German (DAX) Healthcare Sector Analysis

Sector Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 27 Aug 2026	€230.4b	€159.6b	€5.8b	22.5x	39.5x	1.4x
Sat, 25 Jul 2026	€219.7b	€158.6b	€5.3b	20x	41.7x	1.4x
Mon, 22 Jun 2026	€203.8b	€158.5b	€5.6b	19x	36.6x	1.3x
Wed, 20 May 2026	€197.8b	€158.5b	€5.6b	18x	35.2x	1.2x
Fri, 17 Apr 2026	€206.7b	€159.3b	€4.3b	15.9x	47.6x	1.3x
Sun, 15 Mar 2026	€201.0b	€158.7b	€3.8b	16x	52.7x	1.3x
Tue, 10 Feb 2026	€222.4b	€159.1b	€7.3b	17x	30.4x	1.4x
Thu, 08 Jan 2026	€225.9b	€159.2b	€7.3b	17.7x	30.8x	1.4x
Sat, 06 Dec 2025	€213.8b	€159.3b	€7.4b	17.7x	29.1x	1.3x
Mon, 03 Nov 2025	€213.1b	€159.2b	€4.0b	19.7x	53.3x	1.3x
Wed, 01 Oct 2025	€201.6b	€157.4b	€3.9b	19.3x	51.3x	1.3x
Fri, 29 Aug 2025	€201.8b	€157.4b	€4.0b	19.9x	51x	1.3x
Sun, 27 Jul 2025	€203.5b	€157.5b	€4.1b	20.5x	49.8x	1.3x
Tue, 24 Jun 2025	€201.9b	€159.8b	€4.2b	19.9x	48.2x	1.3x
Thu, 22 May 2025	€211.2b	€159.8b	€4.3b	20.5x	49.4x	1.3x
Sat, 19 Apr 2025	€195.6b	€159.0b	€4.7b	23x	41.6x	1.2x
Mon, 17 Mar 2025	€218.3b	€158.6b	€4.7b	24x	46.4x	1.4x
Wed, 12 Feb 2025	€223.6b	€159.3b	€5.1b	23.2x	44.2x	1.4x
Fri, 10 Jan 2025	€213.2b	€159.0b	€5.0b	22.9x	42.6x	1.3x
Sun, 08 Dec 2024	€212.1b	€159.3b	€5.0b	22.6x	42x	1.3x
Tue, 05 Nov 2024	€216.5b	€159.3b	€5.7b	20.8x	38.1x	1.4x
Thu, 03 Oct 2024	€232.1b	€159.2b	€5.6b	22.5x	41.4x	1.5x
Sat, 31 Aug 2024	€237.3b	€159.2b	€5.6b	25.2x	42.4x	1.5x
Mon, 29 Jul 2024	€230.0b	€158.6b	€3.4b	25.5x	66.7x	1.4x
Wed, 26 Jun 2024	€224.7b	€158.6b	€3.5b	25.4x	63.5x	1.4x
Fri, 24 May 2024	€237.8b	€158.6b	€3.5b	26.4x	67.8x	1.5x
Sun, 21 Apr 2024	€223.5b	€159.1b	€3.3b	23.4x	67.1x	1.4x
Tue, 19 Mar 2024	€242.2b	€159.3b	€3.2b	23.5x	75.1x	1.5x
Thu, 15 Feb 2024	€238.8b	€179.1b	€3.4b	22.5x	69.5x	1.3x
Sat, 13 Jan 2024	€243.9b	€188.4b	€3.3b	21.4x	74.3x	1.3x
Mon, 11 Dec 2023	€237.4b	€188.4b	€3.3b	23.1x	72.2x	1.3x
Wed, 08 Nov 2023	€237.4b	€189.2b	€8.6b	21.2x	27.6x	1.3x
Fri, 06 Oct 2023	€251.2b	€189.6b	€8.8b	21.1x	28.7x	1.3x
Sun, 03 Sep 2023	€265.0b	€189.5b	€8.8b	23.6x	30.1x	1.4x

Current Industry PE

Investors are pessimistic on the German Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.

The industry is trading at a PE ratio of 39.7x which is lower than its 3-year average PE of 48.2x.

The industry is trading close to its 3-year average PS ratio of 1.4x.

Past Earnings Growth

The earnings for companies in the Healthcare industry have declined 13% per year over the last three years,
Revenues have also declined 5.6% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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


DE Market	0.84%
Healthcare	-0.21%
Life Sciences	3.03%
Pharma	0.19%
Healthtech	-0.43%
Healthcare Services	-0.79%
Medical Equipment	-1.56%
Biotech	-3.18%

Industry PE

Investors are most optimistic about the Pharma industry, which is trading close to its 3-year average PE ratio of 142x.

Analysts are expecting annual earnings growth of 24.6%, which is lower than the prior year's growth of 39.2% per year.

Forecasted Growth

Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 88% over the next 5 years.
This is better than its past earnings decline of 97% per year.

In contrast, the Medical Equipment industry is expected to see its earnings grow by 12% per year over the next few years.

Top Stock Gainers and Losers

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

Company	Last Price	7D	1Y	Valuation
MRK Merck KGaA	€138.65	0.2% +€130.4m	28.3%	PE25.4x
BAYN Bayer	€49.11	0.2% +€98.2m	72.8%	PS1.1x
1SXP SCHOTT Pharma KGaA	€23.25	2.2% +€75.3m	-0.6%	PE25.7x
OBCK Ottobock SE KGaA	€59.00	1.0% +€38.4m	n/a	PE29.4x
FYB Formycon	€19.90	6.2% +€20.5m	-17.4%	PS5.7x

Bayer Group Receives Approval For Sevabertinib In Japan For HER2-Mutant Non-Small Cell Lung Cancer

Bayer Group posted that the Ministry of Health, Labour, and Welfare (MHLW) in Japan has granted approval for Hyrnuo (sevabertinib) for the treatment of patients with HER2 (ERBB2) mutation-positive unresectable advanced or recurrent non-small cell lung cancer (NSCLC). In Japan, Hyrnuo is the first approved targeted therapy for this indication that can be used regardless of line of therapy, including as a first-line treatment. Sevabertinib is an oral, reversible, small molecule, tyrosine kinase inhibitor (TKI). The MHLW approval is supported by data from the global Phase I/II SOHO-01 trial (NCT05099172). In patients with unresectable advanced or recurrent HER2-mutant NSCLC who had not received prior systemic therapy following diagnosis of advanced or recurrent disease, the primary endpoint of objective response rate (ORR) was 75.3% (95% CI: 63.9-84.7; N=73). Median duration of response (DOR) was 12.2 months (95% CI: 8.8-not estimable; N=73), and median progression-free survival (PFS) was 13.5 months (95% CI: 10.0-not estimable; N=73). The study also demonstrated a manageable safety profile, with the most frequently observed adverse events being diarrhea, rash, and paronychia. Adverse events leading to treatment discontinuation occurred in 3% of patients. In November 2025, sevabertinib, under the brand name Hyrnuo, received U.S. Food and Drug Administration (FDA) accelerated approval for patients with previously treated advanced HER2-mutant NSCLC. Earlier this year, sevabertinib was also approved by the National Medical Products Administration (NMPA) in China as monotherapy in adult patients with unresectable, locally advanced or metastatic NSCLC whose tumors have HER2 activating mutations, and who have received one prior systemic therapy. These approvals follow on from the U.S. FDA and the Center for Drug Evaluation (CDE) in China granting sevabertinib Breakthrough Therapy Designation for both first- and second-line use in patients with advanced HER2-mutant NSCLC, highlighting its potential to provide substantial improvement over existing therapies. In May this year, the FDA granted sevabertinib Priority Review as a first-line treatment in this patient population recognizing its potential to address a critical unmet need. Sevabertinib is a new, oral, reversible, small molecule, tyrosine kinase inhibitor (TKI) that potently inhibits mutant human HER2, including HER2 exon 20 insertions and HER2 point mutations. Sevabertinib works by blocking certain enzymes called tyrosine kinases, which are involved in the growth of cancer cells. Reversible TKIs can temporarily block their targets, allowing for more precise control over treatment and potentially reducing long-term side effects compared to irreversible TKIs. Sevabertinib is derived from Bayer's strategic research alliance with the Broad Institute of MIT and Harvard in Cambridge, MA, USA. As part of its clinical development program, alongside the SOHO-01 trial, sevabertinib is also being studied in the Phase III SOHO-02 trial (NCT 06452277) evaluating sevabertinib in treatment naive patients with HER2-mutant NSCLC and in the panSOHO study (NCT06760819) in patients with metastatic or unresectable solid tumors with HER2-activating mutations, excluding advanced NSCLC. Lung cancer is the leading cause of cancer-related deaths worldwide. NSCLC is the most common type of lung cancer, accounting for more than 85% of cases. Activating HER2 mutations are found in 2% to 4% of patients with advanced NSCLC. 80% of people diagnosed with NSCLC have already progressed to advanced stages, which makes it more difficult to treat. Patients with HER2-mutant NSCLC currently face limited treatment options, highlighting an urgent need for more effective therapies.

German (DAX) Healthcare Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Bayer Group Receives Approval For Sevabertinib In Japan For HER2-Mutant Non-Small Cell Lung Cancer

Gerresheimer AG to Report Q1, 2026 Results on Aug 27, 2026

AFX: China And US Earnings Headwinds Will Constrain Medium Term Repricing

An undisclosed institutional investors entered into an agreement to acquire 2.90% stake in Fresenius Medical Care AG (XTRA:FME) from Fresenius SE & Co. KGaA (XTRA:FRE) for approximately €300 million.

FME: Flat 2026 Outlook And Rising Risk Premium Will Restrain Returns

SHL: Future Returns Will Hinge On Diagnostics Margin Pressure Risk

OBCK: New Prosthetic Knee Launch Will Support Future Earnings Re‑Rating

Price target increased by 10% to €22.61

MRK: Rich Bio Techne Deal And New Guidance Will Shape Future Returns

Second quarter 2026 earnings released: EPS: €0.34 (vs €0.095 in 2Q 2025)

Second quarter 2026 earnings released: EPS: €0.19 (vs €0.19 in 2Q 2025)

Investor sentiment improves as stock rises 17%

Second quarter 2026 earnings released: EPS: €0.21 (vs €0.21 in 2Q 2025)

New minor risk - Share price stability

Upcoming dividend of €0.50 per share

FYB: Confirmed 2025 And 2026 Revenue Guidance Will Support Bullish Outlook