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

Investors are relatively neutral on the American Biotechs industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PS ratio of 6.9x.

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
Sat, 23 May 2026	US$1.3t	US$170.0b	-US$12,290,710,594.65	16.2x	-104.9x	7.6x
Mon, 20 Apr 2026	US$1.3t	US$166.2b	-US$11,948,696,255.58	17.1x	-112.8x	8.1x
Wed, 18 Mar 2026	US$1.3t	US$169.2b	-US$15,453,358,645.17	20x	-84.3x	7.7x
Fri, 13 Feb 2026	US$1.3t	US$165.1b	-US$14,338,026,618.74	22.1x	-90x	7.8x
Sun, 11 Jan 2026	US$1.2t	US$163.5b	-US$15,143,003,806.70	21.1x	-81.5x	7.5x
Tue, 09 Dec 2025	US$1.2t	US$163.6b	-US$16,088,878,351.65	19.1x	-76.8x	7.5x
Thu, 06 Nov 2025	US$1.1t	US$164.1b	-US$16,282,738,859.52	17.5x	-68.8x	6.8x
Sat, 04 Oct 2025	US$1.1t	US$163.5b	-US$18,206,071,363.57	16.7x	-61.8x	6.9x
Mon, 01 Sep 2025	US$1.1t	US$163.5b	-US$18,373,688,758.56	15.4x	-57.4x	6.5x
Wed, 30 Jul 2025	US$978.3b	US$155.2b	-US$22,170,866,971.17	15.8x	-44.1x	6.3x
Fri, 27 Jun 2025	US$928.2b	US$156.0b	-US$23,838,153,787.82	16.8x	-38.9x	6x
Sun, 25 May 2025	US$907.6b	US$155.9b	-US$24,118,382,442.03	15.6x	-37.6x	5.8x
Tue, 22 Apr 2025	US$757.2b	US$119.3b	-US$36,503,635,360.22	19.1x	-20.7x	6.3x
Thu, 20 Mar 2025	US$833.1b	US$118.4b	-US$37,426,956,446.75	20.1x	-22.3x	7x
Sat, 15 Feb 2025	US$843.4b	US$116.6b	-US$36,838,403,221.21	17.6x	-22.9x	7.2x
Mon, 13 Jan 2025	US$947.7b	US$149.4b	-US$26,263,014,335.71	16.6x	-36.1x	6.3x
Wed, 11 Dec 2024	US$1.0t	US$150.0b	-US$26,535,944,620.11	17.9x	-39x	6.9x
Fri, 08 Nov 2024	US$1.1t	US$149.1b	-US$31,021,469,881.25	17x	-35.4x	7.4x
Sun, 06 Oct 2024	US$889.8b	US$113.1b	-US$35,952,253,973.77	22x	-24.8x	7.9x
Tue, 03 Sep 2024	US$909.4b	US$113.1b	-US$35,704,251,292.69	24x	-25.5x	8x
Thu, 01 Aug 2024	US$1.2t	US$165.1b	-US$29,392,630,542.96	30.2x	-41.8x	7.4x
Sat, 29 Jun 2024	US$1.1t	US$164.4b	-US$28,157,592,218.37	28.5x	-40.7x	7x
Mon, 27 May 2024	US$1.1t	US$164.6b	-US$26,653,350,594.72	23.8x	-42.2x	6.8x
Wed, 24 Apr 2024	US$1.1t	US$164.3b	-US$23,439,543,461.97	20.4x	-46.7x	6.7x
Fri, 22 Mar 2024	US$1.2t	US$164.3b	-US$23,898,885,613.21	21.6x	-48.8x	7.1x
Sun, 18 Feb 2024	US$1.2t	US$169.1b	-US$20,519,191,458.58	15.7x	-56.9x	6.9x
Tue, 16 Jan 2024	US$1.4t	US$204.8b	-US$22,498,525,782.00	18.8x	-63.9x	7x
Thu, 14 Dec 2023	US$1.3t	US$204.7b	-US$22,099,611,280.00	19.6x	-59.9x	6.5x
Sat, 11 Nov 2023	US$1.2t	US$204.5b	-US$22,053,784,561.00	18.5x	-54.1x	5.8x
Mon, 09 Oct 2023	US$1.3t	US$207.4b	-US$13,060,168,797.00	17.2x	-96.4x	6.1x
Wed, 06 Sep 2023	US$1.3t	US$207.5b	-US$12,513,012,217.00	17.2x	-102x	6.2x
Fri, 04 Aug 2023	US$1.1t	US$183.2b	-US$17,641,388,597.00	14.5x	-64.3x	6.2x
Sun, 02 Jul 2023	US$1.1t	US$186.2b	-US$16,042,400,813.00	13.7x	-70x	6x
Tue, 30 May 2023	US$1.1t	US$185.9b	-US$16,045,777,796.00	11.2x	-69.9x	6x


US Market	1.01%
Healthcare	3.11%
Biotech	1.20%
Biotech	1.20%

Company	Last Price	7D	1Y	Valuation
ABBV AbbVie	US$215.70	2.5% +US$9.4b	17.7%	PE106x
AMGN Amgen	US$339.30	4.0% +US$7.0b	24.9%	PE23.5x
GILD Gilead Sciences	US$134.36	3.7% +US$5.9b	25.1%	PE18.1x
NTRA Natera	US$203.19	9.0% +US$2.4b	32.5%	PS11.6x
ONC BeOne Medicines	US$310.25	5.8% +US$1.9b	28.5%	PE67.2x

Announcement • May 21

ImmunityBio Announces FDA Acceptance Of Supplemental BLA For ANKTIVA Plus BCG In BCG-Unresponsive Non-Muscle Invasive Bladder Cancer With Papillary Disease

ImmunityBio, Inc. announced that the U.S. Food and Drug Administration has accepted for review the supplemental Biologics License Application (sBLA) for ANKTIVA (nogapendekin alfa inbakicept-pmln) in combination with Bacillus Calmette-Guerin (BCG) for the treatment of patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with papillary disease without carcinoma in situ (CIS). The FDA assigned a Prescription Drug User Fee Act (PDUFA) target action date of January 6, 2027. In the filing communication, the FDA stated, “In support of this expansion, one has submitted the results of QUILT-3.032 Cohort B and a literature-based rationale proposing that papillary NMIBC has an overlapping clinical and non-clinical profile with CIS that may allow for extrapolation of results from patients with CIS, as was demonstrated in QUILT-3.032 Cohort A, the basis of the existing indication, to those with papillary-only disease.” The Agency further provided insight as to the focus of the review of this sBLA by stating, “The scientific data detailing these overlapping features will be the focus of the review of this sBLA to determine if there is adequate justification to allow for such an extrapolation and expansion of the indication of Anktiva with BCG to include the treatment of patients with BCG-unresponsive NMIBC with papillary tumors,” while reiterating their concerns relating to single-arm trials in papillary disease alone (Cohort B) in which the initial indication for CIS and papillary disease (Cohort A) has already been approved in a single-arm trial. If approved, the sBLA would expand the current indication for ANKTIVA plus BCG and further broaden treatment options for patients with BCG-unresponsive NMIBC. The supplemental application is supported by data from the QUILT 3.032 Phase 2/3 trial (Cohort B; NCT03022825) in 80 patients with high-grade papillary-only NMIBC. As published in The Journal of Urology(Chang et al., 2025), the study met its primary endpoint with a 12-month disease-free survival (DFS) rate of 58.2% (95% confidence interval: 46.6-68.2%). The secondary endpoints of the chemo-free immunotherapy based treatment of ANKTIVA plus BCG in Cohort B that identifies the results addressing this goal of delaying progression into muscle-invasiveness and accomplishing bladder sparing are: Progression Free Survival (PFS), Cystectomy Free Survival, Disease Specific Survival (DSS). The data submitted to the Agency regarding these secondary endpoints for consideration and published in peer reviewed journals (New England Journal of Medicine and Journal of Urology), as well as accepted by NCCN with a Category 2A designation for patients treated with intravesical ANKTIVA plus BCG with BCG unresponsive non-muscle invasive bladder cancer and papillary disease alone demonstrated: Progression-Free Survival (PFS): 94.9% at 12 months and 82.0% at 36 months, indicating durable prevention of progression to muscle-invasive disease. Cystectomy Free Survival: Bladder preservation remained high, with cystectomy-free survival of 92.2% at 12 months and 83.1% at 36 months, meaning over 80% of patients avoided radical cystectomy through three years of follow-up. Disease-Specific Survival (DSS): 96.0% Disease-Specific Survival (DSS) rate at 36 months, with median DSS not yet reached at time of submission of the sBLA. The safety data submitted in this supplemental BLA was consistent with the safety data of the indication already approved, demonstrating qualitatively that the serious adverse events of ANKTIVA when combined with BCG was consistent with that of BCG alone. ANKTIVA plus BCG was previously approved by the FDA in April 2024 for the treatment of adult patients with BCG-unresponsive NMIBC with carcinoma in situ (CIS), with or without papillary tumors. Non-muscle-invasive bladder cancer (NMIBC) represents approximately 80% of all bladder cancer diagnoses in the United States, approximately 85% of people diagnosed with NMIBC in the U.S. each year present with papillary disease. Patients with papillary disease who become unresponsive to BCG therapy face a high risk of recurrence and progression and often have limited bladder-sparing treatment options available. The interleukin-15 (IL-15) cytokine plays a crucial role in the immune system by affecting the development, maintenance, and function of key immune cells—NK and CD8+ killer T cells—that are involved in killing cancer cells. By activating NK cells, ANKTIVA overcomes the tumor escape phase of clones resistant to T cells and restores memory T cell activity with resultant prolonged duration of complete response. ANKTIVA is a first-in-class IL-15 receptor agonist IgG1 fusion complex, consisting of an IL-15 mutant (IL-15N72D) fused with an IL-15 receptor alpha, which binds with high affinity to IL-15 receptors on NK, CD4+, and CD8+ T cells. This fusion complex of ANKTIVA mimics the natural biological properties of the membrane-bound IL-15 receptor alpha, delivering IL-15 by dendritic cells and driving the activation and proliferation of NK cells with the generation of memory killer T cells that have retained immune memory against these tumor clones. ANKTIVA is an interleukin-15 (IL-15) receptor agonist indicated with Bacillus Calmette-Guérin (BCG) for the treatment of adult patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors.

U.S. Biotech Industry Analysis

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