Has the U.S. Healthcare Sector valuation changed over the past few years?

Investors are pessimistic on the American Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 52.4x which is lower than its 3-year average PE of 65.5x. The industry is trading close to its 3-year average PS ratio of 2.1x.

Which industries have driven the changes within the U.S. Healthcare sector?

Investors are most optimistic about the Medical Equipment industry even though it's trading below its 3-year average PE ratio of 53.7x. Analysts expect its future annual earnings growth (16.3%) to be largely in line with prior year's earnings growth.

U.S. Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 20 Jun 2026	US$6.4t	US$3.3t	US$121.7b	23.3x	52.4x	1.9x
Mon, 18 May 2026	US$6.2t	US$3.3t	US$122.3b	22.6x	50.5x	1.9x
Wed, 15 Apr 2026	US$6.3t	US$3.3t	US$127.2b	23.4x	49.3x	1.9x
Fri, 13 Mar 2026	US$6.4t	US$3.3t	US$124.5b	24.2x	51.1x	1.9x
Sun, 08 Feb 2026	US$6.6t	US$3.3t	US$125.4b	27.1x	52.4x	2x
Tue, 06 Jan 2026	US$6.5t	US$3.2t	US$135.6b	25.8x	47.8x	2x
Thu, 04 Dec 2025	US$6.4t	US$3.2t	US$133.5b	25.7x	48x	2x
Sat, 01 Nov 2025	US$5.9t	US$3.1t	US$134.3b	26.3x	44.3x	1.9x
Mon, 29 Sep 2025	US$5.7t	US$3.1t	US$137.6b	23.6x	41.1x	1.8x
Wed, 27 Aug 2025	US$5.7t	US$3.1t	US$137.2b	23.5x	41.2x	1.8x
Fri, 25 Jul 2025	US$5.6t	US$3.0t	US$129.1b	25.1x	43.4x	1.8x
Sun, 22 Jun 2025	US$5.5t	US$3.0t	US$127.4b	23.7x	42.8x	1.8x
Tue, 20 May 2025	US$5.4t	US$3.0t	US$126.1b	24x	42.9x	1.8x
Thu, 17 Apr 2025	US$5.4t	US$2.6t	US$90.0b	24.8x	59.5x	2x
Sat, 15 Mar 2025	US$5.6t	US$2.6t	US$74.8b	26.6x	74.8x	2.1x
Mon, 10 Feb 2025	US$5.9t	US$2.6t	US$89.8b	26.5x	65.5x	2.2x
Wed, 08 Jan 2025	US$5.8t	US$2.9t	US$79.3b	27.7x	73.4x	2x
Fri, 06 Dec 2024	US$6.2t	US$2.9t	US$77.4b	28.7x	79.5x	2.1x
Sun, 03 Nov 2024	US$6.2t	US$2.9t	US$71.3b	28.4x	86.4x	2.1x
Tue, 01 Oct 2024	US$6.2t	US$2.9t	US$70.6b	30.3x	87.9x	2.1x
Thu, 29 Aug 2024	US$6.3t	US$2.8t	US$54.0b	31.6x	116.3x	2.2x
Sat, 27 Jul 2024	US$6.3t	US$2.8t	US$61.0b	31.6x	104x	2.2x
Mon, 24 Jun 2024	US$6.2t	US$2.8t	US$62.5b	30x	99.2x	2.2x
Wed, 22 May 2024	US$6.2t	US$2.8t	US$64.2b	30.7x	96.7x	2.2x
Fri, 19 Apr 2024	US$5.9t	US$2.8t	US$84.4b	30x	70.2x	2.1x
Sun, 17 Mar 2024	US$6.2t	US$2.8t	US$84.5b	31.5x	73.7x	2.2x
Tue, 13 Feb 2024	US$6.2t	US$2.8t	US$76.4b	32x	81.2x	2.2x
Thu, 11 Jan 2024	US$6.4t	US$2.8t	US$90.1b	32.3x	70.9x	2.3x
Sat, 09 Dec 2023	US$6.0t	US$2.8t	US$91.4b	29.4x	65.1x	2.1x
Mon, 06 Nov 2023	US$5.7t	US$2.8t	US$88.4b	26.7x	65x	2x
Wed, 04 Oct 2023	US$5.8t	US$2.8t	US$98.2b	26.5x	59.2x	2.1x
Fri, 01 Sep 2023	US$6.1t	US$2.8t	US$98.8b	27.7x	61.6x	2.2x
Sun, 30 Jul 2023	US$6.1t	US$2.8t	US$115.6b	28x	52.5x	2.2x
Tue, 27 Jun 2023	US$6.0t	US$2.7t	US$109.8b	26.6x	54.5x	2.2x


US Market	1.40%
Healthcare	-1.82%
Biotech	1.34%
Life Sciences	-0.82%
Medical Equipment	-1.06%
Healthtech	-1.38%
Healthcare Services	-2.38%
Pharma	-3.84%

Company	Last Price	7D	1Y	Valuation
MRNA Moderna	US$63.96	28.2% +US$5.6b	146.9%	PS11.4x
NTRA Natera	US$231.41	9.1% +US$2.8b	34.7%	PS13.3x
HIMS Hims & Hers Health	US$35.47	32.3% +US$2.0b	-44.8%	PS3.5x
RVMD Revolution Medicines	US$162.99	5.9% +US$1.9b	311.0%	PB23.1x
VRTX Vertex Pharmaceuticals	US$451.63	1.5% +US$1.7b	2.4%	PE26.4x

Announcement • 21h

uniQure Announces Preliminary Data on the First Cohort in the Phase I/IIa Clinical Trial of AMT-260 in Refractory Mesial Temporal Lobe Epilepsy

uniQure announced initial six-month follow-up data on the first, low dose cohort of six patients in its ongoing Phase I/IIa trial of an investigational gene therapy candidate, AMT-260, for the treatment of refractory mesial temporal lobe epilepsy (MTLE). As of the May 29, 2026 data cutoff date, three of six patients in the first, low-dose cohort (1x1012 gc/mL) achieved meaningful reductions in disabling seizures during months four through six of follow-up, ranging from a 79% to 100% decline from baseline. The remaining three patients in the low-dose cohort experienced variable changes in disabling seizures during months four through six of follow-up, ranging from a 33% decrease to a 36% increase compared to baseline. As of the date of the presentation, there have been no Serious Adverse Events (SAEs) related to AMT-260 or the surgical procedure reported. All reported adverse events in the low dose cohort were classified as mild or moderate in severity, with the most common adverse event being headache (N=2). No immunosuppression was required. Enrollment is ongoing in a second, higher dose cohort (3x1012 gc/mL), expected to consist of six patients with enrollment anticipated to be completed mid-2026. uniQure expects to present updated results from the Phase I/IIa clinical trial in the first half of 2027. GenTLE is a Phase I/IIa multi-center, open-label trial being conducted in the United States currently consisting of two dosing cohorts of up to six refractory MTLE patients each receiving a locally delivered, one-time intracerebral infusion of AMT-260. The study consists of an initial 12-month evaluation period followed by long-term follow-up for four years. The trial will evaluate the safety, tolerability and exploratory signs of efficacy of AMT-260 in individuals with refractory MTLE. AMT-260 is a one-time administered, in vivo gene therapy candidate intended to reduce or eliminate seizures in people with refractory mesial temporal lobe epilepsy. AMT-260 is designed to locally deliver two engineered microRNAs to suppress the GRIK2 gene and the aberrant expression of GluK2, a subunit of a kainate glutamate receptor that is believed to trigger seizures in people with refractory MTLE.

Announcement • Jun 18

Merck Receives U.S. FDA Approval for Expanded Indication of CAPVAXIVE Pneumococcal 21-Valent Conjugate Vaccine in Children and Adolescents Aged 2 Through 17 At Increased Risk for Pneumococcal Disease

Merck announced that the U.S. Food and Drug Administration (FDA) has approved an expanded indication for CAPVAXIVE (Pneumococcal 21-valent Conjugate Vaccine) to include children and adolescents aged 2 through 17 years who have completed a primary pediatric pneumococcal vaccination series and have one or more chronic medical conditions that put them at an increased risk for pneumococcal disease. With this approval, CAPVAXIVE is the only PCV specifically indicated and studied in the U.S. for use in this patient population. CAPVAXIVE is indicated for: Active immunization for the prevention of invasive pneumococcal disease caused by Streptococcus pneumoniae serotypes 3, 6A, 7F, 8, 9N, 10A, 11A, 12F, 15A, 15B, 15C, 16F, 17F, 19A, 20A, 22F, 23A, 23B, 24F, 31, 33F and 35B in individuals 18 years of age and older and individuals 2 through 17 years of age who are at increased risk for pneumococcal disease; Active immunization for the prevention of pneumonia caused by S. pneumoniae serotypes 3, 6A, 7F, 8, 9N, 10A, 11A, 12F, 15A, 15C, 16F, 17F, 19A, 20A, 22F, 23A, 23B, 24F, 31, 33F and 35B in individuals 18 years of age and older. CAPVAXIVE should not be administered to individuals with a history of a severe allergic reaction (e.g., anaphylaxis) to any component of CAPVAXIVE or to diphtheria toxoid. The indication for the prevention of pneumonia caused by S. pneumoniae serotypes 3, 6A, 7F, 8, 9N, 10A, 11A, 12F, 15A, 15C, 16F, 17F, 19A, 20A, 22F, 23A, 23B, 24F, 31, 33F, and 35B is approved under accelerated approval based on immune responses as measured by opsonophagocytic activity (OPA). Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial. The approval is based on data from the Phase 3 STRIDE-13 trial, which evaluated CAPVAXIVE compared to PPSV23 (pneumococcal 23-valent polysaccharide vaccine) in children and adolescents aged 2 through 17 years who completed a primary pediatric pneumococcal vaccination series and have one or more chronic medical conditions that put them at an increased risk of pneumococcal disease. STRIDE-13 (NCT06177912) is a randomized, double-blind, active comparator-controlled Phase 3 study that evaluated individuals 2 through 17 years of age with one or more prespecified medical conditions (diabetes mellitus, chronic heart disease, chronic kidney disease, chronic liver disease, chronic lung disease) known to increase the risk of pneumococcal disease and who have previously completed a primary pneumococcal vaccination regimen at least 8 weeks prior to enrollment (n=874). Participants were randomized 3:2 to receive a single dose of CAPVAXIVE (n=527) or PPSV23 (n=347). Results from the study include: CAPVAXIVE was noninferior to PPSV23 for the 12 shared serotypes and induced statistically significantly greater OPA GMTs compared to PPSV23 for the 9 serotypes unique to CAPVAXIVE; CAPVAXIVE also elicited immune responses to serotype 15B (cross-reactive to serotype 15C). In a post hoc analysis utilizing the same prespecified noninferiority criterion that was used for the shared serotypes, CAPVAXIVE was noninferior to PPSV23 for serotype 15B; The safety profile of CAPVAXIVE was generally comparable to PPSV23. Solicited adverse reactions following administration of CAPVAXIVE lasted a median of 2 days with most reactions lasting =3 days; The proportion of individuals reporting 1 or more serious adverse events (SAE) within 6 months postvaccination was 5.5% (n=29) in individuals vaccinated with CAPVAXIVE and 7.2% (n=25) in individuals vaccinated with PPSV23. There were no notable patterns or imbalances between vaccine groups for SAEs. One individual (0.2%) who received CAPVAXIVE had an SAE considered related to vaccination. This SAE was syncope (Grade 2, required hospitalization) and occurred approximately 3 minutes postvaccination. CAPVAXIVE helps provide coverage against the serotypes responsible for approximately 82% of IPD cases in adults 50 years of age and older, compared to ~54% by PCV20, based on national-level CDC data from 2019-2023. These values are based on CDC epidemiologic data and do not reflect the efficacy of the respective vaccines. There are currently no studies comparing the efficacy of CAPVAXIVE and PCV20. With this approval, CAPVAXIVE is also indicated for the prevention of invasive disease in children and adolescents aged 2 through 17 years who have one or more chronic medical conditions that put them at an increased risk for pneumococcal disease. Select Safety Information for CAPVAXIVE in Children and Adolescents at Increased Risk for Pneumococcal Disease in the U.S.: Do not administer CAPVAXIVE to individuals with a history of a severe allergic reaction (e.g., anaphylaxis) to any component of CAPVAXIVE or to diphtheria toxoid. Syncope may occur with administration of injectable vaccines. Individuals with altered immunocompetence, including those receiving immunosuppressive therapy, may have a reduced immune response to CAPVAXIVE. The most commonly reported (>10%) solicited adverse reactions in individuals 18 through 49 years of age who received CAPVAXIVE were: injection-site pain (73.1%), fatigue (36.0%), headache (27.5%), myalgia (16.4%), injection-site erythema (13.8%), and injection-site swelling (13.3%). The most commonly reported (>10%) solicited adverse reactions in individuals 50 years of age and older who received CAPVAXIVE were: injection-site pain (41.2%), fatigue (19.7%), and headache (11.0%). The most commonly reported (>10%) solicited adverse reactions in individuals 2 through 17 years of age who are at increased risk for pneumococcal disease were: injection-site pain (67.7%), injection-site erythema (24.3%), fatigue (20.1%), injection-site swelling (18.8%), headache (17.1%), malaise (13.3%), and irritability (11.6%). Vaccination with CAPVAXIVE may not protect all vaccine recipients.

U.S. Healthcare Sector Analysis

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Latest News

Pfizer Inc. Announces Chief Financial Officer Changes

Natera (NTRA) Stock Could Be 11.3% Undervalued After Prospera Transplant Data

uniQure Announces Preliminary Data on the First Cohort in the Phase I/IIa Clinical Trial of AMT-260 in Refractory Mesial Temporal Lobe Epilepsy

AbbVie: Immunology Cash Flow Funds Oncology Expansion

Cytokinetics (CYTK) Stock Could Be 15% Undervalued After Myqorzo Approval

JNJ: Future Drug Cycle And Dividend Strength Will Balance Policy And Legal Risks

Merck Receives U.S. FDA Approval for Expanded Indication of CAPVAXIVE Pneumococcal 21-Valent Conjugate Vaccine in Children and Adolescents Aged 2 Through 17 At Increased Risk for Pneumococcal Disease

Hims & Hers Stock Jumps Past Key Level as Peptides and Global Expansion Drive Growth Narrative

Bristol-Myers Squibb Stock Eyes Growth With FDA Reviews and New Data Across Key Therapies

UnitedHealth Group (UNH) Stock Could Be 55% Undervalued After EPS Guidance Raise And Dividend Hike

Eli Lilly and Company (NYSE:LLY) acquired 4E Therapeutics Inc.

EW: CMS TAVR Expansion And New CFO Will Shape Balanced Outlook

Moderna Shares Climb as FDA mFlusiva Review Nears and Multiple Vaccine Launches Planned

Amgen Stock Moves as Repatha Heart Data Impresses and Oncology Win Balances Tax Uncertainty

VRTX: Kidney Franchise And Pipeline Expansion Will Drive Future Stock Upside

CEO, President & Chairman notifies of intention to sell stock