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 35.8x 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 5.5x.

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
Sat, 20 Jun 2026	US$2.4t	US$425.2b	US$65.8b	14.8x	35.8x	5.5x
Mon, 18 May 2026	US$2.3t	US$425.2b	US$65.9b	14.8x	34.4x	5.3x
Wed, 15 Apr 2026	US$2.3t	US$405.9b	US$72.5b	16.8x	31.3x	5.6x
Fri, 13 Mar 2026	US$2.3t	US$406.1b	US$72.0b	17.7x	32.3x	5.7x
Sun, 08 Feb 2026	US$2.4t	US$411.7b	US$74.2b	21.2x	32.4x	5.8x
Tue, 06 Jan 2026	US$2.2t	US$402.6b	US$71.5b	19.6x	31.1x	5.5x
Thu, 04 Dec 2025	US$2.2t	US$402.7b	US$71.4b	20x	30.5x	5.4x
Sat, 01 Nov 2025	US$1.9t	US$396.3b	US$71.7b	18.1x	26.5x	4.8x
Mon, 29 Sep 2025	US$1.7t	US$387.9b	US$60.9b	18.3x	28.7x	4.5x
Wed, 27 Aug 2025	US$1.7t	US$387.8b	US$61.0b	19.7x	28.6x	4.5x
Fri, 25 Jul 2025	US$1.8t	US$384.0b	US$62.1b	18.4x	29.1x	4.7x
Sun, 22 Jun 2025	US$1.7t	US$382.7b	US$61.2b	17.6x	28.4x	4.5x
Tue, 20 May 2025	US$1.7t	US$382.6b	US$61.2b	17.7x	27.4x	4.4x
Thu, 17 Apr 2025	US$1.7t	US$380.5b	US$48.4b	14.9x	34.4x	4.4x
Sat, 15 Mar 2025	US$1.8t	US$380.5b	US$35.2b	16.1x	52.3x	4.8x
Mon, 10 Feb 2025	US$1.9t	US$380.7b	US$39.1b	19.5x	48x	4.9x
Wed, 08 Jan 2025	US$1.8t	US$369.3b	US$31.3b	18.3x	56.9x	4.8x
Fri, 06 Dec 2024	US$1.9t	US$373.8b	US$30.6b	19.4x	61.1x	5x
Sun, 03 Nov 2024	US$1.9t	US$373.2b	US$29.3b	19.6x	64.9x	5.1x
Tue, 01 Oct 2024	US$2.0t	US$364.1b	US$25.3b	19.3x	78.5x	5.4x
Thu, 29 Aug 2024	US$2.1t	US$363.3b	US$19.2b	18x	106.9x	5.6x
Sat, 27 Jul 2024	US$1.9t	US$356.5b	US$13.2b	16.3x	147.5x	5.4x
Mon, 24 Jun 2024	US$2.0t	US$358.2b	US$14.1b	16.5x	139x	5.5x
Wed, 22 May 2024	US$1.9t	US$358.3b	US$14.1b	18.3x	133.6x	5.2x
Fri, 19 Apr 2024	US$1.8t	US$357.7b	US$29.8b	20.3x	60.2x	5x
Sun, 17 Mar 2024	US$1.9t	US$355.4b	US$22.5b	19.8x	82.7x	5.2x
Tue, 13 Feb 2024	US$1.9t	US$354.7b	US$22.8b	33.3x	81.7x	5.2x
Thu, 11 Jan 2024	US$1.8t	US$375.2b	US$33.9b	27.8x	52.3x	4.7x
Sat, 09 Dec 2023	US$1.7t	US$375.1b	US$33.9b	26.6x	48.8x	4.4x
Mon, 06 Nov 2023	US$1.6t	US$376.9b	US$33.9b	18.5x	48.1x	4.3x
Wed, 04 Oct 2023	US$1.6t	US$381.8b	US$43.8b	19x	37.6x	4.3x
Fri, 01 Sep 2023	US$1.7t	US$381.4b	US$43.8b	19.7x	39.4x	4.5x
Sun, 30 Jul 2023	US$1.7t	US$393.6b	US$61.5b	18.5x	27.8x	4.3x
Tue, 27 Jun 2023	US$1.7t	US$392.8b	US$60.1b	18.6x	28.8x	4.4x


US Market	1.40%
Healthcare	-1.82%
Pharma	-3.84%
Pharma	-3.84%

Company	Last Price	7D	1Y	Valuation
TRVI Trevi Therapeutics	US$17.21	21.1% +US$425.9m	188.8%	PB14.2x
LGND Ligand Pharmaceuticals	US$274.88	7.6% +US$387.6m	141.0%	PE35.9x
MBX MBX Biosciences	US$43.03	21.2% +US$357.9m	341.8%	PB4.7x
BLTE Belite Bio	US$146.12	5.8% +US$313.1m	141.6%	PB7.2x
NUVB Nuvation Bio	US$5.56	13.0% +US$222.8m	182.2%	PS13.5x

Announcement • Jun 18

Merck Receives U.S. FDA Approval for Expanded Indication of CAPVAXIVE Pneumococcal 21-Valent Conjugate Vaccine in Children and Adolescents Aged 2 Through 17 At Increased Risk for Pneumococcal Disease

Merck announced that the U.S. Food and Drug Administration (FDA) has approved an expanded indication for CAPVAXIVE (Pneumococcal 21-valent Conjugate Vaccine) to include children and adolescents aged 2 through 17 years who have completed a primary pediatric pneumococcal vaccination series and have one or more chronic medical conditions that put them at an increased risk for pneumococcal disease. With this approval, CAPVAXIVE is the only PCV specifically indicated and studied in the U.S. for use in this patient population. CAPVAXIVE is indicated for: Active immunization for the prevention of invasive pneumococcal disease caused by Streptococcus pneumoniae serotypes 3, 6A, 7F, 8, 9N, 10A, 11A, 12F, 15A, 15B, 15C, 16F, 17F, 19A, 20A, 22F, 23A, 23B, 24F, 31, 33F and 35B in individuals 18 years of age and older and individuals 2 through 17 years of age who are at increased risk for pneumococcal disease; Active immunization for the prevention of pneumonia caused by S. pneumoniae serotypes 3, 6A, 7F, 8, 9N, 10A, 11A, 12F, 15A, 15C, 16F, 17F, 19A, 20A, 22F, 23A, 23B, 24F, 31, 33F and 35B in individuals 18 years of age and older. CAPVAXIVE should not be administered to individuals with a history of a severe allergic reaction (e.g., anaphylaxis) to any component of CAPVAXIVE or to diphtheria toxoid. The indication for the prevention of pneumonia caused by S. pneumoniae serotypes 3, 6A, 7F, 8, 9N, 10A, 11A, 12F, 15A, 15C, 16F, 17F, 19A, 20A, 22F, 23A, 23B, 24F, 31, 33F, and 35B is approved under accelerated approval based on immune responses as measured by opsonophagocytic activity (OPA). Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial. The approval is based on data from the Phase 3 STRIDE-13 trial, which evaluated CAPVAXIVE compared to PPSV23 (pneumococcal 23-valent polysaccharide vaccine) in children and adolescents aged 2 through 17 years who completed a primary pediatric pneumococcal vaccination series and have one or more chronic medical conditions that put them at an increased risk of pneumococcal disease. STRIDE-13 (NCT06177912) is a randomized, double-blind, active comparator-controlled Phase 3 study that evaluated individuals 2 through 17 years of age with one or more prespecified medical conditions (diabetes mellitus, chronic heart disease, chronic kidney disease, chronic liver disease, chronic lung disease) known to increase the risk of pneumococcal disease and who have previously completed a primary pneumococcal vaccination regimen at least 8 weeks prior to enrollment (n=874). Participants were randomized 3:2 to receive a single dose of CAPVAXIVE (n=527) or PPSV23 (n=347). Results from the study include: CAPVAXIVE was noninferior to PPSV23 for the 12 shared serotypes and induced statistically significantly greater OPA GMTs compared to PPSV23 for the 9 serotypes unique to CAPVAXIVE; CAPVAXIVE also elicited immune responses to serotype 15B (cross-reactive to serotype 15C). In a post hoc analysis utilizing the same prespecified noninferiority criterion that was used for the shared serotypes, CAPVAXIVE was noninferior to PPSV23 for serotype 15B; The safety profile of CAPVAXIVE was generally comparable to PPSV23. Solicited adverse reactions following administration of CAPVAXIVE lasted a median of 2 days with most reactions lasting =3 days; The proportion of individuals reporting 1 or more serious adverse events (SAE) within 6 months postvaccination was 5.5% (n=29) in individuals vaccinated with CAPVAXIVE and 7.2% (n=25) in individuals vaccinated with PPSV23. There were no notable patterns or imbalances between vaccine groups for SAEs. One individual (0.2%) who received CAPVAXIVE had an SAE considered related to vaccination. This SAE was syncope (Grade 2, required hospitalization) and occurred approximately 3 minutes postvaccination. CAPVAXIVE helps provide coverage against the serotypes responsible for approximately 82% of IPD cases in adults 50 years of age and older, compared to ~54% by PCV20, based on national-level CDC data from 2019-2023. These values are based on CDC epidemiologic data and do not reflect the efficacy of the respective vaccines. There are currently no studies comparing the efficacy of CAPVAXIVE and PCV20. With this approval, CAPVAXIVE is also indicated for the prevention of invasive disease in children and adolescents aged 2 through 17 years who have one or more chronic medical conditions that put them at an increased risk for pneumococcal disease. Select Safety Information for CAPVAXIVE in Children and Adolescents at Increased Risk for Pneumococcal Disease in the U.S.: Do not administer CAPVAXIVE to individuals with a history of a severe allergic reaction (e.g., anaphylaxis) to any component of CAPVAXIVE or to diphtheria toxoid. Syncope may occur with administration of injectable vaccines. Individuals with altered immunocompetence, including those receiving immunosuppressive therapy, may have a reduced immune response to CAPVAXIVE. The most commonly reported (>10%) solicited adverse reactions in individuals 18 through 49 years of age who received CAPVAXIVE were: injection-site pain (73.1%), fatigue (36.0%), headache (27.5%), myalgia (16.4%), injection-site erythema (13.8%), and injection-site swelling (13.3%). The most commonly reported (>10%) solicited adverse reactions in individuals 50 years of age and older who received CAPVAXIVE were: injection-site pain (41.2%), fatigue (19.7%), and headache (11.0%). The most commonly reported (>10%) solicited adverse reactions in individuals 2 through 17 years of age who are at increased risk for pneumococcal disease were: injection-site pain (67.7%), injection-site erythema (24.3%), fatigue (20.1%), injection-site swelling (18.8%), headache (17.1%), malaise (13.3%), and irritability (11.6%). Vaccination with CAPVAXIVE may not protect all vaccine recipients.

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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