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U.S. Pharma Industry Analysis

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies315
  • 7D0.03%
  • 3M-0.02%
  • 1Y31.9%
  • YTD0.4%

Over the last 7 days, the Pharma industry has remained flat, although notably Bristol-Myers Squibb gained 3.6%. As for the the longer term, the industry is up 32% over the past 12 months. Looking forward, earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

Has the U.S. Pharma Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 20 Apr 2026US$2.3tUS$408.1bUS$66.8b16.8x33.9x5.6x
Wed, 18 Mar 2026US$2.3tUS$406.1bUS$72.0b18x32x5.7x
Fri, 13 Feb 2026US$2.4tUS$411.7bUS$74.2b20.9x31.8x5.7x
Sun, 11 Jan 2026US$2.3tUS$402.6bUS$71.5b19.6x31.7x5.6x
Tue, 09 Dec 2025US$2.2tUS$402.7bUS$71.4b19.5x30.2x5.4x
Thu, 06 Nov 2025US$1.9tUS$395.4bUS$70.7b17.8x27.4x4.9x
Sat, 04 Oct 2025US$1.9tUS$387.9bUS$60.9b20x31.3x4.9x
Mon, 01 Sep 2025US$1.8tUS$387.9bUS$61.0b20x29.1x4.6x
Wed, 30 Jul 2025US$1.8tUS$383.6bUS$59.8b17.6x30x4.7x
Fri, 27 Jun 2025US$1.7tUS$382.7bUS$61.2b18.7x28.4x4.5x
Sun, 25 May 2025US$1.6tUS$382.6bUS$61.2b17.2x26.9x4.3x
Tue, 22 Apr 2025US$1.7tUS$380.6bUS$48.4b15.9x36x4.6x
Thu, 20 Mar 2025US$1.9tUS$380.5bUS$35.1b16.5x53.2x4.9x
Sat, 15 Feb 2025US$1.9tUS$380.9bUS$39.0b18.1x48x4.9x
Mon, 13 Jan 2025US$1.8tUS$368.6bUS$31.1b17.2x58x4.9x
Wed, 11 Dec 2024US$1.9tUS$373.8bUS$30.6b19.3x60.7x5x
Fri, 08 Nov 2024US$1.8tUS$373.9bUS$29.6b20.5x62.5x4.9x
Sun, 06 Oct 2024US$2.0tUS$364.1bUS$25.2b18.5x78.5x5.4x
Tue, 03 Sep 2024US$2.1tUS$364.1bUS$25.5b18.1x81.5x5.7x
Thu, 01 Aug 2024US$1.9tUS$359.3bUS$22.1b15.9x85.7x5.3x
Sat, 29 Jun 2024US$2.0tUS$357.6bUS$14.0b16.1x140.4x5.5x
Mon, 27 May 2024US$1.9tUS$358.3bUS$14.1b17.9x133.4x5.2x
Wed, 24 Apr 2024US$1.8tUS$357.7bUS$29.8b20.7x60.9x5.1x
Fri, 22 Mar 2024US$1.9tUS$355.4bUS$22.5b19.6x83.9x5.3x
Sun, 18 Feb 2024US$1.9tUS$355.0bUS$23.9b28.3x79.6x5.4x
Tue, 16 Jan 2024US$1.8tUS$375.2bUS$33.9b26.3x52.6x4.7x
Thu, 14 Dec 2023US$1.7tUS$375.1bUS$33.9b26.8x49x4.4x
Sat, 11 Nov 2023US$1.6tUS$375.5bUS$34.1b26.5x47.6x4.3x
Mon, 09 Oct 2023US$1.7tUS$381.8bUS$43.8b18.5x38.2x4.4x
Wed, 06 Sep 2023US$1.7tUS$381.4bUS$43.8b19.9x39.3x4.5x
Fri, 04 Aug 2023US$1.7tUS$379.2bUS$44.1b21.1x38.4x4.5x
Sun, 02 Jul 2023US$1.8tUS$392.8bUS$60.2b18.7x29.2x4.5x
Tue, 30 May 2023US$1.7tUS$392.9bUS$60.6b17.8x27.6x4.3x
Thu, 27 Apr 2023US$1.6tUS$402.7bUS$63.2b17.2x25.8x4.1x
Price to Earnings Ratio

25.8x


Total Market Cap: US$1.6tTotal Earnings: US$63.2bTotal Revenue: US$402.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Pharma Industry Price to Earnings3Y Average 53.7x202420252026
Current Industry PE
  • Investors are pessimistic on the American Pharmaceuticals industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 33.9x which is lower than its 3-year average PE of 53.7x.
  • The 3-year average PS ratio of 4.9x is lower than the industry's current PS ratio of 5.6x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Pharmaceuticals industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Trends

Which industries have driven the changes within the U.S. Healthcare industry?

US Market4.02%
Healthcare1.68%
Pharma0.031%
Pharma0.031%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BMY Bristol-Myers SquibbUS$60.173.6%
+US$4.3b		22.9%PE17.4x
TEVA Teva Pharmaceutical IndustriesUS$32.404.0%
+US$1.5b		143.4%PE26.8x
PFE PfizerUS$27.560.8%
+US$1.3b		25.0%PE20.2x
VTRS ViatrisUS$14.686.1%
+US$989.8m		93.9%PS1.2x
ZTS ZoetisUS$122.381.9%
+US$967.2m		-16.7%PE19.3x

Latest News

LLY
US$927.03
Eli Lilly
7D
-0.3%
1Y
13.3%
VTRS
US$14.68
Viatris
7D
6.1%
1Y
93.9%
RPRX
US$50.00
Royalty Pharma
7D
3.2%
1Y
55.3%
MRK
US$119.07
Merck
7D
-0.9%
1Y
52.9%

Merck & Co., Inc. – Tender Offer for Terns Pharmaceuticals, Inc. (Full Acquisition Transaction)

Author: Qudus Adebara (Founder of Wane Investment House) Transaction Overview Merck & Co., Inc. (known as MSD outside the U.S. and Canada) has formally commenced a cash tender offer to acquire all outstanding shares of Terns Pharmaceuticals, Inc., following the signing of a definitive agreement on March 25, 2026.
PFE
US$27.56
Pfizer
7D
0.8%
1Y
25.0%

PFE: GLP-1 And Oncology Advancements Will Support Post LOE Repricing

Pfizer's analyst fair value estimate has been adjusted modestly higher to $35.96 from $35.33, as analysts factor in recent price target raises and mixed views on the post-2028 pipeline, loss of exclusivity risks, and evolving expectations for the GLP-1 and oncology portfolios. Analyst Commentary Recent Street research on Pfizer reflects a split view, with some firms expressing caution around patent expiries and near term visibility, while other bullish analysts focus on the potential in GLP-1 and oncology programs, along with broader sector appeal in healthcare.
ZTS
US$122.38
Zoetis
7D
1.9%
1Y
-16.7%

ZTS: Fair View Weighs Organic Growth Concerns Against Pipeline Execution Risk

Analysts have trimmed the Zoetis fair value estimate by $3 to $127, reflecting a mix of cautious views around organic growth and slightly adjusted assumptions for future P/E, revenue growth, and profitability, even as some firms maintain a bullish stance on the stock. Analyst Commentary Recent Street research around Zoetis shows a split tape, with several bearish analysts focusing on weaker organic growth trends and execution risk, even as others remain constructive on the long term story.
BMY
US$60.17
Bristol-Myers Squibb
7D
3.6%
1Y
22.9%

BMY: Pipeline Progress And Sector Shifts Will Shape Future Risk Balance

Analysts have raised the implied fair value for Bristol-Myers Squibb to $63.04 from $59.91, reflecting a series of recent price target increases based on slightly less severe revenue contraction expectations, a modest improvement in projected profit margins, and support from pipeline-related research updates across multiple firms. Analyst Commentary Recent research has focused on how Bristol-Myers Squibb balances patent expirations on key products with progress in its pipeline and late stage programs, and how that mix feeds into valuation, execution risk, and potential growth beyond current revenue headwinds.
TEVA
US$32.40
Teva Pharmaceutical Industries
7D
4.0%
1Y
143.4%
PAHC
US$57.07
Phibro Animal Health
7D
-4.2%
1Y
245.3%

PAHC: Future Returns Will Depend On Delivering Challenging Margin And EPS Guidance

Analysts have adjusted their price target on Phibro Animal Health to $38, reflecting updated assumptions for revenue growth, profit margin, and future P/E that they view as broadly consistent with earlier expectations. Analyst Commentary Recent research coverage on Phibro Animal Health has leaned cautious, even as the latest price target sits at $38.
JNJ
US$234.18
Johnson & Johnson
7D
-1.6%
1Y
49.2%

Johnson & Johnson: Why I See Downside Ahead

Apr 17
GPCR
US$50.75
Structure Therapeutics
7D
-6.5%
1Y
119.7%
TARS
US$67.24
Tarsus Pharmaceuticals
7D
-7.4%
1Y
38.6%

Tarsus Pharmaceuticals: Marketing Spend Bears Fruit, Pipeline Progresses

Apr 14
JAZZ
US$203.42
Jazz Pharmaceuticals
7D
4.2%
1Y
102.7%

JAZZ: CNS Cash Flows And Upcoming Oncology Launches Will Shape Execution Risks

Analysts have increased their average price target on Jazz Pharmaceuticals by $13 to $255, citing more supportive assumptions around revenue growth, profit margins and a slightly lower future P/E following the recent Q4 results and updated guidance. Analyst Commentary Recent research on Jazz Pharmaceuticals has largely centered on updated price targets and ratings following the company’s Q4 report and new guidance.
AXSM
US$188.99
Axsome Therapeutics
7D
6.0%
1Y
83.5%

Axsome Is Priced For Perfection Ahead Of Auvelity's Alzheimer's Agitation Decision

Apr 13
RGC
US$28.67
Regencell Bioscience Holdings
7D
-11.1%
1Y
3,656.8%
BLTE
US$165.45
Belite Bio
7D
-4.5%
1Y
202.5%

Oral Retinal Therapy Potential Will Reshape Long Term Outlook For This Pre Revenue Biotech

Catalysts About Belite Bio Belite Bio is a clinical stage biopharmaceutical company focused on oral therapies for retinal and liver diseases. What are the underlying business or industry changes driving this perspective?