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 36.0x 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 5.6x.

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, 24 Jun 2026	US$2.4t	US$425.2b	US$65.8b	15.1x	36x	5.6x
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


US Market	-2.31%
Healthcare	0.44%
Pharma	0.035%
Pharma	0.035%

Company	Last Price	7D	1Y	Valuation
MRK Merck	US$119.60	3.8% +US$10.9b	48.9%	PE33.1x
JNJ Johnson & Johnson	US$239.08	1.7% +US$9.4b	57.1%	PE27.4x
DFTX Definium Therapeutics	US$36.18	49.8% +US$1.3b	406.4%	PB14.2x
LQDA Liquidia	US$74.04	8.9% +US$536.2m	437.3%	PE295.2x
MANE Veradermics	US$103.60	13.9% +US$528.5m	n/a	PB11.1x

Announcement • 4h

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).

Announcement • Jun 14

Pomerantz Law Firm Announces Filing of Class Action Against Regencell Bioscience Holdings Limited and Certain Officers

Pomerantz LLP announced that a class action lawsuit has been filed against Regencell Bioscience Holdings Limited ("Regencell" or the "Company") and certain officers. The class action, filed in the United States District Court for the District of Maryland, and docketed under 26-cv-01602, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Regencell securities between October 28, 2024 and October 31, 2025, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials. Regencell is a purported early-stage bioscience company focused on the research, development, and commercialization of traditional Chinese medicine ("TCM") for the treatment of attention-deficit/hyperactivity disorder ("ADHD") and autism spectrum disorder ("ASD")—two disorders generally considered incurable under current medical consensus. The Company asserts that while "[c]urrently available drugs and treatments in the markets for ADHD and ASD aim to suppress or alleviate symptoms," its "TCM formula aim[s] to treat the fundamental cause of neurocognitive disorders." (Emphasis added.)Regencell is a "controlled company" under the Nasdaq Capital Market's rules. Per Regencell's most recent annual report on Form 20-F, as of June 30, 2025, 88.8% of its shares were held by its directors and executive officers, with 88.6% of those shares owned by Defendant Yat-Gai Au ("Au")—the Company's founder, Chairman, and Chief Executive Officer. From the start of the Class Period through approximately mid-March 2025, Regencell's ordinary shares generally traded at less than 30 cents per share. However, beginning in early May 2025, the price for these shares suddenly skyrocketed. The meteoric rise in Regencell's ordinary share price has no evident connection to any public disclosures regarding its underlying business fundamentals. Regencell has twelve employees, no approved or salable products, no revenue, and has incurred operating losses since its formation. Further, notwithstanding its stated goal of curing medical disorders that are widely considered incurable, the Company's research and development ("R&D") costs were only $0.95 million and $1.07 million for the years ended June 30, 2025 and 2024, respectively. This stands in stark contrast with Regencell's own representations that "[a]verage [R&D] to marketplace cost for a new medicine is nearly $4 billion, and can sometimes exceed $10 billion.

U.S. Pharma Industry Analysis

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Industry Trends

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Latest News

Eli Lilly and Company Declares Dividend for the Third Quarter of 2026, Payable on September 10, 2026

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

Pfizer Inc. to Report Q2, 2026 Results on Aug 04, 2026

Definium Therapeutics, Inc. has completed a Follow-on Equity Offering in the amount of $700.000024 million.

TEVA: Neuroscience Pivot And Vitiligo Readout Timing May Support 2026 Repricing

Price target increased by 11% to US$72.38

Johnson & Johnson Commits Over $1 Billion for Jacksonville Contact Lens Facility Expansion

ANI Pharmaceuticals (ANIP) Stock Could Be 29.5% Below Fair Value After Recent Pullback

Trulieve Cannabis (TRLV) Stock Could Be 51.9% Undervalued After NYSE Listing

First quarter dividend of US$0.63 announced

HRMY: Patent Litigation Resolution Will Support Rare Neurology Pipeline Upside

Consensus revenue estimates increase by 32,843%

PRGO: Leadership Reset And Infant Nutrition Headwinds Will Shape Future Earnings Power

Pomerantz Law Firm Announces Filing of Class Action Against Regencell Bioscience Holdings Limited and Certain Officers

Axsome Therapeutics Expands With Auvelity Alzheimer’s Launch and New Major Depression Study

Veradermics Shows Strong Hair Growth Results and Raises US$767 Million for Lead Treatment