Has the Swiss Pharma Industry valuation changed over the past few years?

Investors are relatively neutral on the Swiss Pharmaceuticals 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 22.5x. The 3-year average PS ratio of 3.9x is lower than the industry's current PS ratio of 4.5x.

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

There are no additional sub-industries under this industry.

Swiss (SMI) Pharma Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 06 Jun 2026	CHF 548.0b	CHF 122.0b	CHF 24.9b	38.3x	22x	4.5x
Mon, 04 May 2026	CHF 547.2b	CHF 120.9b	CHF 24.7b	37.9x	22.1x	4.5x
Wed, 01 Apr 2026	CHF 551.4b	CHF 122.3b	CHF 25.4b	36.6x	21.7x	4.5x
Fri, 27 Feb 2026	CHF 606.3b	CHF 119.6b	CHF 24.3b	37.3x	24.9x	5.1x
Sun, 25 Jan 2026	CHF 589.2b	CHF 120.1b	CHF 21.3b	37x	27.7x	4.9x
Tue, 23 Dec 2025	CHF 557.2b	CHF 120.9b	CHF 21.5b	34x	26x	4.6x
Thu, 20 Nov 2025	CHF 525.7b	CHF 121.7b	CHF 21.6b	34.6x	24.3x	4.3x
Sat, 18 Oct 2025	CHF 503.9b	CHF 119.9b	CHF 20.9b	33.2x	24.1x	4.2x
Mon, 15 Sep 2025	CHF 479.5b	CHF 120.2b	CHF 20.9b	31.8x	22.9x	4x
Wed, 13 Aug 2025	CHF 455.0b	CHF 120.9b	CHF 21.1b	30.7x	21.6x	3.8x
Fri, 11 Jul 2025	CHF 460.4b	CHF 117.2b	CHF 18.9b	25.3x	24.3x	3.9x
Sun, 08 Jun 2025	CHF 457.0b	CHF 119.0b	CHF 19.3b	25.8x	23.7x	3.8x
Tue, 06 May 2025	CHF 443.6b	CHF 118.9b	CHF 19.2b	26.1x	23.1x	3.7x
Thu, 03 Apr 2025	CHF 455.2b	CHF 121.7b	CHF 19.2b	27.6x	23.7x	3.7x
Sat, 01 Mar 2025	CHF 479.4b	CHF 122.6b	CHF 19.2b	23.3x	25x	3.9x
Mon, 27 Jan 2025	CHF 450.4b	CHF 119.4b	CHF 21.4b	18.8x	21.1x	3.8x
Wed, 25 Dec 2024	CHF 420.4b	CHF 119.0b	CHF 21.3b	17.7x	19.7x	3.5x
Fri, 22 Nov 2024	CHF 426.5b	CHF 118.2b	CHF 21.2b	18.2x	20.1x	3.6x
Sun, 20 Oct 2024	CHF 464.3b	CHF 115.8b	CHF 19.5b	22x	23.8x	4x
Tue, 17 Sep 2024	CHF 450.3b	CHF 114.6b	CHF 19.3b	21.6x	23.4x	3.9x
Thu, 15 Aug 2024	CHF 464.5b	CHF 115.9b	CHF 19.5b	21.9x	23.9x	4x
Sat, 13 Jul 2024	CHF 447.4b	CHF 116.1b	CHF 19.7b	34.6x	22.7x	3.9x
Mon, 10 Jun 2024	CHF 426.0b	CHF 116.3b	CHF 19.8b	44.1x	21.6x	3.7x
Wed, 08 May 2024	CHF 396.2b	CHF 113.3b	CHF 19.9b	40.1x	19.9x	3.5x
Fri, 05 Apr 2024	CHF 404.6b	CHF 111.9b	CHF 19.4b	36.9x	20.9x	3.6x
Sun, 03 Mar 2024	CHF 388.1b	CHF 110.5b	CHF 19.7b	24.3x	19.7x	3.5x
Tue, 30 Jan 2024	CHF 414.1b	CHF 120.0b	CHF 18.7b	27.2x	22.1x	3.5x
Thu, 28 Dec 2023	CHF 392.7b	CHF 118.7b	CHF 18.6b	25.2x	21.2x	3.3x
Sat, 25 Nov 2023	CHF 393.3b	CHF 121.3b	CHF 18.9b	24.8x	20.8x	3.2x
Mon, 23 Oct 2023	CHF 390.9b	CHF 120.9b	CHF 18.6b	25.7x	21.1x	3.2x
Wed, 20 Sep 2023	CHF 409.2b	CHF 112.7b	CHF 18.1b	46.6x	22.7x	3.6x
Fri, 18 Aug 2023	CHF 405.4b	CHF 111.7b	CHF 17.9b	47.6x	22.6x	3.6x
Sun, 16 Jul 2023	CHF 408.4b	CHF 113.4b	CHF 18.6b	36.9x	21.9x	3.6x
Tue, 13 Jun 2023	CHF 428.8b	CHF 115.9b	CHF 19.0b	38.1x	22.6x	3.7x


CH Market	-1.19%
Healthcare	-0.74%
Pharma	-0.63%
Pharma	-0.63%

	Company	Last Price	7D	1Y	Valuation
	NOVN Novartis	CHF 117.98	0.1% +CHF 292.9m	21.5%	PE20x
	BIOV BioVersys	CHF 27.30	1.1% +CHF 1.8m	-21.1%	PS50.3x

Announcement • Jun 04

Novartis Reports Final 2.5-Year Phase III ALIGN Results Showing Slower Kidney Function Decline With Vanrafia (Atrasentan) Versus Placebo In Adults With IgA Nephropathy

Novartis reported final 2.5-year Phase III ALIGN results showing slower kidney function decline with Vanrafia (atrasentan) versus placebo in adults with IgA nephropathy (IgAN). Results were published in The Lancet and presented at the European Renal Association (ERA) Congress. Estimated glomerular filtration rate (eGFR) change from baseline favored Vanrafia, alongside sustained reductions of protein in the urine through end of treatment. Benefits were consistent across different measures of kidney function and in patients additionally receiving sodium-glucose co-transporter-2 (SGLT2) inhibitors. Key efficacy results: Main cohort: Change from baseline in eGFR at end of study (Week 136): -7.5 for Vanrafia, -9.9 for placebo, effect vs placebo 2.4 (p=0.057). Change from baseline in eGFR at end of treatment (Week 132): -6.9 for Vanrafia, -9.5 for placebo, effect vs placebo 2.6 (p=0.039). Annualized total eGFR slope (Weeks 0-136): -2.7 for Vanrafia, -4.1 for placebo, effect vs placebo 1.4 (~34% slower decline; p=0.003). Change from baseline in urine protein-to-creatinine ratio (UPCR) at 9 months (Week 36): -39.5% for Vanrafia, -1.9% for placebo, 38.3% relative reduction. Change from baseline in UPCR at end of treatment (Week 132): -28.8% for Vanrafia, -0.6% for placebo, 28.4% relative reduction. SGLT2 inhibitor cohort: Change from baseline in eGFR at end of study (Week 136): -1.5 for Vanrafia, -10.6 for placebo, effect vs placebo 9.1 (p=0.004). Week 132 plus a 4-week off-treatment follow-up. UPCR at Week 36 assessed using 24-hour urine collection; UPCR at Week 132 assessed using first-morning void samples. All p values are nominal except for the change from baseline in eGFR at the end of study in the main cohort; all p values are two-sided; eGFR change from baseline is expressed in mL/min/1.73 m²; annualized eGFR slope is expressed in mL/min/1.73 m²/year. Safety was consistent with prior studies, with adverse events similar to placebo and no new signals observed. Vanrafia received accelerated approval in the U.S. and China for reduction of proteinuria in adults with IgAN in 2025. Novartis intends to use these data to support submission for traditional approval in 2026. The ALIGN study (NCT04573478) is a global, randomized, multicenter, double-blind, placebo-controlled Phase III clinical trial comparing the efficacy and safety of Vanrafia vs placebo in patients with IgAN at risk of progressive loss of kidney function. In total, 340 patients with biopsy-proven IgAN with baseline total proteinuria =1 g/day despite optimized renin-angiotensin system (RAS) inhibitor treatment were randomized to receive once-daily, oral Vanrafia (0.75 mg) or placebo for approximately 132 weeks. Patients continue receiving a maximally tolerated and stable dose of a RAS inhibitor as supportive care. An additional cohort of 64 patients receiving an SGLT2 inhibitor in addition to RAS inhibitor for at least 12 weeks was also enrolled. The primary efficacy endpoint for the interim analysis (in 270 patients) was change in protein in urine, as measured by 24-hour UPCR from baseline to 36 weeks. The key secondary endpoint for the final analysis is the change from baseline to 136 weeks in kidney function as measured by eGFR. Other secondary efficacy endpoints as well as safety and tolerability are also assessed. Vanrafia (atrasentan) is a potent and highly selective endothelin A (ETA) receptor antagonist, which is part of the endothelin system, a key system involved in the progression of IgAN. Vanrafia is the first and only selective ETA receptor antagonist approved for primary IgAN, a once-daily, oral treatment and can be seamlessly added to, or used alongside, existing supportive care (e.g. RAS inhibitor with or without SGLT2 inhibitor) without the need for titration. Vanrafia does not require a Risk Evaluation and Mitigation Strategy (REMS) program. Because some endothelin receptor antagonists have caused elevations of aminotransferases, hepatotoxicity, and liver failure, clinicians should obtain liver enzyme testing before initiating Vanrafia and during treatment when clinically indicated. Vanrafia may cause serious birth defects.

Announcement • Sep 18

Curatis Holding AG Announces FDA Minutes Confirm Positive Outcome of Meeting on 9. September 2025 - Corticorelin on Track for Phase 3

Curatis Holding AG received the official minutes from the FDA meeting which took place on 9. September. Based on the totality of the feedback and discussions, Curatis can proceed as planned with the clinical development of corticorelin. Corticorelin is under development as a novel treatment intended to reduce or even eliminate steroid use and associated toxicities thereby potentially impacting the quality of life of patients suffering from peritumoral brain edema (PTBE) associated with metastatic (secondary) brain tumors. The virtual meeting with the FDA provided the opportunity to discuss the clinical development plan for corticorelin and encompassed CMC (Chemistry, Manufacturing and Control), nonclinical and clinical aspects. The offical FDA minutes which Curatis received after publication of the half year results reflect the positive outcome. Curatis may proceed without delay to a regulatory submission supporting a pivotal study in patients suffering from PTBE secondary to solid tumor brain metastases. The Phase 3 will utilize an adaptive trial design consisting of a dose optimization lead-in and confirmatory segment. PTBE occurs in association with many primary and metastatic (secondary) brain tumors, often in connection with metastases caused by lung cancer, breast cancer, melanoma and colorectal cancer. PTBE results in impairment of brain function due to the accumulation of extracellular fluid around the tumor and can cause symptoms such as headaches, vomiting and neurological dysfunction such as paralysis, speech disorders, visual problems and altered mental status. Standard of care treatment for PTBE is the use of corticosteroids which frequently have serious side effects such as severe myopathy, impared glucose metabolism, muscle wasting, abnormal weight gain, oeoporosis, gastritis, gastrointestinal bleeding, hypertension and personality changes. Additionally, corticosteroids can also counteract certain cancer therapies such as chemotherapy or emerging immunotherapies. In the US alone, more than 150,000 patients suffer from PTBE.

Swiss (SMI) Pharma Industry Analysis

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Latest News

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Curatis Holding AG Announces FDA Minutes Confirm Positive Outcome of Meeting on 9. September 2025 - Corticorelin on Track for Phase 3