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Swiss (SMI) Healthcare Sector Analysis

UpdatedMay 09, 2026
DataAggregated Company Financials
Companies34
  • 7D-1.2%
  • 3M-7.5%
  • 1Y15.6%
  • YTD-1.2%

Over the last 7 days, the Healthcare industry has dropped 1.2%, driven by declines in Novartis and Alcon of 2.2% and 16%, respectively. On the other hand Sandoz Group is actually up 6.9%. Over the past 12 months, the industry was up 16%. Looking forward, earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

Has the Swiss Healthcare Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 09 May 2026CHF 653.5bCHF 154.0bCHF 27.7b34.2x23.6x4.2x
Mon, 06 Apr 2026CHF 678.6bCHF 156.0bCHF 28.7b33.6x23.7x4.4x
Wed, 04 Mar 2026CHF 716.9bCHF 153.8bCHF 28.4b32.1x25.3x4.7x
Fri, 30 Jan 2026CHF 710.0bCHF 152.3bCHF 24.4b33.2x29.1x4.7x
Sun, 28 Dec 2025CHF 689.2bCHF 154.1bCHF 24.8b30.1x27.8x4.5x
Tue, 25 Nov 2025CHF 652.2bCHF 155.6bCHF 25.0b27.8x26x4.2x
Thu, 23 Oct 2025CHF 628.7bCHF 153.5bCHF 24.2b30.5x26x4.1x
Sat, 20 Sep 2025CHF 605.0bCHF 153.5bCHF 24.1b33.9x25.1x3.9x
Mon, 18 Aug 2025CHF 603.8bCHF 154.3bCHF 24.4b34.7x24.7x3.9x
Wed, 16 Jul 2025CHF 583.5bCHF 150.2bCHF 22.3b30.1x26.2x3.9x
Fri, 13 Jun 2025CHF 602.5bCHF 150.9bCHF 22.4b32.3x26.9x4x
Sun, 11 May 2025CHF 572.5bCHF 152.1bCHF 22.6b30.5x25.3x3.8x
Tue, 08 Apr 2025CHF 521.0bCHF 153.0bCHF 22.2b25.2x23.5x3.4x
Thu, 06 Mar 2025CHF 638.9bCHF 155.0bCHF 22.3b25.9x28.6x4.1x
Sat, 01 Feb 2025CHF 624.9bCHF 152.8bCHF 24.6b31.8x25.4x4.1x
Mon, 30 Dec 2024CHF 568.4bCHF 152.4bCHF 24.5b28.6x23.2x3.7x
Wed, 27 Nov 2024CHF 572.6bCHF 151.3bCHF 24.3b29.4x23.6x3.8x
Fri, 25 Oct 2024CHF 617.0bCHF 148.5bCHF 22.6b29.9x27.4x4.2x
Sun, 22 Sep 2024CHF 606.5bCHF 147.4bCHF 22.4b31.5x27.1x4.1x
Tue, 20 Aug 2024CHF 624.0bCHF 148.2bCHF 22.3b32.7x28x4.2x
Thu, 18 Jul 2024CHF 605.7bCHF 148.0bCHF 22.6b38.5x26.8x4.1x
Sat, 15 Jun 2024CHF 572.9bCHF 148.4bCHF 22.6b35.6x25.3x3.9x
Mon, 13 May 2024CHF 547.6bCHF 145.8bCHF 22.8b32.7x24x3.8x
Wed, 10 Apr 2024CHF 546.7bCHF 144.5bCHF 22.3b35.8x24.6x3.8x
Fri, 08 Mar 2024CHF 533.6bCHF 142.8bCHF 22.6b36.8x23.6x3.7x
Sun, 04 Feb 2024CHF 531.0bCHF 146.6bCHF 21.9b35.8x24.2x3.6x
Tue, 02 Jan 2024CHF 522.6bCHF 150.6bCHF 21.7b26.3x24.1x3.5x
Thu, 30 Nov 2023CHF 509.5bCHF 153.1bCHF 22.0b25x23.2x3.3x
Sat, 28 Oct 2023CHF 495.8bCHF 154.9bCHF 22.2b23.4x22.4x3.2x
Mon, 25 Sep 2023CHF 532.3bCHF 145.6bCHF 21.2b32.2x25.1x3.7x
Wed, 23 Aug 2023CHF 541.5bCHF 143.9bCHF 21.1b29.4x25.7x3.8x
Fri, 21 Jul 2023CHF 565.9bCHF 146.1bCHF 22.6b35.3x25.1x3.9x
Sun, 18 Jun 2023CHF 574.9bCHF 147.0bCHF 22.2b35.3x25.9x3.9x
Tue, 16 May 2023CHF 587.1bCHF 146.9bCHF 22.2b35.7x26.5x4x
Price to Earnings Ratio

26.5x


Total Market Cap: CHF 587.1bTotal Earnings: CHF 22.2bTotal Revenue: CHF 146.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Healthcare Sector Price to Earnings3Y Average 25.3x202420252026
Current Industry PE
  • Investors are relatively neutral on the Swiss Healthcare 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 25.3x.
  • The industry is trading close to its 3-year average PS ratio of 3.9x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have grown 7.7% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Swiss Healthcare sector?

CH Market0.066%
Healthcare-1.18%
Life Sciences3.02%
Biotech0.20%
Healthtech0.19%
Healthcare Services-0.80%
Pharma-0.97%
Medical Equipment-6.24%
Industry PE
  • Investors are most optimistic about the Life Sciences industry, which is trading close to its 3-year average PE ratio of 46.2x.
    • Analysts are expecting annual earnings growth of 19.2%, which is higher than its past year's earnings growth of 14.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings decline of 48% per year.
  • In contrast, the Healthtech industry is expected to see its earnings grow by 5.4% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
SDZ Sandoz GroupCHF 66.886.9%
+CHF 1.9b		75.9%PE40.7x
BANB Bachem HoldingCHF 80.3513.5%
+CHF 715.6m		58.6%PE40.5x
SOON Sonova HoldingCHF 178.504.3%
+CHF 435.2m		-31.9%PE20.4x
LONN Lonza GroupCHF 483.000.8%
+CHF 265.4m		-17.4%PE37.1x
DESN Dottikon ES HoldingCHF 360.505.1%
+CHF 241.8m		77.1%PE41.2x

Latest News

ROP
CHF 315.30
Roche Holding
7D
-1.0%
1Y
22.4%
NOVN
CHF 113.36
Novartis
7D
-2.2%
1Y
24.7%
ALC
CHF 49.17
Alcon
7D
-15.5%
1Y
-38.4%
LONN
CHF 483.00
Lonza Group
7D
0.8%
1Y
-17.4%
SOON
CHF 178.50
Sonova Holding
7D
4.3%
1Y
-31.9%
Narrative Update • May 03

SOON: Portfolio Shift And Retail Expansion May Support Higher P E Over Time

Analysts have trimmed the blended fair value estimate for Sonova to about CHF 216 from roughly CHF 227. This reflects lower price targets from several banks alongside updated assumptions for slightly slower revenue growth, a marginally higher discount rate and a modest tweak to future P/E and margin expectations.
TECN
CHF 131.80
Tecan Group
7D
12.0%
1Y
-18.8%
Narrative Update • May 02

TECN: Updated Discount Assumptions Will Shape Perceived Upside Potential

Tecan Group's analyst price target has been reduced by CHF 1 to CHF 136, as analysts factor in updated discount rate and valuation assumptions, along with modest adjustments to revenue growth, profit margin and future P/E inputs. Analyst Commentary Recent research points to a more cautious tone around Tecan Group, with reduced price targets reflecting reassessed assumptions on growth, profitability and valuation multiples.
AEVS
CHF 13.55
Aevis Victoria
7D
-0.7%
1Y
0%
SFZN
CHF 82.05
Siegfried Holding
7D
4.3%
1Y
-15.9%
YPSN
CHF 288.80
Ypsomed Holding
7D
5.8%
1Y
-19.2%
Narrative Update • May 01

YPSN: Share Buyback And Recent Upgrade Will Support Long Term Upside

Analysts have slightly adjusted their view on Ypsomed Holding, trimming the fair value estimate from CHF 314.70 to CHF 309.85 as they factor in updated assumptions for discount rates, revenue growth, profit margins and future P/E, reflected in part by a recent upgrade from Barclays. Analyst Commentary Even with the fair value estimate only slightly adjusted, some readers may want to pay close attention to where analysts see potential pressure on the story, especially around valuation and execution against expectations.
SDZ
CHF 66.88
Sandoz Group
7D
6.9%
1Y
75.9%
Narrative Update • May 01

SDZ: Mixed Rating Shifts And Biosimilar Deals Will Shape Future P/E

The updated analyst price target for Sandoz Group has been revised by approximately CHF 1 higher, reflecting modestly adjusted assumptions around fair value, revenue growth, profit margins and future P/E as analysts balance recent target changes and rating shifts across major banks. Analyst Commentary Recent Street research around Sandoz Group shows a mix of optimism on the company’s long term potential and caution on how current pricing and expectations line up with execution risks.
BANB
CHF 80.35
Bachem Holding
7D
13.5%
1Y
58.6%
Narrative Update • May 01

BANB: Future Earnings Execution Is Expected To Support CHF 80 Upside Potential

Analysts have nudged their price target on Bachem Holding slightly higher, with recent Street research indicating a CHF 5 increase from both Barclays and Deutsche Bank to CHF 80, supported by updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts see the move to a CHF 80 target as aligned with their updated view on fair value, suggesting that current assumptions on growth and margins justify a higher valuation anchor.
MOVE
CHF 137.20
Medacta Group
7D
-3.1%
1Y
-1.3%
GALE
CHF 82.65
Galenica
7D
-0.7%
1Y
-5.1%
Narrative Update • Apr 29

GALE: Dividend Outlook And Job Cuts Will Support A Steady Forward View

Analysts now estimate Galenica's fair value at CHF 88.00, matching the previous CHF 88.00 and reflecting largely unchanged assumptions on discount rate, revenue growth, profit margin and future P/E. What's in the News Annual dividend of CHF 1.25 per share announced, with payment scheduled for April 27, 2026, ex date on April 23, 2026, and record date on April 24, 2026 (Key Developments).
NWRN
CHF 13.60
Newron Pharmaceuticals
7D
-4.9%
1Y
65.0%
COPN
CHF 73.20
Cosmo
7D
-10.7%
1Y
45.5%
Narrative Update • Apr 23

COPN: Higher CHF 160 Outlook Will Depend On Upcoming Alopecia Filing

Analysts have raised their price target on Cosmo to CHF 160 from CHF 130, citing updated assumptions on fair value, revenue growth, profit margins and future P/E that contribute to a higher overall valuation framework. Analyst Commentary While the higher CHF 160 target reflects updated valuation work, bearish analysts still flag several areas where expectations could prove demanding if underlying assumptions do not play out as planned.
DESN
CHF 360.50
Dottikon ES Holding
7D
5.1%
1Y
77.1%