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 36.9x which is lower than its 3-year average PE of 54.1x. 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, 11 Jun 2026	US$2.4t	US$424.1b	US$66.1b	15.3x	36.9x	5.7x
Sat, 09 May 2026	US$2.2t	US$424.3b	US$65.9b	16.1x	34x	5.3x
Mon, 06 Apr 2026	US$2.3t	US$405.9b	US$72.5b	16.4x	31.6x	5.6x
Wed, 04 Mar 2026	US$2.4t	US$406.0b	US$72.5b	19.5x	32.9x	5.9x
Fri, 30 Jan 2026	US$2.3t	US$405.1b	US$73.9b	20.2x	30.8x	5.6x
Sun, 28 Dec 2025	US$2.3t	US$402.8b	US$71.4b	19.9x	31.7x	5.6x
Tue, 25 Nov 2025	US$2.2t	US$402.7b	US$71.4b	20.1x	30.4x	5.4x
Thu, 23 Oct 2025	US$1.9t	US$389.2b	US$63.5b	18.5x	29.5x	4.8x
Sat, 20 Sep 2025	US$1.8t	US$387.9b	US$60.9b	18.4x	29.2x	4.6x
Mon, 18 Aug 2025	US$1.7t	US$387.8b	US$60.9b	19.2x	28.6x	4.5x
Wed, 16 Jul 2025	US$1.8t	US$382.7b	US$61.3b	17.6x	28.9x	4.6x
Fri, 13 Jun 2025	US$1.8t	US$382.7b	US$61.2b	18x	28.9x	4.6x
Sun, 11 May 2025	US$1.7t	US$382.6b	US$61.1b	17x	27.1x	4.3x
Tue, 08 Apr 2025	US$1.7t	US$379.9b	US$41.3b	15.2x	40.4x	4.4x
Thu, 06 Mar 2025	US$1.9t	US$381.1b	US$39.3b	16.5x	49.5x	5.1x
Sat, 01 Feb 2025	US$1.9t	US$370.4b	US$29.8b	18.4x	62.7x	5.1x
Mon, 30 Dec 2024	US$1.8t	US$369.4b	US$31.1b	16.9x	58x	4.9x
Wed, 27 Nov 2024	US$1.8t	US$373.8b	US$30.6b	19.3x	59.7x	4.9x
Fri, 25 Oct 2024	US$2.0t	US$365.3b	US$23.7b	18.2x	84.8x	5.5x
Sun, 22 Sep 2024	US$2.0t	US$364.2b	US$25.3b	18.9x	80.4x	5.6x
Tue, 20 Aug 2024	US$2.0t	US$362.1b	US$21.8b	17.9x	91.7x	5.5x
Thu, 18 Jul 2024	US$2.0t	US$355.6b	US$13.8b	15.9x	146.3x	5.7x
Sat, 15 Jun 2024	US$1.9t	US$358.3b	US$14.1b	15.3x	137.9x	5.4x
Mon, 13 May 2024	US$1.9t	US$358.2b	US$13.7b	17.9x	135x	5.2x
Wed, 10 Apr 2024	US$1.9t	US$355.1b	US$23.9b	25x	77.8x	5.2x
Fri, 08 Mar 2024	US$1.9t	US$357.3b	US$20.0b	22.9x	94.6x	5.3x
Sun, 04 Feb 2024	US$1.8t	US$353.1b	US$22.0b	31.7x	81.4x	5.1x
Tue, 02 Jan 2024	US$1.7t	US$375.2b	US$33.8b	31.9x	49.9x	4.5x
Thu, 30 Nov 2023	US$1.6t	US$375.1b	US$33.9b	26.2x	48.1x	4.4x
Sat, 28 Oct 2023	US$1.6t	US$383.5b	US$46.6b	14.2x	34.1x	4.1x
Mon, 25 Sep 2023	US$1.7t	US$381.8b	US$43.9b	19.9x	38.3x	4.4x
Wed, 23 Aug 2023	US$1.8t	US$381.6b	US$44.1b	20.2x	40.1x	4.6x
Fri, 21 Jul 2023	US$1.7t	US$394.3b	US$60.5b	18.3x	28.3x	4.3x
Sun, 18 Jun 2023	US$1.7t	US$392.8b	US$60.1b	19x	29x	4.4x


US Market	-4.05%
Healthcare	2.77%
Pharma	4.51%
Pharma	4.51%

Company	Last Price	7D	1Y	Valuation
LLY Eli Lilly	US$1.14k	5.3% +US$51.4b	40.5%	PE40.1x
JNJ Johnson & Johnson	US$238.49	6.8% +US$36.7b	53.6%	PE27.3x
MRK Merck	US$119.09	3.8% +US$10.8b	48.3%	PE32.9x
BMY Bristol-Myers Squibb	US$55.60	1.6% +US$1.8b	10.8%	PE15.6x
ZTS Zoetis	US$81.29	4.8% +US$1.6b	-51.1%	PE12.8x

Announcement • 8h

Johnson & Johnson Presents Comprehensive Results From Phase 2/3 ENERGY Study Demonstrating Statistically Significant Durable Hemoglobin Response With IMAAVY In Warm Autoimmune Hemolytic Anemia

Johnson & Johnson presented the first comprehensive results from the Phase 2/3 ENERGY study showing that IMAAVY (nipocalimab-aahu) produced a statistically significant durable hemoglobin (Hgb) response with rapid onset of effect in patients with warm autoimmune hemolytic anemia (wAIHA) in the 30 mg/kg treatment group, compared with those who received placebo. The randomized, placebo-controlled trial demonstrated approximately three times as many patients achieved durable Hgb levels versus placebo by 24 weeks. Overall, patients treated with this dose of IMAAVY showed a mean Hgb improvement of at least 1g/dL as early as Week 1. The ENERGY study compared IMAAVY to placebo in achieving the primary endpoint of durable Hgb improvement, which was defined as achieving the following stringent criteria: An increase from baseline in Hgb =2 g/dL, Hgb concentration =10 g/dL, for at least three visits (=28 days, where criteria was met, starting by Week 16), without the need for rescue therapy or changes to background medications for wAIHA. In the 30 mg/kg treatment group, a mean increase of 1 g/dL in Hgb was observed at Week 1, compared to no change in the placebo group. In wAIHA, treatment also aims to maintain Hgb =10 g/dL and achieve a =2 g/dL increase from baseline and nearly two-thirds of patients achieved both of these targets by Week 24. IMAAVY was also associated with improvements in fatigue and reduction in steroid use, two key secondary endpoints. Changes in patient-reported fatigue were observed as early as Week 2 and sustained throughout the 24-week treatment period. In the study, IMAAVY demonstrated a safety profile consistent with the established safety profile of IMAAVY in the approved indication of generalized myasthenia gravis. The most common adverse reactions (=10%) in patients with wAIHA treated with IMAAVY were peripheral edema, diarrhea and fever. By targeting the pathogenic IgG autoantibodies that lead to red blood cell destruction in wAIHA, IMAAVY is designed to utilize a differentiated, immunoselective approach, preserving underlying key humoral immune functions in a condition where many patients currently can only rely on unapproved therapies, including corticosteroids and broad immunosuppressants. These data support the supplemental Biologics License Application (sBLA) for IMAAVY which has since been granted U.S. FDA Priority Review. The dose submitted to the FDA for approval is 30 mg/kg IV every four weeks. Durable hemoglobin response, the primary endpoint of the Phase 2/3 ENERGY trial, is defined as hemoglobin concentration =10 g/dL and an increase from baseline in hemoglobin =2 g/dL for at least 28 days (where criteria was met starting by Week 16 of the double-blind period), without the need of rescue therapy. This endpoint was prespecified within the equal-weight hierarchical testing procedure; the resulting one-sided p-value was considered statistically significant in accordance with the predefined multiplicity control strategy. Based on mean change from baseline of Functional Assessment of Chronic Illness Therapy-Fatigue (FACIT-Fatigue) score at Week 24, a key secondary endpoint, with mean change of 3.51 points over placebo for 30 mg/kg IV treatment group (dose filed with the FDA). This endpoint was prespecified within the hierarchical testing procedure; the resulting one-sided p-value was considered nominal in accordance with the predefined multiplicity control strategy. Participants who achieved durable Hgb response were required to initiate corticosteroid (CS) dose tapering. Doses were reduced by 10% of the baseline CS dose every two weeks, provided Hgb levels did not decline by =1 g/dL. At Week 24, the mean percent reduction in CS dose was numerically higher in the nipocalimab 30 mg/kg treatment group (15% reduction from baseline dose) compared with placebo (4% reduction from baseline dose). This endpoint was prespecified within the hierarchical testing procedure. ENERGY (NCT04119050) is a multicenter, randomized, double-blind, placebo-controlled Phase 2/3 study evaluating the efficacy and safety of nipocalimab compared with placebo followed by an open-label extension period, in adults living with warm autoimmune hemolytic anemia (wAIHA). 115 adults were randomized approximately 1:1:1 to receive nipocalimab at two different dose schedules or placebo. Following completion of 24 weeks of double-blind treatment, patients could enter an open-label extension period to receive nipocalimab for 144 weeks with a follow-up period of 6 weeks after last assessment. Warm autoimmune hemolytic anemia (wAIHA) is a rare, life-threatening condition where autoantibodies attach to and destroy red blood cells (RBCs), resulting in anemia. Approximately 1-3 new people per 100,000 are affected by wAIHA per year, and about 1 in 8,000 individuals are living with the condition. This condition affects both women and men, and can affect people at any age with incidence increasing over the age of 50. Additionally, people with wAIHA are at increased risk of other serious complications such as venous thrombotic events, acute renal failure, and infection. There are no Food and Drug Administration (FDA)-approved drugs indicated for wAIHA, and treatment typically consists of unapproved corticosteroids, broad immunosuppressants, and B-cell directed therapies. With an unmet need for treatment in wAIHA, novel therapies like nipocalimab are being developed to potentially address this need. IMAAVY is an immunoselective treatment designed to target, bind with high affinity, and block the neonatal Fc receptor (FcRn), reducing circulating immunoglobulin G (IgG) antibodies that drive disease while also preserving key immune functions. IMAAVY is currently approved for the treatment of generalized myasthenia gravis (gMG) in adults and pediatric patients 12 years of age and older who are anti-acetylcholine receptor (AChR) or anti-muscle-specific tyrosine kinase (MuSK) antibody positive. Nipocalimab is being investigated across three key segments in the autoantibody space including Rheumatologic diseases, Rare Autoantibody diseases and Maternal Fetal diseases mediated by maternal alloantibodies, in which blockade of IgG binding to FcRn in the placenta is believed to limit transplacental transfer of maternal alloantibodies to the fetus.

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