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
Thu, 25 Jun 2026	US$1.3t	US$170.0b	-US$12,246,780,201.01	16.8x	-108.6x	7.8x
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


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

Company	Last Price	7D	1Y	Valuation
ABBV AbbVie	US$234.89	6.2% +US$24.1b	26.7%	PE115.4x
AMGN Amgen	US$351.40	2.8% +US$5.3b	25.3%	PE24.3x
NTRA Natera	US$263.12	16.2% +US$5.3b	60.3%	PS15.1x
VRTX Vertex Pharmaceuticals	US$475.20	3.5% +US$4.1b	6.6%	PE27.8x
RVMD Revolution Medicines	US$169.88	7.7% +US$2.6b	342.3%	PB24.1x

Announcement • 9h

AbbVie Inc. (NYSE:ABBV) agreed to acquire Apogee Therapeutics, Inc. (NasdaqGM:APGE) from Fairmount Healthcare Fund II L.P managed by Fairmount Funds Management LLC, Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P managed by Venrock Management, LLC for $10.2 billion.

AbbVie Inc. (NYSE:ABBV) agreed to acquire Apogee Therapeutics, Inc. (NasdaqGM:APGE) from Fairmount Healthcare Fund II L.P managed by Fairmount Funds Management LLC, Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P managed by Venrock Management, LLC for $10.2 billion on June 18, 2026. Under the terms of the transaction, AbbVie will acquire all outstanding Apogee common stock for $135.11 per share in cash. In case of termination of transaction, AbbVie Inc. will pay a termination fee of $381.3 million and Apogee Therapeutics, Inc will pay a termination fee of $381.3 million. The transaction will be funded through debt. The transaction is subject to subject to antitrust regulations, regulatory approvals, approval of the transaction by the shareholders of Apogee Therapeutics and other customary closing conditions. The deal has been unanimously approved by the Board of Directors of AbbVie and Apogee Therapeutics. This transaction is expected to close in the third quarter of 2026. The proposed transaction is expected to be accretive to AbbVie's adjusted diluted earnings per share (EPS) beginning in 2032. Morgan Stanley & Co. LLC acted as financial advisor for AbbVie Inc. Benjamin M. Goodchild and Krishna Veeraraghavan of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for AbbVie Inc. Goldman Sachs & Co. LLC and Jefferies LLC acted as financial advisor for Apogee Therapeutics, Inc. Chadé Severin, Graham Robinson, Shellie Freedman, Rami Sherman, Maria Raptis, and Tim Nelson of Kirkland & Ellis LLP acted as legal advisor for Apogee Therapeutics, Inc. Jefferies LLC acted as fairness opinion provider for Apogee Therapeutics, Inc. Goldman Sachs & Co. LLC acted as fairness opinion provider for Apogee Therapeutics, Inc.

Announcement • Jun 23

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.

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