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

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 45.5x which is higher than its 3-year average PE of 42.0x. The 3-year average PS ratio of 5.6x is higher than the industry's current PS ratio of 2.8x.

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
Sun, 28 Jun 2026	AU$66.8b	AU$23.9b	AU$1.5b	21.3x	45.5x	2.8x
Tue, 26 May 2026	AU$59.3b	AU$23.0b	AU$1.4b	19.1x	42.5x	2.6x
Thu, 23 Apr 2026	AU$74.0b	AU$23.0b	AU$1.4b	22.7x	53x	3.2x
Sat, 21 Mar 2026	AU$77.6b	AU$23.3b	AU$1.4b	24.3x	54.7x	3.3x
Mon, 16 Feb 2026	AU$82.9b	AU$23.0b	AU$1.5b	36.6x	55x	3.6x
Wed, 14 Jan 2026	AU$95.8b	AU$24.5b	AU$4.0b	18.7x	23.9x	3.9x
Fri, 12 Dec 2025	AU$99.2b	AU$24.7b	AU$4.0b	19.1x	24.6x	4x
Sun, 09 Nov 2025	AU$98.6b	AU$25.3b	AU$4.1b	18.7x	23.8x	3.9x
Tue, 07 Oct 2025	AU$112.4b	AU$24.9b	AU$4.1b	21.9x	27.6x	4.5x
Thu, 04 Sep 2025	AU$111.0b	AU$25.2b	AU$4.1b	21.8x	26.9x	4.4x
Sat, 02 Aug 2025	AU$141.2b	AU$24.7b	AU$3.9b	50x	36.1x	5.7x
Mon, 30 Jun 2025	AU$127.3b	AU$24.4b	AU$3.8b	24.7x	33.1x	5.2x
Wed, 28 May 2025	AU$134.8b	AU$24.7b	AU$3.9b	20.9x	34.6x	5.5x
Fri, 25 Apr 2025	AU$132.1b	AU$24.9b	AU$3.9b	20.7x	33.6x	5.3x
Sun, 23 Mar 2025	AU$138.3b	AU$25.3b	AU$4.0b	21.7x	34.5x	5.5x
Tue, 18 Feb 2025	AU$141.7b	AU$24.8b	AU$3.8b	23x	37.6x	5.7x
Thu, 16 Jan 2025	AU$148.8b	AU$24.8b	AU$3.7b	23.9x	40.1x	6x
Sat, 14 Dec 2024	AU$148.3b	AU$24.1b	AU$3.6b	24.7x	41.2x	6.1x
Mon, 11 Nov 2024	AU$151.2b	AU$23.4b	AU$3.5b	26.8x	43.5x	6.5x
Wed, 09 Oct 2024	AU$153.9b	AU$22.9b	AU$3.4b	27.8x	45.5x	6.7x
Fri, 06 Sep 2024	AU$157.3b	AU$22.9b	AU$3.4b	29.1x	46.4x	6.9x
Sun, 04 Aug 2024	AU$158.6b	AU$22.6b	AU$3.3b	31.7x	47.7x	7x
Tue, 02 Jul 2024	AU$152.3b	AU$22.1b	AU$3.2b	31.8x	47x	6.9x
Thu, 30 May 2024	AU$144.6b	AU$22.1b	AU$3.2b	30.8x	44.7x	6.5x
Sat, 27 Apr 2024	AU$141.5b	AU$22.5b	AU$3.3b	29.6x	42.9x	6.3x
Mon, 25 Mar 2024	AU$143.7b	AU$22.5b	AU$3.3b	29.4x	43.5x	6.4x
Wed, 21 Feb 2024	AU$143.3b	AU$22.3b	AU$3.3b	31.4x	43.6x	6.4x
Fri, 19 Jan 2024	AU$144.0b	AU$20.9b	AU$2.8b	33.1x	51.9x	6.9x
Sun, 17 Dec 2023	AU$141.5b	AU$20.5b	AU$2.7b	34.1x	52.3x	6.9x
Tue, 14 Nov 2023	AU$128.5b	AU$21.5b	AU$2.9b	30.4x	44.7x	6x
Thu, 12 Oct 2023	AU$130.3b	AU$21.4b	AU$2.8b	30.8x	46.4x	6.1x
Sat, 09 Sep 2023	AU$138.6b	AU$21.5b	AU$2.8b	32.7x	49.2x	6.4x
Mon, 07 Aug 2023	AU$136.2b	AU$18.3b	AU$2.4b	36.3x	57.4x	7.4x
Wed, 05 Jul 2023	AU$142.5b	AU$18.0b	AU$2.3b	38.2x	61.3x	7.9x


AU Market	-0.91%
Healthcare	1.13%
Biotech	-1.24%
Biotech	-1.24%

Company	Last Price	7D	1Y	Valuation
TLX Telix Pharmaceuticals	AU$15.33	5.7% +AU$281.7m	-37.3%	PS4.5x
TTX Tetratherix	AU$6.12	3.4% +AU$24.2m	n/a	PS162.5x
PYC PYC Therapeutics	AU$1.54	1.0% +AU$14.8m	20.9%	PS73.4x
ATX Amplia Therapeutics	AU$0.14	17.4% +AU$10.3m	-38.6%	PS14.5x
OCC Orthocell	AU$0.76	3.4% +AU$6.8m	-39.2%	PS22.2x

Announcement • Jun 27

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.

Announcement • Apr 30

Dimerix Limited Announces Completion of Blinded Assessment of ACTION3 Statistical Assumptions

Dimerix Limited announced that the blinded review of ACTION3 Phase 3 study data to confirm statistical assumptions of the primary endpoint has been successfully completed. This blinded review confirms that the ACTION3 study remains appropriately statistically powered to detect the treatment effect for the proteinuria primary endpoint. Having the ACTION3 Phase 3 study with >90% statistical power for its primary endpoint means that if DMX-200 continues to reduce proteinuria in trial patients as anticipated, then there is a >90% chance that the study will successfully show a statistically significant proteinuria treatment effect at the trial's conclusion. An external statistical blinded review of ACTION3 data has achieved its objective by confirming that the study remains appropriately statistically powered (>90%) to demonstrate a treatment effect for the primary study endpoint of proteinuria; meaning that if DMX-200 continues to reduce proteinuria in trial patients as anticipated, then there is a >90% chance that the study will successfully show a statistically significant proteinuria treatment effect at the trial's conclusion. To maximise the likelihood of a successful study outcome and regulatory success, Dimerix and its commercialisation partners will continue the ACTION3 Phase 3 Study to the final proteinuria endpoint. As previously announced, the FDA has agreed that proteinuria is an appropriate endpoint for full regulatory approval for DMX-200 in ACTION3. Evidence from the PARASOL working group, together with the recent FDA approval of an FSGS therapy in the US based on the proteinuria endpoint, further supports proteinuria as the primary study endpoint for ACTION3. The Company remains well positioned to continue focussing on advancing the ACTION3 Phase 3 clinical trial, as well as the advanced licensing discussions with potential partners in territories not already licensed. The ACTION3 Phase 3 clinical trial adult cohort is fully recruited, with 333 patients; the last patient is expected to receive their last dose in March 2028. Recruitment of pediatric patients aged 12-17 years old remains ongoing as an independent cohort in the trial, and if successful, may allow Dimerix to expand its application for DMX-200 to adolescents in key territories. As previously reported, the ACTION3 Phase 3 study passed a formal futility analysis of the proteinuria endpoint in March 2024 demonstrating the drug was performing better than placebo at that point in time; and a further 7 Independent Data Monitoring Committee (IDMC) reviews to date have not identified safety issues or requested changes to the protocol. In parallel to the blinded review, Dimerix and its commercial partners assessed the changes to the Focal Segmental Glomerulosclerosis (FSGS) landscape and potential endpoints since initiation of the ACTION3 study in 2022, all of which support proteinuria as the primary endpoint. Specifically, the PARASOL working group outcomes provided evidence of proteinuria as a candidate surrogate endpoint for FSGS; FDA provided positive feedback to Dimerix confirming that the proteinuria endpoint is appropriate for the full approval of DMX-200; and, earlier this month, FDA approved a new treatment for FSGS based on proteinuria as an endpoint. A key finding from PARASOL working group analysis was that proteinuria required smaller sample sizes and demonstrated less variability than eGFR for FSGS clinical trials and could therefore reduce risk for potential downstream marketing approval in the US. Collectively, the PARASOL working group analysis, the National Registry of Rare Kidney Diseases UK (RaDaR) analyses, Kaiser Permanente analyses, third party FSGS study data, and FSGS key opinion leaders all suggest that measuring proteinuria change from baseline is a far more statistically achievable endpoint for DMX-200 than eGFR endpoints and may substantially reduce the risk for traditional approval. Given that any application for accelerated approval based on proteinuria would likely require that the ACTION3 use an eGFR-based confirmatory endpoint, which would increase costs, lengthen study timeline and necessitate the splitting of alpha, potentially reducing the probability of success for the final endpoint, Dimerix and its commercial partners have concluded that conducting an interim analysis required for an Accelerated Approval application would not now be the most strategic and optimal course for the trial. The FDA has previously confirmed that the proposed primary endpoint of percent reduction in proteinuria compared to placebo is suitable to support traditional approval of DMX-200 via the 505(b)(1) pathway, should the findings of the ACTION3 be positive, with change in eGFR as a secondary endpoint. Given the successful blinded interim futility analysis in 2024, the company know that DMX-200 was performing better than placebo in reducing proteinuria at that point in time, and with seven independent data monitoring committee reviews completed, the company is confident that DMX-200 is well tolerated. The outcome of this review and the decision to proceed to completion of ACTION3 to support traditional approval helps strengthen the probability of ACTION3 success and ultimately deliver a potential new therapy for patients with FSGS while also reducing risk and adding value for Dimerix shareholders and partners. The ACTION3 Phase 3 study is a pivotal Phase 3, multi-centre, randomised, double-blind, placebo-controlled study of the efficacy and safety of DMX-200 in patients with FSGS who are receiving a stable dose of a blood pressure medication known as an angiotensin II receptor blocker (ARB). Once the ARB dose is stable, patients are then randomised to receive either DMX-200 (120 mg capsule, twice daily) or placebo for a 2-year treatment period. The single Phase 3 trial in FSGS patients is designed to capture evidence of proteinuria reduction and kidney function (eGFR slope) during the trial, aimed at generating sufficient evidence to support marketing approval.

Australian (ASX) Biotech Industry Analysis

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