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 52.6x 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 even though it's trading below its 3-year average PE ratio of 56.4x. Analysts are expecting annual earnings growth of 17.3%, 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
Sat, 06 Jun 2026	US$6.4t	US$3.3t	US$122.6b	23.6x	52.6x	1.9x
Mon, 04 May 2026	US$6.2t	US$3.3t	US$118.0b	23.6x	52.3x	1.9x
Wed, 01 Apr 2026	US$6.0t	US$3.3t	US$128.3b	22.5x	47x	1.8x
Fri, 27 Feb 2026	US$6.6t	US$3.3t	US$125.7b	25.9x	52.4x	2x
Sun, 25 Jan 2026	US$6.6t	US$3.2t	US$130.6b	28.5x	50.6x	2.1x
Tue, 23 Dec 2025	US$6.5t	US$3.2t	US$135.2b	26.4x	48x	2x
Thu, 20 Nov 2025	US$6.3t	US$3.2t	US$133.1b	25.3x	47.1x	2x
Sat, 18 Oct 2025	US$6.0t	US$3.1t	US$140.4b	24.8x	42.4x	1.9x
Mon, 15 Sep 2025	US$5.7t	US$3.1t	US$137.6b	22.7x	41.6x	1.9x
Wed, 13 Aug 2025	US$5.4t	US$3.1t	US$140.0b	23.4x	38.5x	1.7x
Fri, 11 Jul 2025	US$5.6t	US$3.0t	US$127.9b	24.4x	43.5x	1.8x
Sun, 08 Jun 2025	US$5.5t	US$3.0t	US$127.2b	24x	43.2x	1.8x
Tue, 06 May 2025	US$5.6t	US$2.7t	US$126.0b	24.7x	44.2x	2x
Thu, 03 Apr 2025	US$5.5t	US$2.6t	US$81.7b	26.5x	67.9x	2.1x
Sat, 01 Mar 2025	US$5.8t	US$2.6t	US$79.3b	27.5x	73.2x	2.2x
Mon, 27 Jan 2025	US$6.0t	US$2.9t	US$85.5b	27.9x	70.7x	2.1x
Wed, 25 Dec 2024	US$5.8t	US$2.9t	US$78.3b	27.4x	74.5x	2x
Fri, 22 Nov 2024	US$6.0t	US$2.9t	US$77.0b	27.9x	77.6x	2x
Sun, 20 Oct 2024	US$6.2t	US$2.8t	US$58.8b	32.2x	106.2x	2.2x
Tue, 17 Sep 2024	US$6.3t	US$2.8t	US$60.2b	30.6x	105.1x	2.2x
Thu, 15 Aug 2024	US$6.1t	US$2.8t	US$55.7b	30x	109.1x	2.2x
Sat, 13 Jul 2024	US$6.3t	US$2.8t	US$62.2b	31.2x	101.1x	2.2x
Mon, 10 Jun 2024	US$6.2t	US$2.8t	US$63.6b	30x	97.5x	2.2x
Wed, 08 May 2024	US$6.1t	US$2.8t	US$64.8b	32x	94.3x	2.2x
Fri, 05 Apr 2024	US$6.2t	US$2.8t	US$83.9b	32.1x	73.6x	2.2x
Sun, 03 Mar 2024	US$6.3t	US$2.8t	US$85.0b	31.2x	74.1x	2.3x
Tue, 30 Jan 2024	US$6.3t	US$2.8t	US$90.7b	32x	69.8x	2.2x
Thu, 28 Dec 2023	US$6.2t	US$2.8t	US$91.5b	33.1x	68x	2.2x
Sat, 25 Nov 2023	US$5.9t	US$2.8t	US$91.4b	28.6x	64.4x	2.1x
Mon, 23 Oct 2023	US$5.7t	US$2.8t	US$99.6b	25.6x	57.7x	2.1x
Wed, 20 Sep 2023	US$6.0t	US$2.8t	US$98.6b	28.3x	60.9x	2.2x
Fri, 18 Aug 2023	US$6.1t	US$2.8t	US$99.3b	28.2x	61.9x	2.2x
Sun, 16 Jul 2023	US$6.0t	US$2.7t	US$110.9b	26.3x	54x	2.2x
Tue, 13 Jun 2023	US$6.0t	US$2.7t	US$110.0b	25.8x	54.4x	2.2x


US Market	-2.90%
Healthcare	0.74%
Healthcare Services	4.06%
Medical Equipment	2.05%
Pharma	1.58%
Life Sciences	-1.56%
Healthtech	-2.02%
Biotech	-3.07%

Company	Last Price	7D	1Y	Valuation
LLY Eli Lilly	US$1.13k	2.4% +US$23.6b	47.0%	PE39.9x
JNJ Johnson & Johnson	US$232.77	3.3% +US$17.9b	50.1%	PE26.6x
UNH UnitedHealth Group	US$399.47	5.0% +US$17.4b	31.7%	PE30.1x
ABBV AbbVie	US$227.23	4.4% +US$16.8b	19.7%	PE111.7x
MDT Medtronic	US$81.67	10.6% +US$10.1b	-6.6%	PE21.8x

Announcement • Jun 04

Amgen Presents New Data Across Rare Autoimmune and Inflammatory Diseases At EULAR 2026

Amgen announced the presentation of new data across rare autoimmune and inflammatory diseases at the European Alliance of Associations for Rheumatology (EULAR) 2026 Congress, taking place from June 3-6 in London. New data from the Phase 3 MITIGATE trial of UPLIZNA (inebilizumab) provide insights into the biology of immunoglobulin G4-related disease (IgG4-RD), while additional analyses support its long-term safety profile and sustained results in IgG4-RD. Additionally, new real-world evidence on TAVNEOS (avacopan) further support its established efficacy and safety profile with reduced steroid use in people living with anti-neutrophil cytoplasmic antibodies (ANCA)-associated vasculitis. Key presentations include: Long-term Efficacy and Safety of Inebilizumab in IgG4-Related Disease: Primary Results from Year 1 of the Open-Label Period (OLP) of the Phase 3 MITIGATE Trial. IgG4-RD is a chronic and debilitating condition, marked by recurrent, unpredictable flares that can potentially impact multiple organs. New Phase 3 MITIGATE data further support the longer-term clinical profile of UPLIZNA. In the first year of the OLP, these data demonstrated sustained results and disease control with continued UPLIZNA treatment in patients with IgG4-RD. No patients (0%) who received UPLIZNA in the randomized controlled period (RCP) and continued with UPLIZNA in the OLP (N=56) experienced a flare, and 71.4% achieved flare-free, glucocorticoid-free complete remission at year 1 of the OLP. 5.9% of patients who received placebo in the RCP and transitioned to UPLIZNA in the OLP (N=51) experienced a flare, and 41.2% achieved flare-free, glucocorticoid-free complete remission at year 1 of the OLP. Safety results were consistent with the established safety profile of UPLIZNA. The most common adverse events in the OLP were COVID-19, upper respiratory tract infection, cough and influenza. Across the combined RCP and OLP period, median total UPLIZNA treatment exposure was 2.2 years among participants who received =1 dose of inebilizumab. The new MITIGATE data reinforce the long-term safety and efficacy profile of UPLIZNA while advancing understanding of how IgG4-RD progresses over time. Natural History of IgG4-RD: Patterns of Organ Involvement and Flare-associated Biomarker Changes in the Phase 3 MITIGATE Trial. The first-of-its-kind natural history analysis reinforced the chronic and unpredictable nature of IgG4-RD, underscoring widespread and diverse multi-organ involvement and the need for earlier intervention and more comprehensive monitoring and risk stratification. Dynamic patterns of organ involvement over time, including the emergence of new organ manifestations and biological signals that may precede disease flares. CD19+ B cells were the first biomarker to rise ahead of a flare, followed by increases in total IgG and IgG subsets within the 30-day window preceding a flare. An additional exploratory combined analysis (Abstract #POS0089) of clinical trial RCP and OLP data in MITIGATE (N=119) showed how long-term use of UPLIZNA resulted in mostly mild immunoglobulin (Ig) reduction, with no significant association between these Ig reductions and occurrence of infections or serious infections. The incidence of infections and serious infections did not increase with each additional year of UPLIZNA treatment. The AQUARIUS analyses (Abstracts #POS01356 and #POS08673), conducted at Massachusetts General Hospital and Northwestern University, evaluated the largest U.S. real-world cohort to date of patients with granulomatosis with polyangiitis (GPA) or microscopic polyangiitis (MPA) treated with TAVNEOS (n=159). The findings provide new insights into clinical outcomes in patients with ANCA-associated vasculitis and are consistent with the established clinical efficacy and safety profile of TAVNEOS in patients with severe active GPA or MPA. Results highlighted variability in glucocorticoids (GCs) tapering strategies in real world practice and showed that many patients were able to taper to very low or no doses of GCs quickly. Observations underscored the complexity of managing ANCA-associated vasculitis and pointed to opportunities to further optimize treatment approaches to reduce steroid exposure while maintaining disease control. The safety profile observed in this real-world setting was consistent with the established safety profile in patients with severe active GPA or MPA. Among patients who experienced hepatic adverse events, all hepatic abnormalities were resolved. These new data reinforce that TAVNEOS can help patients achieve disease control with reduced steroid use. For more information on the full list of Amgen abstracts and presentation times, see below. All Amgen-sponsored abstracts being presented at EULAR: UPLIZNA (inebilizumab): Long-term Efficacy and Safety of Inebilizumab in IgG4-Related Disease: Primary Results from Year 1 of the Open-Label Period of the Phase 3 MITIGATE Trial. Immunogenicity and Impact of Anti-drug Antibodies on the Efficacy and Pharmacokinetics of Inebilizumab In MITIGATE, a Phase 3 Trial in IgG4-Related Disease. Atypical IgG4-Related Disease: Re-Examining the Entry Criteria of the2019 ACR/EULAR Classification Criteria. Natural History of IgG4-RD: Patterns of Organ Involvement and Flare-associated Biomarker Changes in the MITIGATE Trial. Serum IgG4 Elevation in IgG4-Related Disease: A Marker of Disease Phenotype and Organ Involvement. Long-term Inebilizumab Treatment Results in Mild Immunoglobulin Reduction but No Increase in Infection Risk. TAVNEOS (avacopan): Reliability and Content Validity of a Definition of Severe Active Granulomatosis with Polyangiitis and Microscopic Polyangiitis. Clinical Outcomes by Glucocorticoid Duration in Individuals with Granulomatosis with Polyangiitis and Microscopic Polyangiitis Treated with Avacopan in a Real-World Setting in Two Large Healthcare Systems. One Year Real-World Effectiveness and Safety with Avacopan in Granulomatosis with Polyangiitis and Microscopic Polyangiitis in Two Large Healthcare Systems. KRYSTEXXA (pegloticase): Association of Pegloticase-Induced Remission with Patient-Reported Quality of Life Outcomes in the MIRROR Randomized Controlled Trial. Reduction of Gout Flares with Pegloticase in Patients with or without Tophi at Baseline: A Post Hoc Analysis of the MIRROR Trial. Differences in Gout Management and Outcomes in Patients Referred From Primary Care to Rheumatology. Baseline Predictors of Gout Remission During Intensive Urate-Lowering with Pegloticase: Post Hoc Analysis of the MIRROR Randomized Trial.

Announcement • Jun 02

Summit Therapeutics Presents New Results from Ak112-206 Phase Ii Trial and Harmoni-6 Phase Iii Trial for Ivonescimab

Summit Therapeutics Inc. issued a press release announcing new results from the AK112-206 trial, a global, open-label, multicenter Phase II study in first-line metastatic colorectal cancer co-sponsored by the company and its partner, Akeso Inc., featuring ivonescimab. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. On May 31, 2026, the company issued a press release noting that Akeso published results from the Phase III HARMONi-6 trial or AK112-306. HARMONi-6 is a single region, multi-center Phase III study conducted in China sponsored by Akeso with all relevant data exclusively generated, managed, and analyzed by Akeso. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein. The company plans to utilize slides during its conference call scheduled for 7:00am ET on June 1, 2026, discussing the ivonescimab data from AK112-206 and HARMONi-6. A copy of the slides is attached as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated by reference herein. Summit Therapeutics Inc. presented new results from the AK112-206 trial (NCT05382442), a global, open-label, multicenter Phase II study in first-line metastatic colorectal cancer (mCRC) co-sponsored by Summit and Akeso, featuring the novel, potential first-in-class investigational bispecific antibody ivonescimab. The data were presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago. The presentation, entitled 'Ivonescimab with Oxaliplatin + Fluorouracil + Leucovorin Calcium for Patients with Unresectable Metastatic Colorectal Cancer: A Phase 2 Study,' detailed interim results of the multiregional extension portion of the study evaluating ivonescimab combined with mFOLFOX6 chemotherapy in patients with unresectable microsatellite stable (MSS) mCRC who were previously untreated for metastatic disease. Patients (n=49) were randomized (1:1) to receive ivonescimab (10 or 20 mg/kg; n=24, n=25, respectively) plus mFOLFOX6 once every two weeks. The data cut-off for this analysis was March 31, 2026 (10 or 20 mg/kg median follow-up: 9.9 months, 9.8 months, respectively). In this U.S.- and China-based Phase II cohort of treatment-naive patients with mCRC, patients receiving ivonescimab in combination with standard-of-care doublet chemotherapy mFOLFOX6 demonstrated an objective response rate (ORR) of 70.8% across both arms in evaluable patients (n=48). Treatment responses in the ivonescimab 20 mg/kg arm were more durable than in the ivonescimab 10 mg/kg arm, with a duration of response landmark estimate at 9 months of 79.1% vs. 41.5%, respectively. While progression-free survival (PFS) analysis is still immature in this study, the landmark 9-month PFS rate was 76.1% for those patients receiving 20 mg/kg of ivonescimab. The safety profile of ivonescimab combined with chemotherapy in this study is comparable to rates observed in historical studies with chemotherapy and anti-VEGF antibodies. In total including both arms, 20.4% of patients experienced serious treatment-related adverse events (TRAEs) associated with either ivonescimab or chemotherapy. There were no ivonescimab-related deaths and one ivonescimab-related discontinuation. In this expansion cohort of treatment-naive patients with metastatic colorectal cancer, the addition of ivonescimab to mFOLFOX6 delivered deep and durable response rates that compare favorably to historical benchmarks seen with chemotherapy alone or in combination with anti-VEGF therapies. Ivonescimab continues to demonstrate an acceptable and manageable safety profile with no new safety signals observed in this study. In this study, adverse events were manageable: all patients experienced at least one treatment-emergent adverse event (TEAE) related to either ivonescimab or chemotherapy with the most common events on both dosing arms being decreased neutrophil count, decreased white blood cell count, and anemia. Summit is currently conducting HARMONi-GI3 (NCT07228832), a global Phase III clinical trial evaluating ivonescimab in combination with mFOLFOX6 chemotherapy compared with bevacizumab plus mFOLFOX6 chemotherapy in patients with first-line unresectable mCRC. On May 31, 2026, Summit Therapeutics Inc. announced positive overall survival (OS) results from the Phase III HARMONi-6 trial, conducted in China and sponsored by Summit's partner Akeso Inc. The presentation is entitled 'Ivonescimab plus chemotherapy versus tislelizumab plus chemotherapy in previously untreated advanced squamous non-small cell lung cancer: Overall survival results of the phase 3 HARMONi-6 trial.' HARMONi-6 is evaluating ivonescimab in combination with platinum-based chemotherapy compared to tislelizumab, a PD-1 inhibitor, in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous non-small cell lung cancer (NSCLC) irrespective of PD-L1 expression. HARMONi-6 is a single region, multi-center, Phase III study conducted in China and sponsored by Akeso, with all relevant data exclusively generated, managed, and analyzed by Akeso.

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