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 39.6x 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 6.1x.

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
Wed, 01 Jul 2026	US$2.6t	US$425.2b	US$65.7b	15.1x	39.6x	6.1x
Fri, 29 May 2026	US$2.4t	US$424.1b	US$66.3b	15.2x	35.8x	5.6x
Sun, 26 Apr 2026	US$2.2t	US$408.1b	US$66.8b	15.9x	32.6x	5.3x
Tue, 24 Mar 2026	US$2.2t	US$406.1b	US$72.0b	16.5x	30.6x	5.4x
Thu, 19 Feb 2026	US$2.4t	US$411.5b	US$73.9b	20.1x	32.3x	5.8x
Sat, 17 Jan 2026	US$2.3t	US$402.6b	US$71.5b	20.7x	31.8x	5.7x
Mon, 15 Dec 2025	US$2.2t	US$402.7b	US$71.4b	19.7x	30.8x	5.5x
Wed, 12 Nov 2025	US$2.0t	US$402.7b	US$71.3b	18.1x	28.2x	5x
Fri, 10 Oct 2025	US$1.9t	US$387.6b	US$61.0b	18.8x	31.3x	4.9x
Sun, 07 Sep 2025	US$1.8t	US$387.9b	US$61.0b	19x	29.2x	4.6x
Tue, 05 Aug 2025	US$1.7t	US$382.0b	US$54.8b	18.2x	31.5x	4.5x
Thu, 03 Jul 2025	US$1.7t	US$382.7b	US$61.3b	18.3x	28.4x	4.5x
Sat, 31 May 2025	US$1.7t	US$382.7b	US$61.2b	17.8x	27.2x	4.4x
Mon, 28 Apr 2025	US$1.8t	US$379.6b	US$63.1b	16.2x	28.5x	4.7x
Wed, 26 Mar 2025	US$1.9t	US$381.1b	US$41.3b	17x	46.1x	5x
Fri, 21 Feb 2025	US$1.9t	US$381.0b	US$39.0b	18.3x	47.8x	4.9x
Sun, 19 Jan 2025	US$1.8t	US$369.3b	US$31.2b	18.9x	56.1x	4.7x
Tue, 17 Dec 2024	US$1.8t	US$373.8b	US$30.7b	18.9x	59.3x	4.9x
Thu, 14 Nov 2024	US$1.9t	US$373.8b	US$30.7b	20.5x	61x	5x
Sat, 12 Oct 2024	US$2.0t	US$364.2b	US$25.3b	18.7x	79.2x	5.5x
Mon, 09 Sep 2024	US$2.0t	US$364.1b	US$25.5b	17.8x	79x	5.5x
Wed, 07 Aug 2024	US$1.9t	US$358.7b	US$21.7b	15.5x	85.8x	5.2x
Fri, 05 Jul 2024	US$1.9t	US$357.6b	US$13.8b	15x	140.4x	5.4x
Sun, 02 Jun 2024	US$1.9t	US$358.3b	US$14.1b	15.9x	133.4x	5.2x
Tue, 30 Apr 2024	US$1.8t	US$359.6b	US$17.5b	23x	102.8x	5x
Thu, 28 Mar 2024	US$1.9t	US$355.3b	US$22.6b	19.4x	84.3x	5.4x
Sat, 24 Feb 2024	US$1.9t	US$355.2b	US$24.0b	24.1x	80x	5.4x
Mon, 22 Jan 2024	US$1.8t	US$375.2b	US$33.9b	27.7x	51.8x	4.7x
Wed, 20 Dec 2023	US$1.7t	US$375.1b	US$33.9b	26.9x	49.4x	4.5x
Fri, 17 Nov 2023	US$1.6t	US$375.4b	US$33.7b	25.8x	48.5x	4.3x
Sun, 15 Oct 2023	US$1.7t	US$381.8b	US$43.8b	18.3x	38.9x	4.5x
Tue, 12 Sep 2023	US$1.8t	US$381.8b	US$43.9b	18x	40x	4.6x
Thu, 10 Aug 2023	US$1.8t	US$381.3b	US$44.5b	19x	40x	4.7x
Sat, 08 Jul 2023	US$1.7t	US$392.8b	US$60.2b	19x	27.7x	4.2x


US Market	1.92%
Healthcare	4.70%
Pharma	6.20%
Pharma	6.20%

Company	Last Price	7D	1Y	Valuation
LLY Eli Lilly	US$1.20k	8.3% +US$82.4b	54.6%	PE42.3x
JNJ Johnson & Johnson	US$253.97	6.2% +US$35.8b	62.9%	PE29.1x
MRK Merck	US$128.50	7.4% +US$22.0b	57.1%	PE35.5x
BMY Bristol-Myers Squibb	US$57.62	3.8% +US$4.3b	21.3%	PE16.2x
DFTX Definium Therapeutics	US$47.04	30.0% +US$2.3b	604.2%	PB22.4x

Announcement • Jun 26

Merck & Co., Inc. Announces FDA Approval Of KEYTRUDA (Pembrolizumab) And KEYTRUDA QLEX (Pembrolizumab And Berahyaluronidase Alfa-Pmph), Each In Combination With Gilead Sciences, Inc.'s Trodelvy (Sacituzumab Govitecan-Hziy) As First-Line Treatment Of PD-L1+ (CPS =10) Advanced Triple-Negative Breast Cancer

Merck & Co., Inc. announced the U.S. Food and Drug Administration (FDA) approved KEYTRUDA (pembrolizumab) and KEYTRUDA QLEX (pembrolizumab and berahyaluronidase alfa-pmph), each in combination with Trodelvy (sacituzumab govitecan-hziy), Gilead’s Trop-2-directed antibody-drug conjugate (ADC), for the first-line treatment of adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) whose tumors express PD-L1 (Combined Positive Score [CPS] =10) as determined by an FDA-authorized test. These approvals represent the first PD-1 inhibitors plus Trop-2-directed ADC regimen in advanced TNBC. These approvals are based on data from the Phase 3 KEYNOTE-D19/ASCENT-04 trial demonstrating that KEYTRUDA plus Trodelvy reduced the risk of disease progression or death by 35% (HR=0.65 [95% CI, 0.51-0.84]; p=0.0009) versus KEYTRUDA plus chemotherapy (paclitaxel, nab-paclitaxel, or gemcitabine and carboplatin) for the first-line treatment of adult patients with PD-L1+ (CPS =10) unresectable locally advanced or metastatic TNBC. KEYTRUDA plus Trodelvy resulted in a median progression-free survival (PFS) of 11.2 months [95% CI, 9.3-16.7] versus 7.8 months [95% CI, 7.3-9.3] with KEYTRUDA plus chemotherapy. The objective response rate (ORR) was higher with KEYTRUDA plus Trodelvy (61% [95% CI, 55-68]) than with KEYTRUDA plus chemotherapy (55% [95% CI, 48-62]), and complete responses occurred in 12% and 8% of patients, respectively. The effectiveness of KEYTRUDA QLEX for its approved indications has been established based upon evidence from the adequate and well-controlled studies conducted with KEYTRUDA and additional data from MK-3475A-D77 comparing the pharmacokinetic, efficacy and safety profiles of KEYTRUDA QLEX and KEYTRUDA. KEYTRUDA QLEX is contraindicated in patients with known hypersensitivity to berahyaluronidase alfa, hyaluronidase or to any of its excipients. KEYTRUDA and KEYTRUDA QLEX are associated with the following Warnings and Precautions: severe and fatal immune-mediated adverse reactions in any or multiple organs, which can occur during or after treatment, including pneumonitis, colitis, hepatitis, endocrinopathies, nephritis, dermatologic reactions, solid organ transplant rejection, other transplant (including corneal graft) rejection; severe and life-threatening infusion or injection-related reactions; fatal and other serious complications in patients who receive allogeneic hematopoietic stem cell transplantation before or after beginning treatment; embryo-fetal toxicity; and increased mortality in patients with multiple myeloma when KEYTRUDA or KEYTRUDA QLEX is added to a thalidomide analogue plus dexamethasone, which is not recommended outside of controlled trials. Immune-mediated adverse reactions listed here may not include all such possible severe or fatal reactions. Pembrolizumab (KEYTRUDA) in combination with sacituzumab govitecan-hziy (Trodelvy) is recommended by the National Comprehensive Cancer Network (NCCN) Clinical Practice Guidelines in Oncology (NCCN Guidelines) for Breast Cancer as a category 1 preferred first-line treatment option for certain patients with recurrent unresectable (local or regional) or stage IV (M1) triple-negative breast cancer (TNBC) whose tumors express PD-L1 (CPS =10). The median duration of exposure to KEYTRUDA was 8.5 months (range 1 day to 26.8 months). Fatal adverse reactions occurred in 3.2% of patients receiving KEYTRUDA in combination with sacituzumab govitecan-hziy, including death due to unknown cause (0.9%), and completed suicide, neutropenic sepsis, sepsis, pneumonia and pulmonary embolism (0.5% each). Serious adverse reactions occurred in 38% of patients receiving KEYTRUDA in combination with sacituzumab govitecan-hziy. Serious adverse reactions in =2% of patients were febrile neutropenia (7%), neutropenia (6%), diarrhea (5%), fatigue and pneumonia (2.3% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 9% of patients. The adverse reactions which resulted in permanent discontinuation of KEYTRUDA most commonly (=1%) were pneumonitis and rash (1.4% each). Dosage interruptions of KEYTRUDA due to adverse reactions occurred in 67% of patients. Adverse reactions which required dosage interruption in =2% of patients included neutropenia (36%), diarrhea (7%), upper respiratory tract infection (4.5%), anemia (4.1%), fatigue (4.1%), increased alanine aminotransferase (ALT) (3.2%), cough (2.7%), leukopenia (2.7%), nausea (2.7%), pyrexia (2.7%), rash (2.7%), vomiting (2.7%) and COVID-19 (2.3%). The most common (=25%) adverse reactions, including laboratory abnormalities, occurring in patients treated with KEYTRUDA in combination with sacituzumab govitecan-hziy were decreased neutrophil count and decreased hemoglobin (86% each), decreased leukocyte count (84%), diarrhea (72%), nausea (68%), decreased lymphocyte count (61%), fatigue (58%), alopecia (52%), increased alkaline phosphatase and increased glucose (50% each), increased ALT (47%), constipation (41%), increased aspartate aminotransferase (40%), rash (37%), decreased potassium (35%), increased lactate dehydrogenase (34%), vomiting (29%), abdominal pain, headache, and increased eosinophils (26% each) and decreased albumin (25%). KEYTRUDA and KEYTRUDA QLEX, each in combination with sacituzumab govitecan-hziy, are indicated for the first-line treatment of adult patients with unresectable locally advanced or metastatic TNBC whose tumors express PD-L1 (CPS =10) as determined by an FDA-authorized test.

U.S. Pharma Industry Analysis

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