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

Investors are optimistic on the American Biotechs industry, and appear confident in long term growth rates. The 3-year average PS ratio of 6.9x is lower than the industry's current PS ratio of 8.5x.

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

There are no additional sub-industries under this industry.

U.S. Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 08 Jul 2026	US$1.4t	US$169.9b	-US$12,046,188,460.08	17.6x	-120.1x	8.5x
Fri, 05 Jun 2026	US$1.3t	US$170.0b	-US$12,179,918,331.02	16.6x	-103.8x	7.4x
Sun, 03 May 2026	US$1.3t	US$167.5b	-US$11,620,526,009.87	17.3x	-108.6x	7.5x
Tue, 31 Mar 2026	US$1.2t	US$166.1b	-US$13,331,617,458.04	14.8x	-92x	7.4x
Thu, 26 Feb 2026	US$1.4t	US$168.5b	-US$13,756,527,690.42	23x	-98.5x	8x
Sat, 24 Jan 2026	US$1.3t	US$163.5b	-US$15,173,202,041.18	19.9x	-84.1x	7.8x
Mon, 22 Dec 2025	US$1.2t	US$163.6b	-US$15,771,045,480.84	20.7x	-78x	7.5x
Wed, 19 Nov 2025	US$1.2t	US$163.9b	-US$16,286,558,990.87	17.5x	-73.6x	7.3x
Fri, 17 Oct 2025	US$1.2t	US$163.5b	-US$18,207,248,925.24	16.6x	-63.8x	7.1x
Sun, 14 Sep 2025	US$1.1t	US$163.6b	-US$18,376,778,364.55	15.3x	-58.4x	6.6x
Tue, 12 Aug 2025	US$1.0t	US$163.2b	-US$15,403,535,856.88	14.3x	-66.2x	6.2x
Thu, 10 Jul 2025	US$959.7b	US$155.8b	-US$23,411,293,319.82	18.2x	-41x	6.2x
Sat, 07 Jun 2025	US$931.9b	US$155.9b	-US$23,945,759,591.25	16.8x	-38.9x	6x
Mon, 05 May 2025	US$959.6b	US$153.8b	-US$24,601,947,084.66	19.7x	-39x	6.2x
Wed, 02 Apr 2025	US$796.3b	US$118.6b	-US$37,136,248,113.92	21.4x	-21.4x	6.7x
Fri, 28 Feb 2025	US$843.5b	US$118.6b	-US$37,303,235,811.02	17x	-22.6x	7.1x
Sun, 26 Jan 2025	US$981.2b	US$149.5b	-US$26,320,970,275.68	17.2x	-37.3x	6.6x
Tue, 24 Dec 2024	US$956.2b	US$149.9b	-US$26,388,997,522.19	15.3x	-36.2x	6.4x
Thu, 21 Nov 2024	US$989.6b	US$150.0b	-US$26,776,308,908.73	16.8x	-37x	6.6x
Sat, 19 Oct 2024	US$909.8b	US$113.1b	-US$35,980,542,500.02	21.7x	-25.3x	8x
Mon, 16 Sep 2024	US$932.2b	US$113.2b	-US$36,059,145,110.59	23.4x	-25.9x	8.2x
Wed, 14 Aug 2024	US$861.0b	US$113.0b	-US$36,639,604,267.04	22.7x	-23.5x	7.6x
Fri, 12 Jul 2024	US$1.2t	US$164.5b	-US$28,077,075,512.80	29.6x	-41.5x	7.1x
Sun, 09 Jun 2024	US$1.2t	US$164.5b	-US$26,798,622,131.21	28.1x	-43.1x	7x
Tue, 07 May 2024	US$1.1t	US$162.6b	-US$27,558,558,120.24	27.4x	-40.8x	6.9x
Thu, 04 Apr 2024	US$1.1t	US$164.3b	-US$23,560,093,353.12	23.5x	-48.7x	7x
Sat, 02 Mar 2024	US$1.2t	US$167.9b	-US$21,266,980,809.75	15.9x	-55.4x	7x
Mon, 29 Jan 2024	US$1.4t	US$204.7b	-US$22,652,938,045.00	18.3x	-63.1x	7x
Wed, 27 Dec 2023	US$1.4t	US$204.9b	-US$22,191,084,128.00	19.6x	-61.8x	6.7x
Fri, 24 Nov 2023	US$1.2t	US$204.7b	-US$22,047,730,821.00	18x	-55.3x	6x
Sun, 22 Oct 2023	US$1.2t	US$207.4b	-US$13,088,260,702.00	16.6x	-93.6x	5.9x
Tue, 19 Sep 2023	US$1.3t	US$207.5b	-US$12,859,693,014.00	17.2x	-99.5x	6.2x
Thu, 17 Aug 2023	US$1.3t	US$207.7b	-US$12,321,742,893.00	17.7x	-103.2x	6.1x
Sat, 15 Jul 2023	US$1.1t	US$186.7b	-US$15,944,193,566.00	13.3x	-71.2x	6.1x


US Market	-0.65%
Healthcare	3.66%
Biotech	3.99%
Biotech	3.99%

Company	Last Price	7D	1Y	Valuation
GILD Gilead Sciences	US$136.36	7.9% +US$12.4b	22.8%	PE18.4x
VRTX Vertex Pharmaceuticals	US$522.25	5.1% +US$6.5b	12.0%	PE30.6x
REGN Regeneron Pharmaceuticals	US$676.23	8.5% +US$5.4b	23.5%	PE15.6x
ABBV AbbVie	US$254.65	1.2% +US$5.3b	34.2%	PE125.1x
MRNA Moderna	US$79.77	13.9% +US$3.9b	145.1%	PS14.2x

Announcement • Jun 29

Biogen To Present New Data Across Its Alzheimer’s Disease Portfolio At AAIC 2026

Biogen announced it will present new data across its Alzheimer’s disease portfolio at the Alzheimer’s Association International Conference (AAIC) 2026, taking place July 12-15 in London, UK. Presentations will include data from the Phase 2 CELIA study evaluating diranersen, an investigational tau-targeting antisense oligonucleotide (ASO), and new analyses from studies of LEQEMBI (lecanemab). Diranersen is an investigational ASO that targets MAPT RNA to reduce tau production at its source, a differentiated approach to addressing abnormal tau both inside and outside neurons. At AAIC, Biogen will present clinical, biomarker and safety data that build on the May 2026 topline announcement and further characterize diranersen as the program advances toward Phase 3 development. The topline results from CELIA: A Phase 2 Study to Evaluate the Tau-Targeting ASO Diranersen (BIIB080) in Patients with Early Alzheimer’s Disease will be presented in the Developing Topics Session: Developing Topics in Phase 2 Clinical Trials, Tuesday, July 14, 2:00–3:30 PM BST. This presentation will feature data from CELIA, an 18-month Phase 2 study evaluating diranersen in patients with early Alzheimer’s disease. The presentation will include initial clinical, biomarker and safety results from the study. Featured lecanemab sessions at AAIC will highlight continued progress in the treatment landscape for early Alzheimer’s disease, with data spanning subcutaneous administration, including at-home use, practical treatment considerations, and three-year real-world evidence from the multicenter LEADER study. The Developing Topics Session: Lecanemab Subcutaneous Formulation in Early Alzheimer's Disease: Emerging Clinical Evidence and Practical Use Considerations will be held Sunday, July 12, 4:15–5:45 PM BST. This session will feature presentations on the emerging clinical evidence, safety profile, practical use considerations and real-world patient experience with subcutaneous lecanemab administration in early Alzheimer’s disease. The Featured Research Session: Lecanemab Three Years Post-Approval: A Comprehensive Multicenter, Real-World, Retrospective Study (LEADER) in Diverse U.S. Clinical Settings will be held Tuesday, July 14, 4:15–5:45 PM BST. This session will feature new real-world evidence from the LEADER study, including findings on lecanemab use and outcomes across diverse U.S. clinical settings, once-monthly maintenance dosing, patient pathways and physician and perceived patient satisfaction with maintenance therapy. Selected presentations highlight additional areas of Alzheimer’s disease research being presented at AAIC, including lecanemab-related data. Real-world Insights into Clinician Involvement and Testing Approaches for Mild Cognitive Impairment and Alzheimer’s will be presented Monday, July 13, 7:30 AM–4:15 PM BST. Continued or Time-limited Treatment Benefits of Anti-amyloid Monoclonal Antibodies in Early Alzheimer’s Disease will be presented Monday, July 13, 7:30 AM–4:15 PM BST. Lecanemab Treatment for Alzheimer’s Disease in Real-World Clinical Practice: A Multicenter, Surveillance Safety Study from the Alzheimer’s Network for Treatment and Diagnostics (ALZ-NET) Registry will be presented Tuesday, July 14, 9:00–10:30 AM BST. Impact of Biomarker Modalities in the Diagnostic Evaluation of Patients with Suspected Alzheimer’s Disease: A US Retrospective Study will be presented Wednesday, July 15, 7:30 AM–4:15 PM BST. Estimating the Economic Impact of Delayed Alzheimer’s Disease Progression with Lecanemab will be presented Wednesday, July 15, 7:30 AM–4:15 PM BST. At AAIC, Biogen will host an interactive booth offering an immersive journey into the role of tau in Alzheimer’s disease, from pathology to clinical presentation. Biogen is also expanding its educational efforts with a new e-learning module on KnowTau.com, building on the resources already available. Diranersen (BIIB080) is an investigational antisense oligonucleotide (ASO) therapy designed to target microtubule-associated protein tau (MAPT) mRNA to reduce the production of tau protein. Unlike many investigational approaches that have focused on targeting extracellular tau, diranersen is designed to reduce both intracellular and extracellular tau. Diranersen is being investigated as a potential treatment for early Alzheimer’s disease. In 2025, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to diranersen for the treatment of Alzheimer’s disease. In December 2019, Biogen exercised a license option with Ionis Pharmaceuticals and obtained a worldwide, exclusive, royalty-bearing license to develop and commercialize diranersen. Diranersen was discovered by Ionis. CELIA is a global Phase 2 randomized, double-blind, placebo-controlled, dose-ranging study evaluating the efficacy, safety and tolerability of diranersen in individuals with early Alzheimer’s disease. The study enrolled 416 participants with mild cognitive impairment due to Alzheimer’s disease or mild Alzheimer’s disease dementia.

Announcement • May 24

Aktis Oncology Inc Reports First-In-Human Clinical Imaging and Dosimetry Data for AKY-2519 Demonstrating Robust Tumor Uptake And Limited Normal Tissue Exposures In Patients With B7-H3 Expressing Tumors

Aktis Oncology, Inc. reported first-in-human clinical imaging and dosimetry data for AKY-2519, a miniprotein radioconjugate targeting B7-H3 expressing tumors. The data from two separate assessments of AKY-2519 – a clinical imaging and dosimetry assessment in patients with metastatic castration-resistant prostate cancer (mCRPC) and a clinical imaging assessment in patients with various solid tumor types – demonstrated robust tumor uptake and limited normal tissue exposure. These findings, which supported the advancement of a broad clinical development program for AKY-2519, will be presented in two poster presentations at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, being held May 29 – June 2, 2026, in Chicago. These data informed the design of an ongoing Phase 1b clinical trial in patients with mCRPC and a second Phase 1b trial of AKY-2519 in various B7-H3 expressing tumor types, which are expected to initiate in the second half of 2026. The broad development opportunity for AKY-2519, the second clinical-stage program for multiple tumor types, exemplifies the vision to bring targeted radiopharmaceuticals to large patient populations with significant unmet need. These first-in-human clinical imaging and dosimetry data suggest the potential of AKY-2519 to expand targeted radiopharmaceuticals to broader patient populations while also offering a potentially important new radiopharmaceutical option for the mCRPC patient population. The robust tumor uptake and retention and low normal tissue uptake consistently seen with AKY-2519 in these assessments gives an initial understanding of its potential to kill cancer cells while minimizing normal-tissue radiation exposure. Moreover, the low predicted dose in salivary glands suggests AKY-2519’s unique potential as a B7-H3-targeted agent for mCRPC versus PSMA-targeting agents. B7-H3 is highly expressed in mCRPC, lung, colorectal and various other solid tumor types, with limited expression in normal tissues. High tumor expression of B7-H3 has been shown to be associated with poor prognosis and lack of response to certain therapies in multiple tumor types. AKY-2519 is the second clinical-stage targeted miniprotein radioconjugate discovered and developed from Aktis’ proprietary platform. The program includes [64Cu]Cu-AKY-2519 for imaging with copper-64 (64Cu) and [225Ac]Ac-AKY-2519 for therapeutic use with actinium-225 (225Ac). Aktis is currently enrolling patients in an mCRPC-dedicated Phase 1b trial of AKY-2519 in PLUVICTO®-naïve and PLUVICTO®-experienced patients, with preliminary data anticipated in 2027. The company is on track to initiate a second Phase 1b trial of AKY-2519 in other B7-H3 expressing solid tumors in the second half of 2026. Aktis’ lead program, AKY-1189, a miniprotein radioconjugate targeting Nectin-4 expressing tumors, is currently being evaluated in a Phase 1b trial, with preliminary data expected in the first quarter of 2027. Conducted at the Nuclear Medicine Research Infrastructure (NuMeRI) at the University of Pretoria and Steve Biko Academic Hospital, South Africa, the assessment evaluated the biodistribution and dosimetry of AKY-2519, using [68Ga]Ga-AKY-2519 and low dose, non-therapeutic [177Lu]Lu-AKY-2519 as imaging surrogates in 16 patients with mCRPC. In the first part of the assessment, patients were given [68Ga]Ga-AKY-2519 and imaged using PET/CT at 30, 60, and 90 - 150 minutes to evaluate normal tissue distribution, tumor uptake and comparison with uptake of FDA-approved diagnostic PSMA-11. In the second part of the imaging assessment, patients were given low-dose, non-therapeutic [177Lu]Lu-AKY-2519 and imaged using SPECT/CT at 3, 24, and 144 hours to evaluate dosimetry (mean absorbed dose) and to estimate predicted [225Ac]Ac-AKY-2519 absorbed doses, at a therapeutic administration schedule of 8 MBq x4, in normal tissues and tumors. Administration of AKY-2519 was generally well tolerated, with no adverse events or infusion-related reactions reported with either [68Ga]Ga-AKY-2519 or [177Lu]Lu-AKY-2519. Predicted absorbed doses of AKY-2519 in key normal tissues (bone marrow, liver, kidneys, salivary glands) were estimated to be favorable when compared to reference clinical benchmarks. Notably, the predicted absorbed dose of AKY-2519 to the salivary glands was lower compared to approved radiopharmaceuticals. AKY-2519 demonstrated robust tumor uptake and retention in tumors for at least 6 days after administration. Predicted absorbed doses of AKY-2519 to prospectively selected tumors, including involved prostate and seminal vesicles and nodal and bony metastases, were within expected therapeutic ranges for approved radiopharmaceuticals. The combined findings of predicted absorbed doses in tumors and normal tissues suggest a wide therapeutic index and a favorable profile for AKY-2519 compared to approved radiopharmaceuticals. Distribution of tumor uptake appears comparable between [68Ga]Ga-AKY-2519 and [68Ga]Ga-PSMA-11 at the standard 60 minutes measurement time point, with tumor uptake with [68Ga]Ga-AKY-2519 increasing over time. Conducted by the Department of Nuclear Medicine, University of Duisburg-Essen and German Cancer Consortium (DKTK), Universitätsklinikum Essen (University Hospital Essen), Essen, Germany, the assessment evaluated the biodistribution and tumor uptake of [68Ga]Ga-AKY-2519 in patients with advanced or metastatic disease in a variety of solid tumors, including prostate, lung, colorectal, and other tumor types (n=18). Following intravenous administration of [68Ga]Ga-AKY-2519 patients were imaged with PET/CT and SUV (standardized uptake value) measurements were taken to assess tumor uptake and normal tissue distribution at 15, 60 and 120 minutes. Administration of [68Ga]Ga-AKY-2519 was generally well tolerated, with no adverse events or infusion-related reactions reported. Robust uptake of [68Ga]Ga-AKY-2519 as measured by SUVmax was observed across multiple tumor types, including prostate, non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), and rectal cancer at various time points out to 120 minutes with representative patients showing: Prostate cancer: SUVmax = 33.9-37.4; NSCLC: SUVmax = 17.5-21.5; SCLC: SUVmax = 15.4; and Rectal cancer: SUVmax = 15.3. In prostate cancer, high [68Ga]Ga-AKY-2519 tumor uptake was consistently observed across metastatic disease sites with the most intense uptake observed in bone and visceral metastases. PET/CT imaging 120 min after [68Ga]Ga-AKY-2519 injection showed low uptake in critical normal tissues.

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