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U.S. Biotech Industry Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies549
  • 7D1.7%
  • 3M6.2%
  • 1Y43.3%
  • YTD7.1%

The Biotech industry is up 1.7% in the last week, with Summit Therapeutics up 27%. In the last 12 months, the industry was up 43%. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

Has the U.S. Biotech Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026US$1.3tUS$166.2b-US$11,955,091,151.1917.1x-112.7x8.1x
Fri, 20 Mar 2026US$1.3tUS$169.3b-US$15,232,711,632.1115.4x-83.5x7.5x
Sun, 15 Feb 2026US$1.3tUS$168.7b-US$13,693,089,252.4222.2x-97.5x7.9x
Tue, 13 Jan 2026US$1.2tUS$163.5b-US$15,146,265,061.8720.8x-80.9x7.5x
Thu, 11 Dec 2025US$1.2tUS$163.6b-US$15,616,288,786.2519.2x-77.3x7.4x
Sat, 08 Nov 2025US$1.1tUS$163.2b-US$15,904,863,908.5716.2x-71.3x6.9x
Mon, 06 Oct 2025US$1.1tUS$163.5b-US$18,204,873,215.1716.7x-62.3x6.9x
Wed, 03 Sep 2025US$1.1tUS$163.5b-US$18,341,149,050.4115.4x-57.6x6.5x
Fri, 01 Aug 2025US$977.1bUS$155.6b-US$21,869,816,647.1615.7x-44.7x6.3x
Sun, 29 Jun 2025US$927.2bUS$156.0b-US$23,836,878,936.0917.2x-38.9x5.9x
Tue, 27 May 2025US$907.6bUS$156.0b-US$24,117,883,283.5915.6x-37.6x5.8x
Thu, 24 Apr 2025US$786.0bUS$119.2b-US$36,559,322,741.4119.7x-21.5x6.6x
Sat, 22 Mar 2025US$829.3bUS$118.6b-US$36,904,224,937.6920.4x-22.5x7x
Mon, 17 Feb 2025US$842.1bUS$116.6b-US$36,838,613,842.2117.6x-22.9x7.2x
Wed, 15 Jan 2025US$933.0bUS$149.4b-US$26,267,408,194.2516.7x-35.5x6.2x
Fri, 13 Dec 2024US$1.0tUS$150.0b-US$26,532,638,861.6317.1x-38.5x6.8x
Sun, 10 Nov 2024US$1.1tUS$149.6b-US$27,286,902,976.6116.5x-40.7x7.4x
Tue, 08 Oct 2024US$889.8bUS$113.1b-US$35,895,408,227.4020.8x-24.8x7.9x
Thu, 05 Sep 2024US$889.8bUS$113.1b-US$35,706,110,149.3423.3x-24.9x7.9x
Sat, 03 Aug 2024US$1.2tUS$165.9b-US$33,221,382,510.8425.9x-36.6x7.3x
Mon, 01 Jul 2024US$1.1tUS$164.4b-US$27,988,781,321.0728.5x-41x7x
Wed, 29 May 2024US$1.1tUS$164.6b-US$26,663,229,028.4727.2x-42.2x6.8x
Fri, 26 Apr 2024US$1.1tUS$164.2b-US$23,382,193,080.9720.1x-46x6.6x
Sun, 24 Mar 2024US$1.2tUS$164.3b-US$23,936,586,653.3521.4x-48.6x7.1x
Tue, 20 Feb 2024US$1.2tUS$169.1b-US$20,394,485,082.3215.7x-57.5x6.9x
Thu, 18 Jan 2024US$1.4tUS$204.8b-US$22,506,707,794.0018.8x-63.3x7x
Sat, 16 Dec 2023US$1.4tUS$204.7b-US$22,119,635,723.0019.2x-61x6.6x
Mon, 13 Nov 2023US$1.2tUS$204.5b-US$21,996,116,562.0018.5x-54.6x5.9x
Wed, 11 Oct 2023US$1.3tUS$207.4b-US$13,069,383,940.0017.3x-96.7x6.1x
Fri, 08 Sep 2023US$1.3tUS$207.5b-US$12,639,999,993.0017.3x-100.8x6.1x
Sun, 06 Aug 2023US$1.3tUS$210.2b-US$10,135,599,050.0015.6x-124.3x6x
Tue, 04 Jul 2023US$1.1tUS$186.3b-US$16,037,705,056.0013.4x-69.9x6x
Thu, 01 Jun 2023US$1.1tUS$185.9b-US$16,012,100,305.0011.4x-69.8x6x
Sat, 29 Apr 2023US$1.2tUS$197.1b-US$6,647,559,484.0013.7x-174.1x5.9x
Price to Earnings Ratio

-174.1x


Total Market Cap: US$1.2tTotal Earnings: -US$6,647,559,484.00Total Revenue: US$197.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Biotech Industry Price to Earnings3Y Average -59.1x202420252026
Current Industry PE
  • Investors are optimistic on the American Biotechs industry, and appear confident in long term growth rates.
  • The 3-year average PS ratio of 6.8x is lower than the industry's current PS ratio of 8.1x.
Past Earnings Growth
  • The earnings for companies in the Biotechs industry have deteriorated over the last three years.
  • Revenues have also declined 5.7% per year.
  • This means overall sales from these companies are declining and losses are subsequently expanding as well.

Industry Trends

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

US Market3.58%
Healthcare0.51%
Biotech1.73%
Biotech1.73%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
SMMT Summit TherapeuticsUS$26.3826.5%
+US$4.3b		-3.5%PB31x
BNTX BioNTechUS$111.6013.4%
+US$3.3b		6.6%PS8.4x
RVMD Revolution MedicinesUS$148.901.3%
+US$2.2b		304.0%PB19.2x
ERAS ErascaUS$22.4125.5%
+US$1.4b		1,523.9%PB21.4x
LEGN Legend BiotechUS$25.2234.9%
+US$1.2b		-26.9%PS4.5x

Latest News

GILD
US$133.29
Gilead Sciences
7D
-5.1%
1Y
26.3%
RVMD
US$148.90
Revolution Medicines
7D
1.3%
1Y
304.0%
ALNY
US$308.43
Alnylam Pharmaceuticals
7D
-9.1%
1Y
30.3%

ALNY: Fair View Balances TTR Execution Uncertainty With Cardiovascular Pipeline Progress

Analysts have trimmed the Alnylam Pharmaceuticals fair value estimate to $310 from $322.59, reflecting a series of reduced price targets and higher discount-rate assumptions, even as revenue growth expectations remain higher and long term profit margins and future P/E forecasts are more moderate. Analyst Commentary Recent Street research on Alnylam Pharmaceuticals points to a mixed setup where confidence in the RNAi platform and the Amvuttra franchise is balanced against tighter valuation views and more conservative long term assumptions.
BIIB
US$185.95
Biogen
7D
3.9%
1Y
56.4%

BIIB: 2026 Trial Outcomes Will Likely Undermine Recent Acquisition Optimism

Analysts made a slight upward adjustment to Biogen's fair value estimate to about $151, reflecting a blend of higher and lower price target revisions related to recent acquisition activity, pipeline updates, and shifting views on its long term earnings profile. Analyst Commentary Recent Street research around Biogen has been active, with a mix of higher and lower price targets clustered around the company’s acquisition activity, pipeline readouts, and changing expectations for longer term earnings power.
VRTX
US$436.59
Vertex Pharmaceuticals
7D
-1.7%
1Y
-11.0%

VRTX: CF Franchise And Kidney Pipeline Will Shape Balanced Risk Profile

Vertex Pharmaceuticals' fair value estimate has shifted from $403.80 to $412.49 as analysts refresh models following multiple price target increases tied to positive Phase 3 povetacicept data and a reassessment of the company's nephrology pipeline potential. Analyst Commentary Recent Street research on Vertex Pharmaceuticals has leaned constructive overall, with several firms lifting price targets following the Phase 3 RAINIER interim readout for povetacicept and updating models around the nephrology pipeline.
NTRA
US$205.42
Natera
7D
-4.3%
1Y
42.0%

NTRA: Oncology Execution And 2026 Catalysts Will Shape Fairly Valued Outlook

Analysts have trimmed the blended price target for Natera by about $2 to reflect updated models that incorporate slightly higher discount rates, revised revenue growth and profit margin assumptions, and a lower future P/E multiple, while still indicating constructive views from recent research coverage. Analyst Commentary Recent research on Natera presents a mix of supportive long term views and valuation recalibrations, with several firms updating models after quarterly results and competitive developments in genetic testing.
REGN
US$747.36
Regeneron Pharmaceuticals
7D
-1.1%
1Y
27.6%

REGN: Fair Outlook As Mixed Pipeline And Product Trends Shape Prospects

Regeneron Pharmaceuticals' updated analyst price target holds at $730, as analysts balance modest tweaks to growth, margins, and discount rate assumptions with recent Street research that broadly reiterates support for Dupixent, the broader pipeline, and capital return from the Sanofi repayment. Analyst Commentary Recent Street research around Regeneron points to a mixed but generally supportive tone, with several firms adjusting price targets and reiterating constructive views on Dupixent, the pipeline, and cash inflows from the Sanofi repayment.
LEGN
US$25.22
Legend Biotech
7D
34.9%
1Y
-26.9%

LEGN: Future Returns Expected From Execution On Multiple Myeloma Opportunity

Analysts have trimmed Legend Biotech's average price targets by a few dollars to a range that includes $49 and $62, as they factor in updated Q4 data, expectations for upcoming CARTITUDE-5 and in vivo readouts, and ongoing debate around Carvykti's market share and long term sales potential. Analyst Commentary Bullish Takeaways Bullish analysts highlight a gap between Legend Biotech's share price and what they see as the underlying business fundamentals, which they view as supportive of higher long term value than the current market valuation implies.
SYRE
US$71.27
Spyre Therapeutics
7D
11.3%
1Y
410.5%
AMGN
US$344.86
Amgen
7D
-1.7%
1Y
23.9%

AMGN: Diversified Autoimmune And Cardiovascular Pipeline Will Support Future Cash Generation

Analysts have lifted Amgen's average price target, with changes such as the recent $10, $17, $6, $10 and $15 upward revisions reflecting updated views on its pipeline progress, commercial execution, and refreshed financial models. Analyst Commentary Recent Street research on Amgen shows a cluster of higher price targets and fresh coverage that centers on its pipeline, commercial performance, and updated financial models.
ABBV
US$205.12
AbbVie
7D
-2.4%
1Y
18.0%
BNTX
US$111.60
BioNTech
7D
13.4%
1Y
6.6%
SMMT
US$26.38
Summit Therapeutics
7D
26.5%
1Y
-3.5%
INSM
US$140.98
Insmed
7D
-8.1%
1Y
97.9%
ARWR
US$71.05
Arrowhead Pharmaceuticals
7D
6.5%
1Y
474.8%

ARWR: RNAi Obesity And Cardiometabolic Data Will Drive Future Repricing

Narrative update on Arrowhead Pharmaceuticals The consensus analyst price target for Arrowhead Pharmaceuticals has been adjusted to $110. This reflects mixed recent research that pairs questions around Wave Life Sciences data with higher targets from several firms citing early obesity program results and the Redemplo launch.
ERAS
US$22.41
Erasca
7D
25.5%
1Y
1,523.9%

Erasca Inc. (ERAS): The RAS Specialist – Scaling the Precision Oncology Peak in 2026.

Erasca Inc. (ERAS) is currently in the midst of a breakout year for its precision oncology platform, trading at $15.12 as of the March 4, 2026, market close.