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Swedish (OMX) Healthcare Sector Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies153
  • 7D0.5%
  • 3M-5.9%
  • 1Y-7.7%
  • YTD-2.7%

The Healthcare is pretty flat in the last 7 days, but Sectra has stood out, gaining 4.1%. As for the longer term, the industry has declined 7.7% in the last year. As for the next few years, earnings are expected to grow by 24% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Mar 2026SEK 567.7bSEK 229.0b-SEK 2,378,234,487.1432.1x-238.7x2.5x
Fri, 30 Jan 2026SEK 590.1bSEK 229.1bSEK 3.4b38.4x173.5x2.6x
Sun, 28 Dec 2025SEK 583.9bSEK 230.4bSEK 3.6b43.6x160.2x2.5x
Tue, 25 Nov 2025SEK 592.0bSEK 230.8bSEK 3.3b44.1x181.9x2.6x
Thu, 23 Oct 2025SEK 609.4bSEK 228.2bSEK 2.9b45.5x210.6x2.7x
Sat, 20 Sep 2025SEK 618.8bSEK 227.4bSEK 6.6b46x93.7x2.7x
Mon, 18 Aug 2025SEK 609.0bSEK 226.8bSEK 6.6b46.3x92x2.7x
Wed, 16 Jul 2025SEK 640.0bSEK 226.9bSEK 6.1b44.7x105.2x2.8x
Fri, 13 Jun 2025SEK 613.7bSEK 226.4bSEK 5.8b41.4x105.3x2.7x
Sun, 11 May 2025SEK 600.8bSEK 224.1bSEK 5.2b34.5x114.9x2.7x
Tue, 08 Apr 2025SEK 517.1bSEK 221.5bSEK 5.4b30.9x94.9x2.3x
Thu, 06 Mar 2025SEK 569.8bSEK 206.3bSEK 4.7b36.4x122.1x2.8x
Sat, 01 Feb 2025SEK 602.1bSEK 204.1bSEK 1.5b43.6x388.9x3x
Mon, 30 Dec 2024SEK 584.7bSEK 202.6b-SEK 2,502,972,536.0639x-233.6x2.9x
Wed, 27 Nov 2024SEK 510.7bSEK 199.9b-SEK 2,629,704,483.7536.4x-194.2x2.6x
Fri, 25 Oct 2024SEK 594.5bSEK 201.4b-SEK 1,943,959,620.3541.7x-305.8x3x
Sun, 22 Sep 2024SEK 615.2bSEK 200.1b-SEK 2,816,505,402.9141.3x-218.4x3.1x
Tue, 20 Aug 2024SEK 600.0bSEK 200.1b-SEK 2,675,942,381.0441.2x-224.2x3x
Thu, 18 Jul 2024SEK 589.6bSEK 197.0b-SEK 3,206,261,692.6043.4x-183.9x3x
Sat, 15 Jun 2024SEK 555.7bSEK 195.5b-SEK 3,141,534,917.2135.3x-176.9x2.8x
Mon, 13 May 2024SEK 549.1bSEK 196.7b-SEK 2,686,857,063.5536.5x-204.4x2.8x
Wed, 10 Apr 2024SEK 527.7bSEK 192.6b-SEK 3,172,719,077.0145.3x-166.3x2.7x
Fri, 08 Mar 2024SEK 517.9bSEK 192.0b-SEK 3,686,052,747.7343.5x-140.5x2.7x
Sun, 04 Feb 2024SEK 537.2bSEK 193.6b-SEK 4,917,813,818.0050.1x-109.2x2.8x
Tue, 02 Jan 2024SEK 541.1bSEK 191.2b-SEK 963,424,829.0048.2x-561.6x2.8x
Thu, 30 Nov 2023SEK 505.1bSEK 189.9b-SEK 1,247,213,473.0051x-405x2.7x
Sat, 28 Oct 2023SEK 430.6bSEK 188.2b-SEK 1,505,670,724.0029.4x-286x2.3x
Mon, 25 Sep 2023SEK 456.9bSEK 185.6b-SEK 2,045,479,582.0036.3x-223.4x2.5x
Wed, 23 Aug 2023SEK 462.1bSEK 184.9b-SEK 1,100,560,254.0039.9x-419.9x2.5x
Fri, 21 Jul 2023SEK 473.3bSEK 182.8b-SEK 1,678,326,205.0041.5x-282x2.6x
Sun, 18 Jun 2023SEK 521.9bSEK 179.0b-SEK 773,290,123.0045x-675x2.9x
Tue, 16 May 2023SEK 523.9bSEK 176.8b-SEK 882,125,705.0042.9x-593.9x3x
Thu, 13 Apr 2023SEK 504.6bSEK 172.6b-SEK 1,423,464,516.0035.3x-354.5x2.9x
Sat, 11 Mar 2023SEK 484.5bSEK 172.5b-SEK 1,416,098,869.0036.8x-342.1x2.8x
Price to Earnings Ratio

-342.1x


Total Market Cap: SEK 484.5bTotal Earnings: -SEK 1,416,098,869.00Total Revenue: SEK 172.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Healthcare Sector Price to Earnings3Y Average -168.1x202420252026
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 Market1.88%
Healthcare0.51%
Healthtech7.27%
Life Sciences6.10%
Medical Equipment1.73%
Healthcare Services1.53%
Pharma-0.098%
Biotech-2.40%
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 186.104.1%
+SEK 1.4b		-18.9%PE55.5x
AMBEA AmbeaSEK 128.904.7%
+SEK 476.2m		18.5%PE15.9x
BONEX Bonesupport HoldingSEK 194.003.5%
+SEK 440.6m		-46.3%PE91.1x
VITR VitrolifeSEK 92.353.4%
+SEK 413.0m		-51.0%PS3.6x
RAY B RaySearch LaboratoriesSEK 185.603.2%
+SEK 198.8m		-25.9%PE27.9x

Latest News

SANION
SEK 15.02
Saniona
7D
-35.3%
1Y
127.6%
BONEX
SEK 194.00
Bonesupport Holding
7D
3.5%
1Y
-46.3%
SOBI
SEK 382.40
Swedish Orphan Biovitrum
7D
-5.7%
1Y
20.1%
AMBEA
SEK 128.90
Ambea
7D
4.7%
1Y
18.5%

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 92.35
Vitrolife
7D
3.4%
1Y
-51.0%

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 43.40
Implantica
7D
-8.6%
1Y
31.5%
GETI B
SEK 195.15
Getinge
7D
-1.8%
1Y
-6.4%

GETI B: Modest Dividend Uplift Will Not Offset Rich P/E Multiple

Narrative update on Getinge Analysts have slightly adjusted their view on Getinge, with the updated price target now set at SEK 170.97. This reflects modest tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E.
BIOA B
SEK 290.00
BioArctic
7D
-9.4%
1Y
34.1%
ASKER
SEK 59.45
Asker Healthcare Group
7D
-4.4%
1Y
n/a
RAY B
SEK 185.60
RaySearch Laboratories
7D
3.2%
1Y
-25.9%

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.
CAMX
SEK 474.00
Camurus
7D
-7.3%
1Y
-24.8%
SECT B
SEK 186.10
Sectra
7D
4.1%
1Y
-18.9%

SECT B: Expanding Cloud Imaging Footprint Will Drive Future Upside Potential

Analysts have maintained their SEK 245.0 price target for Sectra with only minor adjustments to assumptions, including a slightly higher discount rate and a marginally different future P/E. This reflects a largely steady view of the company’s valuation drivers.
VIMIAN
SEK 25.00
Vimian Group
7D
-5.9%
1Y
-33.9%

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 485.00
MedCap
7D
1.9%
1Y
31.4%
FLERIE
SEK 36.35
Flerie
7D
4.6%
1Y
-19.7%
H100
SEK 1.68
H100 Group
7D
40.0%
1Y
n/a