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, 13 Jun 2026	US$1.3t	US$170.0b	-US$12,155,057,640.59	16.5x	-105.2x	7.5x
Mon, 11 May 2026	US$1.3t	US$170.4b	-US$11,823,943,233.31	17.7x	-109.5x	7.6x
Wed, 08 Apr 2026	US$1.3t	US$166.2b	-US$11,886,970,549.87	16.2x	-108.1x	7.7x
Fri, 06 Mar 2026	US$1.3t	US$169.6b	-US$14,151,126,071.96	21.2x	-94.5x	7.9x
Sun, 01 Feb 2026	US$1.3t	US$163.6b	-US$15,076,774,528.41	20.3x	-83.2x	7.7x
Tue, 30 Dec 2025	US$1.2t	US$163.6b	-US$15,689,132,019.66	21.9x	-78.7x	7.5x
Thu, 27 Nov 2025	US$1.2t	US$163.6b	-US$16,203,897,081.55	19.1x	-76.4x	7.6x
Sat, 25 Oct 2025	US$1.2t	US$163.4b	-US$18,534,573,619.10	17.3x	-62.5x	7.1x
Mon, 22 Sep 2025	US$1.1t	US$163.5b	-US$18,307,901,758.97	16.3x	-59.2x	6.6x
Wed, 20 Aug 2025	US$1.1t	US$163.6b	-US$18,817,514,396.75	16.8x	-56.9x	6.5x
Fri, 18 Jul 2025	US$983.5b	US$155.7b	-US$23,413,712,907.26	16.5x	-42x	6.3x
Sun, 15 Jun 2025	US$949.1b	US$155.9b	-US$23,959,829,667.00	16.3x	-39.6x	6.1x
Tue, 13 May 2025	US$865.3b	US$155.1b	-US$24,600,766,978.05	16.9x	-35.2x	5.6x
Thu, 10 Apr 2025	US$704.8b	US$118.6b	-US$36,908,648,987.19	21.5x	-19.1x	5.9x
Sat, 08 Mar 2025	US$845.1b	US$119.0b	-US$37,271,574,129.99	17.2x	-22.7x	7.1x
Mon, 03 Feb 2025	US$1.0t	US$149.5b	-US$26,306,804,829.57	17.2x	-38.1x	6.7x
Wed, 01 Jan 2025	US$960.8b	US$149.6b	-US$26,363,797,961.52	16.9x	-36.4x	6.4x
Fri, 29 Nov 2024	US$1.0t	US$150.0b	-US$26,596,552,206.01	16.6x	-39.1x	6.9x
Sun, 27 Oct 2024	US$888.6b	US$113.1b	-US$36,033,068,263.01	20.6x	-24.7x	7.9x
Tue, 24 Sep 2024	US$920.0b	US$113.2b	-US$35,983,947,157.41	21.9x	-25.6x	8.1x
Thu, 22 Aug 2024	US$903.8b	US$113.2b	-US$35,868,195,932.56	23.3x	-25.2x	8x
Sat, 20 Jul 2024	US$1.2t	US$164.5b	-US$28,047,850,966.89	29x	-42.5x	7.3x
Mon, 17 Jun 2024	US$1.2t	US$164.4b	-US$27,941,797,208.37	27.3x	-41.4x	7x
Wed, 15 May 2024	US$1.1t	US$164.6b	-US$27,141,970,719.54	27.5x	-41.5x	6.8x
Fri, 12 Apr 2024	US$1.1t	US$164.3b	-US$23,380,537,394.48	21x	-48x	6.8x
Sun, 10 Mar 2024	US$1.2t	US$167.3b	-US$22,140,783,177.03	19x	-53.9x	7.1x
Tue, 06 Feb 2024	US$1.3t	US$196.1b	-US$18,610,955,456.92	17.5x	-70.8x	6.7x
Thu, 04 Jan 2024	US$1.4t	US$204.8b	-US$22,306,519,032.00	20.9x	-63.4x	6.9x
Sat, 02 Dec 2023	US$1.3t	US$204.7b	-US$22,044,035,456.00	19x	-56.7x	6.1x
Mon, 30 Oct 2023	US$1.2t	US$206.6b	-US$15,116,353,891.00	16.3x	-78x	5.7x
Wed, 27 Sep 2023	US$1.3t	US$207.4b	-US$12,903,835,924.00	17.2x	-98.3x	6.1x
Fri, 25 Aug 2023	US$1.3t	US$207.6b	-US$12,461,259,012.00	17.3x	-102.1x	6.1x
Sun, 23 Jul 2023	US$1.2t	US$186.6b	-US$16,026,393,300.00	12.8x	-72x	6.2x
Tue, 20 Jun 2023	US$1.2t	US$186.3b	-US$16,029,005,553.00	12.1x	-72.4x	6.2x


US Market	0.81%
Healthcare	0.85%
Biotech	1.13%
Biotech	1.13%

Company	Last Price	7D	1Y	Valuation
AMGN Amgen	US$355.20	1.6% +US$3.0b	20.3%	PE24.6x
NUVL Nuvalent	US$123.25	35.5% +US$2.6b	57.5%	PB8.3x
TNGX Tango Therapeutics	US$30.94	53.0% +US$1.6b	559.7%	PS78.5x
TGTX TG Therapeutics	US$49.52	23.3% +US$1.3b	37.5%	PE15.2x
INCY Incyte	US$108.53	6.0% +US$1.2b	60.2%	PE15.1x

Announcement • 6h

BeOne Medicines Announces New Data From Foundational Hematology Franchise At EHA 2026

BeOne Medicines announced new data from its foundational hematology franchise at the 2026 European Hematology Association (EHA) Congress in Stockholm. Updated results from tacabrutideg (BGB-16673), a potential best-in-class Bruton’s tyrosine kinase (BTK) degrader, demonstrated durable responses in pretreated relapsed/refractory (R/R) chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL), with early activity also seen in BTK inhibitor–naïve patients. These data are complemented by results from the all-oral combination of BRUKINSA (zanubrutinib) plus next-generation BCL2 inhibitor BEQALZI (sonrotoclax; ZS), which continue to demonstrate rapid, deep, durable responses across multiple B-cell malignancies. The oral presentation, which was selected for inclusion in the EHA Press Program, will highlight data from 67 patients with R/R CLL/SLL treated with tacabrutideg across the different dose levels (50-500 mg), including patients with high-risk disease features (del(17p)/TP53 mutation, unmutated IGHV, complex karyotype, and BTK inhibitor resistance mutations). With a median study follow-up of 25.4 (range, 0.3-40.1) months, the analysis showed: Overall response rate (ORR): 85.1%. Median time to first response (TTFR): 2.8 months (range, 2.0-19.4). Median duration of response (DOR): 20.7 months (range, 0-27.6). 24-month progression-free survival (PFS) rate: 53.8% (95% CI, 38.8%-66.6%). Safety: tacabrutideg was generally well tolerated in this heavily pretreated population with no treatment-related deaths and no new toxicities identified; patients with treatment response had rapid and sustained cytopenia improvement. In patients with R/R Waldenstrom macroglobulinemia (WM), tacabrutideg showed substantial responses in heavily pretreated patients, including those bearing BTK, CXCR4, and TP53 mutations, with major response rate (MRR) of 76.3% and very good partial response (VGPR) of 30.2% and a 15-month PFS rate of 70.4% (95% CI, 52.6-82.5) at a median PFS follow-up of 16.6 months. In the first clinical evaluation of tacabrutideg in patients who had not previously received a BTK inhibitor (N=54; CLL/SLL, n=29; mantle cell lymphoma [MCL], n=8; marginal zone lymphoma, n=10; Richter transformation, n=2; WM, n=5), tacabrutideg was well tolerated and showed promising and rapid antitumor activity. In 22 evaluable patients with CLL/SLL with median follow-up of 8.2 (range: 0.4-12.8) months, the study shows: ORR: 86.4% Median TTFR: 2.8 (range, 2.7-5.6) months. At 6 months, none of the patients had progressed. Safety: tacabrutideg was generally well tolerated with no reported opportunistic infections, major hemorrhage or febrile neutropenia. Across multiple presentations at EHA 2026, the all-oral ZS combination demonstrated rapid, deep, and durable responses across both treatment-naïve and relapsed/refractory settings. These data highlight the ability of ZS to drive high rates of undetectable minimal residual disease (uMRD) and sustained disease control regardless of risk factors reinforcing its potential to redefine expectations for fixed-duration, time-limited therapy in B-cell malignancies. In treatment-naïve CLL: ORR: 100%, with complete responses in 59.5% of patients. Best uMRD4 rate: 98.8%. No patient that achieved uMRD4 reverted to uMRD positivity. Best uMRD in patients with TP53 mutation/del(17p): 92.9% across 2 dose levels. Median time from combination start to uMRD4: 4.5 months. At a median follow-up of 34.1 months, no disease progression events were observed at the recommended Phase 2 dose of 320mg, including patients who electively discontinued therapy. In R/R CLL, at the 320mg (RP2D) of sonrotoclax: ORR: 100%, with complete responses in 52% of patients. Best uMRD4 rate: 85%. No patient that achieved uMRD4 reverted to uMRD positivity. 36-month PFS: 95.5% (95% CI, 83.2%-98.9%) across all dose cohorts at a median follow-up of 40.6 months (range, 10.2-60.6 months). In R/R MCL, at the 320mg (RP2D) of sonrotoclax: ORR: 82%, with complete responses in 59% of patients. Median duration of response (DOR): not reached. 30-mo DOR: 78.3% (95% CI, 51.3%-91.4%). Tacabrutideg is the most advanced BTK degrader in the clinic with 1,200+ patients dosed to date in an extensive global clinical development program. This program includes three randomized Phase 3 trials in R/R CLL, including the head-to-head Phase 3 trial versus pirtobrutinib, which began enrolling in the Fourth Quarter 2025. Tacabrutideg is designed to promote the degradation, or breakdown, of both wildtype and mutant forms of BTK, including those that commonly result in resistance to BTK inhibitors in patients who experience progressive disease. The U.S. Food and Drug Administration (FDA) granted Fast Track Designation to tacabrutideg for the treatment of adult patients with relapsed or refractory (R/R) chronic lymphocytic leukemia or small lymphocytic lymphoma (CLL/SLL), and adult patients with R/R mantle cell lymphoma (MCL). Additionally, the European Medicines Agency (EMA) granted tacabrutideg PRIority MEdicines (PRIME) designation for the treatment of patients with Waldenstrom’s macroglobulinemia (WM) previously treated with a BTK inhibitor. BEQALZI (sonrotoclax) is a foundational, next-generation and potentially best-in-class B-cell lymphoma 2 (BCL2) inhibitor with a unique pharmacokinetic and pharmacodynamic profile. Preclinical and clinical studies in early drug development have shown that sonrotoclax is a highly potent and specific BCL2 inhibitor with a short half-life and no drug accumulation. Sonrotoclax has shown promising clinical activity across a range of B-cell malignancies, including chronic lymphocytic leukemia (CLL), and is in development as a monotherapy and in combination with other therapeutics, including zanubrutinib. To date, more than 2,500 patients have been enrolled across the broad sonrotoclax global development program. BEQALZI is approved by the U.S. Food and Drug Administration (FDA) and China’s National Medical Products Administration for the treatment of adult patients with relapsed or refractory (R/R) mantle cell lymphoma (MCL), after at least two lines of systemic therapy, including a BTK inhibitor. It is also approved in China for adult patients with chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL) who have previously received at least one systemic therapy, including a BTK inhibitor. BRUKINSA is an orally available, small molecule inhibitor of Bruton’s tyrosine kinase (BTK) designed to deliver complete and sustained inhibition of the BTK protein by optimizing bioavailability, half-life, and selectivity. With differentiated pharmacokinetics compared with other approved BTK inhibitors, BRUKINSA has been demonstrated to inhibit the proliferation of malignant B cells within a number of disease-relevant tissues.

Announcement • 6h

Kymera Therapeutics Presents Phase 1 Data in Healthy Japanese Adults for Kt-621, A First-In-Class Oral Stat6 Degrader, At the Japanese Dermatological Association Annual Meeting

Kymera Therapeutics, Inc. announced that the results from the Phase 1 study of KT-621, its first-in-class, oral STAT6 degrader, in healthy Japanese adults were shared in an oral presentation at the Japanese Dermatological Association (JDA) Annual Meeting being held June 11-14, 2026, in Kyoto, Japan. The Company has previously reported positive Phase 1 data for KT-621 in non-Japanese healthy volunteers and patients with moderate to severe atopic dermatitis. Across these studies, KT-621 demonstrated rapid, deep and sustained STAT6 degradation in blood and skin, robust reductions in disease-relevant Type 2 inflammatory biomarkers, meaningful improvements on clinical endpoints and patient-reported outcomes in atopic dermatitis as well as in comorbid asthma and allergic rhinitis, and a favorable safety profile. The Phase 1 trial in healthy Japanese adults was designed to provide the pharmacokinetic/pharmacodynamic (PK/PD) and safety data required by regulators prior to enrollment of patients in Japan in the global KT-621 Phase 2b studies. The randomized, double-blind, placebo-controlled Phase 1 study enrolled 24 healthy Japanese adults across two dose levels randomized 3:1 to receive KT-621 or placebo once daily for seven days. KT-621 demonstrated a favorable PK profile, including rapid absorption and dose-proportional increases in plasma exposure, and rapid, sustained STAT6 degradation in blood, with median degradation =98% at both dose levels at Day 7. KT-621 was well tolerated with a favorable safety profile across both doses. Overall, these results in healthy Japanese adults were comparable to those observed in non-Japanese adults and atopic dermatitis patients, further supporting KT-621’s potential as a novel oral approach for chronic Type 2 inflammatory diseases. KT-621 is an investigational, first-in-class, once daily, oral degrader of STAT6, the specific transcription factor responsible for IL-4/IL-13 signaling and the central driver of Type 2 inflammation. KT-621 is currently in Phase 2 clinical testing in atopic dermatitis (AD) and asthma. In the Phase 1 clinical study in AD patients, KT-621 demonstrated deep STAT6 degradation in blood and skin, robust reductions in disease-relevant Type 2 inflammatory biomarkers, meaningful improvements on clinical endpoints and patient-reported outcomes in AD and comorbid asthma and allergic rhinitis, and was well tolerated with a favorable safety profile. KT-621, the first STAT6-directed drug to enter clinical evaluation, has the potential to transform treatment for more than 140 million patients around the world living with Type 2 inflammatory diseases such as AD, asthma, chronic obstructive pulmonary disease (COPD), eosinophilic esophagitis (EoE), chronic rhinosinusitis with nasal polyps (CRSwNP), chronic spontaneous urticaria (CSU), prurigo nodularis (PN), and bullous pemphigoid (BP), among others.

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