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 7.8x.

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, 24 Jun 2026	US$1.3t	US$170.0b	-US$12,246,780,201.01	16.8x	-108.6x	7.8x
Fri, 22 May 2026	US$1.3t	US$170.0b	-US$12,297,027,145.75	16.1x	-104.1x	7.5x
Sun, 19 Apr 2026	US$1.3t	US$166.2b	-US$11,948,696,255.58	17.1x	-112.8x	8.1x
Tue, 17 Mar 2026	US$1.3t	US$169.2b	-US$15,183,509,438.62	20.6x	-85x	7.6x
Thu, 12 Feb 2026	US$1.3t	US$164.9b	-US$14,259,808,529.03	22.3x	-89.6x	7.8x
Sat, 10 Jan 2026	US$1.2t	US$163.5b	-US$15,143,024,051.20	21.1x	-81.3x	7.5x
Mon, 08 Dec 2025	US$1.2t	US$163.6b	-US$16,089,277,339.72	19.1x	-76.7x	7.5x
Wed, 05 Nov 2025	US$1.1t	US$164.1b	-US$16,281,824,275.57	16.9x	-69.2x	6.9x
Fri, 03 Oct 2025	US$1.1t	US$163.5b	-US$18,231,777,884.78	16.6x	-61.3x	6.8x
Sun, 31 Aug 2025	US$1.1t	US$163.5b	-US$18,374,916,758.56	15.4x	-57.4x	6.5x
Tue, 29 Jul 2025	US$992.7b	US$155.1b	-US$22,907,102,966.39	14.7x	-43.3x	6.4x
Thu, 26 Jun 2025	US$932.5b	US$156.0b	-US$23,833,808,017.77	16.8x	-39.1x	6x
Sat, 24 May 2025	US$908.4b	US$155.9b	-US$24,112,206,612.11	15.6x	-37.7x	5.8x
Mon, 21 Apr 2025	US$756.9b	US$119.2b	-US$36,619,881,205.07	19.4x	-20.7x	6.3x
Wed, 19 Mar 2025	US$848.7b	US$118.4b	-US$37,468,766,996.50	19.6x	-22.6x	7.2x
Fri, 14 Feb 2025	US$828.4b	US$118.3b	-US$35,648,753,290.57	17.4x	-23.2x	7x
Sun, 12 Jan 2025	US$947.8b	US$149.4b	-US$26,263,014,335.71	16.6x	-36.1x	6.3x
Tue, 10 Dec 2024	US$1.0t	US$150.0b	-US$26,481,719,164.07	17.7x	-39.1x	6.9x
Thu, 07 Nov 2024	US$1.1t	US$148.4b	-US$30,716,238,423.67	17.2x	-35.3x	7.3x
Sat, 05 Oct 2024	US$879.9b	US$113.1b	-US$35,952,253,973.77	22x	-24.5x	7.8x
Mon, 02 Sep 2024	US$909.4b	US$113.1b	-US$35,712,101,098.38	24x	-25.5x	8x
Wed, 31 Jul 2024	US$1.2t	US$164.9b	-US$28,962,809,067.11	26.4x	-42.6x	7.5x
Fri, 28 Jun 2024	US$1.1t	US$164.4b	-US$27,987,328,341.41	27.9x	-41x	7x
Sun, 26 May 2024	US$1.1t	US$164.6b	-US$26,653,350,594.72	23.8x	-42.2x	6.8x
Tue, 23 Apr 2024	US$1.1t	US$164.2b	-US$23,311,155,066.52	20.4x	-45.9x	6.5x
Thu, 21 Mar 2024	US$1.2t	US$164.4b	-US$23,861,120,065.01	21.1x	-48.9x	7.1x
Sat, 17 Feb 2024	US$1.2t	US$169.1b	-US$20,461,379,458.58	15.7x	-57.1x	6.9x
Mon, 15 Jan 2024	US$1.4t	US$204.8b	-US$22,497,556,941.00	18.8x	-63.9x	7x
Wed, 13 Dec 2023	US$1.3t	US$204.6b	-US$22,084,753,624.00	19x	-59.4x	6.4x
Fri, 10 Nov 2023	US$1.2t	US$204.3b	-US$22,786,529,302.00	18.9x	-54.1x	6x
Sun, 08 Oct 2023	US$1.3t	US$207.4b	-US$13,060,168,797.00	17.2x	-96.3x	6.1x
Tue, 05 Sep 2023	US$1.3t	US$207.5b	-US$12,454,516,459.00	18.4x	-103.9x	6.2x
Thu, 03 Aug 2023	US$1.1t	US$187.2b	-US$14,216,380,818.00	13.7x	-79.9x	6.1x
Sat, 01 Jul 2023	US$1.1t	US$186.2b	-US$16,042,400,813.00	13.7x	-70x	6x


US Market	-2.31%
Healthcare	0.44%
Biotech	3.97%
Biotech	3.97%

Company	Last Price	7D	1Y	Valuation
ABBV AbbVie	US$234.76	5.5% +US$21.7b	26.5%	PE115.4x
VRTX Vertex Pharmaceuticals	US$468.42	3.4% +US$3.9b	4.0%	PE27.4x
RVMD Revolution Medicines	US$169.51	8.3% +US$2.7b	323.5%	PB24x
MRNA Moderna	US$61.00	10.1% +US$2.2b	127.6%	PS10.9x
NTRA Natera	US$234.76	6.7% +US$2.1b	36.6%	PS13.4x

Announcement • 21h

Gilead Sciences Announces European Commission Approval for Trodelvy as First-Line Treatment for Metastatic Triple-Negative Breast Cancer

Gilead Sciences, Inc. has been granted marketing authorization for Trodelvy (sacituzumab govitecan-hziy) as monotherapy for the treatment of adult patients with unresectable or metastatic triple-negative breast cancer (TNBC) who have not received prior systemic therapy for metastatic disease and are not candidates for PD-1 or PD-L1 inhibitor therapy. Trodelvy is the first antibody-drug conjugate (ADC) to be approved in first-line metastatic TNBC in the European Union’s 27 member states, as well as Norway, Iceland and Liechtenstein. The EC’s marketing authorization is based on data from the Phase 3 ASCENT-03 study which demonstrated a highly statistically significant and clinically meaningful progression-free survival for Trodelvy compared to standard of care chemotherapy as a first-line treatment. In ASCENT-03, Trodelvy demonstrated a 38% reduced risk of disease progression or death in patients who are not candidates for PD-1/PD-L1 inhibitors. The ASCENT-03 study utilized a patient-centered crossover design, which allowed patients in the chemotherapy arm to receive Trodelvy after their disease progressed. The EC’s approval, based on the strength of the PFS data, confirms the study's objective to demonstrate using Trodelvy earlier provides a clinical benefit over chemotherapy for metastatic TNBC patients. Gilead has submitted a supplemental filing to the European Medicines Agency for Trodelvy in combination with Keytruda (pembrolizumab) for patients with PD-L1 positive unresectable locally advanced or metastatic TNBC, based on data from the Phase 3 ASCENT-04 study. This application is currently under review. If approved, Trodelvy has the potential to be a backbone treatment in 1L metastatic TNBC, across PD-L1 status in Europe. In the U.S., Gilead has also submitted supplemental filings to the Food and Drug Administration (FDA) for Trodelvy for the first-line treatment of adult patients with unresectable locally advanced or metastatic TNBC as a single agent for patients who are not candidates for PD-(L)1 inhibitor-based therapy, or in combination with Keytruda or Keytruda Qlex in patients whose tumors express PD-L1 (CPS =10) as determined by an FDA-authorized test. Trodelvy (sacituzumab govitecan-hziy) is a 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. Healthcare professionals have substantial clinical experience with Trodelvy, with more than 75,000 breast cancer patients treated since 2020. In addition to its first-line indication approval, Trodelvy is currently approved in more than 60 countries for patients with second-line or later mTNBC and in over 50 countries for certain patients with pre-treated HR+/HER2- metastatic breast cancer. 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 different tumor types, including in small cell lung cancer 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 for the treatment of adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease, and 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 1,500/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 is a contraindication. 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 49% 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 1,500/mm3 on Day 1 of any cycle or below 1,000/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 occurred in 64% of all patients treated with TRODELVY. Grade 3-4 diarrhea occurred in 11% of patients. One patient had intestinal perforation following diarrhea. Diarrhea that led to dehydration and subsequent acute kidney injury occurred in 0.7% 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. Discontinue loperamide 12 hours after diarrhea resolves. Additional supportive measures (e.g., fluid and electrolyte substitution) may also be employed as clinically indicated.

Announcement • Jun 22

Exelixis Provides Update on the Phase 3 Stellar-303 Trial Evaluating Zanzalintinib in Combination with an Immune Checkpoint Inhibitor in Patients with Metastatic Colorectal Cancer

Exelixis, Inc. announced results from the final analysis of the dual primary endpoint of overall survival (OS) in the subset of patients without active liver metastases (non-liver metastases, NLM) in the phase 3 STELLAR-303 pivotal trial evaluating zanzalintinib in combination with atezolizumab versus regorafenib in previously treated non-microsatellite instability (MSI)-high metastatic colorectal cancer (mCRC). The results showed a non-statistically significant trend in OS favoring the combination in the NLM subpopulation (stratified hazard ratio: 0.83; 95% confidence interval: 0.66–1.05; P=0.1185), with median OS values of 15.9 months with zanzalintinib in combination with atezolizumab, and 12.7 months with regorafenib. The safety profile of zanzalintinib in combination with atezolizumab in the NLM subgroup was consistent with that previously reported in the intention-to-treat (ITT) population, and no new safety signals were identified. Exelixis previously announced that STELLAR-303 met its other dual primary endpoint, demonstrating a statistically significant improvement in OS in the ITT population, which included all randomized patients regardless of the presence of active liver metastases. Detailed results demonstrating the statistically significant improvement in OS in the ITT population were presented at the 2025 European Society for Medical Oncology Congress and published in The Lancet. In February 2026, Exelixis announced that the U.S. Food and Drug Administration (FDA) accepted the company’s New Drug Application (NDA) for zanzalintinib, in combination with atezolizumab, for the treatment of patients with mCRC who have been previously treated with fluoropyrimidine-, oxaliplatin- and irinotecan-based chemotherapy, and, if RAS wild-type, an anti-epidermal growth factor receptor (EGFR) therapy. The FDA assigned a Prescription Drug User Fee Act target action date of December 3, 2026. Detailed findings from the NLM subgroup analysis will be submitted for presentation at an upcoming medical conference. STELLAR-303 (NCT05425940) is a global, multicenter, randomized, phase 3, open-label study that randomized patients 1:1 to either zanzalintinib in combination with atezolizumab (n=451) or regorafenib (n=450). The study includes patients with previously treated non-MSI-high mCRC. The dual primary endpoints of the study are OS in the ITT population and in the NLM subgroup of patients. The ITT population consisted of all randomized patients, regardless of the presence of liver metastases. The NLM subgroup consisted of patients who did not have active liver metastases at baseline as determined by investigator assessment. Secondary endpoints include progression-free survival, objective response rate and duration of response in the ITT population and in the NLM subgroup of patients. Zanzalintinib is a novel oral kinase inhibitor that inhibits the activity of the TAM kinases (TYRO3, AXL, MER), MET and VEGF receptors. These kinases play important roles in oncogenic processes, including tumor cell proliferation, metastasis, angiogenesis, drug resistance and evasion of antitumor immunity. The zanzalintinib development program includes a series of ongoing and planned pivotal trials to explore its therapeutic potential in CRC, clear cell and non-clear cell renal cell carcinoma, and neuroendocrine tumors, as well as earlier-stage trials in meningioma, lung cancer and castration-resistant prostate cancer. Zanzalintinib is an investigational agent that is not approved for any use and is the subject of ongoing clinical trials.

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