Has the U.K. Healthcare Sector valuation changed over the past few years?

Investors are pessimistic on the British 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 21.2x which is lower than its 3-year average PE of 28.2x. The industry is trading close to its 3-year average PS ratio of 3.3x.

Which industries have driven the changes within the U.K. Healthcare sector?

Investors are most optimistic about the Healthtech industry which is trading above its 3-year average PE ratio. Analysts are expecting annual earnings growth of 28.7%, which is lower than the prior year's growth of 51.1% per year.

U.K. (FTSE) Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 19 May 2026	UK£345.6b	UK£103.1b	UK£16.2b	25.4x	21.4x	3.4x
Thu, 16 Apr 2026	UK£375.7b	UK£101.1b	UK£16.0b	23.2x	23.5x	3.7x
Sat, 14 Mar 2026	UK£366.6b	UK£102.4b	UK£16.2b	21.8x	22.6x	3.6x
Mon, 09 Feb 2026	UK£373.0b	UK£100.0b	UK£15.1b	27.5x	24.7x	3.7x
Wed, 07 Jan 2026	UK£357.9b	UK£100.0b	UK£15.0b	22.9x	23.9x	3.6x
Fri, 05 Dec 2025	UK£344.6b	UK£100.6b	UK£15.0b	23.3x	22.9x	3.4x
Sun, 02 Nov 2025	UK£329.0b	UK£100.2b	UK£14.3b	23.7x	23x	3.3x
Tue, 30 Sep 2025	UK£294.5b	UK£98.5b	UK£12.0b	26.8x	24.5x	3x
Thu, 28 Aug 2025	UK£312.3b	UK£100.7b	UK£12.0b	28.8x	26x	3.1x
Sat, 26 Jul 2025	UK£291.4b	UK£99.7b	UK£10.9b	31.5x	26.7x	2.9x
Mon, 23 Jun 2025	UK£283.0b	UK£97.2b	UK£10.8b	28.4x	26.3x	2.9x
Wed, 21 May 2025	UK£286.2b	UK£97.4b	UK£10.8b	29.9x	26.5x	2.9x
Fri, 18 Apr 2025	UK£273.4b	UK£97.2b	UK£9.7b	28.5x	28.3x	2.8x
Sun, 16 Mar 2025	UK£312.7b	UK£98.4b	UK£9.6b	26.6x	32.6x	3.2x
Tue, 11 Feb 2025	UK£307.1b	UK£100.3b	UK£9.4b	29x	32.6x	3.1x
Thu, 09 Jan 2025	UK£251.7b	UK£86.8b	UK£7.7b	31.5x	32.6x	2.9x
Sat, 07 Dec 2024	UK£250.0b	UK£85.3b	UK£7.6b	26.8x	33.1x	2.9x
Mon, 04 Nov 2024	UK£258.5b	UK£83.0b	UK£7.4b	26.3x	34.8x	3.1x
Wed, 02 Oct 2024	UK£277.0b	UK£81.7b	UK£8.8b	30.4x	31.5x	3.4x
Fri, 30 Aug 2024	UK£305.3b	UK£82.0b	UK£8.8b	34.4x	34.6x	3.7x
Sun, 28 Jul 2024	UK£284.1b	UK£82.3b	UK£9.4b	33.6x	30.2x	3.5x
Tue, 25 Jun 2024	UK£289.2b	UK£81.8b	UK£9.4b	30.4x	30.8x	3.5x
Thu, 23 May 2024	UK£295.7b	UK£81.7b	UK£9.4b	32.5x	31.5x	3.6x
Sat, 20 Apr 2024	UK£265.9b	UK£81.8b	UK£9.7b	29.2x	27.4x	3.3x
Mon, 18 Mar 2024	UK£260.2b	UK£80.6b	UK£9.6b	34.4x	27.2x	3.2x
Wed, 14 Feb 2024	UK£246.8b	UK£79.8b	UK£9.4b	37.4x	26.1x	3.1x
Fri, 12 Jan 2024	UK£277.6b	UK£83.8b	UK£10.6b	40.4x	26.1x	3.3x
Sun, 10 Dec 2023	UK£260.7b	UK£84.6b	UK£10.7b	40x	24.3x	3.1x
Tue, 07 Nov 2023	UK£263.6b	UK£85.5b	UK£10.9b	41.1x	24.1x	3.1x
Thu, 05 Oct 2023	UK£277.9b	UK£86.1b	UK£10.4b	39.9x	26.8x	3.2x
Sat, 02 Sep 2023	UK£272.1b	UK£84.4b	UK£10.2b	41.4x	26.7x	3.2x
Mon, 31 Jul 2023	UK£277.8b	UK£82.9b	UK£9.9b	42.1x	28.1x	3.4x
Wed, 28 Jun 2023	UK£281.6b	UK£82.5b	UK£7.9b	44.3x	35.8x	3.4x
Fri, 26 May 2023	UK£288.6b	UK£83.9b	UK£8.0b	48.4x	36.1x	3.4x


GB Market	-0.13%
Healthcare	1.79%
Healthcare Services	17.18%
Medical Equipment	3.23%
Life Sciences	2.98%
Pharma	1.67%
Biotech	-0.65%
Healthtech	-5.65%

Company	Last Price	7D	1Y	Valuation
AZN AstraZeneca	UK£137.10	1.5% +UK£3.2b	32.2%	PE27.5x
GSK GSK	UK£18.77	1.7% +UK£1.3b	34.4%	PE12.9x
HLN Haleon	UK£3.37	3.1% +UK£886.8m	-16.9%	PE17.9x
SN. Smith & Nephew	UK£11.22	4.5% +UK£414.2m	3.2%	PE20.6x
SPI Spire Healthcare Group	UK£2.22	49.8% +UK£295.6m	11.8%	PE54.2x

Announcement • 13h

Gsk plc Receives Expanded Approval in Japan for Adults Aged 18-59 At Increased Risk

GSK plc announced that Japan's Ministry of Health, Labour and Welfare (MHLW) has expanded the eligible population for Arexvy (Respiratory Syncytial Virus vaccine, [adjuvanted, recombinant]), to include adults aged 18 to 49 years at increased risk (AIR) for RSV disease. GSK's RSV vaccine was previously approved in Japan for the prevention of RSV disease in all adults aged 60 years and older, and for adults aged 50-59 AIR for RSV disease. The prescribing information for Arexvy has also been updated to explicitly include immuno-compromised (IC) patients as an increased risk group - helping clinicians to identify people who may benefit from RSV prevention. RSV is a common and contagious respiratory virus that can cause serious illness in adults, particularly those living with certain chronic conditions. RSV infection can cause major adverse cardiovascular events (MACE) including heart attack and stroke, trigger flare-ups of chronic obstructive pulmonary disease (COPD) and asthma and may result in severe illness, hospitalisation, and even death. More than 42 million adults in Japan are aged 18-49 and, while often considered at low risk of RSV, many in this group live with underlying chronic conditions. The approval was supported by data from a Phase IIIb trial (NCT06389487) demonstrating a non-inferior immune response in adults aged 18 to 49 years AIR for RSV disease compared to adults aged 60 years and above. Vaccine efficacy was demonstrated in the earlier Phase III trial (NCT04886596). The safety profile was consistent with findings from the broader Phase III programme that supported the initial approval with the most common adverse events being injection site pain, myalgia, fatigue, arthralgia and headache, which were largely transient and mild to moderate in intensity. The update to the prescribing information to include IC patients, accepted by Japan's Pharmaceuticals and Medical Devices Agency (PMDA), was supported by data from a Phase IIb trial (NCT05921903). GSK continues to advance regulatory submissions for its RSV vaccine across multiple geographies to expand availability and support disease prevention. Respiratory Syncytial Virus vaccine (adjuvanted) contains recombinant RSV glycoprotein F stabilised in the prefusion conformation (RSVPreF3). This antigen is combined with GSK's proprietary AS01E adjuvant before administration. The use of this vaccine should be in accordance with official recommendations. As with any vaccine, a protective immune response may not be elicited in all vaccinees. The vaccine has been approved for the prevention of RSV-LRTD in individuals 60 years of age and older in 70 countries. In addition, it is approved for use in individuals aged 50-59 years who are at increased risk due to certain underlying medical conditions in more than 60 countries. In the US it is also approved in adults aged 18-49 years at increased risk, and in the European Economic Area for all adults aged 18 years and older. The GSK proprietary AS01 adjuvant system contains STIMULON QS-21 adjuvant licensed from Antigenics LLC, a wholly owned subsidiary of Agenus Inc. STIMULON is a trademark of SaponiQx Inc., a subsidiary of Agenus. Please refer to the updated Product Information (PI) for precautions concerning indications, dosage and administration and safety information in Japan. NCT06389487 is a Phase IIIb, open-label multi-country immunogenicity trial to evaluate the non-inferiority of the immune response and evaluate safety in participants aged 18-49 at increased risk for lower respiratory tract disease (LRTD) caused by RSV (n=1,029), compared to participants aged 60 years and above (n=429) after a single dose of GSK's RSV vaccine. Of the 18-49 cohort, 426 were included in the immunogenicity analysis and 603 were assessed for safety only. A total of 1,458 participants were enrolled across 52 locations in six countries, including four sites in Japan. The trial's primary endpoints were RSV-A and RSV-B neutralisation titres expressed as mean geometric titre ratio (relative to older adults over adults at increased risk) and sero-response rate in RSV-A and RSV-B neutralising titres one month post vaccine administration. There were also safety and immunogenicity secondary and tertiary endpoints. NCT04886596 is a Phase III, randomised, placebo-controlled, observer-blind, multi-country trial to evaluate vaccine efficacy of a single dose, and annual revaccination doses of GSK's RSV vaccine, in preventing RSV-LRTD in adults aged 60 years and above. A total of 26,675 participants were enrolled across 277 locations in 17 countries, including 14 sites in Japan. The trial's primary endpoint was vaccine efficacy against RSV-LRTD after one RSV season following a single dose of the vaccine. There were also efficacy, safety and immunogenicity secondary and tertiary endpoints. NCT05921903 is a Phase IIb, open-label, multi-country, descriptive immunogenicity and safety trial in IC participants who were recipients of lung or kidney transplant, and aged 18 years and above at increased risk for severe lower respiratory tract disease (LRTD) caused by RSV (n=261). The trial compared one (n=131) versus two (n=130) doses of GSK's RSV vaccine in IC and AIR participants, and also compared to a control group of non-immunocompromised adults aged 50 and above receiving a single dose (n=125). A total of 386 participants were enrolled across 46 locations in eight countries, including eight sites in Japan. The trial's co-primary endpoints were RSV-A and RSV-B neutralisation titres following a first and a second dose of GSK's RSV vaccine, measured at approximatively one month (30-42 days) after the respective vaccination, expressed as mean geometric increase post dose two relative to post dose one. There were also safety and immunogenicity secondary and tertiary endpoints. The results demonstrated that a single dose of the vaccine showed a robust immune response in the study population. The safety profile was consistent with findings from the broader Phase III programme that supported the initial approval, with the most common adverse events being injection site pain, myalgia, fatigue, arthralgia and headache. RSV is a common contagious virus affecting the lungs and breathing passages and impacts an estimated 64 million people of all ages globally every year. Adults can be at increased risk for RSV disease due to certain comorbidities, immune compromised status, or advanced age. RSV can exacerbate certain conditions, including COPD, asthma, and chronic heart failure and can lead to severe outcomes, such as pneumonia, hospitalisation, and death. The true number of RSV-related cases is likely underestimated due to lack of routine testing.

Announcement • May 06

Convatec Showcases and Launches Advanced Wound Care Products and Technologies

Convatec, a medical products and technology company focused on chronic condition management, took to the stage to showcase the breadth, depth and momentum behind its Advanced Wound Care innovation pipeline at the European Wound Management Association (EWMA) 2026 conference in Bremen, Germany, from 6–8 May 2026. Convatec’s Advanced Wound Care innovation is supported by compelling new data from randomised controlled trials (RCTs) and real-world studies, with 13 abstracts accepted for publication and presentation at EWMA evaluating outcomes in hard-to-heal wounds across foam, multimodal, nitric oxide-generating dressings, antimicrobial technology and Wound Hygiene. Convatec has launched or secured approvals for five new wound care products since 2022, including: ConvaFoam™: Best-in-class multi-layer foam dressing designed to be repositionable on application to avoid wasted dressing changes. ConvaFoam™ is the only foam dressing that combines three technologies – Aquacel® Hydrofiber®, superabsorber fibers and ConvaTac™ silicone – to deliver superior exudate management with skin friendly adhesion for longer lasting wear time. ConvaNiox™: A solution, shaping a new category in the management of hard-to-heal wounds by combining an advanced dressing technology with a powerful antimicrobial and antibiofilm agent, nitric oxide. ConvaNiox™’s multimodal technology, MultiFusion™, supports the healing of 60% more diabetic foot ulcers (DFUs), with 3x faster wound area reduction compared to standard-of-care dressings. Aquacel™ ConvaFiber™: Next-generation, soft, sterile and conformable primary dressing with advanced Hydrofiber® technology resulting in 45% more absorbency (vs Aquacel® Extra™), designed to manage a broad range of acute and chronic wounds. ConvaMatrix™: Recently approved innovative, single use wound matrix - a unique porcine placental-derived technology designed to support the body's natural healing response in DFUs and venous leg ulcers (VLUs). It combines the structural benefits of the placenta with the reproducibility and safety profile of a medical device. ConvaVAC™: First and only Negative Pressure Wound Therapy (NPWT) system partnered with Aquacel® Hydrofiber® technology utilising a bacterial sequestration and autolytic debridement wound contact layer to control the bioburden whilst delivering NPWT to promote wound healing. This year’s EWMA programme also marks 30 years of Hydrofiber® technology, Convatec’s proprietary wound care platform that underpins the next generation of wound care innovation to help manage the burden of wound care. Almost 1,500,000,000 Aquacel® dressings have been sold worldwide leveraging the technology over the last three decades. As part of the scientific programme at EWMA 2026, Convatec will host a series of symposia to explore emerging evidence from across its Advanced Wound Care portfolio and discuss what it means for real-world clinical practice, including: 6 May 2026 from 16:00 – 17:00: Introducing ConvaNiox™: multimodal, nitric oxide-generating dressing. The session, chaired by Professor José Luis Lázaro-Martínez, University of Madrid, will explore emerging laboratory and clinical evidence, highlighting ConvaNiox™’s multimodal approach to support healing in diabetic foot ulcers. 7 May 2026 from 16:16 – 17:15: A year of healing with ConvaFoam™: Advancing wound care with a next-generation foam dressing. The session will focus on the published clinical data exploring ConvaFoam™’s mode of action in pressure injury prevention, including insights on complex cases from guest speaker Dr Przemyslaw Lipinski, ARGO Medical Centre. Title Lead presenter Session information (CEST) Aquacel® Ag+ Extra™ Enhanced silver dressing versus dialkylcarbamoyl chloride-coated dressing in venous leg ulcers: a blinded re-assessment of randomized controlled trial findings Rebecca Rodger Wednesday 6 May 17:35 - 17:43 Room 4B Enhanced silver dressing improves slough and debridement in venous leg ulcers: post hoc analysis of a randomised controlled trial Rebecca Rodger Thursday 07 May 13:33 – 13:37 E-Poster Screen 4 ConvaNiox™ Assessing the speed of antimicrobial activity of a nitric oxide-generating dressing against antibiotic-resistant wound pathogens Tilly Coleborn Wednesday 6 May 12:17 - 12:21 E-Poster Screen 2 Assessing the sustained antimicrobial activity of a nitric oxide-generating dressing using antibiotic-resistant wound pathogens in a repeated inoculation model Tilly Coleborn Wednesday 6 May 12:21 - 12:25 E-Poster Screen 2 A multimodal dressing NO-generating: An Option for Both Acute and Chronic Wounds Dr. Francesca Pasquali Wednesday 6 May 12:29 - 12:33 CEST E-Poster Screen 2 Effectiveness of a nitric oxide-generating dressing in patients with diabetic foot ulcers: preliminary data from a case series study Dr. Marco Meloni Thursday 7 May 13:20 - 13:25 E-Poster Screen 3 To assess real-world characteristics and short-term outcomes of diabetic foot ulcers (DFUs) managed with a multi-modal nitric oxide-generating medical device using a structured clinical follow-up case report form Natalia Maella-Rius Thursday 7 May 13:30 - 13:35 E-Poster Screen 3 ConvaFoam™ Performance and user satisfaction with a superabsorbent dressing: results from an international survey Janet MacKenzie Thursday 7 May 12:54 – 12:57 E-Poster Screen 2 Early outcomes of implementing a new multilayer foam dressing in an acute setting: Assessing clinical and financial impact through value-based procurement Rebecca Rodger Thursday 7 May 16:10 - 16:15 E-Poster Screen 4 ConvaMatrix™ The clinical performance of decellularized porcine placental extracellular matrix (PPECM) in hard-to-heal wounds at a single-center: a retrospective study Helen Hahn Wednesday 6 May 00:00 - 00:00 E-poster browsing stations for display Real-world use of porcine placental extracellular matrix (PPECM) in hard-to-heal wounds: retrospective, multicenter analysis Helen Hahn Wednesday 6 May 00:00 - 00:00 E-poster browsing stations for display Real world data Hospital-to-home transition and care coordination in wound management: cost-effectiveness evaluation in a Brazilian specialized service Michele Rocha Thursday 7 May 10:36 - 10:39 E-Poster Screen 4 Therapeutic success indicators in hard-to-heal wounds: effectiveness of a specialized ambulatory care model Michele Rocha Thursday 7 May 16:30 - 16:35 E-Poster Screen 4.

U.K. (FTSE) Healthcare Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Advanced Medical Solutions Group plc, Annual General Meeting, Jun 17, 2026

Gsk plc Receives Expanded Approval in Japan for Adults Aged 18-59 At Increased Risk

Astrazeneca and Daiichi Sankyo Receive Us Approval for Enhertu for Two New Indications in Her2-Positive Early Breast Cancer

Spire Healthcare Group plc Confirms Earnings Guidance for the Year 2026

Consensus EPS estimates increase by 42%

Avacta Group Plc to Report Fiscal Year 2025 Results on May 19, 2026

HCM: Late-Stage Hematology Pipeline Progress Will Drive Future Re-Rating Potential

New minor risk - Share price stability

SN.: Buybacks And New Medical Offerings Will Support Future Upside Potential

HLN: Cash Returns And China Expansion Will Support Future Premium Re Rating

Convatec Showcases and Launches Advanced Wound Care Products and Technologies

Full year 2025 earnings: EPS misses analyst expectations

IDHC: Higher Margin Outlook And Dividend Proposal Will Support Re Rating

OXB: Future Cash Generation And Execution Risks Will Shape Balanced Outlook

First half 2026 earnings released: UK£0.004 loss per share (vs UK£0.002 loss in 1H 2025)

Co-Founder exercised options to buy UK£432k worth of stock.