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

Investors are relatively neutral on the American 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 PE ratio 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 Life Sciences industry, which is trading close to its 3-year average PE ratio of 55.5x. Analysts are expecting annual earnings growth of 18.5%, which is higher than its past year's earnings growth of 9.6% per year.

U.S. Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 27 Aug 2026	US$7.4t	US$3.4t	US$116.0b	26.4x	64x	2.2x
Sat, 25 Jul 2026	US$6.9t	US$3.3t	US$124.2b	25.8x	55.1x	2.1x
Mon, 22 Jun 2026	US$6.4t	US$3.3t	US$121.7b	23.3x	52.4x	1.9x
Wed, 20 May 2026	US$6.2t	US$3.3t	US$122.5b	23x	50.4x	1.9x
Fri, 17 Apr 2026	US$6.3t	US$3.3t	US$121.3b	23.8x	51.8x	1.9x
Sun, 15 Mar 2026	US$6.2t	US$3.3t	US$124.6b	24x	49.9x	1.9x
Tue, 10 Feb 2026	US$6.6t	US$3.3t	US$125.4b	27.2x	52.4x	2x
Thu, 08 Jan 2026	US$6.6t	US$3.2t	US$135.9b	26.6x	48.6x	2.1x
Sat, 06 Dec 2025	US$6.4t	US$3.2t	US$133.6b	25.9x	47.9x	2x
Mon, 03 Nov 2025	US$6.0t	US$3.1t	US$134.4b	26.1x	44.4x	1.9x
Wed, 01 Oct 2025	US$5.7t	US$3.1t	US$137.6b	24x	41.2x	1.8x
Fri, 29 Aug 2025	US$5.7t	US$3.1t	US$137.2b	23.2x	41.5x	1.8x
Sun, 27 Jul 2025	US$5.6t	US$3.1t	US$128.1b	24.6x	43.8x	1.8x
Tue, 24 Jun 2025	US$5.4t	US$3.0t	US$127.5b	23.8x	42.4x	1.8x
Thu, 22 May 2025	US$5.5t	US$3.0t	US$126.3b	22.9x	43.4x	1.8x
Sat, 19 Apr 2025	US$5.3t	US$2.6t	US$97.6b	24.8x	54.1x	2x
Mon, 17 Mar 2025	US$5.7t	US$2.6t	US$74.8b	26.6x	75.6x	2.1x
Wed, 12 Feb 2025	US$5.9t	US$2.6t	US$84.7b	26x	69.3x	2.2x
Fri, 10 Jan 2025	US$5.9t	US$2.9t	US$79.4b	27.3x	74x	2x
Sun, 08 Dec 2024	US$6.1t	US$2.9t	US$77.6b	28.7x	78.2x	2.1x
Tue, 05 Nov 2024	US$6.2t	US$2.9t	US$71.2b	28.1x	86.5x	2.1x
Thu, 03 Oct 2024	US$6.2t	US$2.8t	US$60.0b	30.1x	104x	2.2x
Sat, 31 Aug 2024	US$6.3t	US$2.8t	US$54.1b	32.3x	116.2x	2.2x
Mon, 29 Jul 2024	US$6.4t	US$2.8t	US$60.8b	31.7x	105x	2.2x
Wed, 26 Jun 2024	US$6.2t	US$2.8t	US$62.4b	30.3x	99.7x	2.2x
Fri, 24 May 2024	US$6.2t	US$2.8t	US$64.3b	30.2x	97x	2.2x
Sun, 21 Apr 2024	US$5.9t	US$2.8t	US$84.6b	30.2x	70.1x	2.1x
Tue, 19 Mar 2024	US$6.2t	US$2.8t	US$84.7b	31.5x	73.4x	2.2x
Thu, 15 Feb 2024	US$6.1t	US$2.8t	US$82.0b	31.1x	74.6x	2.2x
Sat, 13 Jan 2024	US$6.4t	US$2.8t	US$90.8b	32.2x	70.2x	2.3x
Mon, 11 Dec 2023	US$6.0t	US$2.8t	US$91.4b	29.4x	65.2x	2.1x
Wed, 08 Nov 2023	US$5.8t	US$2.8t	US$86.9b	25.8x	66.6x	2.1x
Fri, 06 Oct 2023	US$5.8t	US$2.8t	US$98.3b	26.7x	59.1x	2.1x
Sun, 03 Sep 2023	US$6.1t	US$2.8t	US$98.7b	27.4x	61.9x	2.2x


US Market	-0.42%
Healthcare	-1.20%
Life Sciences	2.63%
Healthcare Services	2.08%
Biotech	-0.76%
Healthtech	-1.63%
Medical Equipment	-2.14%
Pharma	-3.17%

Company	Last Price	7D	1Y	Valuation
UNH UnitedHealth Group	US$401.01	3.2% +US$11.1b	32.0%	PE25.5x
TMO Thermo Fisher Scientific	US$633.71	3.3% +US$7.5b	29.8%	PE33.6x
GILD Gilead Sciences	US$148.09	3.2% +US$5.8b	31.6%	PS6x
MCK McKesson	US$896.65	5.0% +US$5.0b	31.2%	PE22.8x
HCA HCA Healthcare	US$427.16	4.9% +US$4.4b	5.5%	PE13.5x

Announcement • Aug 26

Thermo Fisher Scientific Launches Orbitrap Isora Mass Spectrometer and Orbitrap Isora Pro Mass Spectrometer for Isotope Ratio Analysis

Thermo Fisher Scientific introduced the Thermo Scientific Orbitrap Isora Mass Spectrometer and Orbitrap Isora Pro Mass Spectrometer, the company’s first Orbitrap instruments with a dedicated isotope ratio analysis mode. Together with the Thermo Scientific Vanquish Duo UHPLC System and new Isotope Discoverer Software, the instruments form an integrated workflow designed to make molecular-level isotope ratio analysis accessible to more laboratories and researchers worldwide. The Orbitrap Isora workflow integrates mass spectrometry, Vanquish Duo UHPLC System and Isotope Discoverer Software to bring molecular-level isotope ratio analysis to more researchers worldwide. Isotope ratio analysis helps researchers across environmental science, geoscience, bioscience, food authenticity and other disciplines determine where a compound came from and what molecular processes shaped it. Unlike traditional isotope ratio techniques that require samples to be converted to a simple gas, the Orbitrap Isora workflow measures isotope ratios directly at the molecular level, providing a more detailed picture of a sample’s origin and history. At the same time, the workflow simplifies an analysis that previously required multiple script-based tools and complex manual data processing. The Orbitrap Isora workflow brings these steps together, delivering results in hours instead of days and making isotope analysis more practical for a broader range of laboratories. The workflow includes the Orbitrap Isora MS and Orbitrap Isora Pro MS, which combine electrospray ionization (ESI) with high-resolution accurate-mass (HRAM) detection to measure isotopologues and isotope ratios directly from intact molecular ions. The instruments capture multiple isotopes in a single run and offer researchers different levels of analytical capability, with up to 240K maximum resolution (at m/z 200) on Orbitrap Isora MS and up to 480K maximum resolution (at m/z 200) on Orbitrap Isora Pro MS. The Vanquish Duo UHPLC System automates the introduction of samples and reference materials, using known standards to help ensure accurate, reliable isotope ratio measurements. New Isotope Discoverer Software turns the resulting isotope data into usable results by extracting isotope ratios, filtering data and applying corrections, all in one environment. The Orbitrap Isora workflow expands what researchers can investigate with isotope ratio analysis across a range of fields: Environmental research helps trace pollution back to its source and helps track the paths PFAS and other contaminants take through watersheds, soil and food supplies, so remediation teams can target the source. Geology, climatology and archaeology helps reconstruct the past oxygen levels and microbial activity preserved in the geological record, giving earth and climate scientists a more detailed account of how the planet behaved in the past. Bioscience and metabolism provides insights into how the body uses and transforms nutrients and metabolites at the molecular level, opening new lines of study in nutrition, metabolic disease and drug development. Food and beverage authenticity helps distinguish synthetic ingredients from natural ones and helps confirm whether a product matches its label, catching adulteration before it becomes a recall. Orbitrap Isora MS and Orbitrap Isora Pro MS are Thermo Scientific mass spectrometers for isotope ratio analysis. They are the first Orbitrap instruments to include a dedicated isotope ratio analysis mode. Both use electrospray ionization and high-resolution accurate-mass detection to measure isotope and isotopologue ratios from intact molecular ions in liquid samples. Isotope ratio analysis measures the natural variation in isotopes within a sample to reveal where a compound came from and how it formed. It's used to help trace contaminant sources, reconstruct geological and environmental history and help verify the authenticity of food, biological and chemical materials. The workflow combines Orbitrap Isora MS or Orbitrap Isora Pro MS with the Vanquish Duo UHPLC System for sample introduction and automated sample and reference bracketing, and Isotope Discoverer Software for isotope ratio extraction, correction, calibration and reporting. Classical IRMS converts the sample to a simple gas first. Orbitrap-based IRMS measures the intact molecule, so structural context survives, one run can capture several isotopologues, and position-specific isotope analysis becomes possible. Thermo Fisher treats Orbitrap IRMS as a complement to its classical IRMS portfolio, not a replacement. Current applications are concentrated in environmental research, biogeochemistry, geology, climatology, archaeology, bioscience, metabolism and food authenticity.

Announcement • Aug 24

Gilead Sciences, Inc. Receives European Commission Approval for Trodelvy Plus Pembrolizumab in First-Line Metastatic Triple-Negative Breast Cancer

Gilead Sciences, Inc. announced that the European Commission has granted marketing authorization for Trodelvy (sacituzumab govitecan-hziy) in combination with Keytruda (pembrolizumab) for the treatment of adult patients with unresectable, locally advanced or metastatic triple-negative breast cancer (TNBC) who have not received prior systemic therapy for metastatic disease and whose tumors express PD-L1 with a combined positive score (CPS =10). Trodelvy plus Keytruda is the first and only antibody-drug conjugate (ADC) plus immunotherapy combination to be approved in first-line metastatic TNBC in the European Union’s 27 member states, as well as Norway, Iceland and Liechtenstein. This decision follows the recent European Commission approval of Trodelvy as monotherapy for the treatment of adult patients with unresectable locally advanced or metastatic TNBC who have not received prior systemic therapy for metastatic disease and are not candidates for PD-1 or PD-L1 inhibitor therapy. Together, these approvals establish Trodelvy as the backbone therapy for patients with first-line metastatic TNBC across PD-L1 status in Europe. The approval is based on data from the Phase 3 ASCENT-04 /KEYNOTE-D19 study which demonstrated a highly statistically significant and clinically meaningful progression-free survival of Trodelvy plus Keytruda versus the combination of standard of care chemotherapy plus Keytruda as a first-line treatment. In ASCENT-04/KEYNOTE-D19, Trodelvy demonstrated a 35% reduced risk of disease progression or death in patients with PD-L1-positive metastatic TNBC. Metastatic TNBC has historically been difficult to treat, with a poor prognosis and an urgent need for more effective first-line options. With this approval, Trodelvy is now positioned to address this need across the full spectrum of the disease, building on its extensive clinical legacy in later lines of therapy and its established safety and efficacy profile in more than 75,000 patients treated globally. Trodelvy (sacituzumab govitecan-hziy) is a first-in-class Trop-2-directed antibody-drug conjugate. Trop-2 is a cell surface antigen highly expressed in multiple tumor types, including in more than 90% of breast and lung cancers. Trodelvy is intentionally designed with a proprietary hydrolyzable linker attached to SN-38, a topoisomerase I inhibitor payload. This unique combination delivers potent activity to both Trop-2 expressing cells and the tumor microenvironment through a bystander effect. The U.S. FDA and the European Commission have approved the use of Trodelvy alone or in combination with pembrolizumab in first-line metastatic TNBC, across PD-L1 status. It is also globally approved for second-line and later metastatic TNBC and pre-treated HR+/HER2- metastatic breast cancer. Healthcare professionals have substantial clinical experience with Trodelvy, with more than 75,000 breast cancer patients treated since 2020. It is the only ADC with four positive Phase 3 trials in HER2-negative metastatic breast cancer and the only Trop-2-directed ADC to demonstrate a meaningful overall survival benefit in two distinct types of metastatic breast cancer. Trodelvy is currently being evaluated in multiple ongoing Phase 3 trials across a range of tumor types with high Trop-2 expression, including in lung and gynecologic cancers, where previous proof-of-concept studies have demonstrated clinical activity. TRODELVY (sacituzumab govitecan-hziy) is a Trop-2–directed antibody and topoisomerase inhibitor conjugate indicated in adult patients: Locally Advanced or Metastatic Triple-Negative Breast Cancer First Line As a single agent for the first-line treatment of unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC) who are not candidates for PD-1 or PD-L1 inhibitor-based therapy In combination with pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph for the first-line treatment of unresectable locally advanced or mTNBC whose tumors express PD-L1 [Combined Positive Score (CPS =10)] as determined by an FDA-authorized test Second Line or Later For the treatment of unresectable locally advanced or mTNBC who have received two or more prior systemic therapies, at least one of them for metastatic disease. Locally Advanced or Metastatic HR-positive, HER2-negative Breast Cancer For the treatment of unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative (IHC 0, IHC 1+, or IHC 2+/ISH–) breast cancer who have received endocrine-based therapy and at least two additional systemic therapies in the metastatic setting. TRODELVY can cause severe, life-threatening, or fatal neutropenia. Withhold TRODELVY for absolute neutrophil count below 1500/mm3 or neutropenic fever. Monitor blood cell counts periodically during treatment. Primary prophylaxis with G-CSF is recommended for all patients at increased risk of febrile neutropenia. Initiate anti-infective treatment in patients with febrile neutropenia without delay. TRODELVY can cause severe diarrhea. Monitor patients with diarrhea and give fluid and electrolytes as needed. At the onset of diarrhea, evaluate for infectious causes and, if negative, promptly initiate loperamide. If severe diarrhea occurs, withhold TRODELVY until resolved to =Grade 1 and reduce subsequent doses. Severe hypersensitivity reaction to TRODELVY. Neutropenia: Severe, life-threatening, or fatal neutropenia can occur as early as the first cycle of treatment and may require dose modification. Neutropenia occurred in 64% of patients treated with TRODELVY. Grade 3-4 neutropenia occurred in 48% of patients. Febrile neutropenia occurred in 6%. Neutropenic colitis occurred in 1.4%. Primary prophylaxis with G-CSF is recommended starting in the first cycle of treatment in all patients at increased risk of febrile neutropenia, including older patients, patients with previous neutropenia, poor performance status, organ dysfunction, or multiple comorbidities. Monitor absolute neutrophil count (ANC) during treatment. Withhold TRODELVY for ANC below 1500/mm3 on Day 1 of any cycle or below 1000/mm3 on Day 8 of any cycle. Withhold TRODELVY for neutropenic fever. Treat neutropenia with G-CSF and administer prophylaxis in subsequent cycles as clinically indicated or indicated in Table 2 of USPI. Diarrhea: Diarrhea occurred in 62% of all patients treated with TRODELVY. Grade 3-4 diarrhea occurred in 10% of patients. One patient had intestinal perforation following diarrhea. Diarrhea that led to dehydration and subsequent acute kidney injury occurred in 0.6% of all patients. Withhold TRODELVY for Grade 3-4 diarrhea and resume when resolved to =Grade 1. At onset, evaluate for infectious causes and, if negative, promptly initiate loperamide, 4 mg initially followed by 2 mg with every episode of diarrhea for a maximum of 16 mg daily.

U.S. Healthcare Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

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