Has the Japanese Biotech Industry valuation changed over the past few years?

Investors are relatively neutral on the Japanese Biotechnology 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 4.8x.

How does Japanese Biotech compare with similar industries?

There are no additional sub-industries under this industry.

Japanese (NIKKEI) Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 16 Jun 2026	JP¥929.3b	JP¥199.6b	-JP¥52,305,795,682.00	28.3x	-17.8x	4.7x
Thu, 14 May 2026	JP¥1.1t	JP¥202.7b	-JP¥49,422,223,682.00	61.3x	-23.1x	5.6x
Sat, 11 Apr 2026	JP¥1.2t	JP¥202.7b	-JP¥49,292,644,682.00	61.5x	-23.4x	5.7x
Mon, 09 Mar 2026	JP¥1.3t	JP¥200.5b	-JP¥50,373,794,682.00	321.2x	-25.7x	6.5x
Wed, 04 Feb 2026	JP¥1.1t	JP¥198.6b	-JP¥70,466,747,000.00	58.6x	-15.3x	5.4x
Fri, 02 Jan 2026	JP¥992.9b	JP¥198.7b	-JP¥70,727,387,000.00	52.7x	-14x	5x
Sun, 30 Nov 2025	JP¥1.1t	JP¥196.3b	-JP¥69,178,659,000.00	52.8x	-15.9x	5.6x
Tue, 28 Oct 2025	JP¥1.1t	JP¥197.7b	-JP¥65,502,224,000.00	65.4x	-17.2x	5.7x
Thu, 25 Sep 2025	JP¥1.2t	JP¥197.7b	-JP¥65,794,561,000.00	64.9x	-18.2x	6x
Sat, 23 Aug 2025	JP¥1.2t	JP¥193.5b	-JP¥68,135,862,000.00	131.9x	-17.2x	6.1x
Mon, 21 Jul 2025	JP¥1.1t	JP¥218.2b	-JP¥43,758,363,000.00	100.8x	-25.4x	5.1x
Wed, 18 Jun 2025	JP¥1.2t	JP¥218.3b	-JP¥41,682,114,000.00	101.2x	-29.2x	5.6x
Fri, 16 May 2025	JP¥1.1t	JP¥209.9b	-JP¥37,783,201,000.00	15.5x	-28.1x	5.1x
Sun, 13 Apr 2025	JP¥971.3b	JP¥207.7b	-JP¥38,746,927,000.00	13.9x	-25.1x	4.7x
Tue, 11 Mar 2025	JP¥980.4b	JP¥207.4b	-JP¥38,725,942,000.00	15.7x	-25.3x	4.7x
Thu, 06 Feb 2025	JP¥976.0b	JP¥207.3b	-JP¥13,596,922,000.00	20.1x	-71.8x	4.7x
Sat, 04 Jan 2025	JP¥1.1t	JP¥206.4b	-JP¥12,718,356,000.00	22.3x	-85.2x	5.2x
Mon, 02 Dec 2024	JP¥1.1t	JP¥207.2b	-JP¥12,080,899,000.00	22.8x	-92.5x	5.4x
Wed, 30 Oct 2024	JP¥1.1t	JP¥214.3b	-JP¥3,941,502,000.00	22.3x	-278.1x	5.1x
Fri, 27 Sep 2024	JP¥1.1t	JP¥214.3b	-JP¥2,078,229,000.00	21.2x	-544.8x	5.3x
Sun, 25 Aug 2024	JP¥1.0t	JP¥210.1b	-JP¥580,439,000.00	14.2x	-1768.1x	4.9x
Tue, 23 Jul 2024	JP¥1.0t	JP¥187.7b	-JP¥15,871,901,000.00	92.5x	-66x	5.6x
Thu, 20 Jun 2024	JP¥892.7b	JP¥187.7b	-JP¥15,773,284,000.00	81.8x	-56.6x	4.8x
Sat, 18 May 2024	JP¥769.6b	JP¥195.0b	-JP¥14,649,545,000.00	83.5x	-52.5x	3.9x
Mon, 15 Apr 2024	JP¥752.6b	JP¥194.2b	-JP¥15,746,837,000.00	66.1x	-47.8x	3.9x
Wed, 13 Mar 2024	JP¥787.9b	JP¥193.6b	-JP¥19,603,997,000.00	60.6x	-40.2x	4.1x
Fri, 09 Feb 2024	JP¥745.0b	JP¥222.4b	-JP¥12,442,827,000.00	16.9x	-59.9x	3.3x
Sun, 07 Jan 2024	JP¥802.9b	JP¥222.3b	-JP¥12,668,455,000.00	17.4x	-63.4x	3.6x
Tue, 05 Dec 2023	JP¥800.2b	JP¥221.9b	-JP¥12,426,487,000.00	16.9x	-64.4x	3.6x
Thu, 02 Nov 2023	JP¥724.0b	JP¥223.0b	-JP¥14,478,735,000.00	18.3x	-50x	3.2x
Sat, 30 Sep 2023	JP¥847.8b	JP¥223.0b	-JP¥14,518,735,000.00	26.2x	-58.4x	3.8x
Mon, 28 Aug 2023	JP¥896.5b	JP¥225.1b	-JP¥19,814,131,000.00	47.6x	-45.2x	4x
Wed, 26 Jul 2023	JP¥914.5b	JP¥223.7b	-JP¥20,836,669,000.00	47.8x	-43.9x	4.1x
Fri, 23 Jun 2023	JP¥997.1b	JP¥223.2b	-JP¥20,139,670,000.00	62.1x	-49.5x	4.5x


JP Market	4.16%
Healthcare	-0.22%
Biotech	-6.57%
Biotech	-6.57%

Company	Last Price	7D	1Y	Valuation
219A Heartseed	JP¥1.73k	6.8% +JP¥2.5b	-59.9%	PE66.8x
4564 OncoTherapy Science	JP¥20.00	5.3% +JP¥383.6m	-4.8%	PS9.5x
7774 Japan Tissue Engineering	JP¥595.00	1.2% +JP¥284.3m	-2.6%	PS11.1x
4597 Solasia Pharma K.K	JP¥24.00	4.3% +JP¥273.0m	-20.0%	PS16x
4978 ReproCELL	JP¥128.00	1.6% +JP¥190.1m	-33.3%	PS5.4x

Announcement • Jun 12

Heartseed Announces First Patient Dosed In Phase I/II Clinical Trial Of HS-005 For Cardiac Remuscularization Therapy

Heartseed Inc. announced that the first patient with heart failure caused by dilated cardiomyopathy has been dosed in the domestic clinical trial (EMERALD study) of HS-005 (allogeneic iPS cell-derived cardiomyocyte spheroids administered via catheter), which is being developed by the Company. The Independent Safety Monitoring Committee approved the continuation of the trial for dilated cardiomyopathy cohort based on the evaluation of four-week post-administration data from this case. This trial is a company-sponsored clinical trial aimed at expanding the application of the therapy not only to severe heart failure caused by ischemic heart disease, but also by dilated cardiomyopathy. A total of 14 patients, consisting of seven patients in each disease cohort, will be enrolled to evaluate the safety and efficacy of the therapy. There is no revision to the latest earnings forecast for the fiscal year ending December 31, 2026. Heartseed Inc. announced the successful dosing of the first patient in its domestic Phase I/II clinical trial (EMERALD study) of HS-005, allogeneic iPS cell-derived cardiomyocyte spheroids administered via catheter, targeting severe heart failure caused by ischemic heart disease or dilated cardiomyopathy. This study marks the world's first clinical trial to administer iPS cell-derived cardiomyocyte spheroids using a catheter. HS-005 is a therapeutic program currently under development, in which allogeneic iPS cell-derived cardiomyocyte spheroids (micro-tissues of cardiomyocytes) produced based on Heartseed's proprietary technology are administered into the patient's myocardium using a dedicated delivery catheter system. While Heartseed's lead pipeline, HS-001, requires open-heart surgery, HS-005 utilizes a catheter for delivery from the inside of the heart (endocardial delivery), aiming to realize a next-generation, minimally invasive cardiac regenerative medicine. Heartseed has been advancing the EMERALD study in Japan aiming at the development of HS-005, and the administration to the first patient suffering from heart failure due to dilated cardiomyopathy was successfully completed in late March 2026 at Shinshu University Hospital. The patient's postoperative course has been generally uneventful, and the patient has already been discharged from the hospital. The independent Safety Monitoring Committee has evaluated 4-week data on this patient and has given approval for the study to continue in the dilated cardiomyopathy cohort. Heartseed will continue to advance the clinical evaluation of HS-005. The cell utilized by Heartseed in cardiac remuscularization therapy is allogeneic iPS cell-derived, highly purified ventricular cardiomyocyte product formulated in spheroids. The non-clinical studies confirmed that forming micro-tissue-like spheroids enhances the cell retention rate and viability compared to single cells in their administration. When administering cardiomyocyte spheroids into the myocardial layer of the heart, HS-001 uses a proprietary delivery needle (SEEDPLANTER) and guide adapter developed in-house for epicardial delivery. In contrast, HS-005 utilizes a catheter system for endocardial delivery. The administered cardiomyocytes are expected to be engrafted into the patient's myocardium, promoting “remuscularization” and improving cardiac contractility. Additionally, they are anticipated to secrete various angiogenic factors, promoting neovascularization (formation of new blood vessels) around the administration sites. The EMERALD study is the Phase I/II clinical trial to proceed the development of HS-005 program which utilizes a catheter system for endocardial delivery to administer cardiomyocyte spheroids. In the EMERALD study, it aims at treating severe heart failure with reduced ejection fraction (HFrEF) with underlying ischemic heart disease as well as dilated cardiomyopathy, planning to enroll 7 patients in each cohort, for a total of 14 patients, to evaluate the safety and efficacy of the therapy. A phase I/II study of Endocardial delivery for Myocardial Regeneration using Allogeneic iPS cell-derived Cardiomyocyte Spheroids for Heart Failure with Systolic Dysfunction (EMERALD study) jRCT registration number: jRCT2033250454. The development of HS-005 utilized data obtained through the following support provided by Japan Agency for Medical Research and Development (AMED): Basic Technology Development Project for Industrialization of Regenerative Medicine and Gene Therapy (Support for Accelerating the Development of Regenerative Medicine Seeds) "Evaluation of Quality and Safety and Regulatory Affairs for Transitioning to Clinical Trials Toward the Industrialization of iPS cell-Derived Regenerative Cardiomyocyte Transplantation Therapy" (Representative: Keiichi Fukuda) (Fiscal year 2018-Fiscal year 2020).

Announcement • Jun 09

Healios K.K. Announces Filing of Counterclaim in Response to Lawsuit

HEALIOS K.K. announced that it had filed a counterclaim regarding the lawsuit against Healios by AND medical group, as previously disclosed in its Notice Regarding the Filing of a Lawsuit Against Healios dated December 29, 2025. The court was Tokyo District Court and the date filed was June 9, 2026. Healios entered into a joint research agreement with AND medical on April 9, 2024. The purpose of this Agreement was to conduct joint research to explore the potential use of Healios' proprietary cultured supernatant and to establish the manufacturing process and production framework for the cultured supernatant. Under this Agreement, it was stipulated that AND medical would pay a total of JPY 180 million (excluding tax) in three installments of JPY 60 million each as compensation for Healios' activities in this Research. AND medical made payments to Healios based on the terms of this Agreement, including JPY 60 million at the time of the Agreement's execution and another JPY 60 million at the start of the analysis of the characteristics of the culture medium. However, regarding the final payment of JPY 60 million (the final milestone), which was to be made upon Healios notifying AND medical, among other triggers, that the method for manufacturing the cultured supernatant for technology transfer to the CPC had been established, the payment was not made even after the payment deadline of May 31, 2025, had passed. Since August 2025, AND medical has hardly responded to Healios regarding this Research and has also failed to cooperate in scheduling regular meetings. As a result, opportunities to send various report materials and to issue notifications related to this Research have been lost. Despite these circumstances, on November 27, 2025 (with the complaint being delivered to Healios on December 26, 2025), AND medical filed a lawsuit against Healios, claiming that Healios was in a state of delay in performance and incomplete performance regarding this Agreement, and seeking damages for breach of contract. Healios recognizes that it has appropriately fulfilled its obligations under this Agreement and considers AND medical claims to be lacking in merit. Healios, through the delivery of this counterclaim, notifies AND medical that the method for manufacturing the cultured supernatant for technology transfer to the CPC has been established. Furthermore, through the delivery of this counterclaim, Healios is seeking payment of the final milestone payment of JPY 60 million (excluding tax) along with delay damages at an annual rate of 3% from the day following the delivery of this counterclaim until the payment is completed.

Japanese (NIKKEI) Biotech Industry Analysis

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Latest News

PeptiDream Announces First Dosing of Claudin18.2 Targeting Radiopharmaceutical Candidate 64Cu-PD-29875 in Patients with Gastric Cancer

Heartseed Announces First Patient Dosed In Phase I/II Clinical Trial Of HS-005 For Cardiac Remuscularization Therapy

Full year 2026 earnings released: EPS: JP¥34.88 (vs JP¥25.20 loss in FY 2025)

Japan Tissue Engineering Co., Ltd. to Report Q1, 2027 Results on Jul 30, 2026

Third quarter 2026 earnings released: EPS: JP¥26.27 (vs JP¥46.55 loss in 3Q 2025)

ReproCELL Incorporated to Report Q1, 2027 Results on Aug 13, 2026

Healios K.K. Announces Filing of Counterclaim in Response to Lawsuit

Price target increased by 16% to JP¥5,000

New major risk - Shareholder dilution

Price target decreased by 14% to JP¥1,800

Full year 2026 earnings released: JP¥124 loss per share (vs JP¥80.48 loss in FY 2025)

First quarter 2026 earnings released: JP¥1.14 loss per share (vs JP¥1.34 loss in 1Q 2025)

Full year 2026 earnings released: JP¥79.72 loss per share (vs JP¥8.65 profit in FY 2025)

Full year 2026 earnings released: JP¥2.77 loss per share (vs JP¥3.12 loss in FY 2025)

Innovacell Inc., Annual General Meeting, Mar 26, 2026