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 35.2x which is lower than its 3-year average PE of 54.0x. The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 5.5x.

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, 04 Jun 2026	US$2.3t	US$424.1b	US$66.3b	15x	34.8x	5.4x
Sat, 02 May 2026	US$2.2t	US$416.3b	US$62.4b	17x	35.8x	5.4x
Mon, 30 Mar 2026	US$2.2t	US$405.9b	US$71.7b	16.7x	30.7x	5.4x
Wed, 25 Feb 2026	US$2.4t	US$411.7b	US$73.6b	18.9x	32.8x	5.9x
Fri, 23 Jan 2026	US$2.3t	US$404.6b	US$73.2b	19.6x	31.5x	5.7x
Sun, 21 Dec 2025	US$2.2t	US$402.8b	US$71.4b	19.8x	31.3x	5.5x
Tue, 18 Nov 2025	US$2.1t	US$402.7b	US$71.5b	19.1x	29.5x	5.2x
Thu, 16 Oct 2025	US$1.9t	US$389.2b	US$63.5b	18.3x	29.4x	4.8x
Sat, 13 Sep 2025	US$1.8t	US$387.9b	US$60.9b	18.9x	29.6x	4.6x
Mon, 11 Aug 2025	US$1.6t	US$387.9b	US$60.7b	18.4x	27x	4.2x
Wed, 09 Jul 2025	US$1.7t	US$382.7b	US$61.3b	18x	28.3x	4.5x
Fri, 06 Jun 2025	US$1.7t	US$382.7b	US$61.2b	17.9x	27.9x	4.5x
Sun, 04 May 2025	US$1.8t	US$382.7b	US$63.7b	17.2x	27.8x	4.6x
Tue, 01 Apr 2025	US$1.8t	US$380.6b	US$41.3b	15.9x	44.7x	4.9x
Thu, 27 Feb 2025	US$1.9t	US$381.2b	US$39.3b	17.3x	49.4x	5.1x
Sat, 25 Jan 2025	US$1.8t	US$370.4b	US$30.5b	18.4x	58.7x	4.8x
Mon, 23 Dec 2024	US$1.8t	US$369.4b	US$31.1b	16.7x	57.2x	4.8x
Wed, 20 Nov 2024	US$1.8t	US$373.8b	US$30.6b	19.9x	58x	4.7x
Fri, 18 Oct 2024	US$2.0t	US$365.3b	US$23.7b	18.7x	86x	5.6x
Sun, 15 Sep 2024	US$2.0t	US$364.3b	US$25.4b	18.8x	80.2x	5.6x
Tue, 13 Aug 2024	US$2.0t	US$362.1b	US$22.0b	16.5x	89.6x	5.4x
Thu, 11 Jul 2024	US$2.0t	US$357.6b	US$13.8b	15.4x	143.2x	5.5x
Sat, 08 Jun 2024	US$1.9t	US$358.3b	US$14.1b	15.6x	135.8x	5.3x
Mon, 06 May 2024	US$1.8t	US$358.0b	US$13.8b	21.4x	131.1x	5.1x
Wed, 03 Apr 2024	US$1.9t	US$355.2b	US$22.7b	24.1x	83.1x	5.3x
Fri, 01 Mar 2024	US$1.9t	US$355.2b	US$22.3b	23.7x	84.7x	5.3x
Sun, 28 Jan 2024	US$1.8t	US$375.2b	US$33.9b	24.6x	52.1x	4.7x
Tue, 26 Dec 2023	US$1.7t	US$375.1b	US$33.9b	32x	49.3x	4.4x
Thu, 23 Nov 2023	US$1.6t	US$375.1b	US$33.9b	26x	48.3x	4.4x
Sat, 21 Oct 2023	US$1.7t	US$382.7b	US$44.7b	17.6x	37x	4.3x
Mon, 18 Sep 2023	US$1.7t	US$381.8b	US$43.9b	18x	39.2x	4.5x
Wed, 16 Aug 2023	US$1.8t	US$381.7b	US$44.0b	19.1x	40.4x	4.7x
Fri, 14 Jul 2023	US$1.6t	US$392.8b	US$60.2b	17.9x	27.4x	4.2x
Sun, 11 Jun 2023	US$1.7t	US$393.0b	US$60.5b	18.6x	28.4x	4.4x


US Market	0.35%
Healthcare	-1.17%
Pharma	-2.34%
Pharma	-2.34%

Company	Last Price	7D	1Y	Valuation
CORT Corcept Therapeutics	US$72.65	9.0% +US$644.1m	3.8%	PE167.1x
RPRX Royalty Pharma	US$54.97	1.9% +US$443.3m	64.4%	PE29.5x
ELAN Elanco Animal Health	US$24.57	3.7% +US$439.5m	82.8%	PS2.5x
EWTX Edgewise Therapeutics	US$36.21	8.0% +US$287.3m	149.9%	PB7.9x
GHRS GH Research	US$24.43	9.3% +US$142.0m	96.5%	PB6.4x

Announcement • 16h

Johnson & Johnson Presents New Data Reinforcing the Role of Nipocalimab in Lowering the Autoantibodies Driving Sjögren's Disease

Johnson & Johnson announced new biomarker exploratory analyses from the Phase 2 DAHLIAS study evaluating nipocalimab in adults with moderate-to-severe Sjögren's disease (SjD) showing that participants with elevated autoantibody and immunoglobulin G (IgG) levels, who are often those who experience more substantial disease burden, showed greater clinical response rates. Nipocalimab, an immunoselective neonatal Fc receptor (FcRn) blocker, is designed to target and reduce pathogenic immunoglobulin G (IgG) autoantibodies associated with Sjögren's disease while preserving immune function. New exploratory analysis of Phase 2 study data shows a strong correlation between autoantibody levels and even greater clinical response rates of participants in the nipocalimab treatment group. Previously reported data from the Phase 2 study showed nipocalimab reduced Sjögren's disease activity and severity, with potential to address systemic manifestations and the most burdensome patient-reported symptoms including dryness, fatigue and pain. Nipocalimab is the only FcRn blocker granted both Breakthrough Therapy Designation and Fast Track Designation by the U.S. FDA for the treatment of adults with moderate-to-severe Sjögren's disease. Clinical improvements were observed across all patients, with the greatest responses observed in participants with elevated known disease-driving autoantibodies and IgG levels – factors associated with more severe SjD activity and outcomes. Previously reported positive Phase 2 study results demonstrated statistically significant improvement in ClinESSDAI scores with nipocalimab versus placebo. In the current analysis, patients in the autoantibody-high subgroup treated with nipocalimab achieved higher response rates than observed in the overall participant population (62.5% versus 51.9%). These data support the continued investigation of nipocalimab as a potential immunoselective approach for systemic SjD management in the ongoing Phase 3 DAFFODIL study. These findings further support the underlying mechanism of action of nipocalimab as a targeted, immunoselective approach designed to reduce pathogenic IgG autoantibodies associated with SjD disease activity while preserving broader immune function. Nipocalimab is not FDA approved for the treatment of SjD. Subgroup included patients with moderate-to-severe SjD who had the highest baseline levels of three disease-associated autoantibodies – anti-Ro60, anti-Ro52 and anti-La – measured in the study population. ClinESSDAI is an endpoint specific to SjD and is a composite scale that assesses organ disease activity across 11 organ system domains [cutaneous, pulmonary, renal, articular, muscular, peripheral nervous system (PNS), central nervous system (CNS), hematological, glandular, constitutional, lymphadenopathy and lymphoma; a higher score indicates greater symptom severity. DAHLIAS (NCT04968912) is a Phase 2 multicenter, randomized, placebo-controlled double-blind, dose-ranging study to evaluate the effects of nipocalimab in participants with moderately-to-severely active primary Sjögren's disease (SjD) who were seropositive for anti-Ro60 and/or anti-Ro52 immunoglobulin G (IgG) antibodies. 163 adults aged 18-75 were randomized 1:1:1 to receive intravenous nipocalimab at 5 or 15 mg/kg, or placebo every 2 weeks through Week 22 and received protocol-permitted background standard of care. Safety assessments were conducted through Week 30. The primary endpoint was change in baseline in the ClinESSDAI (Clinical European League Against Rheumatism Sjögren's Syndrome Disease Activity Index) Score at Week 24. Sjögren's disease (SjD) is one of the most prevalent autoantibody-driven diseases for which no therapies are currently approved that treat the underlying and systemic nature of the disease. It is a chronic autoimmune disease that is estimated to impact approximately four million people worldwide and is nine times more common in women than men. SjD is characterized by autoantibody production, chronic inflammation and lymphocytic infiltration of exocrine glands. Most patients are affected by mucosal dryness (eyes, mouth, vagina), joint pain and fatigue. More than 50% of SjD patients have a moderate-to-severe form of the condition, and disease burden can be as high as that of rheumatoid arthritis or systemic lupus erythematosus (SLE). It is usually associated with impaired quality of life, and in up to approximately half of patients, a loss of functional capacity that can result in an inability to work due to a disability. Nipocalimab is an investigational immunoselective treatment designed to target, bind with high affinity and block neonatal Fc receptor (FcRn), reducing circulating immunoglobulin (IgG) antibodies that drive disease while also preserving key immune functions. 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 also believed to limit transplacental transfer of maternal alloantibodies to the fetus. The U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) have granted several key designations to nipocalimab including: EU EMA Orphan medicinal product designation for hemolytic disease of the fetus and newborn (HDFN) in October 2019 and fetal and neonatal alloimmune thrombocytopenia (FNAIT) in April 2025; U.S. FDA Fast Track designation in HDFN and warm autoimmune hemolytic anemia (wAIHA) in July 2019, generalized myasthenia gravis (gMG) in December 2021, FNAIT in March 2024, Sjögren's disease (SjD) in March 2025 and systemic lupus erythematosus (SLE) in January 2026; U.S. FDA Orphan drug status for wAIHA in December 2019, HDFN in June 2020, gMG in February 2021, chronic inflammatory demyelinating polyneuropathy (CIDP) in October 2021 and FNAIT in December 2023; U.S. FDA Breakthrough Therapy designation for HDFN in February 2024 and for SjD in November 2024; U.S. FDA granted Priority Review in gMG in Fourth Quarter 2024 and wAIHA in Second Quarter 2026.

Announcement • Jun 01

Corcept Therapeutics Incorporated Presents New Data From Pivotal Phase 3 ROSELLA Trial Of Lifyorli Plus Nab-Paclitaxel At ASCO 2026

Corcept Therapeutics Incorporated presented new overall survival data from its pivotal Phase 3 ROSELLA trial of Lifyorli (relacorilant) plus nab-paclitaxel in an oral presentation at the ASCO 2026 Annual Meeting. In ROSELLA, patients treated with Lifyorli combined with nab-paclitaxel experienced a 35% reduction in the risk of death compared to patients treated with nab-paclitaxel alone (hazard ratio (HR): 0.65; p-value: 0.0004), with a median overall survival of 16.0 months, compared to 11.9 months for patients receiving nab-paclitaxel alone. No biomarker testing was required. Patients in all of ROSELLA’s prespecified subgroups experienced meaningful survival benefits. The data presented at ASCO 2026 describe the overall survival benefit in patients whose treatment included a taxane-free interval of 6 months or less (HR: 0.60) and in those who received a taxane in their most recent treatment regimen (HR: 0.67). Lifyorli, in combination with nab-paclitaxel, was approved by the U.S. Food and Drug Administration (FDA) in March 2026 for the treatment of adults with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer who have received one to three prior systemic treatment regimens, at least one of which included bevacizumab. Lifyorli is the first FDA-approved selective glucocorticoid receptor antagonist. It is included in the National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology (NCCN Guidelines) as a preferred regimen for patients with platinum-resistant ovarian cancer. In ROSELLA, the combination of Lifyorli with nab-paclitaxel was well-tolerated. Adverse events were comparable to those in the nab-paclitaxel monotherapy arm. The prescribing information for Lifyorli includes warnings and precautions for neutropenia and severe infections, adrenal insufficiency, exacerbation of conditions treated with glucocorticoids and embryo-fetal toxicity. The most common adverse reactions experienced by more than 20% of patients (including laboratory abnormalities) were decreased hemoglobin, decreased neutrophils, fatigue, nausea, diarrhea, decreased platelets, rash, and decreased appetite. ROSELLA enrolled 381 patients with platinum-resistant ovarian cancer at sites in the United States, Europe, South Korea, Brazil, Argentina, Canada and Australia. Patients were randomized 1:1 to receive either relacorilant plus nab-paclitaxel or nab-paclitaxel alone. The ROSELLA trial was conducted in collaboration with The GOG Foundation Inc. (GOG-F) (GOG-3073), the European Network of Gynaecological Oncological Trial groups (ENGOT) (ENGOT-ov72), the Asia-Pacific Gynecologic Oncology Trials Group (APGOT) (APGOT-Ov10), the Latin American Cooperative Oncology Group (LACOG) (LACOG-0223) and the Australia New Zealand Gynaecological Oncology Group (ANZGOG) (ANZGOG-221/2023). Lifyorli (relacorilant), approved in combination with nab-paclitaxel, is the first U.S. Food and Drug Administration (FDA)-approved selective glucocorticoid receptor antagonist for adults with platinum-resistant ovarian cancer. Lifyorli is an oral medication taken the day before, the day of and the day after treatment with nab-paclitaxel. There is no biomarker requirement to receive Lifyorli. Lifyorli competitively binds to the glucocorticoid receptor (GR), where it enhances chemotherapy sensitivity by inhibiting cortisol’s suppression of apoptosis – the programmed cell death that chemotherapies such as nab-paclitaxel are meant to cause. Lifyorli does not have any effect at the body’s other steroid receptors. It is included in the National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology (NCCN Guidelines) as a preferred regimen for patients with platinum-resistant ovarian cancer. LIFYORLI is indicated in combination with nab-paclitaxel for the treatment of adults with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer who have received 1-3 prior systemic treatment regimens, at least one of which included bevacizumab. LIFYORLI is contraindicated in patients receiving systemic glucocorticoids for lifesaving purposes (e.g., immunosuppression after organ transplantation) because LIFYORLI antagonizes the effect of glucocorticoids. LIFYORLI in combination with nab-paclitaxel can cause neutropenia, including febrile neutropenia and severe infections. There was one fatal event of septic shock with febrile neutropenia. Thirty-eight percent of patients initiated granulocyte colony-stimulating factor(G-CSF) during the first or second cycle of therapy. Monitor complete blood counts prior to each weekly treatment with LIFYORLI in combination with nab-paclitaxel and as clinically indicated. Based on the severity of neutropenia, delay dose, reduce dose or permanently discontinue LIFYORLI in combination with nab-paclitaxel. Consider short-acting G-CSF administration as applicable. Consider the possibility of concurrent adrenal insufficiency, particularly in the setting of serious infection. LIFYORLIis a reversible glucocorticoid receptor antagonist and can cause adrenal insufficiency. Adrenal insufficiency can occur at any time during treatment with LIFYORLI. The risk of adrenal insufficiency is increased in situations of stress, such as acute illness, infection, or surgery. Consider whether supplemental glucocorticoids are required in the perioperative period in patients who have received LIFYORLI within 30 days of surgery.

U.S. Pharma Industry Analysis

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