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

Investors are relatively neutral on the Australian Biotechs industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 42.3x. The 3-year average PS ratio of 5.7x is higher than the industry's current PS ratio of 2.5x.

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

There are no additional sub-industries under this industry.

Australian (ASX) Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
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
Sat, 17 Jun 2023	AU$143.0b	AU$17.5b	AU$2.2b	39.1x	63.7x	8.2x


AU Market	-1.58%
Healthcare	3.85%
Biotech	6.00%
Biotech	6.00%

Company	Last Price	7D	1Y	Valuation
CSL CSL	AU$102.95	11.6% +AU$5.2b	-57.3%	PE25.1x
TLX Telix Pharmaceuticals	AU$13.53	10.9% +AU$451.4m	-47.1%	PS4x
ATH Alterity Therapeutics	AU$0.47	3.3% +AU$3.3m	-22.5%	PS15.2x
NOX Noxopharm	AU$0.085	9.0% +AU$2.2m	28.8%	PS7.7x
RAD Radiopharm Theranostics	AU$0.02	2.6% +AU$1.8m	-23.1%	PS4.4x

Announcement • May 28

Actinogen Medical Limited Announces Positive EMA Scientific Advice and Provides Update on Xanamem Alzheimer’s Disease Program

Actinogen Medical Limited announced the successful outcome of its scheduled scientific advice meeting (written response) on Alzheimer’s disease (AD) with the European Medicines Agency (EMA). Actinogen and the EMA reached a common understanding of the pathway to marketing approval for AD in the European Union (EU). This includes agreements related to regulatory starting materials used in drug substance synthesis, design considerations for one additional pivotal clinical trial and the limited number of ancillary clinical pharmacology trials and nonclinical studies required. Key understandings include: Agreement on the suitability of the ‘Regulatory starting materials’ for the commercial manufacturing of Xanamem (emestedastat) drug substance; Design of one additional, well-controlled, pivotal (phase 3) trial to follow a positive XanaMIA pivotal trial – both use a 10 mg dose vs. placebo; Standard total number of people to be treated with Xanamem to be described in the Marketing Authorization Application – that is, the proposed makeup of the planned safety database consistent with EMA and FDA guidelines; Small number of ancillary clinical pharmacology trials to be conducted parallel with the next pivotal trial; Small number of nonclinical studies required to further characterize safety, metabolism and excretion pathways to be conducted parallel with the next pivotal trial. The outcome reached at this meeting aligns closely with the guidance received at an earlier meeting with the FDA’s Neurology-I Division in September 2025. With the new EMA advice, Actinogen now has a clear pathway and guidance towards marketing approvals in two key pharmaceutical markets. Approvals in the US and EU also contribute to approvals in many other countries and regions. The advice from both the FDA and EMA provides regulatory clarity for ongoing discussions with potential development and marketing partners. Topline results from the randomized phase of the XanaMIA pivotal Alzheimer’s disease trial of Xanamem 10 mg vs. placebo are expected in November this year. The trial enrolled 247 participants in the US and Australia with mild to moderate Alzheimer’s disease and elevated levels of plasma pTau181. Earlier this year the Independent Data Monitoring Committee (DMC) recommended the trial continue unchanged after a confidential assessment of unblinded safety and efficacy futility data. All XanaMIA participants are now potentially eligible to extend their treatment by participation in the Open Label Extension (OLE) phase. The OLE will provide valuable data on longer-term safety and efficacy trajectories. The XanaMIA trial is intended to serve as one of two pivotal trials supporting the earliest possible marketing approvals for Xanamem in multiple regions. If the trial results are strongly positive in November, the Company will also explore expedited approval pathways with relevant regulators while commencing the new pivotal phase 3 trial. The FDA recently announced a new policy supporting approval based on a single pivotal trial with adequate supporting evidence. Xanamem’s novel mechanism of action is to control the level of cortisol in the important areas of the brain through the inhibition of the cortisol synthesis enzyme, 11ß-HSD1, without blocking normal production of cortisol by the adrenal glands. Xanamem is a first-in-class, once-a-day pill designed to deliver high levels of brain cortisol control in regions where 11ß-HSD1 is highly expressed such as the hippocampus. Chronically elevated cortisol is associated with progression in Alzheimer’s Disease and excess cortisol is known to be toxic to brain cells. Elevated cortisol is also associated with depressive symptoms. Xanamem has demonstrated excellent brain target engagement and in human trials has shown potential to slow progression of Alzheimer’s disease and improve depressive symptoms in patients with moderately severe depression. Xanamem is an investigational product and is not approved for use outside of a clinical trial by the FDA or by any global regulatory authority.

Announcement • Apr 29

Mesoblast Limited Achieves Patient Recruitment Target in Pivotal Phase 3 Trial for Chronic Low Back Pain

Mesoblast Limited announced that its pivotal Phase 3 clinical trial evaluating rexlemestrocel-L for the treatment of chronic low back pain (CLBP) associated with degenerative disc disease has achieved its patient recruitment target. The placebo-controlled study (MSB-DR004) will follow at least 300 patients randomized to a single intra-discal injection of rexlemestrocel-L or sham control for 12 months. The trial seeks to confirm results from the earlier MSB-DR003 trial where a single intra-discal injection of rexlemestrocel-L resulted in clinically meaningful reductions in pain and opioid usage for up to three years. The trial’s primary endpoint is powered to show a significant difference in reduction of low back pain at 12 months between rexlemestrocel-L and sham controls. Secondary endpoints include improvements in function, quality of life, and cessation of pain medication, including opioids. Top-line results are expected in mid-CY2027 after the last randomized patient has completed follow-up. A positive readout will be used in support of an expected regulatory filing in Third Quarter CY2027 for United States Food and Drug Administration (FDA) approval. Rexlemestrocel-L has Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA for treatment of CLBP due to degenerative disc disease providing eligibility for priority review once the Biologics License Application (BLA) has been filed. CLBP caused by inflammation and degenerative disc disease is a serious condition with a prevalence of over 7 million people in the U.S. alone. The indication is a potential blockbuster for Mesoblast with potential peak year revenue of >USD 10 billion with single digit market penetration. The 300-patient randomized controlled confirmatory Phase 3 trial of Mesoblast’s second generation allogeneic, STRO3-immunoselected, and industrially manufactured stromal cell product candidate rexlemestrocel-L in combination with hyaluronic acid (HA) as delivery agent for injection into the lumbar disc is actively enrolling in patients with chronic low back pain (CLBP) due to inflammatory degenerative disc disease (DDD) of less than five years duration at multiple sites across the U.S. FDA has previously agreed on the design of this 300-patient randomized, placebo-controlled confirmatory Phase 3 trial, and the 12-month primary endpoint of pain reduction as an approvable indication. This endpoint was successfully met in Mesoblast’s first Phase 3 trial. Key secondary measures include improvement in quality of life and function. A particular focus is on treatment of patients on opioids, since discogenic back pain accounts for approximately 50% of prescription opioid usage in the US. Significant pain reduction and opioid cessation were observed in Mesoblast’s first Phase 3 trial. FDA has designated rexlemestrocel-L a Regenerative Medicine Advanced Therapy (RMAT) for the treatment of chronic low back pain. RMAT designation provides all the benefits of Breakthrough and Fast Track designations, including rolling review and eligibility for priority review on filing of a Biologics License Application (BLA). Back pain is the leading cause of disability in Americans under 45 years, with an annual prevalence in the general US adult population of 10-30%. CLBP caused by inflammation and degenerative disc disease (DDD) is a serious condition with a prevalence of over 7 million people in the US alone. CLBP due to DDD is a leading cause of disability, and is associated with impaired quality of life, severe limitations in ability to perform activities of daily living, reduced ability to work, and negative impacts on mental health. CLBP accounts for approximately 50% of prescription opioid usage in the US, making the condition a significant contributor to the opioid epidemic.

Australian (ASX) Biotech Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Telix Pharmaceuticals Secures US$600 Million Funding and Issues FY26 Revenue Guidance

Racura Oncology Ltd has filed a Follow-on Equity Offering in the amount of AUD 0.999999 million.

ARX: Positive Trial Results Will Underpin Future Earnings Power

CSL Shares Fall to Decade Lows as Leadership Shifts and Privigen Receives European Approval

New major risk - Market cap size

Tetratherix Limited has filed a Follow-on Equity Offering in the amount of AUD 1.999998 million.

New minor risk - Shareholder dilution

Actinogen Medical Limited Announces Positive EMA Scientific Advice and Provides Update on Xanamem Alzheimer’s Disease Program

New major risk - Share price stability

Mesoblast Limited Achieves Patient Recruitment Target in Pivotal Phase 3 Trial for Chronic Low Back Pain

Radiopharm Theranostics Presents Initial Findings from Phase 1 First-In-Human HEAT Clinical Trial for 177Lu-RAD202 in HER2+ Solid Tumors at American Association for Cancer Research 2026

Orthocell Limited Secures Approval for Remplir Nerve Repair Device to Be Used Across United States Department of Defence and Veterans Affairs Hospital Networks

New minor risk - Share price stability

New minor risk - Profitability