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 7.0x is lower than the industry's current PS ratio of 8.1x.

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, 06 Aug 2026	US$1.4t	US$171.8b	-US$12,525,853,989.58	17.3x	-111.1x	8.1x
Sat, 04 Jul 2026	US$1.5t	US$169.9b	-US$12,048,903,585.03	17.3x	-120.5x	8.5x
Mon, 01 Jun 2026	US$1.3t	US$170.1b	-US$12,186,989,969.12	16.2x	-107.2x	7.7x
Wed, 29 Apr 2026	US$1.3t	US$166.2b	-US$11,823,950,412.60	16.9x	-108.8x	7.7x
Fri, 27 Mar 2026	US$1.3t	US$166.1b	-US$13,435,728,788.64	15.6x	-94.1x	7.6x
Sun, 22 Feb 2026	US$1.3t	US$168.1b	-US$13,480,215,246.90	22.1x	-99.4x	8x
Tue, 20 Jan 2026	US$1.2t	US$163.5b	-US$15,150,344,257.25	19.7x	-80.8x	7.5x
Thu, 18 Dec 2025	US$1.2t	US$163.7b	-US$15,628,608,244.26	18.9x	-77.7x	7.4x
Sat, 15 Nov 2025	US$1.2t	US$163.8b	-US$15,257,759,213.13	17.4x	-76.8x	7.2x
Mon, 13 Oct 2025	US$1.1t	US$163.4b	-US$18,215,104,196.52	16.6x	-62.2x	6.9x
Wed, 10 Sep 2025	US$1.1t	US$163.6b	-US$18,332,951,430.54	15.3x	-59.3x	6.6x
Fri, 08 Aug 2025	US$990.8b	US$162.1b	-US$14,456,208,361.50	15.6x	-68.5x	6.1x
Sun, 06 Jul 2025	US$960.2b	US$155.8b	-US$23,415,675,000.56	17.3x	-41x	6.2x
Tue, 03 Jun 2025	US$908.2b	US$155.9b	-US$24,019,913,159.22	15.5x	-37.8x	5.8x
Thu, 01 May 2025	US$799.1b	US$119.3b	-US$30,873,699,546.22	20.7x	-25.9x	6.7x
Sat, 29 Mar 2025	US$823.8b	US$118.6b	-US$37,131,150,475.30	24.4x	-22.2x	6.9x
Mon, 24 Feb 2025	US$863.6b	US$117.3b	-US$37,606,528,073.37	17x	-23x	7.4x
Wed, 22 Jan 2025	US$947.4b	US$149.5b	-US$26,308,825,526.65	17.5x	-36x	6.3x
Fri, 20 Dec 2024	US$957.4b	US$149.9b	-US$26,462,994,425.39	15.5x	-36.2x	6.4x
Sun, 17 Nov 2024	US$991.1b	US$150.0b	-US$26,801,381,083.88	17.2x	-37x	6.6x
Tue, 15 Oct 2024	US$902.0b	US$113.1b	-US$36,040,263,614.54	20.6x	-25x	8x
Thu, 12 Sep 2024	US$904.6b	US$113.1b	-US$35,666,524,615.23	22.3x	-25.4x	8x
Sat, 10 Aug 2024	US$856.5b	US$112.6b	-US$37,136,901,661.41	21.6x	-23.1x	7.6x
Mon, 08 Jul 2024	US$1.1t	US$164.5b	-US$28,073,537,735.64	27.9x	-40.3x	6.9x
Wed, 05 Jun 2024	US$1.1t	US$164.6b	-US$26,652,225,135.77	27.8x	-42.5x	6.9x
Fri, 03 May 2024	US$1.1t	US$163.6b	-US$26,775,356,164.78	24.8x	-41x	6.7x
Sun, 31 Mar 2024	US$1.2t	US$164.4b	-US$23,602,941,195.66	21.6x	-50x	7.2x
Tue, 27 Feb 2024	US$1.2t	US$166.9b	-US$21,602,631,007.37	13.5x	-55.1x	7.1x
Thu, 25 Jan 2024	US$1.4t	US$204.7b	-US$22,524,950,232.00	18.2x	-63.9x	7x
Sat, 23 Dec 2023	US$1.4t	US$204.9b	-US$22,145,415,775.00	19.4x	-61.9x	6.7x
Mon, 20 Nov 2023	US$1.2t	US$204.7b	-US$22,041,460,760.00	18.1x	-55.3x	6x
Wed, 18 Oct 2023	US$1.3t	US$207.4b	-US$13,066,450,907.00	17.3x	-97.1x	6.1x
Fri, 15 Sep 2023	US$1.3t	US$207.5b	-US$12,636,400,679.00	17.6x	-101.2x	6.2x
Sun, 13 Aug 2023	US$1.3t	US$207.7b	-US$12,540,100,481.00	17.1x	-102.7x	6.2x


US Market	4.85%
Healthcare	-1.96%
Biotech	0.62%
Biotech	0.62%

Company	Last Price	7D	1Y	Valuation
AMGN Amgen	US$407.83	5.2% +US$11.3b	43.3%	PE28.3x
REGN Regeneron Pharmaceuticals	US$768.58	10.5% +US$6.0b	38.5%	PE17.7x
RVMD Revolution Medicines	US$197.30	9.1% +US$3.5b	438.0%	PB28x
NTRA Natera	US$274.58	8.2% +US$3.0b	98.8%	PS15.7x
TWST Twist Bioscience	US$115.01	34.6% +US$1.9b	344.1%	PS16.7x

Announcement • 6h

U.S. Food and Drug Administration Accepts Abbvie Inc.'s Supplemental Biologics License Application (Sbla) for Botox® Cosmetic (Onabotulinumtoxina)

Allergan Aesthetics announced the U.S. Food and Drug Administration (FDA) has accepted for review its supplemental Biologics License Application (sBLA) for BOTOX® Cosmetic (onabotulinumtoxinA) for the temporary improvement in the appearance of marked to very marked masseter muscle prominence (MMP) associated with masseter muscle activity in adults. If approved, BOTOX® Cosmetic would become the first and only neurotoxin indicated for this condition in the U.S. and expand its portfolio to a fifth aesthetic indication. MMP can contribute to the appearance of a wider or more square lower face. This submission addresses a growing patient interest in non-surgical facial contouring options, offering a clinically studied approach to achieving improved jawline definition and shape, as well as a more slimming jawline overall. If approved, this indication would provide both patients and aesthetic specialists with a differentiated, science-backed treatment option. The sBLA submission is supported by two Phase 3 clinical studies (M21-416 and M21-417), both of which met their primary endpoints and demonstrated statistically significant improvements in the severity of masseter muscle prominence compared with placebo (p=0.0046 and p=0.0014, respectively). The safety profile was consistent with established uses, with no new safety signals identified. Patient satisfaction was also demonstrated, with twice as many patients treated with BOTOX® Cosmetic reporting they were "Very Satisfied" or "Satisfied" compared with placebo. BOTOX® Cosmetic (onabotulinumtoxinA) is indicated in adult patients for the temporary improvement in the appearance of: Moderate to severe glabellar lines associated with corrugator and/or procerus muscle activity, Moderate to severe lateral canthal lines associated with orbicularis oculi activity, Moderate to severe forehead lines associated with frontalis activity and Moderate to severe platysma bands associated with platysma muscle activity.

Announcement • 6h

Summit Therapeutics Expands Ivonescimab Global Development Program With Phase II/III Harmonigu1 Study In First-Line Bladder Cancer

Summit Therapeutics Inc. announced the expansion of its global registration-enabling clinical development program for the novel, potential first-in-class investigational bispecific antibody ivonescimab, into urothelial carcinoma, or bladder cancer, with the initiation of the global, multi-regional Phase II/III HARMONi-GU1 trial. Summit is starting a randomized Phase II/III clinical study, HARMONi-GU1, to evaluate ivonescimab plus the antibody-drug conjugate enfortumab vedotin compared to pembrolizumab plus enfortumab vedotin as first-line therapy in patients with previously untreated locally advanced or metastatic urothelial carcinoma. The comparator arm regimen is widely considered the global standard of care. Global clinical trial site activations for HARMONi-GU1 will begin by the Fourth Quarter 2026. The multiregional study intends to enroll approximately 800 patients through Phase III. The Phase II will identify the recommended Phase III dose of ivonescimab in combination with enfortumab vedotin. The Phase III primary endpoints are progression-free survival and overall survival. Summit’s internal sponsored pipeline and other clinical collaborations span several tumor types, including lung, colorectal, pancreatic, head and neck, kidney, and, now, bladder cancer. When including Akeso-sponsored clinical trials conducted in China, a total of four Phase III ivonescimab clinical studies have read out to date, all four with positive data, in non-small cell lung cancer. With the addition of HARMONi-GU1, ivonescimab is being evaluated in a total of 16 Phase III clinical trials across multiple tumor types and settings. Urothelial carcinoma is the most common type of bladder cancer and accounts for approximately 90% of all bladder cancer cases. Bladder cancer is among the most commonly diagnosed cancers worldwide, with an estimated 635,264 new cases and 227,626 deaths globally in 2024. In the United States, approximately 84,530 new cases of bladder cancer are expected to be diagnosed in 2026. Locally advanced or metastatic urothelial carcinoma is associated with poor clinical outcomes and limited long-term survival. Approximately 5-10% of patients are diagnosed with advanced or metastatic disease at presentation, and many others experience recurrence or progression following treatment for earlier-stage disease. Despite recent therapeutic advances, many patients with previously untreated locally advanced or metastatic urothelial carcinoma continue to experience disease progression, highlighting the need for new treatment approaches that can deliver more durable disease control and improve survival outcomes. Ivonescimab, known as SMT112 in Summit’s license territories, North America, South America, Europe, the Middle East, Africa, and Japan, and as AK112 outside of Summit’s license territories, is a novel, potential first-in-class investigational bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule. By design, ivonescimab displays unique cooperative binding to each of its intended targets with multifold higher affinity to PD-1 when in the presence of VEGF. This design is intended to differentiate ivonescimab as there is potentially higher expression of both PD-1 and VEGF in tumor tissue and the tumor microenvironment as compared to normal tissue in the body. Summit believes ivonescimab’s specifically engineered tetravalent structure enables higher avidity in the tumor microenvironment. This tetravalent structure, the intentional novel design of the molecule, and bringing these two targets into a single bispecific antibody with cooperative binding qualities have the potential to direct ivonescimab to the tumor tissue versus healthy tissue. The intent of this design, together with a half-life of 6 to 7 days after the first dose increasing to approximately 10 days at steady state dosing, is to improve upon previously established efficacy thresholds, side effects, and safety profiles associated with prior approved drugs to these targets. Ivonescimab was engineered by Akeso Inc. and is currently utilized in multiple Phase III clinical trials. Over 4,000 patients have been treated with ivonescimab in clinical studies globally, and over 70,000 patients when considering those treated in a commercial setting in China, as noted by Akeso. There are currently 16 Phase III clinical studies that are either announced, ongoing, or have been completed studying ivonescimab, five of which are Summit-sponsored global studies, one of which is a multiregional study sponsored by a cooperative group, and 10 of which are being or have been conducted in China by Akeso. Summit began its clinical development of ivonescimab in non-small cell lung cancer, commencing enrollment in 2023 in two multiregional Phase III clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling patients in HARMONi-7. Summit expanded its Phase III clinical development program into colorectal cancer in the Fourth Quarter 2025 by initiating enrollment in HARMONi-GI3. In 2026, Summit announced initiation of HARMONi-GU1, a Phase II/III study in urothelial carcinoma with global clinical trial site activations planned to begin by the Fourth Quarter 2026. HARMONi is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous non-small cell lung cancer who were previously treated with a third-generation EGFR TKI. Detailed results of the study were provided in September 2025, and a Biologics License Application was submitted to the United States Food and Drug Administration for marketing authorization, which the FDA accepted for filing in January 2026; the goal Prescription Drug User Fee Act date is November 14, 2026. HARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to pembrolizumab combined with chemotherapy in patients with first-line metastatic, squamous or non-squamous non-small cell lung cancer, irrespective of PD-L1 expression. The clinical trial is evaluating the two histologies as individual, separately powered cohorts with independent statistical powering. HARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy compared to pembrolizumab monotherapy in patients with first-line metastatic non-small cell lung cancer whose tumors have high PD-L1 expression. HARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with bevacizumab plus chemotherapy in patients with first-line unresectable metastatic colorectal cancer.

U.S. Biotech Industry Analysis

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Latest News

U.S. Food and Drug Administration Accepts Abbvie Inc.'s Supplemental Biologics License Application (Sbla) for Botox® Cosmetic (Onabotulinumtoxina)

Summit Therapeutics Expands Ivonescimab Global Development Program With Phase II/III Harmonigu1 Study In First-Line Bladder Cancer

Amgen: First $10 Billion Quarter, More Growth Ahead

Health Canada Authorizes Moderna To Move Forward With Phase I Clinical Trial For Candidate Mrna Vaccine For Ebola Disease Caused By The Bundibugyo Virus

Twist Biosciences: Accelerating Growth, Diminishing Margin Of Safety

Natera Submits Signatera to Japan’S Pmda for Approval as A Companion Diagnostic in Muscle-Invasive Bladder Cancer

Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind

Second quarter dividend of US$0.94 announced

ROIV: Late Stage Data Catalysts Will Drive Future Upside Potential

Insufficient new directors

Price target decreased by 8.2% to US$397

Second quarter 2026 earnings: EPS and revenues exceed analyst expectations

Earnings Beat: Incyte Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Revolution Medicines, Inc. to Report Q2, 2026 Results on Aug 05, 2026

GILD: Future Returns Will Depend On HIV Franchise And Oncology Execution

Insmed Incorporated to Report Q2, 2026 Results on Aug 06, 2026