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 36.5x 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 5.7x.

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, 10 Jun 2026	US$2.4t	US$424.1b	US$66.3b	15.2x	36.5x	5.7x
Fri, 08 May 2026	US$2.3t	US$423.7b	US$62.4b	16.7x	36.6x	5.4x
Sun, 05 Apr 2026	US$2.3t	US$405.9b	US$72.5b	16.4x	31.6x	5.6x
Tue, 03 Mar 2026	US$2.4t	US$405.9b	US$72.4b	20x	33.5x	6x
Thu, 29 Jan 2026	US$2.3t	US$405.1b	US$73.9b	20.3x	31x	5.7x
Sat, 27 Dec 2025	US$2.3t	US$402.8b	US$71.4b	19.9x	31.7x	5.6x
Mon, 24 Nov 2025	US$2.2t	US$402.7b	US$71.4b	19.9x	30.4x	5.4x
Wed, 22 Oct 2025	US$1.9t	US$389.2b	US$63.5b	18.4x	29.6x	4.8x
Fri, 19 Sep 2025	US$1.8t	US$387.9b	US$60.9b	18.4x	29.2x	4.6x
Sun, 17 Aug 2025	US$1.7t	US$387.8b	US$61.0b	18.9x	28.5x	4.5x
Tue, 15 Jul 2025	US$1.8t	US$382.7b	US$61.3b	18.3x	28.8x	4.6x
Thu, 12 Jun 2025	US$1.8t	US$382.7b	US$61.2b	18.3x	29x	4.6x
Sat, 10 May 2025	US$1.7t	US$382.6b	US$61.1b	17x	27.6x	4.4x
Mon, 07 Apr 2025	US$1.7t	US$379.9b	US$41.3b	16x	40.4x	4.4x
Wed, 05 Mar 2025	US$2.0t	US$381.1b	US$39.3b	16.3x	50.2x	5.2x
Fri, 31 Jan 2025	US$1.8t	US$370.4b	US$29.8b	18.8x	61.8x	5x
Sun, 29 Dec 2024	US$1.8t	US$369.4b	US$31.1b	16.9x	58x	4.9x
Tue, 26 Nov 2024	US$1.8t	US$373.8b	US$30.6b	19.5x	59.2x	4.8x
Thu, 24 Oct 2024	US$2.0t	US$365.3b	US$23.7b	18.2x	84.9x	5.5x
Sat, 21 Sep 2024	US$2.0t	US$364.2b	US$25.4b	18.9x	80.3x	5.6x
Mon, 19 Aug 2024	US$2.0t	US$362.1b	US$21.8b	17.3x	91.7x	5.5x
Wed, 17 Jul 2024	US$2.0t	US$355.6b	US$13.8b	15.7x	146.5x	5.7x
Fri, 14 Jun 2024	US$1.9t	US$358.3b	US$14.1b	15.5x	137.9x	5.4x
Sun, 12 May 2024	US$1.9t	US$358.2b	US$13.7b	19.4x	135.2x	5.2x
Tue, 09 Apr 2024	US$1.9t	US$355.2b	US$22.8b	23.8x	82.2x	5.3x
Thu, 07 Mar 2024	US$1.9t	US$355.3b	US$22.5b	23.3x	83.8x	5.3x
Sat, 03 Feb 2024	US$1.8t	US$353.1b	US$22.0b	31.7x	81.4x	5.1x
Mon, 01 Jan 2024	US$1.7t	US$375.2b	US$33.8b	31.9x	49.9x	4.5x
Wed, 29 Nov 2023	US$1.6t	US$375.1b	US$33.9b	26.1x	48.3x	4.4x
Fri, 27 Oct 2023	US$1.6t	US$383.5b	US$46.5b	14.4x	34.9x	4.2x
Sun, 24 Sep 2023	US$1.7t	US$381.8b	US$43.9b	19.9x	38.3x	4.4x
Tue, 22 Aug 2023	US$1.8t	US$381.6b	US$44.1b	19.9x	40.4x	4.7x
Thu, 20 Jul 2023	US$1.7t	US$392.8b	US$60.2b	18.8x	27.7x	4.2x
Sat, 17 Jun 2023	US$1.7t	US$392.8b	US$60.1b	19x	29x	4.4x


US Market	-3.33%
Healthcare	5.05%
Pharma	5.62%
Pharma	5.62%

Company	Last Price	7D	1Y	Valuation
LLY Eli Lilly	US$1.14k	7.6% +US$71.8b	41.8%	PE40.4x
JNJ Johnson & Johnson	US$237.00	6.3% +US$34.0b	51.5%	PE27.1x
MRK Merck	US$119.60	3.4% +US$9.8b	47.0%	PE33.1x
BMY Bristol-Myers Squibb	US$56.48	3.7% +US$4.1b	13.0%	PE15.9x
ZTS Zoetis	US$82.20	7.6% +US$2.4b	-50.8%	PE12.9x

Announcement • 41m

Eli Lilly and Company Receives Fda Approval for EBGLYSS Maintenance Dose Every Eight Weeks in Patients with Moderate-To-Severe Atopic Dermatitis

Eli Lilly and Company announced that the U.S. Food and Drug Administration approved a regimen of one maintenance dose every eight weeks of a single injection (250 mg/2 mL) of EBGLYSS (lebrikizumab-lbkz) for subcutaneous use in adults and children 12 years of age and older who weigh at least 88 pounds (40 kg) with moderate-to-severe atopic dermatitis. EBGLYSS is already approved for a once-monthly maintenance dose, with long-term data showing durable disease control. EBGLYSS gives patients with moderate-to-severe atopic dermatitis the option to manage their condition with as few as six maintenance injections per year. The approval is based on longitudinal exposure-response modeling data and supported by every-eight-week clinical data from an extension to the Phase 3 ADjoin long-term trial, which evaluated EBGLYSS maintenance dosing every four weeks or every eight weeks over 32 weeks. No new safety signals were noted in the EBGLYSS safety data in the 32-week ADjoin Q8W extension. No patients discontinued due to adverse events through 32 weeks. The most common (=1%) adverse reactions reported with EBGLYSS are conjunctivitis, injection site reactions and herpes zoster. Lilly has exclusive rights for development and commercialization of EBGLYSS in the U.S. and the rest of the world outside Europe. Almirall has licensed the rights to develop and commercialize EBGLYSS for the treatment of dermatology indications, including atopic dermatitis, in Europe. The Q8W ADjoin extension (NCT04392154) evaluated EBGLYSS administered once every eight weeks (Q8W) and once every four weeks (Q4W), assessing its long-term safety and efficacy over 32 weeks in patients with moderate-to-severe atopic dermatitis across select countries. Adult and adolescent patients (ages 12–17, weighing =40 kg) who completed the 100-week ADjoin long-term study, including participants from the Phase 3 ADvocate 1 and 2 trials (52 weeks), ADore trial (52 weeks) and the ADopt-VA (16 weeks) trial, were eligible to enroll. Patients in this analysis received open-label EBGLYSS 250 mg, Q8W or Q4W, regardless of their previous treatment in ADjoin (Q2W or Q4W dose) or response at extension baseline. The approved maintenance dose of EBGLYSS is 250 mg every four weeks or 250 mg every eight weeks, after taking EBGLYSS 250 mg every two weeks for 16 weeks or later when adequate clinical response is achieved. EBGLYSS is a monoclonal antibody that selectively targets and neutralizes IL-13 with high binding affinity and a slow dissociation rate. EBGLYSS binds to the IL-13 cytokine at an area that overlaps with the binding site of the IL-4Ra subunit of the IL-13Ra1/IL-4Ra heterodimer, preventing formation of this receptor complex and inhibiting IL-13 signaling. IL-13 is implicated as a primary cytokine tied to the pathophysiology of atopic dermatitis, driving the type-2 inflammatory loop in the skin, and EBGLYSS selectively targets IL-13. The EBGLYSS Phase 3 program in atopic dermatitis consists of seven key global studies evaluating more than 1,600 patients, including two monotherapy studies (ADvocate 1 and 2), a combination study with topical corticosteroids (ADhere), long-term extension (ADjoin) and adolescent open-label (ADore) studies. The program also includes a study assessing the impact of EBGLYSS on vaccine immune response in adults (ADopt-VA). EBGLYSS has been studied in patients with skin of color (ADmirable) and in dupilumab-experienced patients (ADapt). EBGLYSS was approved in the U.S., Japan and Canada in 2024 and in the European Union in 2023. EBGLYSS is a first-line biologic treatment, administered with or without topical corticosteroids, that offers every-four-week or every-eight-week maintenance dosing for adults and children 12 years of age and older who weigh at least 88 pounds (40 kg) with moderate-to-severe atopic dermatitis that is not well-controlled with topical prescription therapies. In the U.S., the recommended initial starting dose of EBGLYSS is 500 mg (two 250 mg injections) at Week 0 and Week 2, followed by 250 mg every two weeks until Week 16 or later when adequate clinical response is achieved; after this, maintenance dosing is 250 mg every four weeks or every eight weeks. Lilly is committed to serving patients living with moderate-to-severe atopic dermatitis and is working to enable broad first-line biologic access to EBGLYSS for patients not well-controlled with topical prescription therapy through commercial insurance. Lilly has coverage with all three major national pharmacy benefit managers and 94% of commercially insured patients have coverage through national health plans. We have expanded Medicaid coverage and are pursuing similarly broad Medicare coverage as part of Lilly's health equity and affordability initiative. Through Lilly Support ServicesTM for EBGLYSS®, Lilly offers a patient support program including co-pay assistance for eligible, commercially insured patients. EBGLYSS® (EHB-glihs) is an injectable medicine used to treat adults and children 12 years of age and older who weigh at least 88 pounds (40 kg) with moderate-to-severe eczema (atopic dermatitis) that is not well-controlled with prescription therapies used on the skin (topical), or who cannot use topical therapies. EBGLYSS can be used with or without topical corticosteroids. It is not known if EBGLYSS is safe and effective in children less than 12 years of age or in children 12 years to less than 18 years of age who weigh less than 88 pounds (40 kg). Warnings - Do not use EBGLYSS if you are allergic to lebrikizumab-lbkz or to any of the ingredients in EBGLYSS. See the Patient Information leaflet that comes with EBGLYSS for a complete list of ingredients. Before using EBGLYSS, tell your healthcare provider about all your medical conditions, including if you: Have a parasitic (helminth) infection. Are scheduled to receive any vaccinations. You should not receive a "live vaccine" if you are treated with EBGLYSS. Are pregnant or plan to become pregnant. It is not known if EBGLYSS will harm your unborn baby. If you become pregnant during treatment with EBGLYSS, you or your healthcare provider can call Eli Lilly and Company at 1-800-LillyRx (1-800-545-5979) to report the pregnancy.

Announcement • Jun 09

Oculis Holding AG Announces First Patient Randomized In PREDICT-1 Registrational Trial Of Licaminlimab

Oculis Holding AG announced that the first patient has been randomized in the PREDICT-1 (Personalized dRy Eye Disease Investigational Clinical Trial) genotype-based registrational trial in dry eye disease (DED). PREDICT-1 is the first genotype-based registrational trial in dry eye disease (DED), with the potential of delivering a first-in-class precision medicine treatment in DED. This FDA-aligned trial targets the specific TNFR1 genotype to maximize treatment effects, with approximately 70% of clinical sites already activated and patients in the run-in phase. Licaminlimab has the potential to offer a targeted precision solution for a highly unsatisfied market. The first registrational trial in the program, PREDICT-1, is designed to further evaluate the efficacy of Licaminlimab in DED symptoms and its safety compared with vehicle in patients carrying a specific TNFR1 genotype, while also evaluating the effect in the overall study population. The PREDICT-1 trial is a randomized, multi-center, double-masked, vehicle-controlled study that plans to enroll approximately 160 patients of whom approximately two-thirds will have the specified TNFR1 genotype. The primary endpoint is the change from baseline to Day 29 in the global ocular discomfort severity score in patients with the specified TNFR1 genotype. The same outcome measure will be evaluated in the overall study population as a key secondary endpoint. This precision medicine approach is designed to identify patients more likely to benefit from Licaminlimab. PREDICT-1 incorporates a screening phase. This process is designed to ensure appropriate patient selection based on genotype status assessed prior to the artificial tear run-in phase, as well as ocular discomfort severity (=60 in the global ocular discomfort severity score), evaluated both before and after the run-in phase. TNFR1 is a key receptor mediating TNFa-driven inflammation and apoptosis. Licaminlimab has shown greater clinical response in patients with a specific TNFR1 genotype in Phase 2 trials, with substantial improvements in signs and symptoms. These findings are consistent with the literature suggesting that genetic variation in the TNF/TNFR1 pathway may account for variability in the inflammatory response, and that TNFR1-mediated inflammation may play a key role in ocular surface pathology in DED. The PREDICT-1 trial is designed to leverage these findings with the aim of delivering the first precision medicine treatment in ophthalmology. In the U.S. approximately 10 million diagnosed patients suffer from moderate to severe DED. Current disease management relies on a trial-and-error therapeutic approach, with a minority (approximately 13%) of patients experiencing sustained relief, leading to an 85-90% discontinuation rate within the first 6 months, underscoring the significant unmet need for a targeted, effective treatment approach. Licaminlimab has the potential to transform the current DED treatment paradigm by providing a precision medicine approach with high efficacy, rapid onset of action, and a comfort level similar to artificial tears. Licaminlimab is an anti-TNFa eye drop candidate being developed with a single chain antibody fragment (scFv) technology specifically developed to treat ocular inflammatory diseases. The dual anti-inflammatory and anti-necrotic mechanism of action of TNF-a inhibition has been well-established in inflammatory disorders where the systemic use of TNF-a inhibitors has led to marked improvements in the disease management and treatment outcomes. In Phase 2 trials, Licaminlimab has shown a positive treatment effect on both the signs and symptoms of DED and has been well tolerated. In addition, a genetic biomarker has been identified which showed a five- to seven-fold more pronounced treatment effect with Licaminlimab in patients with a variant in the TNFR1 gene. Licaminlimab is an investigational drug in registrational trial and has not received regulatory approval for commercial use in any country. DED is a multifactorial disease in which ocular surface inflammation plays a central role in sustaining the pathological state. It usually affects both eyes and patients may experience a stinging, burning or scratchy sensation. In addition, some patients experience sensitivity to light, eye redness, difficulty wearing contact lenses, difficulty with nighttime driving, and blurred vision which can greatly affect their quality of life. It is a common condition estimated to impact more than 110 million people in the G7 countries (U.S., U.K., Germany, France, Spain, Italy, Japan). Of the approximately 20 million patients who are diagnosed with DED in the U.S., about half or 10 million are considered to have moderate to severe disease. However, only 13% of DED patients receive prescription treatment, primarily with anti-inflammatory medications and despite available therapies, most patients (87%) don’t feel that their chronic DED is well-managed which highlights a high level of dissatisfaction. Furthermore, 90% of patients discontinued their treatment altogether within one year with the vast majority discontinuing in the first 6 months. Unmet medical needs remain for novel anti-inflammatory treatments which are efficacious, fast-acting and well-tolerated as well as developing targeted therapeutics for specific patient subtypes to improve treatment outcomes for this heterogeneous patient population.

U.S. Pharma Industry Analysis

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