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

Investors are pessimistic on the British Pharmaceuticals 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 20.9x which is lower than its 3-year average PE of 25.4x. The industry is trading close to its 3-year average PS ratio of 3.4x.

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

There are no additional sub-industries under this industry.

U.K. (FTSE) Pharma Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 28 May 2026	UK£331.1b	UK£92.0b	UK£15.8b	18.4x	20.9x	3.6x
Sat, 25 Apr 2026	UK£334.5b	UK£90.2b	UK£15.5b	19x	21.6x	3.7x
Mon, 23 Mar 2026	UK£331.8b	UK£90.8b	UK£15.7b	21.4x	21.2x	3.7x
Wed, 18 Feb 2026	UK£372.8b	UK£90.1b	UK£15.4b	24.1x	24.2x	4.1x
Fri, 16 Jan 2026	UK£329.7b	UK£89.6b	UK£14.6b	21.2x	22.5x	3.7x
Sun, 14 Dec 2025	UK£319.1b	UK£89.7b	UK£14.6b	21x	21.8x	3.6x
Tue, 11 Nov 2025	UK£312.8b	UK£90.4b	UK£14.8b	21.2x	21.2x	3.5x
Thu, 09 Oct 2025	UK£300.7b	UK£87.8b	UK£11.7b	20x	25.6x	3.4x
Sat, 06 Sep 2025	UK£285.8b	UK£87.5b	UK£11.7b	22x	24.4x	3.3x
Mon, 04 Aug 2025	UK£268.3b	UK£88.3b	UK£11.5b	28.5x	23.4x	3x
Wed, 02 Jul 2025	UK£253.5b	UK£85.7b	UK£10.5b	25.5x	24.1x	3x
Fri, 30 May 2025	UK£264.5b	UK£86.5b	UK£10.6b	27x	24.9x	3.1x
Sun, 27 Apr 2025	UK£258.4b	UK£86.4b	UK£9.6b	27.1x	27x	3x
Tue, 25 Mar 2025	UK£280.3b	UK£87.8b	UK£9.7b	32.6x	29x	3.2x
Thu, 20 Feb 2025	UK£285.0b	UK£88.8b	UK£9.5b	31x	30.2x	3.2x
Sat, 18 Jan 2025	UK£232.8b	UK£76.7b	UK£7.9b	31.8x	29.3x	3x
Mon, 16 Dec 2024	UK£223.9b	UK£75.2b	UK£7.8b	31.5x	28.9x	3x
Wed, 13 Nov 2024	UK£218.1b	UK£73.1b	UK£7.7b	30.7x	28.5x	3x
Fri, 11 Oct 2024	UK£251.5b	UK£72.3b	UK£9.0b	31.1x	27.8x	3.5x
Sun, 08 Sep 2024	UK£271.0b	UK£72.0b	UK£9.0b	40x	30.1x	3.8x
Tue, 06 Aug 2024	UK£263.7b	UK£73.1b	UK£9.0b	38.3x	29.2x	3.6x
Thu, 04 Jul 2024	UK£255.0b	UK£71.4b	UK£9.5b	29.6x	26.8x	3.6x
Sat, 01 Jun 2024	UK£268.8b	UK£71.4b	UK£9.6b	31.8x	28.1x	3.8x
Mon, 29 Apr 2024	UK£261.0b	UK£71.8b	UK£10.1b	30.7x	26x	3.6x
Wed, 27 Mar 2024	UK£240.6b	UK£70.8b	UK£9.8b	31.3x	24.6x	3.4x
Fri, 23 Feb 2024	UK£230.8b	UK£69.6b	UK£9.6b	36.5x	24x	3.3x
Sun, 21 Jan 2024	UK£238.0b	UK£68.9b	UK£10.7b	36.2x	22.3x	3.5x
Tue, 19 Dec 2023	UK£227.4b	UK£69.1b	UK£10.7b	34.4x	21.3x	3.3x
Thu, 16 Nov 2023	UK£224.4b	UK£69.8b	UK£10.8b	53.3x	20.8x	3.2x
Sat, 14 Oct 2023	UK£245.7b	UK£70.8b	UK£10.4b	56.6x	23.7x	3.5x
Mon, 11 Sep 2023	UK£241.0b	UK£69.8b	UK£10.3b	53.5x	23.5x	3.5x
Wed, 09 Aug 2023	UK£240.9b	UK£68.9b	UK£10.2b	52.8x	23.7x	3.5x
Fri, 07 Jul 2023	UK£227.6b	UK£67.7b	UK£7.9b	52.7x	28.9x	3.4x
Sun, 04 Jun 2023	UK£250.5b	UK£68.6b	UK£8.0b	55.5x	31.4x	3.7x


GB Market	0.93%
Healthcare	0.83%
Pharma	0.93%
Pharma	0.93%

Company	Last Price	7D	1Y	Valuation
GSK GSK	UK£19.18	0.2% +UK£139.7m	31.7%	PE13.1x
HIK Hikma Pharmaceuticals	UK£14.77	0.7% +UK£21.5m	-30.7%	PE10.6x
POLB Poolbeg Pharma	UK£0.056	13.1% +UK£4.6m	77.8%	PB4.6x
SAR Sareum Holdings	UK£0.24	14.3% +UK£4.2m	60.0%	PB27.9x

Announcement • 5h

GSK PLC Reports Positive Phase 3 Data For Bepirovirsen In Chronic Hepatitis B

GSK plc announced positive pivotal data for bepirovirsen, its investigational antisense oligonucleotide (ASO) for the treatment of chronic hepatitis B (CHB). Results from the two phase III trials, B-Well 1 [NCT05630807] and B-Well 2 [NCT05630820], were simultaneously published in the New England Journal of Medicine and presented at the European Association for the Study of the Liver congress. Pooled data from both trials showed that 6-month treatment with bepirovirsen achieved a statistically significant and clinically meaningful 19% functional cure response rate (233 of 1,220 vs. 0 of 614 in the placebo group, with p<0.001 in both trials) in the overall study population (adults with =3,000 IU/ml hepatitis B surface antigen (HBsAg) level), meeting the primary endpoints. In a key secondary endpoint, a functional cure rate of 26% (200 of 768 vs. 0 of 393 in the placebo group, with p<0.001 in both trials) was achieved in participants with =1,000 IU/ml HBsAg level, a group that represents approximately 45% of diagnosed CHB cases globally. The current standard of care typically requires lifelong therapy, with functional cure rates achieved in less than 1% of patients. Functional cure occurs when the hepatitis B virus (HBV) DNA and HBsAg are undetectable in the blood for at least 6 months after stopping all treatment. A loss in HBsAg is also associated with an 89% reduction in risk of liver cancer and a 62% reduction in risk of all-cause mortality. In an exploratory analysis, 49% of bepirovirsen recipients achieved a quantitative hepatitis B surface antigen (qHBsAg) of =100 IU/mL one year after the end of treatment. Medical literature has linked this level of low surface antigen with increased immune control and improved patient outcomes. 23% of all bepirovirsen recipients (283 of 1,220 vs 0 of 614 in the placebo group; p<0.001 in both trials) and 31% of bepirovirsen recipients with baseline HBsAg =1,000 IU/mL (237 of 768 vs 0 of 393 in the placebo group; p<0.001 in both trials) achieved a sustained HBV DNA lower limit of quantification (<LLOQ) at week 72 after stopping all treatment at week 48 in a key secondary endpoint. The trials showed an acceptable safety and tolerability profile consistent with other studies of bepirovirsen. The three most frequently observed adverse events were injection site erythema, local pain and temporary rise in the blood level of a liver enzyme. Efforts around testing, diagnosis and treatment of CHB are increasingly underway in multiple geographies, including China and the US, with clinical guidelines striving for functional cure as a treatment goal. Results from the two trials are summarised in Table 1. Table 1: Functional cure rate at Week 72 in B-Well 1 and B-Well 2 by patient segment Endpoint Patients with baseline HBsAg = 3,000 U/mL Patients with baseline HBsAg = 1,000 IU/mL FC response rate at Week 72, 6 months after discontinuing all treatments Primary confirmatory endpoint 19% vs. 0% (placebo) 233 of 1,220 vs. 0 of 614 B-Well 1: 20% vs. 0% [127 of 650 vs. 0 of 328] B-Well 2: 19% vs. 0% [106 of 570 vs. 0 of 286] Ranked secondary endpoint 26% vs. 0% (placebo) 200 of 768 vs. 0 of 393 B-Well 1: 25% vs. 0% [105 of 426 vs. 0 of 214] B-Well 2: 28% vs. 0% [95 of 342 vs. 0 of 179] Bepirovirsen is currently under priority review by the US Food and Drug Administration (FDA) with both Breakthrough and Fast Track Designation. It is also under review by regulatory authorities in Europe, Japan with SENKU designation and China with Breakthrough Therapy and Priority Review designation. GSK anticipates the first regulatory decisions in Third Quarter 2026 and launch preparations are underway. In May 2026, GSK entered a strategic collaboration with Sino Biopharmaceutical that aims to accelerate patient access to bepirovirsen at launch in China. The B-Well 1 and B-Well 2 trials are global multi-centre, randomised, double-blind, placebo-controlled trials conducted in 29 countries. They assessed the efficacy, safety, pharmacokinetic profile, and durability of functional cure in nucleos(t)ide analogue-treated adult participants with chronic hepatitis B and baseline surface antigen (HBsAg) =3,000 IU/ml. The primary endpoint assessed the proportion of participants achieving functional cure in patients with baseline HBsAg =3,000 IU/ml. A key ranked secondary endpoint evaluated functional cure in participants with baseline HBsAg =1,000 IU/ml. Functional cure is defined as HBsAg being undetectable in the blood for at least 24 weeks after stopping all treatment, indicating that the disease is controlled by the immune system without medication. Hepatitis B is a viral infection that can cause both acute and chronic liver disease. Chronic hepatitis B occurs when the immune system is unable to clear the virus, resulting in long-lasting infection that affects more than 240 million people worldwide, including 1.7 million people in the United States and 75 million in China. The disease causes approximately 1.1 million deaths each year, and accounts for approximately 56% of liver cancer cases globally. Currently, many patients often require lifelong antiviral therapy for viral suppression, making functional cure a critical goal in disease management. Bepirovirsen is an investigational antisense oligonucleotide (ASO) designed to recognize and inhibit the production of the genetic components (i.e. RNA) of the hepatitis B virus that can lead to chronic disease, potentially allowing a person's immune system to regain control. Bepirovirsen reduces the production of RNA and viral proteins associated with HBV, suppresses the level of hepatitis B surface antigen (HBsAg) in the blood, and stimulates the immune system to increase the chances of a durable and sustained response. GSK licensed bepirovirsen from Ionis and collaborated with them on its development. Bepirovirsen has been recognised by global regulatory authorities for its innovation and potential to address significant unmet need in hepatitis B, with Fast Track and Breakthrough Designations from the US FDA, Breakthrough Therapy and Priority Review designation in China and SENKU designation in Japan.

Announcement • May 06

ImmuPharma PLC Initiates IND-Enabling Program for Kapiglucagon to Treat Diabetes

ImmuPharma PLC initiated IND-enabling activities for its Kapiglucagon diabetes program, following the execution of a 'Work Order' with specialist pharmaceutical consultancy tranScrip Limited. Under the agreement, tranScrip will support the development of the regulatory strategy and the preparation and execution of a pre-IND meeting with the FDA, including the preparation of an integrated briefing package and IND planning activities. The program is expected to progress through a streamlined development pathway, with ImmuPharma evaluating a 505(b)(2) regulatory approach in the United States, leveraging existing data on native glucagon, subject to FDA confirmation. Kapiglucagon is a proprietary glucagon prodrug being developed for the treatment of Type 1 diabetes (T1D), to overcome the inherent physicochemical limitations of native glucagon. The program is designed to improve solubility and formulation stability, with potential application in dual-hormone artificial pancreas systems and other glucagon-based therapeutic settings, which are expected to support the development of next-generation alternatives to current insulin-only pump devices. The global Insulin Pump market is forecast to reach $13.6 billion sales by 2035. ImmuPharma has previously stated that it has an accelerated development plan for Kapiglucagon, through a 505(b)(2) regulatory pathway and that the program is being supported by the recently approved funding initiative, which is intended to advance the asset over the next two years. Kapiglucagon has established a strong scientific rationale and a growing body of supporting manufacturing and preclinical data, which the Company believes provides a solid foundation for further development. A key milestone in the IND-enabling process will be a pre-IND meeting with the FDA to align on the regulatory pathway and the scope of the required Chemistry, Manufacturing and Controls (CMC), preclinical and clinical program. Following this meeting, ImmuPharma intends to progress towards IND submission and, subject to regulatory alignment, first-in-human studies to support the next stage of value creation for Kapiglucagon. Kapiglucagon has been developed to address the key pharmaceutical limitations associated with native glucagon. It is a water-soluble glucagon prodrug designed to maintain high stability in aqueous solution while regenerating native glucagon in vivo following subcutaneous administration. Unlike native glucagon, which rapidly aggregates and forms fibrils in solution, Kapiglucagon demonstrates excellent solubility and formulation stability, enabling the development of clean, saline-based formulations that do not clog pump-based delivery systems. This improved physicochemical profile makes Kapiglucagon particularly well suited for continuous or intermittent delivery in advanced diabetes technologies, including next-generation artificial pancreas systems. By combining the therapeutic activity of native glucagon with a formulation that overcomes its inherent instability, Kapiglucagon has the potential to provide more reliable and practical dual-hormone automated glucose control solutions for patients with Type 1 Diabetes and avoid the long-term health complications of inadequate blood glucose control. ImmuPharma's vision is to position Kapiglucagon as a key enabling solution for next-generation artificial pancreas technologies. By overcoming the long-standing instability of native glucagon in aqueous formulations, Kapiglucagon offers the potential to deliver a stable, pump-compatible glucagon source, allowing dual-hormone closed-loop systems to operate safely and effectively. A 505(b)(2) is a U.S. FDA drug approval pathway that sits between a full NDA and a generic. The 505(b)(2) approval route allows a company to obtain approval for a modified version of an existing drug by relying partly on data which the FDA already has for the reference product, in this case a glucagon brand. The timeframe, cost and clinical study requirements for completing such a program may be considerably reduced compared to a normal NDA (new drug application) that follows a full 505(b)(1) NDA development pathway. A (PTE) Patent Term Extension of 5 years may also be applied to the existing patent life of Kapiglucagon which could result in a patent expiry extension to 2043. Kapiglucagon has established a strong scientific rationale and a growing body of supporting CMC and preclinical data, which the Company believes provides a solid foundation for further development. The first step is expected to be a Pre-IND meeting with the FDA to align on the proposed regulatory pathway and the scope of the required CMC, preclinical and clinical program. Following this interaction, the Company intends to advance the remaining development activities, including IND-enabling work, with the objective of entering a focused clinical study designed to generate safety, pharmacokinetic and pharmacodynamic data to support the next stage of value creation for Kapiglucagon.

U.K. (FTSE) Pharma Industry Analysis

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New major risk - Shareholder dilution

New major risk - Financial position