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 7.7x.

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, 02 Jun 2026	US$1.3t	US$170.1b	-US$12,186,989,969.12	16.2x	-107.2x	7.7x
Thu, 30 Apr 2026	US$1.3t	US$165.6b	-US$11,778,490,982.68	16.1x	-107.6x	7.7x
Sat, 28 Mar 2026	US$1.3t	US$166.1b	-US$13,445,530,937.44	15.1x	-93.8x	7.6x
Mon, 23 Feb 2026	US$1.3t	US$168.1b	-US$13,480,215,246.90	22.1x	-99.4x	8x
Wed, 21 Jan 2026	US$1.2t	US$163.5b	-US$15,162,101,641.93	19.8x	-80.7x	7.5x
Fri, 19 Dec 2025	US$1.2t	US$163.6b	-US$15,778,364,494.15	21x	-76.7x	7.4x
Sun, 16 Nov 2025	US$1.2t	US$163.8b	-US$16,325,082,351.01	17.4x	-72.5x	7.2x
Tue, 14 Oct 2025	US$1.1t	US$163.4b	-US$18,212,977,741.58	16.6x	-62.3x	6.9x
Thu, 11 Sep 2025	US$1.1t	US$163.5b	-US$18,332,644,582.89	15.2x	-59.2x	6.6x
Sat, 09 Aug 2025	US$1.0t	US$162.9b	-US$15,182,045,228.36	13.2x	-66.3x	6.2x
Mon, 07 Jul 2025	US$960.2b	US$155.8b	-US$23,415,675,000.56	17.3x	-41x	6.2x
Wed, 04 Jun 2025	US$922.8b	US$155.9b	-US$23,951,572,272.44	15.9x	-38.5x	5.9x
Fri, 02 May 2025	US$808.2b	US$119.4b	-US$30,863,458,745.12	20.6x	-26.2x	6.8x
Sun, 30 Mar 2025	US$816.7b	US$118.6b	-US$36,963,437,893.60	24.4x	-22.1x	6.9x
Tue, 25 Feb 2025	US$863.5b	US$117.3b	-US$37,621,182,300.47	16.8x	-23x	7.4x
Thu, 23 Jan 2025	US$968.7b	US$149.5b	-US$26,308,060,833.40	17.3x	-36.8x	6.5x
Sat, 21 Dec 2024	US$947.6b	US$149.9b	-US$26,392,835,378.38	15.2x	-35.9x	6.3x
Mon, 18 Nov 2024	US$991.1b	US$150.0b	-US$26,801,381,083.88	17.2x	-37x	6.6x
Wed, 16 Oct 2024	US$905.5b	US$113.1b	-US$36,033,769,973.82	21.7x	-25.1x	8x
Fri, 13 Sep 2024	US$906.6b	US$113.2b	-US$35,840,476,743.75	22.7x	-25.3x	8x
Sun, 11 Aug 2024	US$862.3b	US$112.7b	-US$36,840,475,721.78	21.6x	-23.4x	7.7x
Tue, 09 Jul 2024	US$1.1t	US$164.5b	-US$28,072,591,965.78	28.2x	-40.3x	6.9x
Thu, 06 Jun 2024	US$1.1t	US$164.6b	-US$26,649,807,121.82	28.1x	-42.6x	6.9x
Sat, 04 May 2024	US$1.1t	US$163.7b	-US$26,731,775,868.34	24.3x	-41.9x	6.8x
Mon, 01 Apr 2024	US$1.2t	US$164.4b	-US$23,612,220,177.66	24x	-50x	7.2x
Wed, 28 Feb 2024	US$1.2t	US$167.3b	-US$21,469,811,290.45	13.8x	-55.3x	7.1x
Fri, 26 Jan 2024	US$1.4t	US$204.7b	-US$22,591,368,127.00	18.5x	-63.1x	7x
Sun, 24 Dec 2023	US$1.4t	US$204.9b	-US$22,149,017,627.00	19.4x	-61.9x	6.7x
Tue, 21 Nov 2023	US$1.2t	US$204.7b	-US$22,041,856,134.00	18.1x	-55.4x	6x
Thu, 19 Oct 2023	US$1.3t	US$207.3b	-US$13,074,578,847.00	17.1x	-95.7x	6x
Sat, 16 Sep 2023	US$1.3t	US$207.5b	-US$12,636,400,679.00	17.6x	-101.2x	6.2x
Mon, 14 Aug 2023	US$1.3t	US$207.7b	-US$12,468,580,885.00	16.6x	-103.3x	6.2x
Wed, 12 Jul 2023	US$1.1t	US$186.4b	-US$16,009,595,226.00	13.3x	-70.2x	6x
Fri, 09 Jun 2023	US$1.2t	US$186.1b	-US$15,982,663,871.00	11.8x	-72x	6.2x


US Market	1.58%
Healthcare	0.32%
Biotech	1.16%
Biotech	1.16%

Company	Last Price	7D	1Y	Valuation
RVMD Revolution Medicines	US$163.68	8.0% +US$2.6b	302.7%	PB23.2x
NTRA Natera	US$218.81	7.7% +US$2.2b	36.2%	PS12.5x
VRTX Vertex Pharmaceuticals	US$438.40	0.9% +US$984.8m	-1.6%	PE25.6x
ALKS Alkermes	US$42.27	14.9% +US$911.7m	35.1%	PE46.1x
ERAS Erasca	US$13.82	23.0% +US$802.3m	869.8%	PB10.9x

Announcement • 6h

Amgen Receives European Commission Approval For IMDYLLTRA For Treatment Of Extensive-Stage Small Cell Lung Cancer

Amgen announced that the European Commission (EC) has granted marketing authorization for IMDYLLTRA® (tarlatamab) as a monotherapy to treat adults with extensive-stage small cell lung cancer (ES-SCLC) who require systemic therapy following disease progression on or after first-line treatment with platinum-based chemotherapy. The approval was based on results from DeLLphi-304, the first global Phase 3 trial to demonstrate a significant survival benefit over chemotherapy in this setting. DeLLphi-304, the global Phase 3 clinical trial, demonstrated that IMDYLLTRA reduced the risk of death by 40% and significantly extended median overall survival (OS) by more than five months compared to standard of care (SOC) chemotherapy as a treatment for patients with ES-SCLC who progressed on or after one line of platinum-based chemotherapy (median OS: 13.6 vs. 8.3 months; hazard ratio (HR), 0.60; 95% confidence interval (CI): 0.47, 0.77; The safety profile for IMDYLLTRA was consistent with its known profile. The most common adverse reactions were cytokine release syndrome (CRS) (56.7%), decreased appetite (36.4%), pyrexia (31.9%), dysgeusia (31.3%), constipation (30.4%), anaemia (30.0%), fatigue (29.8%), nausea (24.9%), asthenia (19.0%), neutropenia (16.9%), hyponatraemia (16.7%), headache (16.3%) and lymphopenia (15.6%). The most common serious adverse reactions were CRS (19.7%) and pyrexia (4.7%). CRS primarily occurred after the first two doses. As reflected in the Summary of Product Characteristics (SmPC), patients should be monitored from the start of the IMDYLLTRA infusion for 6 to 8 hours on Cycle 1 Day 1 and Cycle 1 Day 8 in an appropriate healthcare setting. Amgen's robust IMDYLLTRA clinical development program includes the DeLLphi clinical trials, which evaluate IMDYLLTRA as a monotherapy and as part of combination regimens, including in both earlier stages of SCLC and earlier lines of treatment. DeLLphi-304 is a global Phase 3, randomized, controlled, open-label clinical trial evaluating the efficacy and safety of IMDYLLTRA as a treatment for patients living with SCLC who progressed on or after one platinum-based chemotherapy regimen. Five hundred and nine patients were randomized to receive either IMDYLLTRA or local standard of care chemotherapy (topotecan in all countries except Japan; lurbinectedin in the U.S., Canada, Australia, Singapore, South Korea; and amrubicin in Japan). The primary outcome measure of the trial is OS. Key secondary outcome measures include progression-free survival (PFS) and patient-reported outcomes (PROs) including disease-related symptoms, physical function, and quality of life. Results from DeLLphi-304 were reviewed as a late-breaking presentation at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting and simultaneously published in The New England Journal of Medicine. IMDYLLTRA is a first-in-class targeted immunotherapy engineered by Amgen researchers to bind to both DLL3 on tumor cells and CD3 on T cells, thereby activating T cells to kill DLL3-expressing SCLC cells. This results in the formation of a cytolytic synapse with lysis of the cancer cell. DLL3 is a protein that is expressed on the surface of SCLC cells in up to 96% of patients with SCLC, but is minimally expressed on healthy cells, making it an exciting target. SCLC is one of the most aggressive and devastating forms of solid tumor cancer. Each year, SCLC accounts for approximately 13-15% of more than 2.4 million cases of lung cancer diagnosed worldwide.Despite initial high response rates to first-line platinum-based chemotherapy, most patients quickly relapse within months and require subsequent treatment options. Tarlatamab is being investigated in multiple studies including DeLLphi-303, a Phase 1b study investigating tarlatamab in combination with SOC therapies in first-line ES-SCLC; DeLLphi-305, a randomized Phase 3 study comparing tarlatamab in combination with durvalumab vs. durvalumab alone in first-line ES-SCLC in the maintenance setting; DeLLphi-306, a randomized placebo-controlled Phase 3 study of tarlatamab following concurrent chemoradiotherapy in limited-stage SCLC; DeLLphi-308, a Phase 1b study evaluating subcutaneous tarlatamab in second-line or later ES-SCLC; DeLLphi-309, a Phase 2 study evaluating alternative intravenous dosing regimens with tarlatamab in second-line ES-SCLC; DeLLphi-310, a Phase 1b study of tarlatamab in combination with YL201, a B7-H3 targeting antibody drug conjugate, with or without anti-programmed death ligand 1 (PD-L1) in patients with ES-SCLC; DeLLphi-311, a Phase 1b study of tarlatamab in combination with etakafusp alfa (AB248), a novel CD8+ T-cell selective interleukin-2 (IL-2), in patients with ES-SCLC; DeLLphi-312, a randomized Phase 3 study evaluating tarlatamab in combination with carboplatin, etoposide and durvalumab as an induction and maintenance therapy in first-line treatment of ES-SCLC; and DeLLphi-313, a Phase 1b study of tarlatamab in combination with zocilurtatug pelitecan, a DLL3 targeting antibody drug conjugate, with and without a PD-L1 inhibitor in patients with ES-SCLC.

Announcement • 12h

BeOne Medicines Ltd. Presents New Data from Solid Tumor Pipeline At ASCO 2026

BeOne Medicines Ltd. announced new data from its solid tumor pipeline being presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting (May 29–June 2, Chicago). Data from three differentiated BeOne pipeline assets will be presented, including: CDK4 inhibitor (BGB-43395) (poster presentation): First disclosure of anti-tumor activity in first-line (1L) HR+/HER2- metastatic breast cancer. B7-H4 ADC (BG-C9074) (rapid oral presentation): Phase 1 dose-escalation and safety expansion data in advanced solid tumors. GPC3x4-1BB (BGB-B2033) bispecific antibody (rapid oral presentation): First clinical data in advanced solid tumors, including hepatocellular carcinoma (HCC), the most common type of liver cancer. BeOne will present data about its highly selective CDK4 inhibitor, BGB-43395, in 1L HR+/HER2- metastatic breast cancer, in combination with letrozole, showing promising anti-tumor activity and a favorable safety profile, characterized by infrequent low-grade hematologic toxicities and manageable GI events, which were further mitigated when administered with food. The 240 mg dose of BGB-43395 plus letrozole resulted in a confirmed overall response rate (ORR) of 68.4% (95% CI: 43.4–87.4) and unconfirmed ORR of 73.7% (95% CI: 48.8-90.9). The 400 mg dose plus letrozole resulted in a confirmed ORR of 63.2% (95% CI: 38.4–83.7) and unconfirmed ORR of 73.7% (95% CI: 48.8-90.9). Low levels of hematologic treatment-related adverse events (TRAEs) with Grade =3 neutropenia reported in 5.3% of patients at the 240 mg dose level and 0% at 400 mg, as well as low frequency of fatigue and asthenia; supports profile and validates the molecule’s high selectivity for CDK4. GI TRAEs were mitigated when administered with food, all of which were Grade 1. Median study follow-up was 12.5 (range, 3.1-15.2) months, 12.4 (range, 8.0-15.0) months, and 10.8 (range, 3.2-12.9) months for the 240 mg, 400 mg, and 600 mg dose groups, respectively. These compelling safety and efficacy findings support the rationale to initiate a global, randomized Phase 3 clinical trial with BGB-43395 in combination with letrozole in 1L HR+/HER2- metastatic breast cancer. The trial, KANDELA-302 (NCT07492641), will begin enrolling patients this month. Data at ASCO from BeOne’s B7-H4-targeting antibody-drug conjugate (ADC), BG-C9074, include results from Phase 1 dose-escalation and safety-expansion cohorts, demonstrating a combination of early efficacy signals and a favorable tolerability profile. At doses under consideration for future development, confirmed ORR of 45.5% and unconfirmed ORR of 54.5% in ovarian cancer (OC), and 40.0% in triple-negative breast cancer, with median study follow-up of 6.6 (range, 0.3-20.8) months. Anti-tumor activity demonstrated in OC regardless of B7-H4 expression level. Treatment was generally well tolerated with low rates of discontinuation at 1 with five-year survival rates of only approximately 20%. At doses =300 mg, confirmed ORR was 28.9% and unconfirmed ORR was 31.6%, with median study follow-up of 4.8 (range, 0.3-15.5) months. Treatment was generally well tolerated across all dose levels (1-1000 mg every three weeks [Q3W], N = 61) with no significant dose-dependent increase in rates of treatment-emergent adverse events (TEAEs): 68.9% (42) of patients experienced TEAEs; of these: 47.5% (29) were treatment related, 8.2% (5) of patients experienced Grade =3 TRAEs, 4.9% (3) were treatment-related serious adverse events. TEAE leading to treatment discontinuation occurred in 3.3% (2) of patients. Dose limiting toxicity occurred in 1.6% (1) of patients. TRAEs that occurred in >5% of patients were limited to increases in alanine aminotransferase (ALT) and aspartate aminotransferase (AST), both occurring at Grade =3 in only 1.6% of patients. BGB-B2033 300 mg Q3W 600 mg Q3W 1000 mg Q3W (N=14) (N=14) (N=10) Confirmed ORR (complete response + partial response), n (%) 4 (28.6) 5 (35.7) 2 (20.0) Unconfirmed ORR (complete response + partial response), n (%) 4 (28.6) 5 (35.7) 3 (30.0) An additional PR (week 36) was reported at 1000 mg, with patient still on treatment, pending confirmation in the next tumor assessment. With ORR levels in heavily pretreated patients on par with the current first-line immunotherapy combination standard of care and a differentiated safety profile, BeOne is moving rapidly to advance clinical development of BGB-B2033. The Company has already announced the initiation of a potentially registration-enabling pivotal study in late-line HCC and planned expansion into earlier lines of therapy and additional tumor types, with the ambition to establish a new standard of care in this difficult-to-treat cancer. BGB-43395 is an investigational cyclin-dependent kinase (CDK) 4 inhibitor being studied in a global clinical development program in hormone receptor-positive (HR+)/human epidermal growth factor receptor 2-negative (HER2-) breast cancer. The program includes KANDELA-302 (NCT07492641), a randomized Phase 3 clinical trial, initiated in Second Quarter 2026 in first-line metastatic HR+/HER2- breast cancer. BGB-43395 is highly potent and selective CDK4 inhibitor and has the potential to reduce the dose-limiting hematologic toxicities that exist with the current CDK4/6 standard of care and may improve tolerability and enable deeper CDK4 inhibition. BG-C9074, an investigational topoisomerase I inhibitor ADC that targets the B7-H4 protein, which is broadly expressed in breast and gynecologic cancers, is designed with an innovative drug linker to deliver a potent cancer-killing drug directly to the cancer cells. In a Phase 1 study of BG-C9074 (NCT06233942), patients with advanced solid tumors, irrespective of B7-H4 expression, received BG-C9074 every 3 weeks in escalating doses from 1 to 9 mg/kg. A subsequent safety expansion cohort received BG-C9074 in doses ranging from 4 to 8 mg/kg. Endpoints included safety, recommended dose for expansion, preliminary antitumor activity and pharmacokinetic measures. BGB-B2033 is a bispecific antibody targeting GPC3 (glypican 3), a tumor-specific antigen highly expressed in hepatocellular carcinoma (HCC), and 4-1BB, a co-stimulatory receptor associated with T-cell activation and tumor reactivity in HCC. The molecule has been designed with reduced antibody-dependent cellular cytotoxicity (ADCC) to prevent systemic toxicity. BGB-B2033 is being investigated in a Phase 1 study (NCT06427941) in patients with GPC3-expressing advanced solid tumors with at least one prior line of therapy. Patients received BGB-B2033 every 3 weeks in eight escalating dose levels from 1 to 1000 mg, with various safety and anti-tumor activity endpoints. In December 2025, the FDA granted Fast Track Designation to BGB-B2033 for the treatment of HCC, followed by Orphan Drug Designation in March 2026.

U.S. Biotech Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Abbvie Announces European Commission Approval of Aquipta for the Acute Treatment of Migraine in Adults

Amgen Receives European Commission Approval For IMDYLLTRA For Treatment Of Extensive-Stage Small Cell Lung Cancer

BeOne Medicines Ltd. Presents New Data from Solid Tumor Pipeline At ASCO 2026

Vertex Pharmaceuticals Incorporated Announces US FDA Acceptance of Biologics License Application for Accelerated Approval of Povetacicept in IgA Nephropathy

Revolution Medicines Presents Unprecedented Results from Pivotal Phase 3 Rasolute 302 Clinical Trial of Daraxonrasib in Previously Treated Metastatic Pancreatic Cancer

Regeneron’s Otarmeni Gene Therapy for Rare Hearing Loss Advances With Accelerated EMA Review

Gilead: 'Hold' On Biktarvy Sales Growth And MM Drug Development Program

RTW Investments Commits US$189 Million to Erasca Backed by Early Clinical Results

Madrigal Pharmaceuticals Presents Data Demonstrating Rezdiffra Reduces Markers of Cardiovascular and Liver-Related Risk in Patients with Mash

Natera Enrolls First Patients in Signal-Er 101, A Prospective, Interventional Study Evaluating Mrd-Guided Therapy in Breast Cancer

Ascendis Pharma: Rare Endocrine Compounder Entering Growth Phase (Initiating Buy)

Hyperliquid Strategies Stock Climbs as HYPE Token and SpaceX IPO Anticipation Drive Momentum

United Therapeutics Reports Strong Phase 3 Data for IPF and PAH With Plans for Label Expansion

ALKS: Sleep Disorder Pipeline Progress Will Drive Future Upside Potential

NBIX: Pipeline Execution And Integration Risks Will Shape Balanced Future Returns

Twist Bioscience Targets AI Drug Discovery With Expanded Complex Genes Portfolio and Higher Revenue Outlook