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 58.8x 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 Life Sciences industry, which is trading close to its 3-year average PE ratio of 55.3x. Analysts are expecting annual earnings growth of 18.6%, 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
Tue, 15 Sep 2026	US$7.0t	US$3.4t	US$118.8b	25.2x	58.8x	2.1x
Thu, 13 Aug 2026	US$7.1t	US$3.4t	US$116.1b	26x	61.3x	2.1x
Sat, 11 Jul 2026	US$7.0t	US$3.3t	US$122.0b	25x	57.2x	2.1x
Mon, 08 Jun 2026	US$6.4t	US$3.3t	US$122.5b	23.6x	52.6x	1.9x
Wed, 06 May 2026	US$6.2t	US$3.3t	US$117.5b	23.8x	52.6x	1.9x
Fri, 03 Apr 2026	US$6.2t	US$3.3t	US$128.3b	22.2x	48.5x	1.9x
Sun, 01 Mar 2026	US$6.7t	US$3.3t	US$127.5b	25.5x	52.2x	2x
Tue, 27 Jan 2026	US$6.6t	US$3.2t	US$130.6b	29.1x	50.6x	2.1x
Thu, 25 Dec 2025	US$6.6t	US$3.2t	US$135.2b	26.4x	48.5x	2.1x
Sat, 22 Nov 2025	US$6.2t	US$3.2t	US$133.4b	25.8x	46.7x	2x
Mon, 20 Oct 2025	US$6.0t	US$3.1t	US$140.4b	24.8x	42.5x	1.9x
Wed, 17 Sep 2025	US$5.7t	US$3.1t	US$137.5b	23.8x	41.2x	1.8x
Fri, 15 Aug 2025	US$5.6t	US$3.1t	US$136.9b	23.4x	40.5x	1.8x
Sun, 13 Jul 2025	US$5.5t	US$3.0t	US$127.9b	24x	43.3x	1.8x
Tue, 10 Jun 2025	US$5.5t	US$3.0t	US$127.2b	23.8x	43.2x	1.8x
Thu, 08 May 2025	US$5.4t	US$3.0t	US$127.1b	25x	42.7x	1.8x
Sat, 05 Apr 2025	US$5.5t	US$2.6t	US$82.1b	24.7x	67x	2.1x
Mon, 03 Mar 2025	US$5.9t	US$2.6t	US$79.3b	27.5x	74x	2.2x
Wed, 29 Jan 2025	US$6.2t	US$2.9t	US$85.5b	27.9x	72x	2.1x
Fri, 27 Dec 2024	US$5.9t	US$2.9t	US$78.3b	27.6x	74.8x	2x
Sun, 24 Nov 2024	US$6.0t	US$2.9t	US$77.3b	28.2x	78.1x	2.1x
Tue, 22 Oct 2024	US$6.2t	US$2.8t	US$58.7b	32.1x	106.4x	2.2x
Thu, 19 Sep 2024	US$6.3t	US$2.8t	US$60.2b	31.1x	104.5x	2.2x
Sat, 17 Aug 2024	US$6.1t	US$2.8t	US$56.1b	32.8x	109.5x	2.2x
Mon, 15 Jul 2024	US$6.3t	US$2.8t	US$62.2b	31.2x	101.7x	2.2x
Wed, 12 Jun 2024	US$6.2t	US$2.8t	US$63.6b	30.2x	97.9x	2.2x
Fri, 10 May 2024	US$6.1t	US$2.8t	US$62.9b	30.6x	96.7x	2.2x
Sun, 07 Apr 2024	US$6.2t	US$2.8t	US$84.1b	32.4x	73.2x	2.2x
Tue, 05 Mar 2024	US$6.3t	US$2.8t	US$85.0b	31x	74x	2.3x
Thu, 01 Feb 2024	US$6.4t	US$2.8t	US$80.6b	31.6x	79.2x	2.3x
Sat, 30 Dec 2023	US$6.2t	US$2.8t	US$91.5b	32.6x	68.2x	2.2x
Mon, 27 Nov 2023	US$5.9t	US$2.8t	US$91.4b	28.6x	64.4x	2.1x
Wed, 25 Oct 2023	US$5.7t	US$2.8t	US$99.6b	24.8x	57.3x	2x
Fri, 22 Sep 2023	US$5.9t	US$2.8t	US$98.6b	27.4x	60.1x	2.1x


US Market	-1.54%
Healthcare	-2.44%
Healthcare Services	-0.37%
Life Sciences	-0.96%
Healthtech	-2.19%
Pharma	-2.34%
Medical Equipment	-3.58%
Biotech	-3.87%

Company	Last Price	7D	1Y	Valuation
ABBV AbbVie	US$261.77	2.1% +US$9.4b	20.3%	PE73.8x
HCA HCA Healthcare	US$425.49	5.1% +US$4.4b	5.5%	PE13.5x
ROIV Roivant Sciences	US$41.02	17.4% +US$4.4b	194.1%	PS3933.8x
ISRG Intuitive Surgical	US$377.94	3.1% +US$4.0b	-12.9%	PE42.5x
ELV Elevance Health	US$424.24	4.1% +US$3.6b	38.2%	PE18.5x

Announcement • 15h

Amgen Receives FDA Approval for Reduced Monitoring Time for First Two Doses of Imdelltra

Amgen announced that the U.S. Food and Drug Administration (FDA) approved an update to the IMDELLTRA (tarlatamab-dlle) Prescribing Information that substantially reduces the recommended monitoring time for the first two doses of treatment in an appropriate healthcare setting. This approval means that patients receiving IMDELLTRA should now be monitored for 6 to 8 hours from the start of their first two infusions, compared with the previously recommended 22 to 24 hours. Patients will also receive a follow-up assessment, including vital signs, the day after each of these first two doses. For people living with extensive-stage small cell lung cancer (ES-SCLC), the change could mean substantially less time spent in a healthcare setting during the initial treatment period. The updated requirement may also reduce treatment complexity for community oncology practices, where an estimated 80% to 85% of U.S. cancer patients receive care. ES-SCLC is an aggressive form of lung cancer in which most patients experience disease progression following first-line treatment. The scope of the label update was limited to the first two doses, which now recommends only 6 to 8 hours of monitoring from the start of infusion in an appropriate healthcare setting. Beyond the update to the first two doses and the addition of a patient assessment following those initial doses, the monitoring and supportive care recommendations remain unchanged: 6-8 hours of monitoring following the third dose (Cycle 1 Day 15) and throughout Cycle 2, decreasing to 3-4 hours for Cycles 3-4 and 2 hours for Cycle 5 and subsequent doses. It is recommended that patients remain within 1 hour of an appropriate healthcare setting for a total of 48 hours from the start of the infusion with IMDELLTRA following Cycle 1 Day 1 and Cycle 1 Day 8 doses, accompanied by a caregiver. Patients will also receive a follow-up assessment, including vital signs, the day after each of these first two doses on Cycle 1, Days 2 and 9. Amgen recently announced landmark positive topline overall survival data from the Phase 3 DeLLphi-305 study in first-line ES-SCLC. Reduced post-infusion monitoring timing is being evaluated in several ongoing studies across indications and lines of therapy which will continue to inform the potential to further reduce monitoring approaches in the future. IMDELLTRA is a first-in-class targeted immunotherapy engineered by Amgen researchers to bind to both DLL3 on tumor cells and CD3 on T cells, thereby activating T cells to kill DLL3-expressing SCLC cells. This results in the formation of a cytolytic synapse with lysis of the cancer cell. DLL3 is a protein that is expressed on the surface of SCLC cells in approximately 85-96% of patients with SCLC, but is minimally expressed on healthy cells, making it an exciting target. IMDELLTRA (tarlatamab-dlle) is indicated for the treatment of adult patients with extensive stage small cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy. Cytokine release syndrome (CRS), including life-threatening or fatal reactions, can occur in patients receiving IMDELLTRA. Initiate IMDELLTRA using the step-up dosing schedule to reduce the incidence and severity of CRS. Withhold IMDELLTRA until CRS resolves or permanently discontinue based on severity. Neurologic toxicity and immune effector cell-associated neurotoxicity syndrome (ICANS), including life-threatening or fatal reactions, can occur in patients receiving IMDELLTRA. Monitor patients for signs and symptoms of neurologic toxicity, including ICANS, during treatment and treat promptly. Withhold IMDELLTRA until ICANS resolves or permanently discontinue based on severity. IMDELLTRA can cause cytopenias including neutropenia, thrombocytopenia, and anemia. Monitor patients for signs and symptoms of cytopenias. Perform complete blood counts prior to treatment with all doses of IMDELLTRA, up through Cycle 5 Day 15 and then prior to administration on Day 1 of each cycle starting with Cycle 6. Based on the severity of cytopenias, temporarily withhold, or permanently discontinue IMDELLTRA. IMDELLTRA can cause serious infections, including life-threatening and fatal infections. Monitor patients for signs and symptoms of infection prior to and during treatment with IMDELLTRA and treat as clinically indicated. Withhold or permanently discontinue IMDELLTRA based on severity. IMDELLTRA can cause hepatotoxicity. Monitor liver enzymes and bilirubin prior to treatment with IMDELLTRA, and as clinically indicated. Withhold IMDELLTRA or permanently discontinue based on severity. IMDELLTRA can cause severe hypersensitivity reactions. Monitor patients for signs and symptoms of hypersensitivity during treatment with IMDELLTRA and manage as clinically indicated. Withhold or consider permanent discontinuation of IMDELLTRA based on severity. Based on its mechanism of action, IMDELLTRA may cause fetal harm when administered to a pregnant woman. Advise patients of the potential risk to a fetus. Advise females of reproductive potential to use effective contraception during treatment with IMDELLTRA and for 2 months after the last dose. The pooled safety population reflects exposure to intravenous IMDELLTRA, as a single agent, at the recommended dosage of IMDELLTRA 1 mg on Cycle 1 Day 1 followed by 10 mg on Days 8 and 15, and then every 2 weeks until disease progression or intolerable toxicity in 473 patients with small cell lung cancer enrolled in three clinical trials: DeLLphi-300, DeLLphi-301 and DeLLphi-304.

Announcement • Sep 08

Abbott Receives FDA Approval for TactiFlex Duo Ablation Catheter to Treat Abnormal Heart Rhythms

Abbott, the global healthcare leader, announced it has received U.S. Food and Drug Administration (FDA) approval for the TactiFlex Duo Ablation Catheter, Sensor Enabled to treat patients with challenging cases of atrial fibrillation (AFib). The U.S. approval of this dual-energy catheter, the latest generation of Abbott's cardiac ablation technology, marks a significant milestone in Abbott's commitment to advancing therapies that help physicians treat complex heart rhythms with greater precision and flexibility. Abbott will soon begin cases with broader commercial adoption across the country in the coming weeks. TactiFlex Duo is Abbott's latest ablation catheter designed to give physicians more flexibility when treating AFib. The technology allows physicians to use pulsed field ablation (PFA), radiofrequency (RF) energy, or a combination of both during a procedure, helping them tailor treatment to each patient's needs. Abbott's EnSite X EP System also provides physicians with real-time feedback as an integrated mapping solution with the PFA Index (PI), a tool designed to assess lesion formation during ablation with TactiFlex Duo. The dual-energy approach means physicians can create precise therapeutic lesions, or small areas of scar tissue, that block the abnormal electrical signals causing an irregular heartbeat while helping minimize the impact on surrounding healthy tissue. Successfully treating these areas can help restore the heart's normal rhythm and improve outcomes for patients living with AFib. The FDA approval of TactiFlex Duo was secured based on the results from Abbott's FlexPulse IDE study. Late-breaking data from the study recently presented at the European Society of Cardiology (ESC) Congress 2026, which was simultaneously published in EP Europace, showed favorable safety and effectiveness outcomes in patients with paroxysmal AFib (irregular heart rhythm episodes that come and go). TactiFlex Duo is an advanced cardiac ablation catheter designed to treat irregular heart rhythms. Its dual-energy feature combines pulsed field ablation (PFA) and radiofrequency (RF) energy in a single device, allowing physicians to tailor treatment to each patient's unique needs during AFib ablation procedures. TactiFlex Duo is integrated with Abbott's EnSite X EP System, a sophisticated mapping system that creates highly detailed three-dimensional maps of the heart to help doctors find and treat the source of an irregular heartbeat. Working together with Abbott's Advisor HD Grid X mapping catheter, ViewFlex X ICE (intracardiac echocardiography) catheter and EnSite Echo Module, the integrated portfolio is designed to give physicians real-time images of the ablation catheter's positioning and movement, and a digital model of the patient's heart throughout a procedure. The EnSite X EP System also provides physicians with real-time information – called PFA index – which shows how the small areas of scar tissue created by TactiFlex Duo's pulsed field energy develop during an ablation procedure. Patients with atrial fibrillation, particularly those with complex anatomy, prior or failed ablations or other challenging clinical situations, may benefit from treatment with TactiFlex Duo as determined by their physician. The catheter offers physicians greater procedural flexibility and precision through dual-energy capabilities, helping treat irregular heart rhythms while reducing the potential for damage to surrounding tissue. Clinical data has shown the technology to be safe and effective.

U.S. Healthcare Sector Analysis

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