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Swedish (OMX) Healthcare Sector Analysis

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies149
  • 7D-3.7%
  • 3M-9.2%
  • 1Y-9.6%
  • YTD-8.5%

Over the last 7 days, the Healthcare industry has dropped 3.7%, driven by a pullback from Swedish Orphan Biovitrum of 4.4%. Meanwhile, FluoGuide actually outperformed within the industry, gaining 43% in the last week. Overall the industry is down 9.6% in 12 months. Looking forward, earnings are forecast to grow by 25% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 23 Mar 2026SEK 533.5bSEK 228.9b-SEK 2,821,511,242.5629.9x-189.1x2.3x
Wed, 18 Feb 2026SEK 560.4bSEK 230.8b-SEK 1,727,390,405.1431.3x-324.4x2.4x
Fri, 16 Jan 2026SEK 613.6bSEK 230.2bSEK 3.7b42.3x167.2x2.7x
Sun, 14 Dec 2025SEK 585.1bSEK 230.7bSEK 3.6b41.5x162.3x2.5x
Tue, 11 Nov 2025SEK 590.9bSEK 229.7bSEK 2.9b43.3x202.8x2.6x
Thu, 09 Oct 2025SEK 613.0bSEK 227.0bSEK 6.7b43x91.8x2.7x
Sat, 06 Sep 2025SEK 614.9bSEK 227.2bSEK 6.6b44.1x93.1x2.7x
Mon, 04 Aug 2025SEK 614.2bSEK 226.9bSEK 6.5b50.4x94.1x2.7x
Wed, 02 Jul 2025SEK 617.3bSEK 226.8bSEK 6.0b44.9x102.6x2.7x
Fri, 30 May 2025SEK 596.9bSEK 226.2bSEK 5.9b41.8x101.8x2.6x
Sun, 27 Apr 2025SEK 567.6bSEK 222.4bSEK 5.0b35.7x113.2x2.6x
Tue, 25 Mar 2025SEK 556.5bSEK 206.0bSEK 5.0b37.1x110.2x2.7x
Thu, 20 Feb 2025SEK 604.5bSEK 206.4bSEK 2.5b42.4x243.1x2.9x
Sat, 18 Jan 2025SEK 580.6bSEK 202.7b-SEK 2,464,089,184.2141.9x-235.6x2.9x
Mon, 16 Dec 2024SEK 572.4bSEK 202.7b-SEK 2,527,800,771.4238.5x-226.4x2.8x
Wed, 13 Nov 2024SEK 523.2bSEK 200.1b-SEK 2,641,253,209.5338x-198.1x2.6x
Fri, 11 Oct 2024SEK 600.0bSEK 200.1b-SEK 2,795,014,960.7139.4x-214.7x3x
Sun, 08 Sep 2024SEK 606.9bSEK 200.3b-SEK 2,845,519,788.9640.3x-213.3x3x
Tue, 06 Aug 2024SEK 551.3bSEK 199.7b-SEK 2,752,871,033.8640.2x-200.3x2.8x
Thu, 04 Jul 2024SEK 558.0bSEK 195.6b-SEK 3,202,584,353.5338.4x-174.2x2.9x
Sat, 01 Jun 2024SEK 570.8bSEK 195.8b-SEK 3,087,886,467.5637.4x-184.9x2.9x
Mon, 29 Apr 2024SEK 531.1bSEK 196.4b-SEK 3,509,694,432.6236.7x-151.3x2.7x
Wed, 27 Mar 2024SEK 524.7bSEK 192.8b-SEK 3,669,145,760.2144.8x-143x2.7x
Fri, 23 Feb 2024SEK 511.2bSEK 191.7b-SEK 3,968,107,152.0547.8x-128.8x2.7x
Sun, 21 Jan 2024SEK 540.5bSEK 191.8b-SEK 969,123,251.0050.9x-557.7x2.8x
Tue, 19 Dec 2023SEK 527.5bSEK 191.3b-SEK 941,220,082.0048.3x-560.5x2.8x
Thu, 16 Nov 2023SEK 486.1bSEK 189.9b-SEK 1,121,295,187.0048x-433.5x2.6x
Sat, 14 Oct 2023SEK 434.9bSEK 185.0b-SEK 1,978,367,950.0033.2x-219.8x2.4x
Mon, 11 Sep 2023SEK 452.7bSEK 185.7b-SEK 2,024,536,586.0036.6x-223.6x2.4x
Wed, 09 Aug 2023SEK 470.4bSEK 184.1b-SEK 1,024,137,096.0040.9x-459.4x2.6x
Fri, 07 Jul 2023SEK 473.2bSEK 179.5b-SEK 759,350,782.0044.2x-623.1x2.6x
Sun, 04 Jun 2023SEK 515.3bSEK 178.8b-SEK 556,241,637.0043.4x-926.4x2.9x
Tue, 02 May 2023SEK 518.4bSEK 176.0b-SEK 798,700,993.0035.5x-649.1x2.9x
Thu, 30 Mar 2023SEK 485.8bSEK 172.5b-SEK 1,403,092,476.0036.9x-346.2x2.8x
Price to Earnings Ratio

-346.2x


Total Market Cap: SEK 485.8bTotal Earnings: -SEK 1,403,092,476.00Total Revenue: SEK 172.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Healthcare Sector Price to Earnings3Y Average -165.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Swedish Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 2.7x is higher than the industry's current PS ratio of 2.3x.
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-5.18%
Healthcare-3.67%
Life Sciences-2.01%
Medical Equipment-2.41%
Pharma-3.88%
Healthcare Services-3.88%
Biotech-4.25%
Healthtech-4.59%
Industry PE
  • Investors are most optimistic about the Healthtech industry which is trading above its 3-year average PE ratio of 116x.
    • Analysts are expecting annual earnings growth of 20.3%, which is higher than its past year's earnings growth of 1.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 35% over the next 5 years.
  • This is better than its past earnings growth rate of 14% per year.
  • In contrast, the Life Sciences industry is expected to see its earnings grow by 17% 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
FLUO FluoGuideSEK 43.6043.4%
+SEK 215.8m		15.0%PS2239.2x
ONCO OncopeptidesSEK 1.50-3.4%
SEK 169.2m		-0.3%PS8.3x
DICOT Dicot PharmaSEK 0.4320.9%
+SEK 150.7m		56.7%PB11.9x
CRNO B Cereno ScientificSEK 6.308.2%
+SEK 149.8m		15.8%PS44.4x
ASKER Asker Healthcare GroupSEK 63.780.4%
+SEK 142.3m		n/aPE53.1x

Latest News

SOBI
SEK 359.40
Swedish Orphan Biovitrum
7D
-4.4%
1Y
24.4%

SOBI: Kidney And Sepsis Progress Will Support A More Constructive Outlook

Analyst price targets for Swedish Orphan Biovitrum have moved higher toward SEK 470 to SEK 500, as analysts highlight their updated views following recent rating changes and an upgraded stance from several firms. Analyst Commentary Recent research updates on Swedish Orphan Biovitrum show a mix of optimism around upside potential and some caution on how much of that is already reflected in the share price.
IVACC
SEK 0.98
Intervacc
7D
36.2%
1Y
-8.5%
ONCO
SEK 1.50
Oncopeptides
7D
-3.4%
1Y
-0.3%
CRNO B
SEK 6.30
Cereno Scientific
7D
8.2%
1Y
15.8%
FLUO
SEK 43.60
FluoGuide
7D
43.4%
1Y
15.0%
CAMX
SEK 449.00
Camurus
7D
-4.7%
1Y
-29.6%

CAMX: 2026 Guidance And US FDA Review Will Drive Future Upside

Analysts have kept their SEK 930 price target for Camurus unchanged, citing only minor adjustments in their assumptions for revenue growth, profit margin and future P/E as the main reasons for maintaining this level. What's in the News Camurus issued earnings guidance for 2026, with expected revenues of SEK 2.6b to SEK 2.9b and an operating result of SEK 0.9b to SEK 1.2b (Corporate guidance).
VITR
SEK 87.95
Vitrolife
7D
-6.6%
1Y
-48.0%
BONEX
SEK 176.40
Bonesupport Holding
7D
-10.9%
1Y
-46.4%

Slow Trauma Center Adoption And Regulatory Hurdles Will Eventually Support A Healthier Business Mix

Catalysts About Bonesupport Holding Bonesupport Holding develops and sells CERAMENT bone void fillers, including antibiotic eluting products used to treat complex bone infections and defects. What are the underlying business or industry changes driving this perspective?
GETI B
SEK 180.60
Getinge
7D
-4.1%
1Y
-19.0%

GETI B: Slightly Higher Dividend Will Still Leave P/E Looking Stretched

Analysts have kept their SEK 170.97 price target for Getinge broadly unchanged, citing only marginal tweaks to assumptions around the discount rate, revenue growth, profit margin and future P/E that do not materially alter their overall view of the shares. What's in the News Getinge AB has a proposed dividend of SEK 4.75 per share, compared with SEK 4.60 previously (Key Developments).
SECT B
SEK 222.00
Sectra
7D
-4.6%
1Y
-13.0%
BIOA B
SEK 306.00
BioArctic
7D
-2.7%
1Y
46.7%

BIOA B: China Alzheimer’s Access And Delivery Shift Will Drive Future Upside

Analysts are keeping their SEK 367.0 price target for BioArctic broadly unchanged, with only modest tweaks to underlying assumptions. They highlight parallels with recent bullish Street research on early stage biotech names that are seeing renewed interest around differentiated clinical assets.
MCOV B
SEK 189.00
Medicover
7D
-6.4%
1Y
-7.8%

MCOV B: Dividend Uplift And 2028 Revenue Ambition Will Support Future Upside

Analysts have kept their price target for Medicover broadly unchanged at around SEK 257, reflecting stable assumptions on the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News The board of Medicover AB proposes a dividend of SEK 0.20 per share for the financial year 2025, compared with SEK 0.15 previously, subject to approval at the annual general meeting on 29 April 2026 (Key Developments).
ASKER
SEK 63.78
Asker Healthcare Group
7D
0.4%
1Y
n/a
XSPRAY
SEK 26.50
Xspray Pharma
7D
7.3%
1Y
-10.2%
DICOT
SEK 0.43
Dicot Pharma
7D
20.9%
1Y
56.7%

Is Dicot Pharma (STO:DICOT) In A Good Position To Invest In Growth?

Feb 03
Is Dicot Pharma (STO:DICOT) In A Good Position To Invest In Growth?
HAMLET B
SEK 4.20
Hamlet BioPharma
7D
14.3%
1Y
1.4%