U.S. Pharma Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 22 May 2026	US$2.3t	US$425.2b	US$66.4b	14.9x	34.6x	5.4x
Sun, 19 Apr 2026	US$2.3t	US$408.1b	US$66.8b	16.8x	33.9x	5.6x
Tue, 17 Mar 2026	US$2.3t	US$406.1b	US$72.0b	17.4x	31.8x	5.6x
Thu, 12 Feb 2026	US$2.4t	US$411.7b	US$74.2b	21.4x	31.8x	5.7x
Sat, 10 Jan 2026	US$2.3t	US$402.6b	US$71.5b	19.6x	32x	5.7x
Mon, 08 Dec 2025	US$2.2t	US$402.8b	US$71.4b	19.5x	30.2x	5.3x
Wed, 05 Nov 2025	US$1.9t	US$395.4b	US$70.7b	17.7x	27.4x	4.9x
Fri, 03 Oct 2025	US$1.9t	US$387.9b	US$60.9b	19.8x	31.4x	4.9x
Sun, 31 Aug 2025	US$1.8t	US$387.9b	US$61.0b	20x	29.1x	4.6x
Tue, 29 Jul 2025	US$1.8t	US$384.0b	US$62.2b	17.7x	29.2x	4.7x
Thu, 26 Jun 2025	US$1.7t	US$382.7b	US$61.2b	18.3x	28.2x	4.5x
Sat, 24 May 2025	US$1.6t	US$382.6b	US$61.2b	17.2x	26.9x	4.3x
Mon, 21 Apr 2025	US$1.7t	US$380.6b	US$48.4b	16.1x	36x	4.6x
Wed, 19 Mar 2025	US$1.9t	US$380.5b	US$35.1b	16.3x	53.2x	4.9x
Fri, 14 Feb 2025	US$1.9t	US$380.9b	US$39.0b	18.2x	48x	4.9x
Sun, 12 Jan 2025	US$1.8t	US$368.6b	US$31.1b	17.2x	58x	4.9x
Tue, 10 Dec 2024	US$1.9t	US$373.8b	US$30.6b	19.3x	61.3x	5x
Thu, 07 Nov 2024	US$1.9t	US$373.5b	US$29.7b	19.9x	63.4x	5x
Sat, 05 Oct 2024	US$2.0t	US$364.1b	US$25.2b	18.5x	78.4x	5.4x
Mon, 02 Sep 2024	US$2.1t	US$364.1b	US$25.5b	18.1x	81.5x	5.7x
Wed, 31 Jul 2024	US$1.9t	US$357.6b	US$12.9b	16.2x	150.5x	5.4x
Fri, 28 Jun 2024	US$2.0t	US$357.6b	US$14.0b	16x	140.2x	5.5x
Sun, 26 May 2024	US$1.9t	US$358.3b	US$14.1b	17.9x	133.7x	5.2x
Tue, 23 Apr 2024	US$1.8t	US$357.7b	US$29.8b	20.6x	59.9x	5x
Thu, 21 Mar 2024	US$1.9t	US$355.4b	US$22.5b	20.2x	83.9x	5.3x
Sat, 17 Feb 2024	US$1.9t	US$355.0b	US$23.9b	28.3x	78.6x	5.3x
Mon, 15 Jan 2024	US$1.8t	US$375.2b	US$33.9b	26.3x	52.6x	4.7x
Wed, 13 Dec 2023	US$1.7t	US$375.1b	US$33.9b	26.7x	48.9x	4.4x
Fri, 10 Nov 2023	US$1.7t	US$375.2b	US$34.0b	26.2x	49.1x	4.5x
Sun, 08 Oct 2023	US$1.7t	US$381.8b	US$43.8b	18.5x	38.2x	4.4x
Tue, 05 Sep 2023	US$1.7t	US$381.4b	US$43.7b	19.6x	39.7x	4.5x
Thu, 03 Aug 2023	US$1.7t	US$379.1b	US$44.0b	18.7x	38.5x	4.5x
Sat, 01 Jul 2023	US$1.8t	US$392.8b	US$60.2b	18.7x	29.2x	4.5x
Mon, 29 May 2023	US$1.7t	US$392.9b	US$60.6b	17.8x	27.6x	4.3x

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 34.6x which is lower than its 3-year average PE of 53.9x.

The industry is trading close to its 3-year average PS ratio of 5.0x.

Past Earnings Growth

The earnings for companies in the Pharmaceuticals industry have grown 3.1% per year over the last three years.
Revenues for these companies have grown 2.7% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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


US Market	-0.82%
Healthcare	0.65%
Pharma	1.94%
Pharma	1.94%

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?

Company	Last Price	7D	1Y	Valuation
LLY Eli Lilly	US$1.04k	3.5% +US$31.2b	45.6%	PE36.7x
MRK Merck	US$115.88	2.2% +US$6.1b	48.9%	PE32x
BMY Bristol-Myers Squibb	US$59.55	4.9% +US$5.7b	26.6%	PE16.7x
JNJ Johnson & Johnson	US$231.73	0.4% +US$2.2b	51.8%	PE26.5x
ZTS Zoetis	US$80.07	6.1% +US$1.9b	-50.6%	PE12.6x

Bristol Myers Squibb Launch Sotyktu Approaches to Tyk2 Adoption

Bristol Myers Squibb’s Sotyktu (deucravacitinib) is beginning to gain traction in psoriatic arthritis (PsA), though most commercial metrics continue to perform toward the lower end of recent rheumatology launch benchmarks at the two-month mark. While physician awareness and trial are gradually improving, rheumatologists still appear to be cautiously evaluating the oral TYK2 inhibitor as they determine where it best fits within the increasingly crowded PsA treatment landscape. Among 75 U.S. rheumatologists surveyed, one-third now report having initiated at least one PsA patient on Sotyktu, up from 20% during the first month following launch. Mean patient initiations also increased modestly month-over-month, while projected future share expectations continue to rise. Despite these gains, Sotyktu remains behind launches such as Rinvoq (AbbVie), Skyrizi (AbbVie), and Bimzelx (UCB) across most early utilization benchmarks evaluated by Spherix at comparable launch stages. Current patient share for Sotyktu in PsA remains expectedly low, reinforcing that prescribing activity is still highly limited at this stage of the launch. At the same time, rheumatologists continue to forecast a substantially larger long-term role for the brand, with projected peak patient share approaching 15%. The sizable disconnect between physicians’ current candidate pools and their longer-term peak share expectations suggests many specialists see meaningful future opportunity for Sotyktu but are waiting for additional experience, comfort, and real-world data before expanding use more aggressively. In several key commercial metrics, including initiation activity, launch perceptions, and physician familiarity, the only benchmark launch performing comparably or worse than Sotyktu in PsA remains Sotyktu’s own psoriasis debut, reinforcing a pattern of gradual rather than explosive uptake for the TYK2 inhibitor franchise. Beyond utilization metrics, overall perceptions of the launch also remain somewhat restrained relative to recent rheumatology benchmarks. Manufacturer launch ratings continue to trail most comparator brands evaluated by Spherix at similar stages, suggesting rheumatologists have yet to view the rollout as fully breaking through in the crowded PsA marketplace. At the same time, payer perceptions remain mixed, with many physicians continuing to characterize access conditions as challenging early in the launch cycle. Spherix notes that the PsA launch remains exceptionally early, and rheumatology launches often evolve significantly over time as physicians accumulate practical experience and confidence with a new therapy. Satisfaction among current Sotyktu prescribers remains favorable, and physicians continue to project gradual share expansion over the next six months. Sotyktu’s performance in PsA is being closely watched well beyond Bristol Myers Squibb’s own portfolio. As the first TYK2 inhibitor to establish a commercial foothold in rheumatology, Sotyktu may help shape physician perceptions of the broader TYK2 mechanism across immune-mediated diseases. Multiple next-generation TYK2 inhibitors are currently advancing through development across immunology and rheumatology-related indications, including Takeda’s zasocitinib, Alumis’ envudeucitinib, Priovant’s brepocitinib, and Pfizer’s ropsacitinib. While several of these TYK2-targeting assets are already being actively evaluated in PsA and psoriasis, other developers have highlighted PsA as a future expansion opportunity alongside ongoing or planned development across a range of rheumatologic and autoimmune diseases, including axial spondyloarthritis, rheumatoid arthritis, systemic lupus erythematosus, idiopathic inflammatory myopathies, and Sjögren’s disease. As a result, Sotyktu’s early rheumatology experience may ultimately serve as an important commercial and clinical proof point not only for Bristol Myers Squibb, but for the broader TYK2 class as developers seek to position these agents against increasingly entrenched biologics and JAK inhibitors across immunology.

U.S. Pharma Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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