Has the U.K. Biotech Industry valuation changed over the past few years?

Investors are relatively neutral on the British Biotechs 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 PS ratio of 3.7x.

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

There are no additional sub-industries under this industry.

U.K. (FTSE) Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 15 Jul 2026	UK£3.2b	UK£895.1m	-UK£152,772,239.68	18.4x	-21.2x	3.6x
Fri, 12 Jun 2026	UK£3.3b	UK£893.6m	-UK£152,889,035.80	18.6x	-21.3x	3.6x
Sun, 10 May 2026	UK£3.1b	UK£888.4m	-UK£111,894,338.90	19.3x	-27.5x	3.5x
Tue, 07 Apr 2026	UK£3.1b	UK£893.2m	UK£3.1m	9.2x	991.1x	3.5x
Thu, 05 Mar 2026	UK£3.3b	UK£875.5m	-UK£4,343,657.42	9.2x	-769.8x	3.8x
Sat, 31 Jan 2026	UK£3.9b	UK£876.0m	-UK£29,051,336.24	10.7x	-133.8x	4.4x
Mon, 29 Dec 2025	UK£3.2b	UK£896.6m	-UK£29,559,137.50	10.3x	-107.9x	3.6x
Wed, 26 Nov 2025	UK£3.1b	UK£895.5m	-UK£30,598,986.59	10.9x	-102.3x	3.5x
Fri, 24 Oct 2025	UK£3.2b	UK£878.9m	-UK£44,291,542.75	15.5x	-72.8x	3.7x
Sun, 21 Sep 2025	UK£3.4b	UK£857.6m	-UK£83,268,050.87	16.2x	-40.5x	3.9x
Tue, 19 Aug 2025	UK£3.3b	UK£854.5m	-UK£103,344,301.62	11.8x	-31.7x	3.8x
Thu, 17 Jul 2025	UK£2.9b	UK£854.7m	-UK£103,116,156.74	13.2x	-27.7x	3.3x
Sat, 14 Jun 2025	UK£2.6b	UK£857.1m	-UK£104,134,043.00	13.4x	-24.7x	3x
Mon, 12 May 2025	UK£2.4b	UK£879.5m	-UK£95,247,877.41	13.2x	-25.6x	2.8x
Wed, 09 Apr 2025	UK£2.1b	UK£846.0m	-UK£278,164,407.54	16.9x	-7.6x	2.5x
Fri, 07 Mar 2025	UK£2.4b	UK£843.8m	-UK£278,233,935.93	17.7x	-8.6x	2.8x
Sun, 02 Feb 2025	UK£2.8b	UK£842.2m	-UK£295,621,545.33	90.8x	-9.5x	3.3x
Tue, 31 Dec 2024	UK£2.6b	UK£841.9m	-UK£294,754,422.16	73.8x	-8.7x	3x
Thu, 28 Nov 2024	UK£2.7b	UK£840.9m	-UK£294,209,571.45	82.8x	-9.2x	3.2x
Sat, 26 Oct 2024	UK£3.0b	UK£840.2m	-UK£291,904,347.85	96.8x	-10.2x	3.5x
Mon, 23 Sep 2024	UK£2.8b	UK£831.9m	-UK£310,148,019.90	88.2x	-8.9x	3.3x
Wed, 21 Aug 2024	UK£2.6b	UK£836.8m	-UK£250,916,418.64	30x	-10.4x	3.1x
Fri, 19 Jul 2024	UK£2.6b	UK£837.8m	-UK£256,851,141.04	29.2x	-10x	3.1x
Sun, 16 Jun 2024	UK£2.6b	UK£835.7m	-UK£273,377,481.57	29.4x	-9.6x	3.1x
Tue, 14 May 2024	UK£3.0b	UK£835.9m	-UK£289,714,063.92	31.5x	-10.2x	3.5x
Thu, 11 Apr 2024	UK£3.1b	UK£902.6m	-UK£201,276,403.55	29.3x	-15.4x	3.4x
Sat, 09 Mar 2024	UK£3.1b	UK£897.4m	-UK£203,115,454.35	34.5x	-15.4x	3.5x
Mon, 05 Feb 2024	UK£6.4b	UK£1.3b	-UK£245,773,262.00	37.4x	-25.9x	5x
Wed, 03 Jan 2024	UK£6.4b	UK£1.3b	-UK£245,596,681.00	37.9x	-25.9x	5x
Fri, 01 Dec 2023	UK£6.1b	UK£1.3b	-UK£245,729,150.00	35.9x	-25x	4.8x
Sun, 29 Oct 2023	UK£6.4b	UK£1.3b	-UK£253,173,371.00	36.9x	-25.1x	5x
Tue, 26 Sep 2023	UK£6.5b	UK£1.3b	-UK£223,454,243.00	23.9x	-29.3x	5.2x
Thu, 24 Aug 2023	UK£6.6b	UK£1.3b	-UK£207,970,584.00	23.6x	-31.8x	5.3x
Sat, 22 Jul 2023	UK£6.9b	UK£1.3b	-UK£208,450,371.00	23.9x	-33.3x	5.5x


GB Market	-0.95%
Healthcare	-9.75%
Biotech	3.06%
Biotech	3.06%

Company	Last Price	7D	1Y	Valuation
OXB Oxford Biomedica	UK£6.49	8.5% +UK£61.7m	79.0%	PS4.7x
GNS Genus	UK£21.10	2.4% +UK£33.5m	-12.4%	PE29.7x
PRTC PureTech Health	UK£1.26	5.5% +UK£16.1m	-5.8%	PS87.9x
FARN Faron Pharmaceuticals Oy	UK£0.42	2.4% +UK£2.2m	-79.8%	PE-4.1x
SVNS Solvonis Therapeutics	UK£0.0017	3.0% +UK£340.3k	-52.8%	PB1.9x

Announcement • Jul 13

Faron Pharmaceuticals Oy Provides Update on Investigator-Initiated Trial Portfolio for Bexmarilimab

Faron Pharmaceuticals Oy provided an update on its portfolio of Investigator-Initiated Trials (IITs) evaluating bexmarilimab, its wholly owned anti-Clever-1 immunotherapy, in multiple oncology indications. The update covers five IITs in solid tumors and hematological malignancies, reflecting both advances and adjustments across the program. The investigators of the BLAZE IIT, led by The Institute of Cancer Research (ICR) and conducted at The Royal Marsden NHS Foundation Trust in London, UK, as well as other UK hospitals, have updated the trial’s anti-PD-1 combination drug to nivolumab (Opdivo®), a fully approved, globally used standard-of-care anti-PD-1 inhibitor. The trial has received the necessary regulatory and ethical approvals and is advancing towards first patient enrolment. The BLAZE trial is a Phase 1/2 evaluating bexmarilimab in combination with nivolumab in patients with metastatic non-small cell lung cancer (NSCLC) or melanoma who have developed resistance to prior anti-PD-1-based immunotherapy. The trial investigates a sequential approach: patients first receive a run-in dose of bexmarilimab to reprogram the immunosuppressive tumor microenvironment, followed by the combination of bexmarilimab and nivolumab, with the aim of resensitizing tumors to checkpoint inhibition. Using nivolumab as the combination backbone is scientifically meaningful, because its efficacy is well characterized. Therefore, clinical activity observed in the combination treatment can be better understood. The BEXAR trial has received the necessary regulatory and ethical approvals and is advancing towards first patient recruitment. BEXAR is a randomized Phase 1b/2 IIT sponsored by MEDSIR and conducted at six Spanish hospitals and led by Dr. Cesar Serrano at the University Hospital Vall d'Hebron in Barcelona, Spain. The trial evaluates bexmarilimab in combination with standard-of-care doxorubicin in patients with first-line metastatic soft-tissue sarcoma. The expression of bexmarilimab’s target, Clever-1, in soft-tissue sarcomas is among the highest observed across tumor types, providing a strong biological rationale for the use of bexmarilimab in this setting. Additionally, bexmarilimab's observed effects on hematopoiesis in the bone marrow may help offset the myelosuppressive effects of doxorubicin. The trial design includes exploratory endpoints to further evaluate this hypothesis in the sarcoma setting. The FINPROVE trial is an ongoing national, investigator-initiated precision medicine study sponsored by Helsinki University Hospital, designed to evaluate targeted treatment approaches across multiple tumor types. Following a regulatory review by the Finnish Medicines Agency (Fimea), the proposed bexmarilimab cohort was considered incompatible with the FINPROVE platform trial, which focuses primarily on marketed therapies with established and approved patient selection strategies. This outcome does not impact Faron’s broader development program for bexmarilimab. Two further IITs continue to advance through active protocol development and regulatory submission preparations. The BEAM-X trial, led by the Nordic AML Group, will evaluate bexmarilimab in patients with measurable residual disease-positive acute myeloid leukemia (AML) following allogeneic stem cell transplantation. In parallel, the IIT sponsored by City of Hope National Medical Center in the United States, is planned to evaluate bexmarilimab and orally administered decitabine-cedazuridine (Inqovi®) in relapsed or refractory myelodysplastic syndromes (r/r MDS). Further updates on both IITs will be provided in due course. Bexmarilimab is Faron’s wholly owned, investigational immunotherapy designed to overcome resistance to existing treatments and optimize clinical outcomes, by targeting myeloid cell function and igniting the immune system. Bexmarilimab binds to Clever-1, an immunosuppressive receptor found on macrophages leading to tumor growth and metastases (i.e. helps cancer evade the immune system). By targeting the Clever-1 receptor on macrophages, bexmarilimab alters the tumor microenvironment, reprogramming macrophages from an immunosuppressive (M2) state to an immunostimulatory (M1) one, upregulating interferon production and priming the immune system to attack tumors and sensitizing cancer cells to standard of care.

Announcement • Jun 22

Solvonis Therapeutics Announces Positive Bridging Data Supporting Planned U.S. 505(b)(2) Pathway Towards Phase 2b Clinical Trial of SVN-002

Solvonis Therapeutics plc announced positive pharmacokinetic (PK) data from the preclinical bridging study for its SVN-002 development programme. SVN-002 is Solvonis' proprietary esketamine oral thin-film (OTF) formulation being developed for moderate-to-severe Alcohol Use Disorder (AUD) in the United States. It is designed for supervised, clinic-administered sublingual-buccal dosing. The programme also incorporates a structured alcohol education component, intended for future remote digital access by patients. The programme is being advanced under a planned U.S. Food and Drug Administration (FDA) 505(b)(2) regulatory pathway referencing the FDA-approved intranasal esketamine product, Spravato®. The nonclinical study was designed to assess whether the intended combined sublingual-buccal administration of SVN-002 could generate systemic esketamine exposure supportive of a scientific bridge to the approved intranasal esketamine reference product. At the same nominal dose level, combined sublingual-buccal administration of SVN-002 produced rapid systemic exposure to parent esketamine. Exposure levels for parent esketamine and the key measured metabolites, noresketamine and hydroxynoresketamine, were within the range observed for the intranasal esketamine comparator arm, providing important translational support for the planned scientific bridge. At the December 2024 Type B pre-IND meeting held with the FDA by Awakn Life Sciences, prior to the asset's acquisition by Solvonis, FDA identified systemic exposure to esketamine and relevant metabolite exposure as key considerations for the initial Investigational New Drug (IND) package. Solvonis believes these newly generated data provide important translational support in relation to the FDA-identified exposure considerations and strengthen the planned initial IND package for SVN-002. Following these positive results, Solvonis will seek further FDA feedback on the scope and scale of the remaining nonclinical toxicology work required for the initial IND submission. Subject to FDA feedback and successful completion of this targeted toxicology package, Solvonis plans to submit an IND to support the initiation of a Phase 2b clinical trial of SVN-002 in patients with moderate-to-severe AUD in the United States. AUD represents a major and underserved U.S. market opportunity characterised by limited pharmacological innovation. According to the 2024 U.S. National Survey on Drug Use and Health, approximately 27,900,000 people aged 12 and older in the U.S. had Alcohol Use Disorder in the past year. Solvonis estimates that approximately 15,000,000 U.S. adults fall within the programme's target moderate-to-severe AUD population. Spravato® provides a relevant commercial reference point for supervised, clinic-administered esketamine treatment models. Johnson & Johnson reported worldwide Spravato® sales of approximately USD 1,700 million in 2025 for depression-related indications. Solvonis estimates that SVN-002's target U.S. moderate-to-severe AUD population is approximately five times larger than the estimated U.S. treatment-resistant depression comparator population of approximately 2,800,000 people. The planned 505(b)(2) pathway is central to the capital efficiency of the SVN-002 development strategy. A successful 505(b)(2) route may allow Solvonis to rely, in part, on the FDA's prior findings of safety and/or effectiveness for the approved intranasal esketamine reference product, provided a suitable scientific bridge is established. Solvonis intends to build the SVN-002 package using existing third-party preclinical data, in-licensed Phase 1 clinical data, and targeted SVN-002 bridging and toxicology studies, rather than duplicating a full conventional de novo development package. The Company believes this approach has the potential to reduce development expenditure and support a more capital-efficient route towards Phase 2b. The pharmacokinetic profile observed in this study is very encouraging. Combined sublingual-buccal administration produced rapid systemic exposure to parent esketamine and supports the core rationale for SVN-002 as a transmucosal thin-film product. These results provide important translational evidence for the planned U.S. regulatory pathway and support SVN-002's continued development as a supervised, clinic-administered treatment candidate for AUD.

U.K. (FTSE) Biotech Industry Analysis

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