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 53.0x 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 53.8x. Analysts expect its future annual earnings growth (16.2%) 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
Thu, 18 Jun 2026	US$6.5t	US$3.3t	US$122.0b	23x	52.9x	1.9x
Sat, 16 May 2026	US$6.7t	US$3.3t	US$122.7b	22.7x	54.5x	2x
Mon, 13 Apr 2026	US$6.2t	US$3.3t	US$127.2b	22.7x	48.8x	1.9x
Wed, 11 Mar 2026	US$6.4t	US$3.3t	US$124.4b	25x	51.7x	2x
Fri, 06 Feb 2026	US$6.5t	US$3.2t	US$126.3b	27x	51.7x	2x
Sun, 04 Jan 2026	US$6.5t	US$3.2t	US$135.6b	25.7x	47.8x	2x
Tue, 02 Dec 2025	US$6.5t	US$3.2t	US$133.5b	25.9x	48.9x	2.1x
Thu, 30 Oct 2025	US$6.1t	US$3.1t	US$137.4b	25.2x	44.1x	1.9x
Sat, 27 Sep 2025	US$5.6t	US$3.1t	US$137.6b	23.6x	40.7x	1.8x
Mon, 25 Aug 2025	US$5.7t	US$3.1t	US$137.2b	23.7x	41.8x	1.9x
Wed, 23 Jul 2025	US$5.4t	US$3.0t	US$128.4b	24.9x	41.9x	1.8x
Fri, 20 Jun 2025	US$5.5t	US$3.0t	US$127.5b	22.8x	42.8x	1.8x
Sun, 18 May 2025	US$5.4t	US$3.0t	US$126.1b	23.3x	42.9x	1.8x
Tue, 15 Apr 2025	US$5.3t	US$2.6t	US$82.2b	25.4x	64.6x	2x
Thu, 13 Mar 2025	US$5.7t	US$2.6t	US$78.6b	25.9x	72.2x	2.1x
Sat, 08 Feb 2025	US$5.9t	US$2.6t	US$89.7b	26.5x	65.9x	2.2x
Mon, 06 Jan 2025	US$5.8t	US$2.9t	US$79.3b	27.3x	73.5x	2x
Wed, 04 Dec 2024	US$6.2t	US$2.9t	US$77.4b	28.3x	79.6x	2.1x
Fri, 01 Nov 2024	US$6.1t	US$2.9t	US$71.8b	26.8x	85.2x	2.1x
Sun, 29 Sep 2024	US$6.2t	US$2.9t	US$70.6b	30.1x	87.9x	2.1x
Tue, 27 Aug 2024	US$6.3t	US$2.8t	US$56.5b	31.9x	111.2x	2.2x
Thu, 25 Jul 2024	US$6.3t	US$2.8t	US$60.9b	31.6x	104.1x	2.2x
Sat, 22 Jun 2024	US$6.2t	US$2.8t	US$62.5b	30x	98.8x	2.2x
Mon, 20 May 2024	US$6.2t	US$2.8t	US$64.1b	31.1x	97.2x	2.2x
Wed, 17 Apr 2024	US$5.9t	US$2.8t	US$85.4b	31.3x	69.7x	2.1x
Fri, 15 Mar 2024	US$6.3t	US$2.8t	US$84.5b	31.7x	74.4x	2.3x
Sun, 11 Feb 2024	US$6.2t	US$2.8t	US$76.3b	31.6x	81x	2.2x
Tue, 09 Jan 2024	US$6.3t	US$2.8t	US$90.0b	31.5x	70.1x	2.2x
Thu, 07 Dec 2023	US$5.9t	US$2.8t	US$91.4b	29.3x	65.1x	2.1x
Sat, 04 Nov 2023	US$5.7t	US$2.8t	US$88.4b	26.7x	65x	2x
Mon, 02 Oct 2023	US$5.9t	US$2.8t	US$98.2b	27.6x	59.7x	2.1x
Wed, 30 Aug 2023	US$6.2t	US$2.8t	US$99.0b	27.7x	62.3x	2.2x
Fri, 28 Jul 2023	US$6.1t	US$2.7t	US$113.2b	27.7x	54x	2.2x
Sun, 25 Jun 2023	US$6.0t	US$2.7t	US$109.8b	26.6x	54.8x	2.2x


US Market	1.98%
Healthcare	-0.71%
Biotech	4.63%
Healthcare Services	-1.23%
Pharma	-1.72%
Healthtech	-1.88%
Medical Equipment	-2.50%
Life Sciences	-3.21%

Company	Last Price	7D	1Y	Valuation
MRNA Moderna	US$61.80	34.4% +US$6.3b	143.3%	PS11x
VRTX Vertex Pharmaceuticals	US$458.99	5.3% +US$5.9b	2.4%	PE26.9x
GILD Gilead Sciences	US$125.45	3.3% +US$4.9b	16.2%	PE16.9x
HCA HCA Healthcare	US$388.16	4.0% +US$3.3b	3.0%	PE12.7x
RVMD Revolution Medicines	US$157.77	9.4% +US$2.9b	295.1%	PB22.4x

Announcement • Jun 16

Allergan Aesthetics Receives Fda Approval for Skinvive by Juvederm for Improvement of Neck Appearance

Allergan Aesthetics, an AbbVie company, announced the U.S. Food and Drug Administration approval of SKINVIVE by JUVÉDERM to reduce neck lines for the improvement of neck appearance in adults over the age of 21. SKINVIVE by JUVÉDERM is the first and only hyaluronic acid injectable indicated to reduce the appearance of neck wrinkles and help skin retain its natural moisture, leading to an improved neck appearance. SKINVIVE by JUVÉDERM reduces neck lines formed by tech-neck by helping the skin retain its natural moisture, softness, and smoothness. Treatment with SKINVIVE by JUVÉDERM is minimally invasive with little to no downtime and is administered using an ultrafine needle or cannula. The product contains a small amount of local anesthetic (lidocaine) to support patient comfort during treatment. Results last six months with optimal treatment. In the randomized, multicenter, evaluator-blinded, controlled pivotal clinical study, 74.8% (78.5/105) of participants treated in the neck with SKINVIVE by JUVÉDERM saw clinically significant (= 1 point) improvement on the validated 5-grade photonumeric Allergan Transverse Neck Lines Scale (ATNLS) at one month. Most participants (66% or 64/97) maintained = 1 point improvement in horizontal neck lines at six months. Participants who demonstrated improvement from baseline in overall score stayed high (=78%) at all timepoints during the study. Participants in the clinical study reported experiencing adverse events such as redness, bruising, tenderness, lumps/bumps, swelling, firmness, pain, discoloration, and itching at the injection sites, as reported in their electronic diaries. These adverse events were usually mild (causing little discomfort and no effect on daily activities), did not require treatment, and resolved within two weeks. Severe adverse events were experienced by less than 5% of participants (7/147 reporting adverse events). These adverse events were reported similarly or less frequently after touch-ups and repeat treatments. The FDA has required that Allergan Aesthetics provide a training program for all interested providers. Successful completion of this training is necessary prior to purchase of and administration of SKINVIVE by JUVÉDERM. Allergan Aesthetics anticipates that SKINVIVE by JUVÉDERM for the improvement of neck appearance will be broadly commercially available later this year. SKINVIVE by JUVÉDERM injectable gel is an injection to improve skin smoothness of the cheeks in adults over the age of 21. SKINVIVE by JUVÉDERM injectable gel is an injection to reduce neck lines for improvement of neck appearance in adults over the age of 21. One of the risks with dermal filler injections is the unintentional injection into a blood vessel. The chances of this happening are very small, but if it does happen, the complications can be serious and may be permanent. These complications, which have been reported for facial injections, can include vision abnormalities, blindness, stroke, temporary scabs, or permanent scarring of the skin. Most of these events are irreversible. The use of this product where skin sores, pimples, rashes, hives, cysts, or infections are present should be postponed, as this may delay healing or make skin problems worse. The effectiveness of removal of any dermal filler has not been studied. Avoid applying makeup for 12 hours after treatment. Minimize strenuous exercise, exposure to extensive sun or heat, and alcoholic beverages within the first 24 hours following treatment. Exposure to any of these may cause temporary redness, swelling, and/or itching at the injection site. Tell your specialist if you are using any medication that can prolong bleeding, such as aspirin, ibuprofen, or other blood thinners, as this may increase bruising or bleeding at the injection site. Tell your specialist if you are planning laser treatment, chemical peeling, or any other procedure after SKINVIVE by JUVÉDERM. There is a possible risk of an inflammatory reaction at the treatment site. This product is intended for improving skin smoothness of the cheeks and reducing neck lines. The safety and effectiveness for treatment in other areas of the body have not been established. Tell your specialist if you are on therapy used to decrease the body's immune response, as treatment may result in an increased risk of infection. Tell your specialist if you are pregnant or breastfeeding. The safety for use during pregnancy, or in women who are breastfeeding, has not been studied. Tell your specialist if you have a history of excessive scarring (thick, hard scars). The safety of this product in patients with a history of excessive scarring has not been studied and may result in additional scars. Tell your specialist if you have a history of pigmentation disorders, as use of this product in patients with a history of pigmentation disorders has not been studied and may result in changes in pigmentation. The most commonly reported side effects were redness, lumps/bumps, swelling, bruising, pain, tenderness, firmness, discoloration and itching. Most side effects will resolve within 2 weeks. If they persist longer, your physician may choose to treat them with medications, such as antibiotics, steroids, or hyaluronidase. Additionally, there have been reports of inflammation, nodules, unsatisfactory result, loss or lack of improvement, allergic reaction, anxiety, blood vessel blockage, infection, dry skin, increase or decrease in sensation, and abscess. Delayed-onset inflammation near the site of dermal filler injections is one of the known adverse events associated with dermal fillers. As with all skin injection procedures, there is a risk of infection. SKINVIVE by JUVÉDERM is available only by a licensed physician or properly licensed practitioner.

Announcement • Jun 15

Johnson & Johnson Innovative Medicine Presents Results From Phase 2/3 ENERGY Study Demonstrating IMAAVY (Nipocalimab-Aahu) Durable Hemoglobin Response and Rapid Onset of Effect in Warm Autoimmune Hemolytic Anemia

Johnson & Johnson Innovative Medicine issued results from the Phase 2/3 ENERGY study showing that IMAAVY (nipocalimab-aahu) produced a statistically significant durable hemoglobin (Hgb) response with rapid onset of effect in patients with warm autoimmune hemolytic anemia (wAIHA) in the 30 mg/kg treatment group, compared with those who received placebo. The randomized, placebo-controlled trial demonstrated approximately three times as many patients achieved durable Hgb levels versus placebo by 24 weeks. Overall, patients treated with this dose of IMAAVY showed a mean Hgb improvement of at least 1g/dL as early as Week 1. The ENERGY study compared IMAAVY to placebo in achieving the primary endpoint of durable Hgb improvement, which was defined as achieving the following stringent criteria: an increase from baseline in Hgb 2 g/dL, Hgb concentration 10 g/dL, for at least three visits (28 days, where criteria was met, starting by Week 16), without the need for rescue therapy or changes to background medications for wAIHA. In the 30 mg/kg treatment group, a mean increase of 1 g/dL in Hgb was observed at Week 1, compared to no change in the placebo group. In wAIHA, treatment also aims to maintain Hgb 10 g/dL and achieve a 2 g/dL increase from baseline and nearly two-thirds of patients achieved both of these targets by Week 24. IMAAVY was also associated with improvements in fatigue and reduction in steroid use, two key secondary endpoints. Changes in patient-reported fatigue were observed as early as Week 2 and sustained throughout the 24-week treatment period. In the study, IMAAVY demonstrated a safety profile consistent with the established safety profile of IMAAVY in the approved indication of generalized myasthenia gravis. The most common adverse reactions (10%) in patients with wAIHA treated with IMAAVY were peripheral edema, diarrhea and fever. By targeting the pathogenic IgG autoantibodies that lead to red blood cell destruction in wAIHA, IMAAVY is designed to utilize a differentiated, immunoselective approach, preserving underlying key humoral immune functions in a condition where many patients currently can only rely on unapproved therapies, including corticosteroids and broad immunosuppressants. These data support the supplemental Biologics License Application (sBLA) for IMAAVY which has since been granted U.S. FDA Priority Review. Durable hemoglobin response, the primary endpoint of the Phase 2/3 ENERGY trial, is defined as hemoglobin concentration 10 g/dL and an increase from baseline in hemoglobin 2 g/dL for at least 28 days (where criteria was met starting by Week 16 of the double-blind period), without the need of rescue therapy. Based on mean change from baseline of Functional Assessment of Chronic Illness Therapy-Fatigue (FACIT-Fatigue) score at Week 24, a key secondary endpoint, with mean change of 3.51 points over placebo for 30 mg/kg IV treatment group (dose filed with the FDA). Participants who achieved durable Hgb response were required to initiate corticosteroid (CS) dose tapering. Doses were reduced by 10% of the baseline CS dose every two weeks, provided Hgb levels did not decline by 1 g/dL. At Week 24, the mean percent reduction in CS dose was numerically higher in the nipocalimab 30 mg/kg treatment group (15% reduction from baseline dose) compared with placebo (4% reduction from baseline dose). ENERGY (NCT04119050) is a multicenter, randomized, double-blind, placebo-controlled Phase 2/3 study evaluating the efficacy and safety of nipocalimab compared with placebo followed by an open-label extension period, in adults living with warm autoimmune hemolytic anemia (wAIHA). 115 adults were randomized approximately 1:1:1 to receive nipocalimab at two different dose schedules or placebo. Following completion of 24 weeks of double-blind treatment, patients could enter an open-label extension period to receive nipocalimab for 144 weeks with a follow-up period of 6 weeks after last assessment. Warm autoimmune hemolytic anemia (wAIHA) is a rare, life-threatening condition where autoantibodies attach to and destroy red blood cells (RBCs), resulting in anemia. Approximately 1-3 new people per 100,000 are affected by wAIHA per year, and about 1 in 8,000 individuals are living with the condition. This condition affects both women and men, and can affect people at any age with incidence increasing over the age of 50. Additionally, people with wAIHA are at increased risk of other serious complications such as venous thrombotic events, acute renal failure, and infection. There are no Food and Drug Administration (FDA)-approved drugs indicated for wAIHA, and treatment typically consists of unapproved corticosteroids, broad immunosuppressants, and B-cell directed therapies. With an unmet need for treatment in wAIHA, novel therapies like nipocalimab are being developed to potentially address this need. IMAAVY is an immunoselective treatment designed to target, bind with high affinity, and block the neonatal Fc receptor (FcRn), reducing circulating immunoglobulin G (IgG) antibodies that drive disease while also preserving key immune functions. IMAAVY is currently approved for the treatment of generalized myasthenia gravis (gMG) in adults and pediatric patients 12 years of age and older who are anti-acetylcholine receptor (AChR) or anti-muscle-specific tyrosine kinase (MuSK) antibody positive. Nipocalimab is being investigated across three key segments in the autoantibody space including Rheumatologic diseases, Rare Autoantibody diseases and Maternal Fetal diseases mediated by maternal alloantibodies, in which blockade of IgG binding to FcRn in the placenta is believed to limit transplacental transfer of maternal alloantibodies to the fetus.

U.S. Healthcare Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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Allergan Aesthetics Receives Fda Approval for Skinvive by Juvederm for Improvement of Neck Appearance

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