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 8.3x.

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
Fri, 17 Jul 2026	US$1.4t	US$169.2b	-US$12,546,110,377.17	17.1x	-112x	8.3x
Sun, 14 Jun 2026	US$1.3t	US$170.0b	-US$12,159,432,302.59	16.5x	-105.5x	7.5x
Tue, 12 May 2026	US$1.3t	US$170.4b	-US$11,814,911,442.10	17.7x	-109.7x	7.6x
Thu, 09 Apr 2026	US$1.3t	US$166.2b	-US$12,001,924,415.67	16.8x	-106.8x	7.7x
Sat, 07 Mar 2026	US$1.3t	US$169.6b	-US$14,192,362,830.80	21x	-91.8x	7.7x
Mon, 02 Feb 2026	US$1.3t	US$163.6b	-US$15,076,774,528.41	20.3x	-83.2x	7.7x
Wed, 31 Dec 2025	US$1.2t	US$163.6b	-US$15,729,479,678.82	21.3x	-77.6x	7.5x
Fri, 28 Nov 2025	US$1.2t	US$163.6b	-US$16,203,197,528.86	19.1x	-77x	7.6x
Sun, 26 Oct 2025	US$1.2t	US$163.4b	-US$18,534,584,227.80	17.3x	-62.8x	7.1x
Tue, 23 Sep 2025	US$1.1t	US$163.5b	-US$18,310,226,173.15	16.6x	-59.3x	6.6x
Thu, 21 Aug 2025	US$1.1t	US$163.6b	-US$18,599,017,264.54	16.9x	-57.2x	6.5x
Sat, 19 Jul 2025	US$974.6b	US$155.2b	-US$23,259,952,556.35	16.5x	-41.9x	6.3x
Mon, 16 Jun 2025	US$949.1b	US$155.9b	-US$23,959,829,667.00	16.3x	-39.6x	6.1x
Wed, 14 May 2025	US$900.2b	US$155.8b	-US$24,630,928,316.59	17.1x	-36.5x	5.8x
Fri, 11 Apr 2025	US$740.3b	US$118.7b	-US$36,946,322,041.25	20.1x	-20x	6.2x
Sun, 09 Mar 2025	US$845.7b	US$119.0b	-US$37,235,296,640.99	17.2x	-22.7x	7.1x
Tue, 04 Feb 2025	US$1.0t	US$149.5b	-US$26,288,414,233.30	17x	-38.2x	6.7x
Thu, 02 Jan 2025	US$965.8b	US$149.6b	-US$26,363,617,914.14	16.9x	-36.6x	6.5x
Sat, 30 Nov 2024	US$1.0t	US$150.0b	-US$26,595,948,620.50	16.4x	-39.2x	6.9x
Mon, 28 Oct 2024	US$888.8b	US$113.1b	-US$36,033,068,263.01	20.6x	-24.7x	7.9x
Wed, 25 Sep 2024	US$898.3b	US$113.2b	-US$35,988,802,771.93	21.3x	-25x	7.9x
Fri, 23 Aug 2024	US$909.8b	US$113.1b	-US$35,862,506,910.65	23.2x	-25.4x	8x
Sun, 21 Jul 2024	US$1.2t	US$164.5b	-US$28,073,816,966.89	29x	-42.5x	7.3x
Tue, 18 Jun 2024	US$1.2t	US$164.4b	-US$27,975,455,242.00	27.2x	-41.4x	7x
Thu, 16 May 2024	US$1.1t	US$164.7b	-US$27,078,015,634.20	27.4x	-41.8x	6.9x
Sat, 13 Apr 2024	US$1.1t	US$164.3b	-US$23,403,359,856.87	21.1x	-48x	6.8x
Mon, 11 Mar 2024	US$1.2t	US$167.3b	-US$22,140,783,177.03	19x	-54x	7.1x
Wed, 07 Feb 2024	US$1.3t	US$196.3b	-US$18,462,068,032.85	18.2x	-71.9x	6.8x
Fri, 05 Jan 2024	US$1.4t	US$204.8b	-US$22,497,844,900.00	20.7x	-63.1x	6.9x
Sun, 03 Dec 2023	US$1.3t	US$204.7b	-US$22,041,230,456.00	19x	-57.3x	6.2x
Tue, 31 Oct 2023	US$1.2t	US$206.7b	-US$15,128,771,668.00	16.8x	-79x	5.8x
Thu, 28 Sep 2023	US$1.3t	US$207.3b	-US$12,783,837,188.00	17.2x	-99.3x	6.1x
Sat, 26 Aug 2023	US$1.3t	US$207.6b	-US$12,451,867,612.00	17.5x	-102.5x	6.1x
Mon, 24 Jul 2023	US$1.2t	US$186.6b	-US$16,026,393,300.00	12.8x	-72x	6.2x


US Market	-0.88%
Healthcare	-1.42%
Biotech	-3.59%
Biotech	-3.59%

Company	Last Price	7D	1Y	Valuation
ABBV AbbVie	US$254.39	1.8% +US$7.9b	32.9%	PE125x
AMGN Amgen	US$371.58	2.2% +US$4.3b	24.6%	PE25.7x
ONC BeOne Medicines	US$317.42	6.3% +US$2.1b	7.8%	PE68.8x
GILD Gilead Sciences	US$136.30	1.1% +US$1.8b	25.3%	PE18.4x
BIIB Biogen	US$208.92	5.0% +US$1.5b	62.3%	PE22.5x

Announcement • 11h

Bioarctic AB Partner Eisai Receives Fda Approval for Leqembi Iqlik Subcutaneous Injection as Starting Dose for Early Alzheimer's Disease

BioArctic AB's partner Eisai announced that the US Food and Drug Administration (FDA) has approved a supplemental Biologics License Application (sBLA) for a once weekly lecanemab irmb subcutaneous injection (US brand name: Leqembi Iqlik®) as a starting dose for the treatment of early Alzheimer's disease. The US launch is planned for late August 2026. Leqembi Iqlik is a first-of-its-kind anti-amyloid treatment worldwide, offering at-home dosing for initiation and maintenance. It is administered via an autoinjector, offering a convenient alternative to intravenous (IV) infusion from the start of treatment. For initiation, the approved regimen is 500 mg once weekly, delivered as two 250 mg injections, each administered in approximately 15 seconds. Leqembi Iqlik is already approved for maintenance dosing in the US at 360 mg once weekly, once 18 months of IV or subcutaneous treatment has been completed. Patients can now receive Leqembi either as an IV infusion or as a subcutaneous injection (SC) with Leqembi Iqlik throughout the entire treatment course - from initiation through maintenance and may switch between administration methods as needed, providing greater flexibility and convenience. Leqembi is indicated in the US for the treatment of adults with mild cognitive impairment (MCI) or mild dementia due to Alzheimer's disease, collectively referred to as early Alzheimer's disease. MCI due to Alzheimer's disease represents the earliest symptomatic stage of the disease and may be associated with subtle changes in memory, thinking, language, or daily functioning. The FDA approval of Leqembi Iqlik for treatment initiation is supported by a comprehensive clinical data package evaluating SC administration of lecanemab across multiple studies and dosing regimens. Data from sub-studies within the Phase 3 Clarity AD long-term extension (LTE), conducted following the 18-month core study in individuals with early Alzheimer's disease, showed: Once-weekly subcutaneous administration achieved exposure equivalent to intravenous dosing, supporting similar clinical (efficacy) and biomarker (amyloid removal) benefits. The rate of exposure-related adverse events such as ARIA-E with SC administration is expected to be comparable with IV administration. There was no increase in isolated ARIA-H (i.e., ARIA-H in patients who did not also experience ARIA-E) for Leqembi compared to placebo. The overall safety profile of SC administration was generally similar to intravenous administration. Injection-related reactions were observed with subcutaneous Leqembi, most of which were localized, while systemic reactions were less frequently observed. The approval of Leqembi Iqlik as a subcutaneous starting dose provides patients and care partners with the only at-home administration option throughout the Alzheimer's disease treatment journey which could support access and delivery of care across healthcare settings. Subcutaneous administration may reduce the burden of clinic visits for patients and care partners, reduce reliance on infusion and associated healthcare resources, decrease treatment preparation and administration time, and nursing monitoring requirements, preserve infusion capacity for patients who prefer or require intravenous therapy. Insights from an autoinjector acceptability study indicated that 94% of patients with early Alzheimer's disease and their care partners found the Leqembi Iqlik device easy to use, with high levels of satisfaction and confidence in using it in an at-home setting. Leqembi is the result of a strategic research alliance between BioArctic and Eisai. It is a humanized immunoglobulin gamma 1 (IgG1) monoclonal antibody directed against aggregated soluble (protofibril) and insoluble forms of amyloid-beta (Aß). Leqembi is approved in 53 countries and is under regulatory review in 6 countries. Following the initial phase with treatment every two weeks for 18 months, intravenous (IV) maintenance dosing with treatment every four weeks is approved in 8 countries, including the United Kingdom, China, the US and Japan, and applications have been filed in 12 countries and regions. In the US, Leqembi Iqlik is approved for subcutaneous dosing with an autoinjector as a starting dose and maintenance treatment of early Alzheimer's disease. In November 2025, a new drug application for subcutaneous formulation of Leqembi was submitted in Japan. In December 2025, Leqembi was included in the "Commercial Insurance Innovative Drug List", recently introduced by the National Healthcare Security Administration (NHSA) of China. In January 2026, the Biologics License Application for subcutaneous formulation of Leqembi was accepted in China and in February, the application was designated for priority review. Since July 2020, Eisai's Phase 3 clinical study (AHEAD 3-45) with lecanemab in individuals with preclinical Alzheimer's disease meaning they are clinically normal and have intermediate or elevated levels of amyloid in their brains, is ongoing. The study was fully recruited in October 2024. AHEAD 3-45 is a four-year study conducted as a public-private partnership between Eisai, Biogen and the Alzheimer's Clinical Trial Consortium that provides the infrastructure for academic clinical trials in Alzheimer's disease and related dementias in the US, funded by the National Institute on Aging, part of the National Institutes of Health. Since January 2022, the Tau NexGen clinical study for Dominantly Inherited Alzheimer's disease (DIAD), that is conducted by Dominantly Inherited Alzheimer Network Trials Unit (DIAN-TU), led by Washington University School of Medicine in St. Louis, is ongoing and includes lecanemab as the backbone anti-amyloid therapy. Since 2005, BioArctic has a long-term collaboration with Eisai regarding the development and commercialization of drugs for the treatment of Alzheimer's disease. The most important agreements are the Development and Commercialization agreement for the lecanemab antibody, which was signed 2007, and the Development and Commercialization agreement for the antibody lecanemab back-up for Alzheimer's disease, which was signed 2015. In 2014, Eisai and Biogen entered into a joint development and commercialization agreement for lecanemab. Eisai is responsible for the clinical development, application for market approval and commercialization of the products for Alzheimer's disease. BioArctic has the right to commercialize lecanemab in the Nordic region and is currently preparing for commercialization in the Nordics together with Eisai. BioArctic has no development costs for lecanemab in Alzheimer's disease and is entitled to payments in connection with sales milestones as well as royalties on global sales.

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