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 56.2x which is lower than its 3-year average PE of 65.4x. 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 even though it's trading below its 3-year average PE ratio of 56.1x. Analysts are expecting annual earnings growth of 17.0%, which is higher than its past year's earnings growth of 5.2% per year.

U.S. Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 28 Jun 2026	US$6.8t	US$3.3t	US$121.7b	24.8x	56.2x	2.1x
Tue, 26 May 2026	US$6.4t	US$3.3t	US$122.9b	23.4x	51.9x	1.9x
Thu, 23 Apr 2026	US$6.2t	US$3.3t	US$121.6b	23.9x	51.3x	1.9x
Sat, 21 Mar 2026	US$6.1t	US$3.3t	US$124.5b	22.3x	49.3x	1.9x
Mon, 16 Feb 2026	US$6.5t	US$3.3t	US$128.8b	26.5x	50.8x	2x
Wed, 14 Jan 2026	US$6.6t	US$3.2t	US$136.3b	26.8x	48.5x	2.1x
Fri, 12 Dec 2025	US$6.3t	US$3.2t	US$134.1b	26.2x	47.2x	2x
Sun, 09 Nov 2025	US$6.0t	US$3.2t	US$133.5b	25.5x	45x	1.9x
Tue, 07 Oct 2025	US$6.0t	US$3.1t	US$137.8b	24.6x	43.8x	2x
Thu, 04 Sep 2025	US$5.7t	US$3.1t	US$137.6b	23x	41.5x	1.8x
Sat, 02 Aug 2025	US$5.4t	US$3.1t	US$126.5b	23.2x	42.6x	1.7x
Mon, 30 Jun 2025	US$5.5t	US$3.0t	US$127.5b	24.8x	43.1x	1.8x
Wed, 28 May 2025	US$5.3t	US$3.0t	US$126.9b	22.9x	41.7x	1.7x
Fri, 25 Apr 2025	US$5.3t	US$2.7t	US$98.2b	25.4x	54.2x	2x
Sun, 23 Mar 2025	US$5.7t	US$2.6t	US$81.8b	26.6x	69.9x	2.2x
Tue, 18 Feb 2025	US$5.8t	US$2.6t	US$82.1b	26.7x	70.8x	2.2x
Thu, 16 Jan 2025	US$5.8t	US$2.9t	US$78.9b	27.7x	73.9x	2x
Sat, 14 Dec 2024	US$5.9t	US$2.9t	US$77.7b	28.3x	76.1x	2x
Mon, 11 Nov 2024	US$6.3t	US$2.9t	US$76.0b	28.3x	82.8x	2.2x
Wed, 09 Oct 2024	US$6.1t	US$2.8t	US$60.1b	29.4x	101.7x	2.2x
Fri, 06 Sep 2024	US$6.3t	US$2.8t	US$60.4b	31.3x	104.1x	2.2x
Sun, 04 Aug 2024	US$6.4t	US$2.9t	US$63.7b	31x	99.9x	2.2x
Tue, 02 Jul 2024	US$6.2t	US$2.8t	US$62.2b	30.3x	99.3x	2.2x
Thu, 30 May 2024	US$6.1t	US$2.8t	US$64.2b	29.7x	94.7x	2.2x
Sat, 27 Apr 2024	US$6.0t	US$2.8t	US$68.2b	31.5x	87.7x	2.1x
Mon, 25 Mar 2024	US$6.2t	US$2.8t	US$82.2b	31.8x	75.9x	2.2x
Wed, 21 Feb 2024	US$6.2t	US$2.8t	US$82.5b	30.5x	75.4x	2.2x
Fri, 19 Jan 2024	US$6.3t	US$2.8t	US$90.8b	32.2x	69.4x	2.2x
Sun, 17 Dec 2023	US$6.1t	US$2.8t	US$91.5b	32.3x	66.5x	2.2x
Tue, 14 Nov 2023	US$5.7t	US$2.8t	US$91.1b	26.5x	62.6x	2x
Thu, 12 Oct 2023	US$5.9t	US$2.8t	US$98.3b	25.9x	59.9x	2.1x
Sat, 09 Sep 2023	US$6.1t	US$2.8t	US$98.6b	26.7x	61.9x	2.2x
Mon, 07 Aug 2023	US$6.1t	US$2.8t	US$100.3b	28.7x	60.9x	2.2x
Wed, 05 Jul 2023	US$6.0t	US$2.7t	US$110.2b	26.4x	54.4x	2.2x


US Market	-2.52%
Healthcare	7.49%
Life Sciences	10.33%
Pharma	9.06%
Healthtech	8.89%
Biotech	7.55%
Healthcare Services	5.88%
Medical Equipment	3.93%

Company	Last Price	7D	1Y	Valuation
LLY Eli Lilly	US$1.21k	10.0% +US$97.7b	55.8%	PE42.6x
ABBV AbbVie	US$253.35	17.0% +US$65.1b	39.0%	PE124.5x
JNJ Johnson & Johnson	US$254.66	11.5% +US$63.2b	67.1%	PE29.1x
MRK Merck	US$128.66	13.0% +US$36.5b	62.7%	PE35.6x
UNH UnitedHealth Group	US$427.89	6.7% +US$24.5b	38.4%	PE32.3x

Announcement • Jun 27

Johnson & Johnson Presents New IMAAVY Data at European Academy of Neurology 2026 Congress Reinforcing Sustained Disease Control in Generalized Myasthenia Gravis

Johnson & Johnson announced new data across 12 abstracts at the European Academy of Neurology 2026 Congress that offer additional insight into the use of IMAAVY (nipocalimab-aahu) throughout clinically relevant points in the generalized myasthenia gravis (gMG) treatment journey. The analyses include adults with anti-AChR or anti-MuSK antibody-positive gMG who were early in their disease course or had lower baseline symptom burden – providing insight into the potential importance of addressing pathogenic immunoglobulin G (IgG) early in disease progression where use of advanced therapies may be less common. Additional research to be shared include outcomes shortly after common infections, which are a known cause of disease exacerbations in gMG, and plans to address evidence gaps in use of IMAAVY during pregnancy. Post-hoc analyses from the pivotal Vivacity-MG3 study in adults with antibody positive gMG (spanning anti-AChR+ and anti-MuSK+) will be presented which provide new insights that could inform clinical care including: Patients early in their disease course (within five years of diagnosis) show improved outcomes: IMAAVY plus standard of care (SOC) showed greater reductions in MG-ADL scores versus placebo plus SOC (-4.9 vs. -2.7) at Week 24, with a greater proportion of patients receiving IMAAVY also achieving the stringent measure of sustained meaningful clinical improvement (MCI) for =20 weeks compared to placebo. IMAAVY is the only FcRn blocker evaluated to demonstrate sustained MCI over this duration in the double-blind phase of its pivotal study. Patients with lower baseline symptom burden sustain MCI: IMAAVY plus SOC decreased symptom severity and improved daily functioning at Week 24 versus placebo plus SOC (MG-ADL scores of -4.5 vs. -2.3). A greater proportion of patients receiving IMAAVY also achieved sustained MCI in this setting, adding further insights for healthcare professionals into the use of IMAAVY in patients with less severe disease. Patients maintain control after contracting common infections: In the IMAAVY arm, observed symptom improvements were maintained within two weeks after patients contracted common infections, providing data on the use of IMAAVY after periods when the likelihood of disease exacerbations is elevated. Safety and tolerability were consistent across all patients in the study and across other nipocalimab studies. The overall incidence of adverse events (AEs) was 84% in both the IMAAVY and the placebo arms and serious adverse events (SAEs) were 9% in the IMAAVY arm compared to 14% in the placebo arm. Ongoing evidence generation in gMG will also be highlighted, including: Innovative PETUNIA study design: PETUNIA is designed to generate real-world safety data on pregnancy, maternal, and infant outcomes following exposure to IMAAVY during pregnancy. By leveraging prospective and retrospective reports the study aims to capture more detailed information on outcomes in this setting, helping to expand the evidence base beyond the traditional post-marketing safety monitoring requirements and support clinical decision-making in an area where current evidence is limited. IMAAVY is approved for adult and pediatric patients (12 years of age and older) with anti-AChR or anti-MuSK antibody positive gMG by the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). IMAAVY, an immunoselective neonatal Fc receptor (FcRn) blocker, is designed to target and reduce pathogenic immunoglobulin G (IgG) autoantibodies associated with generalized myasthenia gravis (gMG). Post-hoc analyses from the pivotal Vivacity-MG3 study in adults with antibody positive gMG (spanning anti-AChR+ and anti-MuSK+) will be presented which provide new insights that could inform clinical care including: Patients early in their disease course (within five years of diagnosis) show improved outcomes: IMAAVY plus standard of care (SOC) showed greater reductions in MG-ADL scores versus placebo plus SOC (-4.9 vs. -2.7) at Week 24, with a greater proportion of patients receiving IMAAVY also achieving the stringent measure of sustained meaningful clinical improvement (MCI) for =20 weeks compared to placebo. IMAAVY is the only FcRn blocker evaluated to demonstrate sustained MCI over this duration in the double-blind phase of its pivotal study. Patients with lower baseline symptom burden sustain MCI: IMAAVY plus SOC decreased symptom severity and improved daily functioning at Week 24 versus placebo plus SOC (MG-ADL scores of -4.5 vs. -2.3). A greater proportion of patients receiving IMAAVY also achieved sustained MCI in this setting, adding further insights for healthcare professionals into the use of IMAAVY in patients with less severe disease. Patients maintain control after contracting common infections: In the IMAAVY arm, observed symptom improvements were maintained within two weeks after patients contracted common infections, providing data on the use of IMAAVY after periods when the likelihood of disease exacerbations is elevated. Safety and tolerability were consistent across all patients in the study and across other nipocalimab studies. The overall incidence of adverse events (AEs) was 84% in both the IMAAVY and the placebo arms and serious adverse events (SAEs) were 9% in the IMAAVY arm compared to 14% in the placebo arm. Ongoing evidence generation in gMG will also be highlighted, including: Innovative PETUNIA study design: PETUNIA is designed to generate real-world safety data on pregnancy, maternal, and infant outcomes following exposure to IMAAVY during pregnancy. By leveraging prospective and retrospective reports the study aims to capture more detailed information on outcomes in this setting, helping to expand the evidence base beyond the traditional post-marketing safety monitoring requirements and support clinical decision-making in an area where current evidence is limited. IMAAVY is approved for adult and pediatric patients (12 years of age and older) with anti-AChR or anti-MuSK antibody positive gMG by the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). 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

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