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

Investors are relatively neutral on the British market at the moment, indicating that they expect earnings will grow in line with historical growth rates. The market is trading close to its 3-year average PE ratio of 17.5x.

Which sectors have driven the changes within the U.K. Market?

Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 52.3x. The market's confidence is likely because analysts are expecting annual earnings growth of 18.2%, which is higher than its past year's earnings growth of 7.6% per year. The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 10.1x.

U.K. (FTSE) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 03 Jun 2026	UK£2.9t	UK£2.0t	UK£164.6b	15.9x	17.9x	1.5x
Fri, 01 May 2026	UK£2.9t	UK£2.0t	UK£159.9b	15.8x	18.3x	1.5x
Sun, 29 Mar 2026	UK£2.8t	UK£2.0t	UK£157.6b	14.6x	17.7x	1.4x
Tue, 24 Feb 2026	UK£3.0t	UK£2.0t	UK£148.5b	16.7x	20.5x	1.6x
Thu, 22 Jan 2026	UK£2.9t	UK£2.0t	UK£137.8b	16.6x	21.1x	1.5x
Sat, 20 Dec 2025	UK£2.8t	UK£2.0t	UK£138.3b	16x	20.4x	1.4x
Mon, 17 Nov 2025	UK£2.8t	UK£2.0t	UK£139.2b	16.4x	20x	1.4x
Wed, 15 Oct 2025	UK£2.7t	UK£1.9t	UK£135.9b	16.7x	20.1x	1.4x
Fri, 12 Sep 2025	UK£2.7t	UK£1.9t	UK£135.5b	16.3x	19.8x	1.4x
Sun, 10 Aug 2025	UK£2.6t	UK£1.9t	UK£134.0b	16.2x	19.7x	1.4x
Tue, 08 Jul 2025	UK£2.5t	UK£1.9t	UK£127.0b	16.2x	19.6x	1.3x
Thu, 05 Jun 2025	UK£2.5t	UK£1.9t	UK£127.1b	16.2x	19.6x	1.3x
Sat, 03 May 2025	UK£2.4t	UK£2.0t	UK£131.6b	15.8x	18.6x	1.2x
Mon, 31 Mar 2025	UK£2.5t	UK£2.0t	UK£135.5b	15.5x	18.2x	1.2x
Wed, 26 Feb 2025	UK£2.5t	UK£2.0t	UK£137.3b	16x	18.2x	1.2x
Fri, 24 Jan 2025	UK£2.5t	UK£2.1t	UK£124.0b	15.9x	20.1x	1.2x
Sun, 22 Dec 2024	UK£2.4t	UK£2.0t	UK£122.8b	16x	19.4x	1.2x
Tue, 19 Nov 2024	UK£2.4t	UK£2.0t	UK£121.9b	16.4x	19.6x	1.2x
Thu, 17 Oct 2024	UK£2.4t	UK£2.0t	UK£119.0b	16.7x	20.4x	1.2x
Sat, 14 Sep 2024	UK£2.4t	UK£2.0t	UK£119.3b	16.5x	20.4x	1.2x
Mon, 12 Aug 2024	UK£2.4t	UK£2.0t	UK£123.3b	16.4x	19.6x	1.2x
Wed, 10 Jul 2024	UK£2.4t	UK£2.0t	UK£131.6b	16.7x	18.3x	1.2x
Fri, 07 Jun 2024	UK£2.5t	UK£2.0t	UK£129.4b	16.7x	19.1x	1.2x
Sun, 05 May 2024	UK£2.4t	UK£2.1t	UK£141.9b	16.5x	17.3x	1.2x
Tue, 02 Apr 2024	UK£2.4t	UK£2.1t	UK£146.0b	16.4x	16.5x	1.1x
Thu, 29 Feb 2024	UK£2.3t	UK£2.0t	UK£140.8b	15.1x	16.3x	1.1x
Sat, 27 Jan 2024	UK£2.3t	UK£2.1t	UK£193.0b	15x	11.9x	1.1x
Mon, 25 Dec 2023	UK£2.3t	UK£2.1t	UK£193.7b	15.2x	12.1x	1.1x
Wed, 22 Nov 2023	UK£2.3t	UK£2.1t	UK£194.2b	14.1x	11.7x	1.1x
Fri, 20 Oct 2023	UK£2.3t	UK£2.2t	UK£187.3b	13.6x	12.2x	1x
Sun, 17 Sep 2023	UK£2.4t	UK£2.2t	UK£185.6b	14.8x	12.8x	1.1x
Tue, 15 Aug 2023	UK£2.3t	UK£2.1t	UK£184.6b	14.4x	12.6x	1.1x
Thu, 13 Jul 2023	UK£2.3t	UK£2.2t	UK£205.6b	14x	11.2x	1.1x
Sat, 10 Jun 2023	UK£2.4t	UK£2.2t	UK£210.0b	14.3x	11.3x	1.1x


GB Market	-0.85%
Materials	4.73%
Tech	3.31%
Consumer Discretionary	0.92%
Energy	0.79%
Financials	0.15%
Real Estate	-0.30%
Industrials	-0.30%
Telecom	-1.06%
Consumer Staples	-4.55%
Healthcare	-5.24%
Utilities	-7.92%

Company	Last Price	7D	1Y	Valuation	Sector
RIO Rio Tinto Group	UK£83.08	4.8% +UK£6.2b	91.5%	PE18.3x	Materials
HSBA HSBC Holdings	UK£14.10	1.7% +UK£4.1b	61.0%	PB1.7x	Financials
GLEN Glencore	UK£6.15	5.0% +UK£3.5b	117.5%	PE267.3x	Materials
AAL Anglo American	UK£42.25	8.0% +UK£3.4b	93.8%	PS3.3x	Materials
ANTO Antofagasta	UK£44.08	8.2% +UK£3.3b	145.8%	PE44x	Materials

Announcement • 10h

AstraZeneca Reports Positive Results From EMERALD-3 Phase III Trial For IMFINZI And IMJUDO Combined With Lenvatinib And TACE In Unresectable Hepatocellular Carcinoma

AstraZeneca reported positive results from the EMERALD-3 Phase III trial showing IMFINZI (durvalumab) in combination with IMJUDO (tremelimumab-actl), lenvatinib and transarterial chemoembolization (TACE), demonstrated a statistically significant and clinically meaningful improvement in progression-free survival (PFS) versus TACE alone for patients with unresectable hepatocellular carcinoma (HCC) eligible for embolization. Patients in the investigational arms were treated with the STRIDE regimen (Single Tremelimumab-actl Regular Interval Durvalumab), with or without lenvatinib, prior to TACE and then in combination with TACE thereafter. In a planned interim analysis, the STRIDE regimen combined with lenvatinib and TACE demonstrated a 30% reduction in the risk of disease progression or death versus TACE alone (based on a PFS hazard ratio [HR] of 0.70; 95% confidence interval [CI] 0.57-0.86; p=0.0007). The median PFS was 13.0 months for this regimen versus 9.8 months for TACE. The PFS improvement was broadly consistent across key prespecified patient subgroups. For the secondary endpoint of overall survival (OS), a positive trend was observed in favor of the STRIDE regimen with lenvatinib and TACE versus TACE alone (HR 0.84; 95% CI 0.65-1.09; p=0.1814). The key secondary endpoints of PFS and OS for the treatment arm evaluating the STRIDE regimen plus TACE versus TACE alone showed a clinically meaningful improvement in PFS (HR 0.71; 95% CI 0.56-0.91; nominal p=0.0062) and OS (HR 0.70; 95% CI 0.51-0.95; nominal p=0.0233) versus TACE alone. Median PFS was 12.9 months for STRIDE plus TACE versus 8.1 months for TACE alone. In a pre-planned exploratory analysis comparing the two investigational arms, a PFS improvement was observed favoring the lenvatinib-containing arm in patients with non-viral etiology (HR 0.70; 95% CI 0.44-1.09). The trial will continue to assess OS and other key secondary endpoints in both investigational arms. The safety profile for each combination was consistent with the known profiles of each medicine. Grade 3 or higher adverse events from all causes occurred in 71.4% of the patients in the STRIDE plus lenvatinib and TACE arm, and 64% of the patients in the STRIDE plus TACE arm, versus 28.6% in the TACE-only arm. Summary of PFS and OS results: Descriptive per the pre-specified multiplicity/hierarchy; no formal statistical inference is claimed. Stratified log rank. Nominal. Estimated using a stratified Cox proportional hazards model. Calculated using the Kaplan-Meier technique; CI derived based on Brookmeyer-Crowley method. There are no contraindications for IMFINZI (durvalumab) or IMJUDO (tremelimumab-actl). Severe and Fatal Immune-Mediated Adverse Reactions Important immune-mediated adverse reactions listed under Warnings and Precautions may not include all possible severe and fatal immune-mediated reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue. Immune-mediated adverse reactions can occur at any time after starting treatment or after discontinuation. Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Evaluate clinical chemistries including liver enzymes, creatinine, adrenocorticotropic hormone (ACTH) level, and thyroid function at baseline and before each dose. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate. Withhold or permanently discontinue IMFINZI and IMJUDO depending on severity. In general, if IMFINZI and IMJUDO requires interruption or discontinuation, administer systemic corticosteroid therapy (1 mg to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose immune-mediated adverse reactions are not controlled with corticosteroid therapy. IMFINZI and IMJUDO can cause immune-mediated pneumonitis, which may be fatal. The incidence of pneumonitis is higher in patients who have received prior thoracic radiation. IMFINZI as a Single Agent In patients who did not receive recent prior radiation, the incidence of immune-mediated pneumonitis was 2.4% (34/1414), including fatal. In patients who received recent prior radiation, the incidence of pneumonitis (including radiation pneumonitis) in patients with unresectable Stage III NSCLC following definitive chemoradiation within 42 days prior to initiation of IMFINZI in PACIFIC was 18.3% (87/475) in patients receiving IMFINZI and 12.8% (30/234) in patients receiving placebo. Of the patients who received IMFINZI (475), 1.1% were fatal and 2.7% were Grade 3 adverse reactions. The incidence of pneumonitis (including radiation pneumonitis) in patients with LS-SCLC following chemoradiation within 42 days prior to initiation of IMFINZI in ADRIATIC was 14% (37/262) in patients receiving IMFINZI and 6% (16/265) in patients receiving placebo. Of the patients who received IMFINZI (262), 0.4% had a fatal adverse reaction and 2.7% had Grade 3 adverse reactions. The frequency and severity of immune-mediated pneumonitis in patients who did not receive definitive chemoradiation prior to IMFINZI were similar in patients who received IMFINZI as a single agent or with ES-SCLC or BTC when given in combination with chemotherapy. IMFINZI with IMJUDO Immune-mediated pneumonitis occurred in 1.3% (5/388) of patients receiving IMFINZI and IMJUDO, including fatal (0.3%) and Grade 3 (0.2%) adverse reactions. IMFINZI with IMJUDO and Platinum-Based Chemotherapy Immune-mediated pneumonitis occurred in 3.5% (21/596) of patients receiving IMFINZI in combination with IMJUDO and platinum-based chemotherapy, including fatal (0.5%), and Grade 3 (1%) adverse reactions. IMFINZI with IMJUDO and platinum-based chemotherapy can cause immune-mediated colitis, which may be fatal. IMFINZI and IMJUDO can cause immune-mediated colitis that is frequently associated with diarrhea. Cytomegalovirus (CMV) infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. IMFINZI as a Single Agent Immune-mediated colitis occurred in 2% (37/1889) of patients receiving IMFINZI, including Grade 4. IMFINZI and IMJUDO can cause primary or secondary adrenal insufficiency. For Grade 2 or higher adrenal insufficiency, initiate symptomatic treatment, including hormone replacement as clinically indicated.

Announcement • May 30

Sino Biopharmaceutical Limited Presents Data From Two Phase III Clinical Trials Of Bepirovirsen At EASL 2026

Sino Biopharmaceutical Limited announced that positive pivotal data for bepirovirsen, jointly developed by Chia Tai Tianqing Pharmaceutical Group Co., Ltd. and GSK plc, for the treatment of chronic hepatitis B was presented. The results from two Phase III clinical trials, B-Well 1 (NCT05630807) and B-Well 2 (NCT05630820), were simultaneously published in the New England Journal of Medicine and presented at the 2026 European Association for the Study of the Liver Congress. The data on regional subgroups was also presented in an oral session at the EASL. In particular, the data from the Chinese subgroup showed that among subjects with HBsAg = 3000 IU/ml, the functional cure rate was 24%; among subjects with HBsAg = 1000 IU/ml, the functional cure rate reached 35%. The results from the two trials are summarised as follows: Functional cure rates at Week 72 in B-Well 1 and B-Well 2 by patient segment: Functional cure response rate at Week 72 of the B-Well trials, 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]. 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 =3000 IU/ml hepatitis B surface antigen (HBsAg) level), meeting the primary endpoint. 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 chronic hepatitis B 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 DNA and HBsAg are undetectable in the blood for at least 6 months after stopping all treatments. This indicates the disease is controlled by the immune system without medication. 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. Notably, in an exploratory analysis, 49% of bepirovirsen recipients achieved a quantitative hepatitis B surface antigen 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. Moreover, 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 =1000 IU/mL (237 of 768 vs. 0 of 393 in the placebo group; p<0.001 in both trials) achieved a sustained hepatitis B virus DNA lower limit of quantification (<LLOQ) at Week 72 after stopping all treatments at Week 48 in a key secondary endpoint. Bepirovirsen arm received bepirovirsen plus standard of care, placebo arm received placebo plus standard of care. Defined as HBsAg not detected (quantitative; < 0.05 IU/mL) and hepatitis B virus DNA < LLOQ (< 20 IU/mL or target not detected). The absolute values are being presented bepirovirsen group vs. placebo group. 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. Bepirovirsen is currently under review by regulatory authorities in China (Breakthrough Therapy and Priority Review designation granted), the United States (Priority review, Breakthrough Therapy and Fast Track Designation granted), Europe, and Japan (SENKU designation granted). GSK anticipates to receive the regulatory decision from the China’s National Medical Products Administration in the first half of 2027, and launch preparations are underway. 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) =3000 IU/ml. The primary endpoint assessed the proportion of participants achieving functional cure in patients with baseline HBsAg =3000 IU/ml. A key ranked secondary endpoint evaluated functional cure in participants with baseline HBsAg =1000 IU/ml. Functional cure is defined as HBsAg being undetectable in the blood for at least 24 weeks after stopping all treatments, indicating that the disease is controlled by the immune system without medication.

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