan 2024	AU$145.8b	AU$20.1b	AU$2.7b	34.6x	54.9x	7.2x
Wed, 29 Nov 2023	AU$131.1b	AU$20.7b	AU$2.8b	33.2x	47.5x	6.3x
Fri, 27 Oct 2023	AU$119.2b	AU$21.7b	AU$2.9b	28.6x	40.9x	5.5x
Sun, 24 Sep 2023	AU$129.2b	AU$21.3b	AU$2.8b	30.4x	46.2x	6.1x
Tue, 22 Aug 2023	AU$138.3b	AU$21.3b	AU$2.6b	38.4x	54x	6.5x
Thu, 20 Jul 2023	AU$137.9b	AU$17.8b	AU$2.3b	38.1x	60.2x	7.8x

Current Industry PE

Investors are optimistic on the Australian Biotechs industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 49.3x which is higher than its 3-year average PE of 41.8x.

The 3-year average PS ratio of 5.5x is higher than the industry's current PS ratio of 3.0x.

Past Earnings Growth

The earnings for companies in the Biotechs industry have declined 14% per year over the last three years.
Meanwhile revenues for these companies have grown 10% per year.
This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Australian Healthcare industry?


AU Market	-0.42%
Healthcare	-0.86%
Biotech	0.82%
Biotech	0.82%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
CSL CSL	AU$122.89	0.9% +AU$517.2m	-49.0%	PE29.3x
MSB Mesoblast	AU$2.24	8.7% +AU$233.3m	35.3%	PS30.9x
ACW Actinogen Medical	AU$0.044	20.5% +AU$27.4m	83.3%	PS21.9x
OCC Orthocell	AU$0.84	11.9% +AU$24.5m	-33.2%	PS24.7x
TTX Tetratherix	AU$6.25	6.8% +AU$21.2m	74.6%	PS166x

Racura Oncology Doses First Patient in Harness-1 Phase 1A/B Trial of Rc220 in Combination with Osimertinib for Egfr-Mutant Non-Small Cell Lung Cancer

Racura Oncology has dosed the first patient in the HARNESS-1 Phase 1a/b trial of RC220 in combination with osimertinib for EGFR-mutant non-small cell lung cancer. The study will assess safety, pharmacokinetics, ctDNA dynamics and early clinical activity of RC220 as a strategy to address therapeutic TKI resistance. The first patient received RC220 at 50 mg/m2 by intravenous infusion. No adverse events were observed. HARNESS-1 is designed to test whether RC220, Racura's proprietary formulation of (E,E)-bisantrene, can be safely combined with osimertinib (Tagrisso; AstraZeneca), a third-generation EGFR tyrosine kinase inhibitor (TKI) and standard-of-care therapy for EGFR-mutant NSCLC to delay or prevent TKI treatment resistance. Although EGFR TKIs have transformed outcomes for many patients with EGFR-driven lung cancer, acquired treatment resistance remains a central therapeutic challenge. EGFR-mutant NSCLC is a molecularly stratified lung adenocarcinoma subtype driven by constitutive EGFR kinase signaling and initial sensitivity to EGFR inhibition. However, responses to EGFR tyrosine kinase inhibitors, including osimertinib, are typically limited by acquired resistance, arising through heterogeneous mechanisms such as secondary EGFR alterations, bypass receptor tyrosine kinase activation, MAPK/PI3K pathway reactivation, oncogenic fusions, lineage plasticity, epithelial-to-mesenchymal transition and histologic transformation. RC220 is being developed to target the non-canonical G-quadruplex DNA and RNA structures enriched in oncogenic regulatory regions, including promoters, untranslated regions and highly transcribed loci. Stabilization of these structures can disrupt transcriptional and post-transcriptional control networks that sustain malignant proliferation, including silencing the c-MYC-regulated growth and survival pathways. HARNESS-1 is designed to evaluate the safety and tolerability of RC220 with continued osimertinib-mediated EGFR suppression, while generating pharmacokinetic, pharmacodynamic, molecular response and translational biomarker data. HARNESS-1 is a multi-center Phase 1a/b clinical study in patients with EGFR-mutant NSCLC receiving osimertinib. The study includes an observational screening stage using ctDNA to help identify eligible patients and characterize tumor molecular status before treatment. The Phase 1a dose-escalation stage will evaluate RC220 administered by intravenous infusion on Day 1 of each 21-day cycle in combination with standard-of-care maintenance osimertinib. The first three dose levels will use single-patient cohorts at 50 mg/m2, 100 mg/m2 and 150 mg/m2, before progressing to larger cohorts to identify the maximum tolerated dose and an appropriate dose for further study. Between 12 and 40 patients are expected to participate in the dose-escalation stage. Following review of available safety and pharmacokinetic data, the study is expected to advance into a double-blind, randomized Phase 1b expansion stage. In this dose expansion stage, 40 patients will receive one of two RC220 dose levels in combination with osimertinib. Patients will be monitored for safety, pharmacokinetics and early signals of clinical activity, including progression-free survival, overall survival, ctDNA dynamics and changes in cancer-specific mutations. The first patient was treated by Principal Investigator Associate Professor Surein Arulananda and his team at Monash Health in Clayton, Victoria. Additional clinical trial sites are expected to open in the coming months to support patient recruitment and study progress. Further details about HARNESS-1, including open and recruiting sites, are available through the Australian and New Zealand Clinical Trial Registry at www.anzctr.org.au under trial code ACTRN12626000325303. RC220 is a proprietary formulation of (E,E)-bisantrene designed to overcome drug solubility issues that prevent safe peripheral intravenous infusion. (E,E)-bisantrene, is a clinical validated small molecule anticancer agent that primarily functions via G4-DNA and RNA binding, leading to potent transcriptional silencing of the important cancer growth regulator c-MYC.

Australian (ASX) Biotech Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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Racura Oncology Doses First Patient in Harness-1 Phase 1A/B Trial of Rc220 in Combination with Osimertinib for Egfr-Mutant Non-Small Cell Lung Cancer

New minor risk - Shareholder dilution

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