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 20.8x which is lower than its 3-year average PE of 25.5x. 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
Wed, 27 May 2026	UK£329.3b	UK£91.9b	UK£15.8b	18.2x	20.9x	3.6x
Fri, 24 Apr 2026	UK£344.9b	UK£90.4b	UK£15.5b	18.8x	22.2x	3.8x
Sun, 22 Mar 2026	UK£331.8b	UK£90.8b	UK£15.7b	21.4x	21.2x	3.7x
Tue, 17 Feb 2026	UK£364.7b	UK£89.8b	UK£15.3b	24x	23.8x	4.1x
Thu, 15 Jan 2026	UK£336.2b	UK£89.4b	UK£14.6b	21.4x	23x	3.8x
Sat, 13 Dec 2025	UK£319.1b	UK£89.8b	UK£14.7b	21x	21.8x	3.6x
Mon, 10 Nov 2025	UK£309.2b	UK£90.4b	UK£14.8b	21.1x	20.9x	3.4x
Wed, 08 Oct 2025	UK£299.1b	UK£87.8b	UK£11.7b	19.3x	25.5x	3.4x
Fri, 05 Sep 2025	UK£287.1b	UK£87.7b	UK£11.7b	22.3x	24.5x	3.3x
Sun, 03 Aug 2025	UK£268.3b	UK£88.3b	UK£11.5b	28.5x	23.4x	3x
Tue, 01 Jul 2025	UK£253.5b	UK£85.7b	UK£10.5b	25.5x	24.1x	3x
Thu, 29 May 2025	UK£263.9b	UK£86.6b	UK£10.6b	26.9x	24.8x	3x
Sat, 26 Apr 2025	UK£258.4b	UK£86.4b	UK£9.6b	27.1x	27x	3x
Mon, 24 Mar 2025	UK£284.4b	UK£87.8b	UK£9.7b	32.7x	29.4x	3.2x
Wed, 19 Feb 2025	UK£285.0b	UK£88.8b	UK£9.5b	31x	30.2x	3.2x
Fri, 17 Jan 2025	UK£230.7b	UK£76.5b	UK£7.9b	31.7x	29.1x	3x
Sun, 15 Dec 2024	UK£223.9b	UK£75.2b	UK£7.8b	31.5x	28.9x	3x
Tue, 12 Nov 2024	UK£219.2b	UK£72.7b	UK£7.6b	30.7x	28.8x	3x
Thu, 10 Oct 2024	UK£249.4b	UK£72.2b	UK£9.0b	31.1x	27.6x	3.5x
Sat, 07 Sep 2024	UK£271.0b	UK£72.0b	UK£9.0b	40x	30.1x	3.8x
Mon, 05 Aug 2024	UK£266.8b	UK£72.9b	UK£9.0b	38.9x	29.6x	3.7x
Wed, 03 Jul 2024	UK£260.5b	UK£71.6b	UK£9.6b	29.3x	27.3x	3.6x
Fri, 31 May 2024	UK£264.8b	UK£71.4b	UK£9.6b	32.2x	27.7x	3.7x
Sun, 28 Apr 2024	UK£261.0b	UK£71.8b	UK£10.1b	30.7x	26x	3.6x
Tue, 26 Mar 2024	UK£239.8b	UK£70.7b	UK£9.8b	31.4x	24.6x	3.4x
Thu, 22 Feb 2024	UK£231.2b	UK£69.7b	UK£9.6b	35.7x	24x	3.3x
Sat, 20 Jan 2024	UK£238.0b	UK£68.9b	UK£10.7b	36.2x	22.3x	3.5x
Mon, 18 Dec 2023	UK£227.4b	UK£69.0b	UK£10.7b	33.9x	21.3x	3.3x
Wed, 15 Nov 2023	UK£225.6b	UK£69.6b	UK£10.8b	53.5x	21x	3.2x
Fri, 13 Oct 2023	UK£248.5b	UK£70.7b	UK£10.3b	57x	24x	3.5x
Sun, 10 Sep 2023	UK£241.0b	UK£69.8b	UK£10.3b	53.5x	23.5x	3.5x
Tue, 08 Aug 2023	UK£237.9b	UK£68.8b	UK£10.1b	52.8x	23.5x	3.5x
Thu, 06 Jul 2023	UK£233.5b	UK£67.8b	UK£7.9b	52.7x	29.6x	3.4x
Sat, 03 Jun 2023	UK£250.5b	UK£68.5b	UK£8.0b	55.5x	31.5x	3.7x


GB Market	1.80%
Healthcare	0.58%
Pharma	0.64%
Pharma	0.64%

Company	Last Price	7D	1Y	Valuation
AZN AstraZeneca	UK£139.60	0.6% +UK£1.2b	33.2%	PE28x
GSK GSK	UK£19.25	1.2% +UK£918.1m	32.9%	PE13.2x
HIK Hikma Pharmaceuticals	UK£14.80	1.7% +UK£53.7m	-29.9%	PE10.6x
POLB Poolbeg Pharma	UK£0.056	15.6% +UK£5.3m	44.2%	PB4.5x

Announcement • May 23

Daiichi Sankyo and Astrazeneca Announce Approval of Datroway as First Trop2 Directed Antibody Drug Conjugate for First-Line Treatment of Metastatic Triple Negative Breast Cancer in the U.S

Daiichi Sankyo and AstraZeneca’s Datroway was approved in the U.S. for the treatment of adult patients with unresectable or metastatic triple negative breast cancer (TNBC) who are not candidates for PD-1/PD-L1 inhibitor therapy. Datroway is a specifically engineered TROP2 directed DXd antibody drug conjugate (ADC) discovered by Daiichi Sankyo and being jointly developed and commercialized by Daiichi Sankyo and AstraZeneca. The approval follows Priority Review by the U.S. Food and Drug Administration (FDA) based on results from the TROPION-Breast02 phase 3 trial which were presented at the 2025 European Society for Medical Oncology Congress and published in Annals of Oncology. In the trial, Datroway demonstrated a statistically significant and clinically meaningful 5.0-month improvement in median overall survival (OS) versus investigator’s choice of chemotherapy (hazard ratio [HR]=0.79; 95% confidence interval [CI]: 0.64-0.98; p=0.0290). Median OS was 23.7 months for patients treated with Datroway versus 18.7 months for those treated with chemotherapy. Datroway reduced the risk of disease progression or death by 43% compared to chemotherapy (HR=0.57; 95% CI: 0.47-0.69). This application was reviewed under Project Orbis, which provides a framework for concurrent submission and review of oncology medicines among participating international partners. As part of Project Orbis, reviews are ongoing in Australia, Canada, Singapore and Switzerland. Additional reviews are underway in the EU, China and Japan. Based on the results of TROPION-Breast02, datopotamab deruxtecan-dlnk (Datroway) has been included in the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines) as a Category 1 Preferred first-line treatment option for patients with metastatic TNBC who are not candidates for immunotherapy. Daiichi Sankyo and AstraZeneca are committed to ensuring that patients in the U.S. who are prescribed Datroway can access the medication and receive necessary financial support. Provider and patient support, reimbursement and distribution for Datroway in the U.S. will be accessible by visiting www.Datroway4U.com or calling 1-855-Datro4U (1-855-328-7648). Please visit www.Datroway.com for full Prescribing Information, including the Medication Guide. TROPION-Breast02 is a global, multicenter, randomized, open-label phase 3 trial evaluating the efficacy and safety of Datroway versus investigator’s choice of chemotherapy (paclitaxel, nab-paclitaxel, capecitabine, carboplatin or eribulin) in patients with previously untreated locally recurrent inoperable or metastatic TNBC for whom immunotherapy was not an option. This included patients whose tumors did not express PD-L1 as well as patients with PD-L1 expressing tumors who could not receive immunotherapy due to prior exposure in early-stage disease, comorbidities or immunotherapy not being accessible in their geography. Enrollment included patients with de novo or recurrent disease, regardless of disease-free interval, and those with poor prognostic factors such as stable brain metastases. The dual primary endpoints of TROPION-Breast02 are PFS as assessed by BICR and OS. Secondary endpoints include PFS as assessed by investigator, ORR, duration of response, disease control rate, pharmacokinetics and safety. TROPION-Breast02 enrolled 644 patients at sites in Africa, Asia, Europe, North America and South America. Datroway (datopotamab deruxtecan; datopotamab deruxtecan-dlnk in the U.S. only) is a TROP2 directed ADC. Designed using Daiichi Sankyo’s proprietary DXd ADC Technology, Datroway is one of seven DXd ADCs in the oncology pipeline of Daiichi Sankyo, and one of the most advanced programs in AstraZeneca’s ADC scientific platform. Datroway is comprised of a humanized anti-TROP2 IgG1 monoclonal antibody, developed in collaboration with Sapporo Medical University, attached to a number of topoisomerase I inhibitor payloads (an exatecan derivative, DXd) via tetrapeptide-based cleavable linkers. Datroway (6 mg/kg) is approved in more than 40 countries/regions worldwide for the treatment of adult patients with unresectable or metastatic HR positive, HER2 negative (IHC 0, IHC 1+ or IHC 2+/ISH-) breast cancer who have received prior endocrine-based therapy and chemotherapy for unresectable or metastatic disease based on the results from the TROPION-Breast01 trial. Datroway (6 mg/kg) is approved in Brazil, Russia and the U.S. for the treatment of adult patients with unresectable or metastatic TNBC who are not candidates for PD-1/PD-L1 inhibitor therapy, based on the results from the TROPION-Breast02 trial. Datroway (6 mg/kg) is approved in Russia and the U.S. for the treatment of adult patients with locally advanced or metastatic EGFR-mutated non-small cell lung cancer (NSCLC) who have received prior EGFR-directed therapy and platinum-based chemotherapy, based on the results from TROPION-Lung05 and TROPION-Lung01 trials. Continued approval for this indication in the U.S. may be contingent upon verification and description of clinical benefit in a confirmatory trial. A comprehensive global clinical development program is underway with more than 20 trials evaluating the efficacy and safety of Datroway across multiple cancers, including NSCLC, TNBC and urothelial cancer. The program includes eight phase 3 trials in lung cancer, five phase 3 trials in breast cancer, and one phase 3 trial and one phase 2/3 trial in urothelial cancer evaluating Datroway as a monotherapy and in combination with other cancer treatments in various settings. DATROWAY (datopotamab deruxtecan-dlnk) is a Trop-2-directed antibody and topoisomerase inhibitor conjugate indicated for the treatment of adult patients with locally advanced or metastatic epidermal growth factor receptor (EGFR)-mutated non-small cell lung cancer (NSCLC) who have received prior EGFR-directed therapy and platinum-based chemotherapy. This indication is approved under accelerated approval based on objective response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trial.

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

Industry Valuation and Performance

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Latest News

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Innovent Biologics And HUTCHMED Jointly Announce NMPA Approval For TYVYT (Sintilimab Injection) In Combination With ELUNATE (Fruquintinib) For The Treatment Of Patients With Locally Advanced Or Metastatic Renal Cell Carcinoma

Daiichi Sankyo and Astrazeneca Announce Approval of Datroway as First Trop2 Directed Antibody Drug Conjugate for First-Line Treatment of Metastatic Triple Negative Breast Cancer in the U.S

STX: Pediatric And Asia Regulatory Milestones Will Drive Future Earnings Upside

HIK: Buyback And Index Move Will Support Future Re Rating

Poolbeg Pharma Receives Patent Grant For POLB 001 Cancer Immunotherapy-Induced CRS In Canada

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

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

New major risk - Share price stability

New major risk - Share price stability

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

New major risk - Financial position