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U.S. Healthcare Sector Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies1394
  • 7D-4.7%
  • 3M-1.4%
  • 1Y3.6%
  • YTD-3.2%

Over the last 7 days, the Healthcare industry has dropped 4.7%, driven by Eli Lilly declining 2.7%. On the other hand Veeva Systems is actually up 7.7%. Over the past 12 months, the industry was up 3.6%. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Mar 2026US$6.4tUS$3.3tUS$125.5b24.9x50.6x1.9x
Wed, 04 Feb 2026US$6.5tUS$3.2tUS$126.5b26.2x51.6x2x
Fri, 02 Jan 2026US$6.5tUS$3.2tUS$135.6b25.8x47.8x2x
Sun, 30 Nov 2025US$6.5tUS$3.2tUS$133.5b26.5x48.9x2.1x
Tue, 28 Oct 2025US$6.1tUS$3.1tUS$140.4b26.2x43.3x2x
Thu, 25 Sep 2025US$5.7tUS$3.1tUS$137.6b23.6x41.5x1.8x
Sat, 23 Aug 2025US$5.7tUS$3.1tUS$137.2b23.7x41.4x1.8x
Mon, 21 Jul 2025US$5.4tUS$3.0tUS$128.8b22.7x42x1.8x
Wed, 18 Jun 2025US$5.5tUS$3.0tUS$127.4b22.6x43.5x1.8x
Fri, 16 May 2025US$5.2tUS$3.0tUS$125.8b23.2x41.7x1.7x
Sun, 13 Apr 2025US$5.3tUS$2.6tUS$82.2b24.9x64.7x2x
Tue, 11 Mar 2025US$5.8tUS$2.6tUS$78.7b27.4x74x2.2x
Thu, 06 Feb 2025US$5.9tUS$2.6tUS$88.1b27.5x67.1x2.2x
Sat, 04 Jan 2025US$5.8tUS$2.9tUS$79.3b27.3x72.7x2x
Mon, 02 Dec 2024US$6.2tUS$2.9tUS$77.3b28.8x79.8x2.1x
Wed, 30 Oct 2024US$6.1tUS$2.8tUS$66.3b29.5x91.3x2.1x
Fri, 27 Sep 2024US$6.2tUS$2.8tUS$60.0b29.9x103.2x2.2x
Sun, 25 Aug 2024US$6.3tUS$2.8tUS$56.4b31.6x111.1x2.2x
Tue, 23 Jul 2024US$6.3tUS$2.8tUS$60.7b31.9x103.5x2.2x
Thu, 20 Jun 2024US$6.2tUS$2.8tUS$62.5b29.9x98.5x2.2x
Sat, 18 May 2024US$6.2tUS$2.8tUS$64.2b30.5x97x2.2x
Mon, 15 Apr 2024US$6.0tUS$2.8tUS$85.4b31.9x70x2.1x
Wed, 13 Mar 2024US$6.3tUS$2.8tUS$85.3b32.4x73.6x2.3x
Fri, 09 Feb 2024US$6.2tUS$2.8tUS$76.5b31.3x80.6x2.2x
Sun, 07 Jan 2024US$6.3tUS$2.8tUS$90.0b30.9x70.1x2.2x
Tue, 05 Dec 2023US$5.9tUS$2.8tUS$91.4b29.2x65x2.1x
Thu, 02 Nov 2023US$5.6tUS$2.8tUS$93.3b24.6x60x2x
Sat, 30 Sep 2023US$5.9tUS$2.8tUS$98.6b27.6x59.8x2.1x
Mon, 28 Aug 2023US$6.1tUS$2.8tUS$99.0b27.7x61.6x2.2x
Wed, 26 Jul 2023US$6.1tUS$2.7tUS$110.1b27x55.6x2.2x
Fri, 23 Jun 2023US$6.0tUS$2.7tUS$109.8b26.6x54.8x2.2x
Sun, 21 May 2023US$6.0tUS$2.7tUS$110.8b24.2x53.9x2.2x
Tue, 18 Apr 2023US$6.0tUS$2.5tUS$123.6b24.5x48.4x2.4x
Thu, 16 Mar 2023US$5.6tUS$2.5tUS$122.4b24x46x2.3x
Price to Earnings Ratio

46x


Total Market Cap: US$5.6tTotal Earnings: US$122.4bTotal Revenue: US$2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Healthcare Sector Price to Earnings3Y Average 65.4x202420252026
Current Industry PE
  • 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 50.6x 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.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 9.9% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

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

US Market-2.17%
Healthcare-4.70%
Healthtech4.85%
Healthcare Services-3.64%
Biotech-3.94%
Pharma-4.92%
Life Sciences-5.06%
Medical Equipment-5.91%
Industry PE
  • Investors are most optimistic about the Medical Equipment industry even though it's trading below its 3-year average PE ratio of 56.1x.
    • Analysts are expecting annual earnings growth of 16.1%, which is higher than its past year's earnings growth of 6.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 23% over the next 5 years.
  • However this is lower than its past earnings growth rate of 50% per year.
  • In contrast, the Pharma industry is expected to see its earnings grow by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
VEEV Veeva SystemsUS$195.497.7%
+US$2.3b		-18.4%PE35.4x
DAWN Day One BiopharmaceuticalsUS$21.20104.4%
+US$1.1b		162.7%PS13.8x
TNGX Tango TherapeuticsUS$16.9547.0%
+US$865.7m		811.3%PS38.8x
SRRK Scholar Rock HoldingUS$45.294.2%
+US$767.8m		28.8%PB21.2x
IOVA Iovance BiotherapeuticsUS$5.1335.4%
+US$552.0m		37.5%PS8x

Latest News

MDT
US$90.90
Medtronic
7D
-7.3%
1Y
-3.1%
AMGN
US$369.53
Amgen
7D
-4.2%
1Y
12.9%
MRK
US$115.79
Merck
7D
-4.6%
1Y
21.6%
JNJ
US$240.40
Johnson & Johnson
7D
-3.3%
1Y
43.4%
ROIV
US$28.78
Roivant Sciences
7D
2.4%
1Y
172.0%

ROIV: Moderna Settlement Clears Path For 2026 Clinical Readout Upside

Analysts have nudged their average price target for Roivant Sciences higher to about $32, supported by updated models that factor in the $2.25b Moderna settlement. They view the resolution of the litigation as lifting a major overhang and refocusing attention on upcoming clinical readouts.
SYK
US$364.56
Stryker
7D
-5.8%
1Y
-1.5%

SYK: Diversified Product Reach And Robotics Expansion Will Support 2026 Upside

The analyst fair value estimate for Stryker has edged up by about $0.50 to $424.90, as analysts factor in recent price target moves, including several Outperform ratings that highlight the company's broader product reach and diversified growth profile. Analyst Commentary Recent research on Stryker reflects a mix of optimism about the company’s growth profile and some caution on valuation and sector level risks.
SRRK
US$45.29
Scholar Rock Holding
7D
4.2%
1Y
28.8%

Muscle-Targeted SMA Therapies And Global Expansion Will Reshape Long-Term Outlook

Catalysts About Scholar Rock Holding Scholar Rock Holding focuses on developing muscle-targeted therapies for rare and severe neuromuscular diseases, led by its apitegromab program for spinal muscular atrophy and a broader anti myostatin pipeline. What are the underlying business or industry changes driving this perspective?
VEEV
US$195.49
Veeva Systems
7D
7.7%
1Y
-18.4%
DAWN
US$21.20
Day One Biopharmaceuticals
7D
104.4%
1Y
162.7%
LLY
US$990.33
Eli Lilly
7D
-2.7%
1Y
19.4%
LQDA
US$36.03
Liquidia
7D
16.5%
1Y
160.5%
MCK
US$919.26
McKesson
7D
-7.2%
1Y
39.5%
DNTH
US$65.20
Dianthus Therapeutics
7D
18.0%
1Y
167.9%
IOVA
US$5.13
Iovance Biotherapeutics
7D
35.4%
1Y
37.5%

IOVA: Elevated Future P/E Will Likely Clash With 2026 Clinical Data Risks

Analysts have lifted their price targets on Iovance Biotherapeutics from a range starting at $3 to as high as $16, citing Q4 revenue momentum, improving gross margins and manufacturing efficiency, and expectations for more clinical data in 2026. Analyst Commentary Recent research highlights a split in how Wall Street views Iovance Biotherapeutics, with some firms lifting price targets on the back of Q4 execution and others trimming expectations while still acknowledging operational progress.
ABT
US$109.56
Abbott Laboratories
7D
-4.0%
1Y
-20.2%
TNGX
US$16.95
Tango Therapeutics
7D
47.0%
1Y
811.3%