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 7.0x is lower than the industry's current PS ratio of 9.0x.

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
Tue, 25 Aug 2026	US$1.6t	US$173.0b	-US$20,601,265,048.83	17.8x	-75.4x	9x
Thu, 23 Jul 2026	US$1.4t	US$169.2b	-US$12,124,432,915.38	16.5x	-114.9x	8.2x
Sat, 20 Jun 2026	US$1.3t	US$170.0b	-US$12,150,587,399.21	16.5x	-107x	7.6x
Mon, 18 May 2026	US$1.3t	US$170.3b	-US$12,626,410,453.00	17.2x	-101.1x	7.5x
Wed, 15 Apr 2026	US$1.3t	US$166.2b	-US$11,979,538,921.92	17.5x	-109.3x	7.9x
Fri, 13 Mar 2026	US$1.3t	US$169.1b	-US$15,394,683,526.02	21.1x	-86.5x	7.9x
Sun, 08 Feb 2026	US$1.3t	US$164.5b	-US$14,975,001,086.69	22.8x	-87.2x	7.9x
Tue, 06 Jan 2026	US$1.2t	US$163.5b	-US$15,346,868,253.57	21.1x	-78x	7.3x
Thu, 04 Dec 2025	US$1.2t	US$163.6b	-US$16,190,681,448.14	19.6x	-76x	7.5x
Sat, 01 Nov 2025	US$1.1t	US$162.2b	-US$16,412,994,842.24	17.7x	-68.5x	6.9x
Mon, 29 Sep 2025	US$1.1t	US$163.5b	-US$18,298,125,619.83	16.3x	-58.9x	6.6x
Wed, 27 Aug 2025	US$1.1t	US$163.6b	-US$18,630,807,213.61	15.3x	-56.5x	6.4x
Fri, 25 Jul 2025	US$997.5b	US$155.2b	-US$23,161,447,469.43	16.9x	-43.1x	6.4x
Sun, 22 Jun 2025	US$930.4b	US$155.9b	-US$23,931,619,289.37	16.8x	-38.9x	6x
Tue, 20 May 2025	US$895.3b	US$155.9b	-US$24,383,038,329.03	16.1x	-36.7x	5.7x
Thu, 17 Apr 2025	US$763.1b	US$119.2b	-US$36,649,632,928.05	19.4x	-20.8x	6.4x
Sat, 15 Mar 2025	US$834.3b	US$118.4b	-US$37,624,196,989.93	18.5x	-22.2x	7x
Mon, 10 Feb 2025	US$840.3b	US$117.3b	-US$30,891,273,158.04	17.2x	-27.2x	7.2x
Wed, 08 Jan 2025	US$967.5b	US$149.6b	-US$26,358,490,111.72	16.5x	-36.7x	6.5x
Fri, 06 Dec 2024	US$1.0t	US$150.0b	-US$26,562,709,685.06	17.5x	-38.7x	6.9x
Sun, 03 Nov 2024	US$1.1t	US$147.4b	-US$30,522,373,860.52	17.5x	-35x	7.2x
Tue, 01 Oct 2024	US$894.5b	US$113.2b	-US$36,002,779,251.24	21.3x	-24.8x	7.9x
Thu, 29 Aug 2024	US$907.1b	US$113.1b	-US$35,726,620,298.35	24.2x	-25.4x	8x
Sat, 27 Jul 2024	US$1.2t	US$164.9b	-US$28,965,808,648.76	26.4x	-42.6x	7.5x
Mon, 24 Jun 2024	US$1.2t	US$164.4b	-US$27,942,490,934.12	28.1x	-41.4x	7x
Wed, 22 May 2024	US$1.1t	US$164.6b	-US$26,765,333,205.64	24.5x	-42.8x	7x
Fri, 19 Apr 2024	US$1.1t	US$164.2b	-US$23,337,120,518.73	20.4x	-45.9x	6.5x
Sun, 17 Mar 2024	US$1.2t	US$167.4b	-US$22,071,849,383.64	13.9x	-53.2x	7x
Tue, 13 Feb 2024	US$1.2t	US$169.3b	-US$26,222,327,301.15	20.4x	-44.5x	6.9x
Thu, 11 Jan 2024	US$1.4t	US$204.8b	-US$22,494,732,823.00	19.3x	-64.2x	7.1x
Sat, 09 Dec 2023	US$1.3t	US$204.6b	-US$22,091,414,218.00	18.7x	-58.4x	6.3x
Mon, 06 Nov 2023	US$1.2t	US$206.7b	-US$20,529,146,956.00	18.8x	-60.5x	6x
Wed, 04 Oct 2023	US$1.2t	US$207.3b	-US$13,085,561,707.00	16.6x	-94.9x	6x
Fri, 01 Sep 2023	US$1.3t	US$207.6b	-US$12,418,173,316.00	17.4x	-103.3x	6.2x


US Market	-1.55%
Healthcare	4.13%
Biotech	5.58%
Biotech	5.58%

Company	Last Price	7D	1Y	Valuation
MRNA Moderna	US$138.89	115.5% +US$29.7b	447.9%	PS24.9x
ABBV AbbVie	US$264.52	5.7% +US$25.1b	27.4%	PE74.6x
AMGN Amgen	US$443.84	5.8% +US$13.2b	53.9%	PE27.4x
GILD Gilead Sciences	US$146.74	5.6% +US$9.7b	28.6%	PS6x
VRTX Vertex Pharmaceuticals	US$547.59	6.2% +US$8.1b	40.8%	PE31.5x

Announcement • Aug 24

Arrowhead Pharmaceuticals Presents New Clinical Data and Product Updates At European Society of Cardiology Congress

Arrowhead Pharmaceuticals, Inc. announced that it will present important new data at the European Society of Cardiology Congress (ESC) in Munich, Germany. Detailed results from the Phase 3 SHASTA-3 and SHASTA-4 Studies of Plozasiran in Patients with Severe Hypertriglyceridemia will be presented as a HOT LINE Late-Breaking Science Session on August 30, 2026. Arrowhead will host a webcast to review ESC data and Q&A on August 31, 2026. ESC 2026 Presentation Details: Date & Time: Sunday, August 30, 2026, 17:30 CEST. Session Title: HOT LINE 9 Late-breaking Science Session. Location: Munich Auditorium-Hall B3. Title: Plozasiran in patients with severe hypertriglyceridemia: the SHASTA-3 and SHASTA-4 pivotal trial 12-month results. Presenter: Gerald Watts, University of Western Australia, Perth, Australia. Discussant review: Borge G. Nordestgaard, Copenhagen University Hospital, Copenhagen, Denmark. Panel discussion. Date & Time: Monday, August 31, 2026, 9:00 am CEST. Session Title: Late-breaking science: Beyond statins: the next wave of lipid-lowering therapies. Location: Tripoli Auditorium-Hall B1. Title: A phase 3 clinical trial to evaluate the efficacy and safety of vsa003 (zodasiran) injection in Chinese adolescents and adults with homozygous familial hypercholesterolemia (HOFH). Presenter: Zhuang Tian, Peking Union Medical College Hospital, Beijing, China. Arrowhead Investor Webcast: Date & Time: Monday, August 31, 2026, 14:00 CEST/8:00 am EDT/5:00 am PDT. Topic: Review SHASTA-3 and SHASTA-4 pivotal trial 12-month results, Q&A. Participants: Gerald Watts, Borde Nordestgaard, and Arrowhead management. The recorded webcast will be made available on the Events and Presentations page under the Investors section of the Arrowhead website approximately two hours after the event. Severe hypertriglyceridemia (sHTG) is characterized by triglyceride (TG) levels greater than 500 mg/dL, with the most severe form being familial chylomicronemia syndrome (FCS) where TGs typically exceed 880 mg/dL. SHTG significantly increases the risk of acute pancreatitis (AP), which can often include recurrent attacks requiring repeat hospital admissions and worsening outcomes. AP risk is proportional to the number, characteristics, and concentration of triglyceride rich lipoproteins (TRLs), particularly chylomicrons, and increases as TGs rise. Elevated TGs can also increase the risk of atherosclerotic cardiovascular disease (ASCVD). Limited treatment options exist to sustainably reduce TGs below guideline-directed risk thresholds. SHASTA-3 (NCT06347003) and SHASTA-4 (NCT06347016) are global double-blind, placebo-controlled, Phase 3 studies to evaluate the efficacy and safety of plozasiran in adults with severe hypertriglyceridemia. Between the two studies, approximately 750 participants were randomized to receive 4 doses (once every 3 months) of 25 mg plozasiran or placebo. The primary endpoint is percent change in fasting serum triglyceride levels from baseline to Month 12 compared to placebo. After Month 12, eligible participants are offered an opportunity to continue in an optional open-label extension. REDEMPLO (plozasiran) is currently approved by the U.S. Food and Drug Administration, Health Canada, China’s National Medical Products Administration, the Australian Therapeutic Goods Administration, and by the European Commission as an adjunct to diet to reduce triglycerides for adults with FCS. REDEMPLO is the first and only siRNA treatment approved in these countries to be studied in both clinically diagnosed and genetically confirmed patients living with FCS. REDEMPLO is designed to suppress the production of apolipoprotein C-III (APOC3), a protein produced in the liver that raises triglyceride levels by slowing their breakdown and clearance. By targeting APOC3 with sustained silencing, REDEMPLO delivers significant reductions in triglyceride levels. REDEMPLO is self-administered via subcutaneous injection once every three months. REDEMPLO has been granted Orphan Medicinal Product Designation by the EMA for the treatment of patients with FCS, and Breakthrough Therapy Designation, Fast Track Designation, and Orphan Drug Designation by the U.S. FDA for the treatment of patients with FCS and was also granted Breakthrough Therapy designation by the U.S. FDA in severe hypertriglyceridemia. Sanofi acquired the rights to develop and commercialize REDEMPLO in Greater China, with Arrowhead retaining rights to REDEMPLO in all geographies, outside of Greater China. Homozygous Familial Hypercholesterolemia is an ultra-rare treatment-resistant genetic condition characterized by elevated LDL-C and early-onset cardiovascular disease. Most cases of HoFH are due to mutations in the gene that encodes the LDL receptor (LDLR). HoFH represents a unique disease where LDL-C lowering therapies not requiring functional LDL receptors may have benefit. If left untreated, individuals with HoFH can have median LDL-C levels above 400 mg/dL (over 10 mmol/L), leading to early clinical manifestations of coronary artery disease. Patients with HoFH may also have cholesterol deposits under the skin (xanthomas), around the eyes (xanthelasmas), or around the cornea (corneal arcus), but physical signs are not always present, particularly in children. HoFH remains challenging to treat and currently only patients with the more severe HoFH phenotypes get diagnosed and treated early. The estimated prevalence of HoFH globally is between 1:360,000 and 1:250,000. Zodasiran, previously called ARO-ANG3, is a first-in-class investigational RNA interference (RNAi) therapeutic designed to reduce production of angiopoietin-like protein (ANGPTL3), which is a hepatocyte expressed regulator of lipid and lipoprotein metabolism with multiple potential modes of action, including inhibition of lipoprotein lipase (LPL) and endothelial lipase (EL). ANGPTL3 is an emerging therapeutic target with relevance to hypercholesterolemia, hypertriglyceridemia, and mixed hyperlipidemia. Genetic studies suggest that individuals with ANGPTL3 loss-of-function variants have enhanced lipoprotein lipase and endothelial lipase activity, resulting in lower levels of atherogenic lipoproteins and a reduced risk of ASCVD. Zodasiran has received Orphan Drug Designation for the treatment of HoFH from the U.S. Food and Drug Administration. In prior clinical studies, investigational zodasiran was associated with dose-dependent reductions in triglycerides, triglyceride rich lipoprotein remnants, and total atherogenic lipoproteins, including LDL-C, in patients with homozygous (HoFH) and heterozygous (HeFH) familial hypercholesterolemia and mixed hyperlipidemia. Zodasiran also showed a favorable safety profile. In the Phase 2 GATEWAY study in patients with HoFH, there were no drug discontinuations, drug-related serious adverse events, or deaths. The most frequent adverse events were COVID-19, nasopharyngitis, upper respiratory tract infection, and dizziness.

Announcement • Aug 24

Gilead Sciences, Inc. Receives European Commission Approval for Trodelvy Plus Pembrolizumab in First-Line Metastatic Triple-Negative Breast Cancer

Gilead Sciences, Inc. announced that the European Commission has granted marketing authorization for Trodelvy (sacituzumab govitecan-hziy) in combination with Keytruda (pembrolizumab) for the treatment of adult patients with unresectable, locally advanced or metastatic triple-negative breast cancer (TNBC) who have not received prior systemic therapy for metastatic disease and whose tumors express PD-L1 with a combined positive score (CPS =10). Trodelvy plus Keytruda is the first and only antibody-drug conjugate (ADC) plus immunotherapy combination to be approved in first-line metastatic TNBC in the European Union’s 27 member states, as well as Norway, Iceland and Liechtenstein. This decision follows the recent European Commission approval of Trodelvy as monotherapy for the treatment of adult patients with unresectable locally advanced or metastatic TNBC who have not received prior systemic therapy for metastatic disease and are not candidates for PD-1 or PD-L1 inhibitor therapy. Together, these approvals establish Trodelvy as the backbone therapy for patients with first-line metastatic TNBC across PD-L1 status in Europe. The approval is based on data from the Phase 3 ASCENT-04 /KEYNOTE-D19 study which demonstrated a highly statistically significant and clinically meaningful progression-free survival of Trodelvy plus Keytruda versus the combination of standard of care chemotherapy plus Keytruda as a first-line treatment. In ASCENT-04/KEYNOTE-D19, Trodelvy demonstrated a 35% reduced risk of disease progression or death in patients with PD-L1-positive metastatic TNBC. Metastatic TNBC has historically been difficult to treat, with a poor prognosis and an urgent need for more effective first-line options. With this approval, Trodelvy is now positioned to address this need across the full spectrum of the disease, building on its extensive clinical legacy in later lines of therapy and its established safety and efficacy profile in more than 75,000 patients treated globally. Trodelvy (sacituzumab govitecan-hziy) is a first-in-class Trop-2-directed antibody-drug conjugate. Trop-2 is a cell surface antigen highly expressed in multiple tumor types, including in more than 90% of breast and lung cancers. Trodelvy is intentionally designed with a proprietary hydrolyzable linker attached to SN-38, a topoisomerase I inhibitor payload. This unique combination delivers potent activity to both Trop-2 expressing cells and the tumor microenvironment through a bystander effect. The U.S. FDA and the European Commission have approved the use of Trodelvy alone or in combination with pembrolizumab in first-line metastatic TNBC, across PD-L1 status. It is also globally approved for second-line and later metastatic TNBC and pre-treated HR+/HER2- metastatic breast cancer. Healthcare professionals have substantial clinical experience with Trodelvy, with more than 75,000 breast cancer patients treated since 2020. It is the only ADC with four positive Phase 3 trials in HER2-negative metastatic breast cancer and the only Trop-2-directed ADC to demonstrate a meaningful overall survival benefit in two distinct types of metastatic breast cancer. Trodelvy is currently being evaluated in multiple ongoing Phase 3 trials across a range of tumor types with high Trop-2 expression, including in lung and gynecologic cancers, where previous proof-of-concept studies have demonstrated clinical activity. TRODELVY (sacituzumab govitecan-hziy) is a Trop-2–directed antibody and topoisomerase inhibitor conjugate indicated in adult patients: Locally Advanced or Metastatic Triple-Negative Breast Cancer First Line As a single agent for the first-line treatment of unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC) who are not candidates for PD-1 or PD-L1 inhibitor-based therapy In combination with pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph for the first-line treatment of unresectable locally advanced or mTNBC whose tumors express PD-L1 [Combined Positive Score (CPS =10)] as determined by an FDA-authorized test Second Line or Later For the treatment of unresectable locally advanced or mTNBC who have received two or more prior systemic therapies, at least one of them for metastatic disease. Locally Advanced or Metastatic HR-positive, HER2-negative Breast Cancer For the treatment of unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative (IHC 0, IHC 1+, or IHC 2+/ISH–) breast cancer who have received endocrine-based therapy and at least two additional systemic therapies in the metastatic setting. TRODELVY can cause severe, life-threatening, or fatal neutropenia. Withhold TRODELVY for absolute neutrophil count below 1500/mm3 or neutropenic fever. Monitor blood cell counts periodically during treatment. Primary prophylaxis with G-CSF is recommended for all patients at increased risk of febrile neutropenia. Initiate anti-infective treatment in patients with febrile neutropenia without delay. TRODELVY can cause severe diarrhea. Monitor patients with diarrhea and give fluid and electrolytes as needed. At the onset of diarrhea, evaluate for infectious causes and, if negative, promptly initiate loperamide. If severe diarrhea occurs, withhold TRODELVY until resolved to =Grade 1 and reduce subsequent doses. Severe hypersensitivity reaction to TRODELVY. Neutropenia: Severe, life-threatening, or fatal neutropenia can occur as early as the first cycle of treatment and may require dose modification. Neutropenia occurred in 64% of patients treated with TRODELVY. Grade 3-4 neutropenia occurred in 48% of patients. Febrile neutropenia occurred in 6%. Neutropenic colitis occurred in 1.4%. Primary prophylaxis with G-CSF is recommended starting in the first cycle of treatment in all patients at increased risk of febrile neutropenia, including older patients, patients with previous neutropenia, poor performance status, organ dysfunction, or multiple comorbidities. Monitor absolute neutrophil count (ANC) during treatment. Withhold TRODELVY for ANC below 1500/mm3 on Day 1 of any cycle or below 1000/mm3 on Day 8 of any cycle. Withhold TRODELVY for neutropenic fever. Treat neutropenia with G-CSF and administer prophylaxis in subsequent cycles as clinically indicated or indicated in Table 2 of USPI. Diarrhea: Diarrhea occurred in 62% of all patients treated with TRODELVY. Grade 3-4 diarrhea occurred in 10% of patients. One patient had intestinal perforation following diarrhea. Diarrhea that led to dehydration and subsequent acute kidney injury occurred in 0.6% of all patients. Withhold TRODELVY for Grade 3-4 diarrhea and resume when resolved to =Grade 1. At onset, evaluate for infectious causes and, if negative, promptly initiate loperamide, 4 mg initially followed by 2 mg with every episode of diarrhea for a maximum of 16 mg daily.

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