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

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 36.6x which is lower than its 3-year average PE of 54.2x. The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 5.7x.

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

There are no additional sub-industries under this industry.

U.S. Pharma Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 25 Jun 2026	US$2.4t	US$425.2b	US$65.8b	15.4x	36.6x	5.7x
Sat, 23 May 2026	US$2.3t	US$425.2b	US$66.3b	14.7x	35.2x	5.5x
Mon, 20 Apr 2026	US$2.3t	US$408.1b	US$66.8b	16.8x	33.9x	5.6x
Wed, 18 Mar 2026	US$2.3t	US$406.1b	US$72.0b	18x	32x	5.7x
Fri, 13 Feb 2026	US$2.4t	US$411.7b	US$74.2b	20.9x	31.8x	5.7x
Sun, 11 Jan 2026	US$2.3t	US$402.6b	US$71.5b	19.6x	31.7x	5.6x
Tue, 09 Dec 2025	US$2.2t	US$402.7b	US$71.4b	19.5x	30.2x	5.4x
Thu, 06 Nov 2025	US$1.9t	US$395.4b	US$70.7b	17.8x	27.4x	4.9x
Sat, 04 Oct 2025	US$1.9t	US$387.9b	US$60.9b	20x	31.3x	4.9x
Mon, 01 Sep 2025	US$1.8t	US$387.9b	US$61.0b	20x	29.1x	4.6x
Wed, 30 Jul 2025	US$1.8t	US$383.6b	US$59.8b	17.6x	30x	4.7x
Fri, 27 Jun 2025	US$1.7t	US$382.7b	US$61.2b	18.7x	28.4x	4.5x
Sun, 25 May 2025	US$1.6t	US$382.6b	US$61.2b	17.2x	26.9x	4.3x
Tue, 22 Apr 2025	US$1.7t	US$380.6b	US$48.4b	15.9x	36x	4.6x
Thu, 20 Mar 2025	US$1.9t	US$380.5b	US$35.1b	16.5x	53.2x	4.9x
Sat, 15 Feb 2025	US$1.9t	US$380.9b	US$39.0b	18.1x	48x	4.9x
Mon, 13 Jan 2025	US$1.8t	US$368.6b	US$31.1b	17.2x	58x	4.9x
Wed, 11 Dec 2024	US$1.9t	US$373.8b	US$30.6b	19.3x	60.7x	5x
Fri, 08 Nov 2024	US$1.8t	US$373.9b	US$29.6b	20.5x	62.5x	4.9x
Sun, 06 Oct 2024	US$2.0t	US$364.1b	US$25.2b	18.5x	78.5x	5.4x
Tue, 03 Sep 2024	US$2.1t	US$364.1b	US$25.5b	18.1x	81.5x	5.7x
Thu, 01 Aug 2024	US$1.9t	US$359.3b	US$22.1b	15.9x	85.7x	5.3x
Sat, 29 Jun 2024	US$2.0t	US$357.6b	US$14.0b	16.1x	140.4x	5.5x
Mon, 27 May 2024	US$1.9t	US$358.3b	US$14.1b	17.9x	133.4x	5.2x
Wed, 24 Apr 2024	US$1.8t	US$357.7b	US$29.8b	20.7x	60.9x	5.1x
Fri, 22 Mar 2024	US$1.9t	US$355.4b	US$22.5b	19.6x	83.9x	5.3x
Sun, 18 Feb 2024	US$1.9t	US$355.0b	US$23.9b	28.3x	79.6x	5.4x
Tue, 16 Jan 2024	US$1.8t	US$375.2b	US$33.9b	26.3x	52.6x	4.7x
Thu, 14 Dec 2023	US$1.7t	US$375.1b	US$33.9b	26.8x	49x	4.4x
Sat, 11 Nov 2023	US$1.6t	US$375.5b	US$34.1b	26.5x	47.6x	4.3x
Mon, 09 Oct 2023	US$1.7t	US$381.8b	US$43.8b	18.5x	38.2x	4.4x
Wed, 06 Sep 2023	US$1.7t	US$381.4b	US$43.8b	19.9x	39.3x	4.5x
Fri, 04 Aug 2023	US$1.7t	US$379.2b	US$44.1b	21.1x	38.4x	4.5x
Sun, 02 Jul 2023	US$1.8t	US$392.8b	US$60.2b	18.7x	29.2x	4.5x


US Market	-2.47%
Healthcare	2.56%
Pharma	1.21%
Pharma	1.21%

Company	Last Price	7D	1Y	Valuation
JNJ Johnson & Johnson	US$244.88	7.2% +US$39.7b	61.1%	PE28x
MRK Merck	US$125.45	10.2% +US$28.6b	59.1%	PE34.7x
LLY Eli Lilly	US$1.13k	2.7% +US$26.0b	41.8%	PE39.8x
BMY Bristol-Myers Squibb	US$55.39	2.6% +US$2.8b	18.7%	PE15.5x
TEVA Teva Pharmaceutical Industries	US$33.62	6.8% +US$2.5b	103.0%	PE25x

Announcement • 10h

Pfizer Inc Receives U.S. Food and Drug Administration Approval For IBRANCE Regimen For HR+, HER2+ Metastatic Breast Cancer Frontline Maintenance

Pfizer Inc. had the U.S. Food and Drug Administration (FDA) approve IBRANCE (palbociclib) in combination with trastuzumab, with or without pertuzumab, and endocrine therapy for the maintenance treatment of adult patients with hormone receptor-positive (HR+), human epidermal growth factor receptor 2-positive (HER2+) locally advanced or metastatic breast cancer (MBC) following induction treatment. The approval is based on positive results from the Alliance Foundation Trials, LLC (AFT)-sponsored Phase 3 PATINA trial. The PATINA trial demonstrated a 24% reduction in the risk of progression or death following induction treatment with the addition of IBRANCE to anti-HER2 (trastuzumab or trastuzumab plus pertuzumab) and endocrine therapies compared to anti-HER2 and endocrine therapies alone (HR: 0.76 [95% CI, 0.59, 0.97]; one-sided p=0.0134). The safety and tolerability of IBRANCE in PATINA were consistent with its known safety profile. The most commonly reported adverse events with IBRANCE were hematologic toxicities, such as white blood cell decreased and neutrophil count decreased. Non-hematologic adverse events included diarrhea, infections, stomatitis, and fatigue, which were generally mild to moderate in severity. Results from the trial were previously published by AFT in the New England Journal of Medicine and presented at the 2024 San Antonio Breast Cancer Symposium. Approximately 10% of all breast cancers are HR+, HER2+, which is sometimes referred to as double-positive or triple-positive breast cancer. Historically, there has been limited research specifically focused on the HR+, HER2+ subtype in MBC, and PATINA is the first registrational study to explore the potential of CDK4/6 inhibition in this subtype. Since its initial regulatory approval in 2015, IBRANCE continues to be a standard-of-care first-line treatment for HR+, HER2- MBC and has been prescribed to more than 900,000 patients and approved in more than 100 countries. PATINA (AFT-38) was a randomized, open-label global Phase 3 study to evaluate the efficacy and safety of IBRANCE (palbociclib) in combination with anti-HER2 therapy (trastuzumab or trastuzumab plus pertuzumab) and endocrine therapy compared to anti-HER2 therapy and endocrine therapy alone as a first-line maintenance therapy (following induction treatment) for patients with HR+, HER2+ MBC. Study participants who received a median of 6 cycles of induction treatment were randomized to receive IBRANCE, in addition to anti-HER2 therapy and endocrine therapy (n=261), or anti-HER2 therapy and endocrine therapy alone (n=257). The primary endpoint was progression-free survival (PFS) as assessed by the investigator. Overall survival is a secondary endpoint and is not yet mature. IBRANCE is an oral inhibitor of CDKs 4 and 6, which are key regulators of the cell cycle that trigger cellular progression. In the U.S., IBRANCE is indicated for the treatment of adult patients with HR+, HER2- advanced or metastatic breast cancer in combination with an aromatase inhibitor as initial endocrine-based therapy; or with fulvestrant in patients with disease progression following endocrine therapy. IBRANCE is indicated in combination with inavolisib and fulvestrant for the treatment of adult patients with endocrine-resistant, PIK3CA-mutated, HR-positive, HER2-negative, locally advanced or metastatic breast cancer, as detected by an FDA-approved test, following recurrence on or after completing adjuvant endocrine therapy. IBRANCE is also indicated in combination with trastuzumab, with or without pertuzumab, and endocrine therapy for the maintenance treatment of adult patients with HR-positive, HER2-positive locally advanced or metastatic breast cancer following induction treatment. Neutropenia was the most frequently reported adverse reaction in PALOMA-2 (80%) and PALOMA-3 (83%). In PALOMA-2, Grade 3 (56%) or 4 (10%) decreased neutrophil counts were reported in patients receiving IBRANCE plus letrozole. In PALOMA-3, Grade 3 (55%) or Grade 4 (11%) decreased neutrophil counts were reported in patients receiving IBRANCE plus fulvestrant. In PATINA, neutropenia was the most frequently reported adverse reaction with an incidence of 78%, and Grade =3 neutropenia was reported in 61% of patients receiving IBRANCE in combination with trastuzumab, with or without pertuzumab, and endocrine therapy. Based on laboratory findings, 93% had a decrease in neutrophil counts including 47% with Grade 3 and 3.1% with Grade 4. Febrile neutropenia has been reported in 1.8% of patients exposed to IBRANCE across PALOMA-2 and PALOMA-3. One death due to neutropenic sepsis was observed in PALOMA-3. Febrile neutropenia has been reported in 0.8% of patients exposed to IBRANCE in the PATINA study. Monitor complete blood count prior to starting IBRANCE, at the beginning of each cycle, on Day 15 of first 2 cycles and as clinically indicated. Dose interruption, dose reduction, or delay in starting treatment cycles is recommended for patients who develop Grade 3 or 4 neutropenia. Severe, life-threatening, or fatal interstitial lung disease (ILD) and/or pneumonitis can occur in patients treated with CDK4/6 inhibitors, including IBRANCE when taken in combination with endocrine therapy. Across clinical trials (PALOMA-1, PALOMA-2, PALOMA-3), 1% of IBRANCE-treated patients had ILD/pneumonitis of any grade, 0.1% had Grade 3 or 4, and no fatal cases were reported. In PATINA, 1% of IBRANCE-treated patients had ILD/pneumonitis of any grade and no Grade 3, 4, or fatal cases were reported. Monitor patients for pulmonary symptoms indicative of ILD/pneumonitis (e.g., hypoxia, cough, dyspnea). In patients who have new or worsening respiratory symptoms and are suspected to have developed pneumonitis, interrupt IBRANCE immediately and evaluate the patient. Permanently discontinue IBRANCE in patients with severe ILD or pneumonitis. Based on the mechanism of action, IBRANCE can cause fetal harm. Advise females of reproductive potential to use effective contraception during IBRANCE treatment and for at least 3 weeks after the last dose. IBRANCE may impair fertility in males and has the potential to cause genotoxicity. Advise male patients to consider sperm preservation before taking IBRANCE. Advise male patients with female partners of reproductive potential to use effective contraception during IBRANCE treatment and for 3 months after the last dose. Advise females to inform their healthcare provider of a known or suspected pregnancy.

Announcement • Jun 24

Merck Receives European Commission Approval For KEYTRUDA Plus Padcev as First PD-1 Inhibitor Plus Antibody-Drug Conjugate Regimen For Adults With Cisplatin-Ineligible Resectable Muscle-Invasive Bladder Cancer

Merck announced that KEYTRUDA (pembrolizumab), Merck’s anti-PD-1 therapy, in combination with Padcev (enfortumab vedotin-ejfv), an antibody-drug conjugate (ADC), is approved in the European Union (EU), as neoadjuvant treatment and then continued after radical cystectomy (RC) as adjuvant treatment, for adults with resectable muscle-invasive bladder cancer (MIBC) who are ineligible for cisplatin-containing chemotherapy. This approval, which also covers KEYTRUDA SC [known as KEYTRUDA QLEXTM (pembrolizumab and berahyaluronidase alfa-pmph) in the U.S.], makes this combination the first and only PD-1 inhibitor plus ADC regimen available for these patients in the EU. This approval is based on results from the pivotal Phase 3 KEYNOTE-905 trial (also known as EV-303), which was conducted in collaboration with Pfizer and Astellas. In the study, KEYTRUDA plus Padcev, as perioperative treatment, demonstrated statistically significant and clinically meaningful improvements in event-free survival (EFS), overall survival (OS) and pathologic complete response (pCR) rate versus surgery alone in patients with MIBC who are not eligible for or declined cisplatin-based chemotherapy. KEYTRUDA plus Padcev reduced the risk of EFS events by 60% (HR=0.40 [95% CI, 0.28-0.57]; p<0.0001) and risk of death by 50% (HR=0.50 [95% CI, 0.32-0.78]; p=0.001) versus surgery alone in these patients. The trial included three arms: Arm A: Three cycles of neoadjuvant KEYTRUDA plus enfortumab vedotin, followed by surgery to remove the bladder (RC), followed adjuvantly by six cycles of KEYTRUDA plus enfortumab vedotin and then eight cycles of KEYTRUDA alone; Arm B: Surgery alone; Arm C: Three cycles of neoadjuvant KEYTRUDA plus enfortumab vedotin, followed by surgery to remove the bladder (RC), followed adjuvantly by six cycles of KEYTRUDA plus enfortumab vedotin and then eight cycles of KEYTRUDA alone. The primary objective of this trial is to compare EFS between arm C and arm B, defined as the time from randomization to the first occurrence of any of the following events: progression of disease that precludes RC surgery or failure to undergo RC surgery in participants with residual disease, gross residual disease left behind at the time of surgery, local or distant recurrence as assessed by imaging and/or biopsy or death due to any cause. The key secondary objectives are to compare OS and the difference in pCR rate between arm C and arm B, as well as EFS, OS and the difference in pCR rate between arm A and arm B. The study remains ongoing to test hypotheses between arm A and arm B. KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells. KEYTRUDA QLEX is a fixed-combination drug product of pembrolizumab and berahyaluronidase alfa. Pembrolizumab is a programmed death receptor-1 (PD-1) blocking antibody and berahyaluronidase alfa enhances dispersion and permeability to enable subcutaneous administration of pembrolizumab. KEYTRUDA QLEX is administered as a subcutaneous injection into the thigh or abdomen, avoiding the 5 cm area around the navel, over one minute every three weeks (2.4 mL) or over two minutes every six weeks (4.8 mL). KEYTRUDA and KEYTRUDA QLEX are each indicated, in combination with enfortumab vedotin, for the treatment of adult patients with locally advanced or metastatic urothelial cancer. KEYTRUDA and KEYTRUDA QLEX, as single agents, are each indicated for the treatment of adult patients with locally advanced or metastatic urothelial carcinoma who are not eligible for any platinum-containing chemotherapy, or who have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy. KEYTRUDA and KEYTRUDA QLEX are each indicated, in combination with enfortumab vedotin, as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment for the treatment of adult patients with muscle invasive bladder cancer (MIBC) who are ineligible for cisplatin-containing chemotherapy. KEYTRUDA and KEYTRUDA QLEX, as single agents, are each indicated for the treatment of adult patients with Bacillus Calmette-Guerin (BCG)-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy. In KEYNOTE-905, the most common adverse reactions (=20%) occurring in cisplatin-ineligible patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin (n=167) were rash (54%), pruritus (47%), fatigue (47%), peripheral neuropathy (39%), alopecia (35%), dysgeusia (35%), diarrhea (34%), constipation (28%), decreased appetite (28%), nausea (26%), urinary tract infection (24%), dry eye (21%), and weight loss (20%). In the neoadjuvant phase of KEYNOTE-905, serious adverse reactions occurred in 27% (n=167) of patients; the most frequent (=2%) were urinary tract infection (3.6%) and hematuria (2.4%). Fatal adverse reactions occurred in 1.2% of patients, including myasthenia gravis and toxic epidermal necrolysis (0.6% each). Additional fatal adverse reactions were reported in 2.7% of patients in the post-surgery phase before adjuvant treatment started, including sepsis and intestinal obstruction (1.4% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 15% of patients; the most frequent (>1%) were rash (2.4%, including generalized exfoliative dermatitis), increased alanine aminotransferase, increased aspartate aminotransferase, diarrhea, dysgeusia, and toxic epidermal necrolysis (1.2% each).

U.S. Pharma Industry Analysis

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Latest News

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