French (CAC) Biotech Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 11 Aug 2026	€12.3b	€496.3m	-€883,663,889.48	16.9x	-13.9x	24.7x
Thu, 09 Jul 2026	€13.2b	€507.8m	-€880,085,701.67	17.5x	-15x	26x
Sat, 06 Jun 2026	€9.6b	€494.5m	-€856,171,831.88	18.8x	-11.2x	19.4x
Mon, 04 May 2026	€10.6b	€498.5m	-€820,659,750.32	16x	-12.9x	21.2x
Wed, 01 Apr 2026	€10.6b	€547.5m	-€860,337,145.60	13x	-12.3x	19.3x
Fri, 27 Feb 2026	€11.6b	€559.5m	-€763,231,869.61	13.7x	-15.2x	20.7x
Sun, 25 Jan 2026	€11.8b	€559.4m	-€763,077,440.62	13.9x	-15.4x	21x
Tue, 23 Dec 2025	€11.7b	€641.4m	-€693,711,279.33	10.1x	-16.8x	18.2x
Thu, 20 Nov 2025	€2.5b	€653.8m	-€396,755,805.33	10.1x	-6.3x	3.8x
Sat, 18 Oct 2025	€2.6b	€645.0m	-€428,305,565.01	9.9x	-6x	4x
Mon, 15 Sep 2025	€2.4b	€681.5m	-€467,188,303.16	14.1x	-5.2x	3.6x
Wed, 13 Aug 2025	€2.4b	€663.7m	-€458,999,733.36	15.3x	-5.1x	3.6x
Fri, 11 Jul 2025	€1.9b	€655.4m	-€451,572,124.85	16.4x	-4.3x	3x
Sun, 08 Jun 2025	€2.1b	€667.9m	-€498,616,348.87	17.2x	-4.1x	3.1x
Tue, 06 May 2025	€2.5b	€653.6m	-€594,136,534.48	39.4x	-4.3x	3.9x
Thu, 03 Apr 2025	€2.3b	€658.6m	-€556,895,313.67	14.4x	-4.1x	3.5x
Sat, 01 Mar 2025	€2.5b	€650.3m	-€527,031,251.38	16.6x	-4.8x	3.9x
Mon, 27 Jan 2025	€2.3b	€649.5m	-€524,791,372.04	15.1x	-4.4x	3.5x
Wed, 25 Dec 2024	€2.3b	€654.9m	-€550,371,647.94	17.3x	-4.2x	3.5x
Fri, 22 Nov 2024	€2.4b	€656.0m	-€551,996,023.25	18x	-4.4x	3.7x
Sun, 20 Oct 2024	€2.8b	€627.7m	-€512,418,851.19	19.3x	-5.5x	4.5x
Tue, 17 Sep 2024	€3.0b	€496.9m	-€635,664,139.77	36.4x	-4.7x	6x
Thu, 15 Aug 2024	€3.0b	€514.7m	-€580,457,992.50	37x	-5.2x	5.9x
Sat, 13 Jul 2024	€3.0b	€511.7m	-€566,118,402.03	26.9x	-5.3x	5.9x
Mon, 10 Jun 2024	€3.4b	€509.7m	-€565,066,208.67	28.9x	-6x	6.7x
Wed, 08 May 2024	€3.2b	€504.3m	-€664,908,101.23	27.9x	-4.9x	6.4x
Fri, 05 Apr 2024	€3.2b	€502.6m	-€572,820,380.38	22.1x	-5.6x	6.4x
Sun, 03 Mar 2024	€3.1b	€558.7m	-€673,952,607.81	21.6x	-4.6x	5.5x
Tue, 30 Jan 2024	€3.2b	€594.6m	-€685,224,170.00	21.4x	-4.6x	5.3x
Thu, 28 Dec 2023	€3.2b	€593.8m	-€680,641,667.00	23.2x	-4.8x	5.5x
Sat, 25 Nov 2023	€3.2b	€594.2m	-€683,199,139.00	22.5x	-4.7x	5.4x
Mon, 23 Oct 2023	€3.0b	€806.6m	-€591,748,889.00	20.3x	-5.1x	3.7x
Wed, 20 Sep 2023	€3.7b	€812.6m	-€733,385,084.00	23.8x	-5.1x	4.6x
Fri, 18 Aug 2023	€3.7b	€818.2m	-€726,423,621.00	23.6x	-5x	4.5x

Current Industry PE

Investors are optimistic on the French Biotechs industry, and appear confident in long term growth rates.

The 3-year average PS ratio of 8.1x is lower than the industry's current PS ratio of 25.1x.

Past Earnings Growth

The earnings for companies in the Biotechs industry have deteriorated over the last three years.
Revenues have also declined 15% per year.
This means overall sales from these companies are declining and losses are subsequently expanding as well.

Industry Trends

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


FR Market	1.17%
Healthcare	1.77%
Biotech	3.28%
Biotech	3.28%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

Company	Last Price	7D	1Y	Valuation
ABVX ABIVAX Société Anonyme	€111.10	3.5% +€327.6m	83.0%	PS1946.5x
IVA Inventiva	€4.15	9.5% +€85.1m	41.6%	PS145x
DBV DBV Technologies	€2.45	5.6% +€38.5m	41.1%	PS166.2x
IPH Innate Pharma	€1.83	19.9% +€28.6m	0.7%	PS19.1x
VLA Valneva	€2.33	6.6% +€27.5m	-36.0%	PS2.8x

NFL Biosciences Submits Application For Authorization Of The Phase 2 Tonic Clinical Trial Evaluating NFL-102 In Smoking Cessation

NFL Biosciences submitted an application to the French National Agency for Medicines and Health Products Safety (ANSM) and the Committee for the Protection of Human Subjects (CPP) for authorization of its TONIC clinical trial, the first study to evaluate NFL-102 in smokers seeking to quit smoking permanently. This Phase 2, multicenter, randomized, double-blind, placebo-controlled study will include 310 smokers recruited from about ten centers in France. Its objective is to confirm the safety of NFL-102, determine its optimal dose, and evaluate its efficacy in achieving sustained smoking abstinence for four weeks between days 15 and 43, as confirmed by urinary cotinine levels. The follow-up period, limited to 43 days, allows for a shorter study while still evaluating an established efficacy endpoint. This decision is also based on the results of the CESTO2 study, which showed that sustained abstinence at four weeks was a good predictor of long-term abstinence. The TONIC study is based on an adaptive design that allows for the gradual identification of the most effective dose during the study. It will begin by comparing three doses of NFL-102 to placebo. After the first 40 participants are enrolled, an initial dose will be eliminated based on safety and efficacy data analyzed by an Independent Data Monitoring Committee (IDMC). After enrolling an additional 150 participants (50 per arm, randomized between the two selected dose arms and placebo), an interim analysis conducted by the IDMC will be used to select the most effective dose. The study will then continue exclusively with this selected dose compared to placebo, with the enrollment of an additional 120 participants (60 per arm, randomized between the selected dose and placebo). At the conclusion of the study, the final comparison will include 110 participants who received the selected dose and 110 participants who received placebo, providing the statistical power necessary to assess sustained abstinence over 4 weeks. The protocol submitted represents a significant optimization compared to the design presented in January 2026. The initial protocol called for the enrollment of 450 participants, with a final comparison involving 90 participants per arm for each dose and the placebo. The new design reduces the total enrollment to 310 participants, while increasing the final comparison to 110 participants per arm between the selected dose and the placebo. This change allows for a gradual focus of resources on the most promising dose, limits participants’ exposure to the doses not selected, and improves the statistical robustness of the primary analysis, all while reducing the total number of participants. Subject to obtaining the required regulatory authorizations, the TONIC study is expected to begin in the second half of 2026 and run for approximately one year. An initial analysis of data from the first 40 patients will be conducted by the IDMC to identify the two most promising doses of NFL-102 based on their benefit-risk profile. A second analysis by the IDMC will then be conducted after the enrollment of an additional 150 participants to select the final dose. The study will then continue with the enrollment of 120 additional patients, randomized to receive either this dose or a placebo, to confirm its efficacy and safety. Each decision made by the IDMC will be announced. The first 40 participants will be enrolled at the Eurofins Optimed clinical center in Grenoble (France). The next 270 participants will be enrolled at approximately ten clinical centers in France. Seven have already been selected: La Pitié-Salpêtrière Hospital in Paris, Lyon Sud Hospital (HCL), Infirmerie Protestante in Lyon, Louis Pasteur Hospital in Chartres, Eurofins Optimed in Grenoble, the Clinical Investigation Center (CIC) at Limoges University Hospital, and the CIC at Rouen University Hospital. Three additional centers will be selected shortly. Operational management and coordination of the study will be handled by the Lyon-based CRO RCTs, under the supervision of NFL Biosciences.

French (CAC) Biotech Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Forecast to breakeven in 2027

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Price target decreased by 8.3% to €1.14

Abivax Announces Positive Pre-NDA Interaction With FDA For Obefazimod

Pediatric Peanut Allergy Treatment Pipeline Will Support A Long-Term Bullish Thesis

NFL Biosciences Submits Application For Authorization Of The Phase 2 Tonic Clinical Trial Evaluating NFL-102 In Smoking Cessation

Investor sentiment deteriorates as stock falls 28%

Consensus revenue estimates increase by 24%

Valerio Therapeutics Enters into Binding Term-Sheet with Abivax for Exclusive Global Research and Development Collaboration and Provides Pipeline Update

VLA: Travel Vaccine Headwinds Will Set Up Future Repricing Potential

GENFIT Reports Positive Phase 1B Data for GNS561 in Combination Therapy in Heavily Pretreated Patients with Cholangiocarcinoma

Novacyt S.A., Annual General Meeting, Jun 30, 2026

IntegraGen SA, Annual General Meeting, May 13, 2026

Biophytis S.A. announced delayed 20-F filing