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Swedish (OMX) Healthcare Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies153
  • 7D-1.6%
  • 3M-8.1%
  • 1Y-7.1%
  • YTD-5.0%

Last week, the Healthcare industry hasn't moved much but Sectra is up 5.0% in that time. As for the longer term, the industry has declined 7.7% in the last year. Earnings are forecast to grow by 24% annually.

Sector Valuation and Performance

Has the Swedish Healthcare Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026SEK 554.3bSEK 228.9b-SEK 2,461,655,449.0730.8x-225.2x2.4x
Sat, 31 Jan 2026SEK 582.1bSEK 229.0bSEK 3.4b37.5x171.2x2.5x
Mon, 29 Dec 2025SEK 583.9bSEK 230.4bSEK 3.6b43.6x160.2x2.5x
Wed, 26 Nov 2025SEK 597.4bSEK 230.9bSEK 3.3b44.7x183.8x2.6x
Fri, 24 Oct 2025SEK 608.1bSEK 228.4bSEK 3.3b46.5x185.7x2.7x
Sun, 21 Sep 2025SEK 618.8bSEK 227.4bSEK 6.6b46x93.8x2.7x
Tue, 19 Aug 2025SEK 614.3bSEK 226.7bSEK 6.6b46.7x92.8x2.7x
Thu, 17 Jul 2025SEK 635.8bSEK 227.0bSEK 6.1b44.8x103.6x2.8x
Sat, 14 Jun 2025SEK 603.9bSEK 226.4bSEK 5.8b40.1x103.6x2.7x
Mon, 12 May 2025SEK 600.8bSEK 224.1bSEK 5.2b34.5x114.9x2.7x
Wed, 09 Apr 2025SEK 533.2bSEK 221.4bSEK 5.4b31.5x97.9x2.4x
Fri, 07 Mar 2025SEK 558.8bSEK 206.1bSEK 4.7b35.5x118.5x2.7x
Sun, 02 Feb 2025SEK 602.2bSEK 204.1bSEK 1.5b43.6x394.3x2.9x
Tue, 31 Dec 2024SEK 581.6bSEK 202.6b-SEK 2,502,967,122.6439x-232.3x2.9x
Thu, 28 Nov 2024SEK 515.0bSEK 199.8b-SEK 2,815,717,640.2536.8x-182.9x2.6x
Sat, 26 Oct 2024SEK 597.4bSEK 201.8b-SEK 2,338,893,225.8939.7x-255.4x3x
Mon, 23 Sep 2024SEK 615.2bSEK 200.1b-SEK 2,816,505,402.9141.3x-218.4x3.1x
Wed, 21 Aug 2024SEK 597.0bSEK 199.9b-SEK 2,679,015,043.1740.3x-222.8x3x
Fri, 19 Jul 2024SEK 594.4bSEK 196.5b-SEK 3,096,010,871.4843.2x-192x3x
Sun, 16 Jun 2024SEK 555.8bSEK 195.5b-SEK 3,170,352,917.2135.3x-175.3x2.8x
Tue, 14 May 2024SEK 549.8bSEK 196.7b-SEK 2,686,959,272.8536x-204.6x2.8x
Thu, 11 Apr 2024SEK 522.6bSEK 192.7b-SEK 3,173,230,383.5945.3x-164.7x2.7x
Sat, 09 Mar 2024SEK 525.5bSEK 192.0b-SEK 3,685,987,655.6243.5x-142.6x2.7x
Mon, 05 Feb 2024SEK 537.3bSEK 193.6b-SEK 4,917,813,818.0050.1x-109.3x2.8x
Wed, 03 Jan 2024SEK 545.9bSEK 191.3b-SEK 964,552,472.0047.7x-566x2.9x
Fri, 01 Dec 2023SEK 498.7bSEK 190.0b-SEK 1,256,829,517.0051.1x-396.8x2.6x
Sun, 29 Oct 2023SEK 430.6bSEK 188.4b-SEK 1,511,030,224.0032x-284.9x2.3x
Tue, 26 Sep 2023SEK 454.4bSEK 185.3b-SEK 2,039,159,846.0036.3x-222.8x2.5x
Thu, 24 Aug 2023SEK 464.9bSEK 185.0b-SEK 1,810,255,799.0041.8x-256.8x2.5x
Sat, 22 Jul 2023SEK 478.1bSEK 182.9b-SEK 992,945,444.0041.5x-481.4x2.6x
Mon, 19 Jun 2023SEK 522.2bSEK 179.0b-SEK 774,500,144.0045x-674.2x2.9x
Wed, 17 May 2023SEK 522.2bSEK 177.0b-SEK 865,136,384.0042.7x-603.6x2.9x
Fri, 14 Apr 2023SEK 511.0bSEK 172.6b-SEK 1,424,920,130.0034.9x-358.6x3x
Sun, 12 Mar 2023SEK 484.5bSEK 172.7b-SEK 1,409,179,377.0036.8x-343.8x2.8x
Price to Earnings Ratio

-343.8x


Total Market Cap: SEK 484.5bTotal Earnings: -SEK 1,409,179,377.00Total Revenue: SEK 172.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Healthcare Sector Price to Earnings3Y Average -167.9x202420252026
Current Industry PE
  • Investors are relatively neutral on the Swedish Healthcare 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 2.7x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have deteriorated over the last three years.
  • Meanwhile revenues for these companies have grown 9.9% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has caused losses to expand.

Industry Trends

Which industries have driven the changes within the Swedish Healthcare sector?

SE Market-2.22%
Healthcare-1.63%
Healthtech5.07%
Life Sciences2.44%
Healthcare Services0.86%
Medical Equipment-2.04%
Pharma-2.76%
Biotech-3.88%
Industry PE
  • Investors are most optimistic about the Healthtech industry, which is trading close to its 3-year average PE ratio of 115x.
    • Analysts are expecting annual earnings growth of 16.5%, which is lower than the prior year's growth of 40.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings growth rate of 14% per year.
  • In contrast, the Healthtech industry is expected to see its earnings grow by 16% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SECT B SectraSEK 189.605.0%
+SEK 1.7b		-18.4%PE56.5x
AMBEA AmbeaSEK 131.706.6%
+SEK 665.0m		20.8%PE16.3x
MCAP MedCapSEK 499.007.5%
+SEK 525.7m		32.9%PE34.1x
ATT AttendoSEK 103.403.2%
+SEK 464.7m		66.8%PE18.5x
BONEX Bonesupport HoldingSEK 204.003.3%
+SEK 434.0m		-41.8%PE95.8x

Latest News

SECT B
SEK 189.60
Sectra
7D
5.0%
1Y
-18.4%
CAMX
SEK 483.40
Camurus
7D
-4.0%
1Y
-23.0%

CAMX: Upcoming US And EU Launches Will Drive Future Upside Potential

Analysts have reset their price target on Camurus to SEK 930 from SEK 1,102, reflecting updated views on slightly higher forecast revenue growth, a modestly lower projected profit margin and a reduced future P/E multiple. What's in the News Camurus issued earnings guidance for 2026, expecting revenues of SEK 2.6b to SEK 2.9b and an operating result of SEK 0.9b to SEK 1.2b (Corporate guidance).
BINV
SEK 22.30
BioInvent International
7D
-15.2%
1Y
-13.2%
SANION
SEK 16.38
Saniona
7D
-28.5%
1Y
125.0%
BONEX
SEK 204.00
Bonesupport Holding
7D
3.3%
1Y
-41.8%
SOBI
SEK 386.20
Swedish Orphan Biovitrum
7D
-4.5%
1Y
24.3%
AMBEA
SEK 131.70
Ambea
7D
6.6%
1Y
20.8%

AMBEA: Acquisition Pipeline And Higher Dividend Will Support Future Expansion

Analysts have trimmed their price target on Ambea to SEK158 from about SEK162, reflecting updated views on fair value, a slightly higher discount rate and more cautious assumptions around revenue growth and profit margins, while keeping a broadly similar future P/E outlook. What's in the News Ambea is actively looking for acquisitions across its markets, with management highlighting a focus on quality targets with solid operational performance and an active pipeline in all countries and business areas except Klara (Key Developments).
VITR
SEK 93.70
Vitrolife
7D
3.5%
1Y
-47.4%

VITR: Genetic Services Restructuring And Impairment Will Support Future Upside Potential

Analysts have left their SEK 176.75 price target for Vitrolife unchanged, with only minimal tweaks to inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Vitrolife plans to record a goodwill impairment of SEK 5.4b in the fourth quarter of 2025, linked to the Igenomix acquisition (company announcement).
IMP A SDB
SEK 44.40
Implantica
7D
-9.3%
1Y
36.6%
BIOA B
SEK 299.40
BioArctic
7D
-5.9%
1Y
36.7%
ATT
SEK 103.40
Attendo
7D
3.2%
1Y
66.8%

ATT: Future Cash Returns And Dividend Policy Will Support Measured Prospects

Analysts have kept their SEK 110.0 price target for Attendo unchanged, citing only minor tweaks to the discount rate, long-term revenue growth, profit margin assumptions, and a slightly higher future P/E multiple in their models. What's in the News An undisclosed buyer acquired an unknown minority stake in Attendo AB (publ) from Nordstjernan AB on February 23, 2026.
MCOV B
SEK 210.50
Medicover
7D
-1.2%
1Y
1.0%

MCOV B: Higher Margin Outlook And Dividend Plans Will Support Future Upside

Analysts have nudged their Medicover price target higher to SEK257.29 from SEK252.68, citing updated assumptions that pair slightly lower revenue growth expectations with a modestly stronger profit margin and a revised future P/E of 24.46x. What's in the News Board proposes a dividend of €0.20 per share for the 2025 financial year, compared with €0.15 previously, subject to approval at the annual general meeting on 29 April 2026 (Key Developments).
RAY B
SEK 192.40
RaySearch Laboratories
7D
5.5%
1Y
-21.5%

RAY B: Expanding Adaptive Therapy Footprint And Dividend Will Support Stronger Outlook

Analysts have maintained their SEK330.00 price target for RaySearch Laboratories, citing slightly adjusted assumptions. These include a lower discount rate, more cautious revenue growth expectations, a higher profit margin outlook and a modestly reduced future P/E multiple as the key factors behind the unchanged view.
BIOG B
SEK 109.60
BioGaia
7D
1.8%
1Y
-8.7%

BIOG B: Dividend Reset And Solid Margins Will Support Higher Future Earnings Multiple

Analysts have kept their SEK 140.0 price target for BioGaia broadly unchanged, citing slightly higher assumed discount rates and a modestly lower profit margin outlook. These factors are largely offset by stable long term growth and P/E expectations.
VIMIAN
SEK 25.14
Vimian Group
7D
-6.7%
1Y
-31.7%

VIMIAN: Reset Expectations Will Highlight Execution Under New CEO Appointment

Analysts have trimmed their fair value estimate and price target on Vimian Group to SEK 27 from SEK 37, reflecting updated assumptions around slightly higher growth, a lower profit margin profile and a higher expected P/E multiple, which together point to a more cautious risk return trade off. Analyst Commentary Bullish analysts looking at Vimian Group are focusing less on the headline downgrade and more on what the revised SEK 27 target implies for execution, valuation and growth expectations from here.
MCAP
SEK 499.00
MedCap
7D
7.5%
1Y
32.9%