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
Tue, 16 Jun 2026	US$1.3t	US$170.0b	-US$12,162,265,505.10	16.4x	-105.5x	7.5x
Thu, 14 May 2026	US$1.3t	US$171.7b	-US$11,491,259,456.48	17.2x	-115x	7.7x
Sat, 11 Apr 2026	US$1.3t	US$166.2b	-US$11,949,463,221.18	17.5x	-109.2x	7.9x
Mon, 09 Mar 2026	US$1.3t	US$169.6b	-US$14,215,772,987.80	21x	-91.5x	7.7x
Wed, 04 Feb 2026	US$1.3t	US$163.6b	-US$15,053,781,146.73	20.6x	-84.4x	7.8x
Fri, 02 Jan 2026	US$1.2t	US$163.5b	-US$15,348,052,088.89	21.3x	-79x	7.4x
Sun, 30 Nov 2025	US$1.2t	US$163.6b	-US$16,204,135,751.28	19x	-77.1x	7.6x
Tue, 28 Oct 2025	US$1.2t	US$163.4b	-US$18,535,387,674.19	17.8x	-62.8x	7.1x
Thu, 25 Sep 2025	US$1.1t	US$163.5b	-US$18,318,414,671.61	16.5x	-59.2x	6.6x
Sat, 23 Aug 2025	US$1.1t	US$163.6b	-US$18,600,438,658.14	15.1x	-57.7x	6.6x
Mon, 21 Jul 2025	US$961.3b	US$155.2b	-US$23,259,963,048.32	16.5x	-41.3x	6.2x
Wed, 18 Jun 2025	US$940.7b	US$155.9b	-US$23,954,335,834.04	17.1x	-39.3x	6x
Fri, 16 May 2025	US$863.7b	US$155.9b	-US$24,603,386,779.22	14.7x	-35.1x	5.5x
Sun, 13 Apr 2025	US$740.4b	US$119.2b	-US$36,465,001,079.34	19.8x	-20.3x	6.2x
Tue, 11 Mar 2025	US$845.2b	US$118.7b	-US$37,516,362,615.25	18.1x	-22.5x	7.1x
Thu, 06 Feb 2025	US$852.4b	US$117.2b	-US$30,787,020,617.09	17.5x	-27.7x	7.3x
Sat, 04 Jan 2025	US$971.4b	US$149.6b	-US$26,354,792,434.12	17x	-36.9x	6.5x
Mon, 02 Dec 2024	US$1.0t	US$150.0b	-US$26,595,044,865.34	16.4x	-39.2x	6.9x
Wed, 30 Oct 2024	US$898.1b	US$113.4b	-US$36,099,862,624.13	20.1x	-24.9x	7.9x
Fri, 27 Sep 2024	US$885.6b	US$113.2b	-US$36,051,039,342.95	21.4x	-24.6x	7.8x
Sun, 25 Aug 2024	US$908.6b	US$113.2b	-US$35,874,993,723.21	23.6x	-25.3x	8x
Tue, 23 Jul 2024	US$1.2t	US$164.5b	-US$28,074,139,763.44	29.1x	-42.5x	7.3x
Thu, 20 Jun 2024	US$1.1t	US$164.4b	-US$27,969,500,563.98	27.2x	-40.6x	6.9x
Sat, 18 May 2024	US$1.1t	US$164.6b	-US$26,831,179,712.66	23.9x	-42.7x	7x
Mon, 15 Apr 2024	US$1.1t	US$164.3b	-US$23,399,427,407.87	21.1x	-46.9x	6.7x
Wed, 13 Mar 2024	US$1.2t	US$167.3b	-US$22,031,216,768.79	18.8x	-54.1x	7.1x
Fri, 09 Feb 2024	US$1.2t	US$169.3b	-US$26,196,624,627.91	19.6x	-44x	6.8x
Sun, 07 Jan 2024	US$1.4t	US$204.8b	-US$22,501,061,722.00	20.5x	-63.1x	6.9x
Tue, 05 Dec 2023	US$1.3t	US$204.7b	-US$22,047,091,184.00	19x	-57.3x	6.2x
Thu, 02 Nov 2023	US$1.2t	US$207.6b	-US$15,463,681,135.00	16.9x	-77.5x	5.8x
Sat, 30 Sep 2023	US$1.3t	US$207.4b	-US$12,733,898,979.00	17.1x	-99.6x	6.1x
Mon, 28 Aug 2023	US$1.3t	US$207.6b	-US$12,455,656,838.00	17.5x	-102.5x	6.1x
Wed, 26 Jul 2023	US$1.1t	US$186.4b	-US$16,520,100,805.00	14.4x	-68.6x	6.1x
Fri, 23 Jun 2023	US$1.1t	US$186.3b	-US$16,130,651,001.00	13.8x	-71.1x	6.2x


US Market	2.20%
Healthcare	0.64%
Biotech	2.47%
Biotech	2.47%

Company	Last Price	7D	1Y	Valuation
NUVL Nuvalent	US$123.35	39.4% +US$2.8b	61.6%	PB8.3x
AMGN Amgen	US$350.53	1.4% +US$2.6b	18.6%	PE24.3x
RVMD Revolution Medicines	US$160.06	7.8% +US$2.5b	302.5%	PB22.7x
VRTX Vertex Pharmaceuticals	US$450.46	1.7% +US$1.9b	-0.1%	PE26.4x
MRNA Moderna	US$52.13	9.5% +US$1.8b	100.5%	PS9.3x

Announcement • 8h

Gilead Sciences Receives Fda Acceptance for Supplemental New Drug Application for Once-Weekly Oral Yeztugo for Hiv Prevention

Gilead Sciences, Inc. announced the U.S. Food and Drug Administration accepted its supplemental New Drug Application for Yeztugo (lenacapavir) 300-mg tablet as a potential once-weekly oral formulation for the prevention of HIV as pre-exposure prophylaxis (PrEP). The FDA has assigned a Prescription Drug User Fee Act action date of February 2, 2027. The submission is supported by the robust and established clinical profile of lenacapavir for PrEP, based on results from the PURPOSE 1 and PURPOSE 2 trials, which demonstrated high efficacy across diverse global populations, including cisgender women, cisgender men and gender-diverse people. Lenacapavir oral tablets are already approved for use within the Yeztugo regimen as an initial loading dose and as a bridge therapy when administration of the every-six-month injections are delayed. If approved, once-weekly oral Yeztugo could become the first long-acting oral PrEP option. Once-weekly oral lenacapavir for PrEP is investigational and not approved anywhere globally. There is currently no cure for HIV or AIDS. Lenacapavir is approved in multiple countries as pre-exposure prophylaxis to reduce the risk of sexually acquired HIV in adults and adolescents who are at risk of HIV acquisition. Lenacapavir is also approved in multiple countries for the treatment of multi-drug-resistant HIV in adults, in combination with other antiretrovirals. The multi-stage mechanism of action of lenacapavir is distinguishable from other currently approved classes of antiviral agents. While most antivirals act on just one stage of viral replication, lenacapavir is designed to inhibit HIV at multiple stages of its lifecycle and has no known cross resistance exhibited in vitro to other existing drug classes. Lenacapavir is being evaluated as a long-acting option in multiple ongoing and planned early and late-stage clinical studies in Gilead’s HIV prevention and treatment research program. Lenacapavir is being developed as a foundation for potential future HIV therapies with the goal of offering both long-acting oral and injectable options with several dosing frequencies, in combination or as a mono agent, that help address individual needs and preferences of people and communities affected by HIV. The journal Science named lenacapavir its 2024 “Breakthrough of the Year.” Yeztugo (lenacapavir) injection, 463.5 mg/1.5 mL, is indicated for pre-exposure prophylaxis to reduce the risk of sexually acquired HIV-1 in adults and adolescents (=35kg) who are at risk for HIV-1 acquisition. Individuals must have a negative HIV-1 test prior to initiating Yeztugo. BOXED WARNING: RISK OF DRUG RESISTANCE WITH USE OF YEZTUGO IN UNDIAGNOSED HIV-1 INFECTION. Individuals must be tested for HIV-1 infection prior to initiating Yeztugo, and with each subsequent injection of Yeztugo, using a test approved or cleared by the FDA for the diagnosis of acute or primary HIV-1 infection. Drug-resistant HIV-1 variants have been identified with use of Yeztugo by individuals with undiagnosed HIV-1 infection.

Announcement • Jun 15

Incyte Presents Results from Pivotal Phase 3 Frontmind Trial of Tafasitamab Combination At Eha 2026 Plenary

Incyte announced positive results from the pivotal Phase 3 frontMIND trial evaluating the efficacy and safety of tafasitamab (Monjuvi®/Minjuvi®), a humanized Fc-modified cytolytic CD19-targeting monoclonal antibody, and lenalidomide added to R-CHOP (rituximab, cyclophosphamide, doxorubicin, vincristine and prednisone; Tafa-Len-R-CHOP) versus R-CHOP, the current standard of care, as a first-line treatment for adults with previously untreated diffuse large B-cell lymphoma (DLBCL) or high-grade B-cell lymphoma (HGBL). Eligible patients had an International Prognostic Index (IPI) score of 3-5, or, for patients =60 years of age, an age-adjusted IPI (aaIPI) of 2-3. The frontMIND study evaluating tafasitamab (Monjuvi®/Minjuvi®) in patients with previously untreated high-risk diffuse large B-cell lymphoma (DLBCL) and high-grade B-cell lymphoma (HGBL) was selected for the prestigious Plenary Abstracts Session at EHA 2026. Results showed tafasitamab and lenalidomide plus R-CHOP (Tafa-Len-R-CHOP) significantly prolonged progression-free survival (PFS), reducing risk of disease progression or death by 25%. Positive trends toward PFS benefit with Tafa-Len-R-CHOP were observed across prespecified subgroups, including in patients with centrally confirmed lymphoma subtypes and both cell-of-origin (COO) molecular subtypes. The frontMIND data support global regulatory applications for tafasitamab and lenalidomide in addition to R-CHOP for previously untreated DLBCL and HGBL. The results, which build on previously reported topline data and also recently announced at the 2026 American Society of Clinical Oncology Annual Meeting, showed Tafa-Len-R-CHOP resulted in statistically significant and clinically meaningful improvements in progression-free survival (PFS). Efficacy Data: A 25% reduction in risk of disease progression or death demonstrated with Tafa-Len-R-CHOP compared with R-CHOP (HR 0.75 [P=0.0194]; 95% CI: 0.59, 0.96; median follow-up of 35.2 months). PFS increase of 8.2% at 2 years (71.1% with Tafa-Len-R-CHOP vs. 62.9% with R-CHOP) and a PFS increase of 6.6% at 3 years (67.3% with Tafa-Len-R-CHOP vs. 60.7% with R-CHOP). Tafa-Len-R-CHOP trends toward PFS advantage were broadly consistent across prespecified subgroups, including patients with centrally confirmed lymphoma subtypes and across COO molecular subtypes (ABC [Activated B-cell-like] and GCB [Germinal Center B-cell-like]). Tafa-Len-R-CHOP significantly improved event-free survival (EFS) compared to R-CHOP (HR 0.79 [P=0.0260] 95% CI: 0.64, 0.97; median follow-up of 35.4 months). Interim overall survival (OS) analysis demonstrated a positive trend toward improvement (HR=0.85 [P=0.2703] 95% CI: 0.63, 1.14, median follow-up of 35.9 months). Minimal residual disease (MRD)-negativity rate was 81.3% with Tafa-Len-R-CHOP and 66.7% with R-CHOP. Safety Data: Tafa-Len-R-CHOP was generally well tolerated, and safety was consistent with the expected safety profile of adding Tafa-Len to R-CHOP. Safety findings included: The most common treatment-emergent adverse events (TEAEs) for Tafa-Len-R-CHOP were neutropenia (70.7%), anemia (46.3%) and peripheral neuropathy (40.6%). Any grade TEAEs were similar in both treatment arms (98.6% vs 97.1%). More Grade =3 TEAEs occurred with Tafa-Len-R-CHOP (86.7%) vs R-CHOP (76.1%). The most common Grade 3 TEAEs for Tafa-Len-R-CHOP group were anemia (22.8%), thrombocytopenia (13.1%) and neutropenia (12.4%) vs. anemia (15.9%), febrile neutropenia (8.7%) and thrombocytopenia (6.7%) for R-CHOP. Incremental safety events observed with Tafa-Len-R-CHOP were well managed and did not interfere with the delivery of the R-CHOP backbone. Rates of TEAEs leading to discontinuation of all study treatment were similar between the two groups (5.2% for Tafa-Len-R-CHOP and 5.4% for R-CHOP) - a higher rate of fatal TEAEs was observed with Tafa-Len-R-CHOP (5.9% vs 3.8% with R-CHOP), however there were fewer overall deaths with Tafa-Len-R-CHOP (82 [18.5%]) compared to R-CHOP (97 [21.7%]), consistent with the positive trend observed in overall survival. The frontMIND data support global regulatory applications for tafasitamab and lenalidomide in addition to R-CHOP for previously untreated DLBCL and HGBL. Diffuse large B-cell lymphoma (DLBCL) is the most common type of non-Hodgkin lymphoma (NHL) in adults worldwide, representing 40% of all cases. It is characterized as an aggressive, fast-growing type of lymphoma that can emerge in lymph nodes or extranodal sites such as the gastrointestinal tract, skin and brain. Each year, approximately 24,000 people in the U.S. and up to 36,000 people in Europe are diagnosed with DLBCL. With about 40% of these patients not responding to initial therapy or relapsing thereafter, there is a high medical need for new, effective therapies, particularly for high-risk patients. The frontMIND trial (NCT04824092) is a randomized, double-blind, placebo-controlled, global Phase 3 study in patients with previously untreated high-risk diffuse large B-cell lymphoma (DLBCL) and high-grade B-cell lymphoma (HGBL). The study enrolled 899 adults (=18 to =80 years) and is evaluating the efficacy and safety of tafasitamab and lenalidomide added to R-CHOP (rituximab, cyclophosphamide, doxorubicin, vincristine and prednisone) compared with R-CHOP. The primary endpoint of the study is investigator-assessed progression-free survival (PFS) using the Lugano 2014 criteria. Key secondary endpoints include event-free survival (EFS) by investigator assessment and overall survival (OS). Tafasitamab (Monjuvi®/Minjuvi®) is a humanized Fc-modified cytolytic CD19-targeting monoclonal antibody. Tafasitamab incorporates an XmAb® engineered Fc domain, which mediates B-cell lysis through apoptosis and immune effector mechanism including Antibody-Dependent Cell-Mediated Cytotoxicity (ADCC) and Antibody-Dependent Cellular Phagocytosis (ADCP). In the U.S., Monjuvi® (tafasitamab-cxix) is approved by the U.S. Food and Drug Administration in combination with lenalidomide and rituximab for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL).

U.S. Biotech Industry Analysis

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