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 38.5x which is lower than its 3-year average PE of 54.4x. The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 6.0x.

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, 15 Jul 2026	US$2.5t	US$425.2b	US$66.0b	14.8x	38.5x	6x
Fri, 12 Jun 2026	US$2.4t	US$425.3b	US$66.0b	15.1x	36.8x	5.7x
Sun, 10 May 2026	US$2.2t	US$424.3b	US$65.9b	16.1x	34x	5.3x
Tue, 07 Apr 2026	US$2.3t	US$405.9b	US$72.5b	16.5x	31.6x	5.6x
Thu, 05 Mar 2026	US$2.4t	US$406.0b	US$72.3b	19.5x	32.6x	5.8x
Sat, 31 Jan 2026	US$2.3t	US$405.1b	US$73.9b	20.4x	30.8x	5.6x
Mon, 29 Dec 2025	US$2.3t	US$402.8b	US$71.4b	19.9x	31.7x	5.6x
Wed, 26 Nov 2025	US$2.2t	US$402.7b	US$71.4b	20.5x	30.8x	5.5x
Fri, 24 Oct 2025	US$1.9t	US$389.2b	US$63.5b	18.4x	29.6x	4.8x
Sun, 21 Sep 2025	US$1.8t	US$387.9b	US$60.9b	18.4x	29x	4.6x
Tue, 19 Aug 2025	US$1.7t	US$387.8b	US$60.9b	19.1x	28.6x	4.5x
Thu, 17 Jul 2025	US$1.7t	US$382.7b	US$61.3b	17.9x	28.2x	4.5x
Sat, 14 Jun 2025	US$1.8t	US$382.7b	US$61.2b	17.8x	29.1x	4.7x
Mon, 12 May 2025	US$1.7t	US$382.6b	US$61.1b	17x	27.1x	4.3x
Wed, 09 Apr 2025	US$1.6t	US$379.9b	US$40.6b	15.1x	40.5x	4.3x
Fri, 07 Mar 2025	US$2.0t	US$381.1b	US$39.3b	16.3x	50x	5.2x
Sun, 02 Feb 2025	US$1.9t	US$370.4b	US$29.8b	18.4x	62x	5x
Tue, 31 Dec 2024	US$1.8t	US$369.3b	US$31.3b	16.4x	57.7x	4.9x
Thu, 28 Nov 2024	US$1.9t	US$373.8b	US$30.6b	19.8x	60.6x	5x
Sat, 26 Oct 2024	US$2.0t	US$365.3b	US$23.7b	17.9x	83.8x	5.4x
Mon, 23 Sep 2024	US$2.0t	US$364.2b	US$25.3b	18.9x	80.4x	5.6x
Wed, 21 Aug 2024	US$2.0t	US$362.1b	US$21.8b	17.8x	92.1x	5.5x
Fri, 19 Jul 2024	US$2.0t	US$356.5b	US$13.1b	16x	153.1x	5.6x
Sun, 16 Jun 2024	US$1.9t	US$358.3b	US$14.1b	15.3x	137.4x	5.4x
Tue, 14 May 2024	US$1.9t	US$358.2b	US$13.8b	18x	134.6x	5.2x
Thu, 11 Apr 2024	US$1.8t	US$355.1b	US$23.9b	23.4x	77.3x	5.2x
Sat, 09 Mar 2024	US$1.9t	US$357.3b	US$20.0b	21.9x	94x	5.3x
Mon, 05 Feb 2024	US$1.8t	US$353.1b	US$22.0b	31.7x	81.4x	5.1x
Wed, 03 Jan 2024	US$1.7t	US$375.2b	US$33.8b	27.4x	51x	4.6x
Fri, 01 Dec 2023	US$1.6t	US$375.1b	US$33.9b	26.6x	48.2x	4.4x
Sun, 29 Oct 2023	US$1.6t	US$383.5b	US$46.6b	14.2x	34.1x	4.1x
Tue, 26 Sep 2023	US$1.7t	US$381.8b	US$43.9b	19.9x	38.3x	4.4x
Thu, 24 Aug 2023	US$1.8t	US$381.6b	US$44.1b	19x	40.2x	4.6x
Sat, 22 Jul 2023	US$1.7t	US$394.3b	US$60.5b	18.6x	28.7x	4.4x


US Market	0.22%
Healthcare	-3.87%
Pharma	-5.34%
Pharma	-5.34%

Company	Last Price	7D	1Y	Valuation
PFE Pfizer	US$24.25	0.7% +US$1.0b	-1.5%	PE18.5x
ELAN Elanco Animal Health	US$25.55	3.7% +US$454.5m	74.9%	PS2.6x
DFTX Definium Therapeutics	US$45.98	3.4% +US$199.1m	469.8%	PB21.9x
ATAI AtaiBeckley	US$5.67	9.2% +US$176.7m	114.0%	PS598.5x
SPTX Seaport Therapeutics	US$20.44	12.1% +US$118.3m	n/a	PE-12.6x

Announcement • 23h

Definium Therapeutics, Inc. Announces Results from New Healthcare Claims Study of Treatment Patterns of Newly Diagnosed and Established Gad Patients, Including Pharmacotherapy Use, Discontinuation, Switching and Treatment Progression

Definium Therapeutics, Inc. announced results from a new healthcare claims study of treatment patterns of newly diagnosed and established GAD patients, including pharmacotherapy use, discontinuation, switching and treatment progression. The findings, published in CNS Spectrums, highlight the challenges in achieving response and sustained remission with existing treatments and underscore the need for new GAD treatments that provide better efficacy, rapid onset, sustained symptom control, and improved tolerability. The study highlights substantial unmet need in GAD treatment, revealing frequent treatment discontinuation, switching, and prolonged gaps in care that often occur well before the 6–12 months of therapy recommended in clinical guidelines to reduce relapse risk. Specifically, the analysis found: 55% of newly diagnosed patients discontinued their initial pharmacotherapy, and 28% added or switched treatment. Among established patients, 16% discontinued and 55% added or switched treatment. Treatment changes were rapid: newly diagnosed patients switched at a median of 31 days and initiated combination therapy at 49 days, whereas established patients switched at 42 days and initiated combination therapy at 32 days. Median time to discontinuation was 84 days (newly diagnosed) and 119 days (established), both shorter than recommended in clinical guidelines. 57% of newly diagnosed patients who discontinued did not resume therapy during the study period. Among patients restarting after discontinuation, median treatment gap was 146 days (newly diagnosed) and 96 days (established). Among patients who modified their initial treatment, 75% of newly diagnosed and 94% of established patients experienced at least one additional therapy change within 12 months. Real-world data analysis revealed high rates of pharmacotherapy switching, discontinuation, and prolonged gaps in care among patients with GAD. These challenges are compounded by GAD's frequent co-occurrence with major depressive disorder, further complicating treatment management. Together, these findings underscore the urgent need for new treatment options that address both conditions. GAD remains one of the most common psychiatric disorders, characterized by excessive and persistent worry that can significantly impair daily functioning and quality of life. There has been little innovation in the treatment of GAD in the past several decades, with the last new drug approval occurring in 2007. Even with available treatment options, many patients do not achieve adequate or sustained symptom relief, and many experience adverse effects such as weight gain and sexual dysfunction, contributing to ongoing clinical and societal burden. Despite the substantial burden of GAD, treatment guidance remains fragmented. The absence of consensus-based algorithms creates uncertainty regarding when to initiate and how to sequence treatments. As of 2026, no formal comprehensive clinical practice guidelines for GAD exist in the U.S. Although the American Academy of Family Physicians previously developed a practice consensus for GAD and panic disorder, its recommendations for GAD management are limited. By evaluating treatment patterns among both newly diagnosed and established GAD patients, this analysis characterizes the evolution of pharmacologic management and provides real-world insights into the effectiveness and tolerability of current treatment strategies beyond data derived primarily from randomized controlled trials. The authors note that an inherent limitation of claims analyses is that the data captured is restricted to information available in medical claims. Additionally, the analysis did not distinguish patients with GAD alone from those with comorbid psychiatric conditions, which may meaningfully influence treatment trajectories. This was a retrospective analysis of closed claims data from the Komodo Healthcare Map™ — a longitudinal, de-identified U.S. pharmacy and medical claims database comprising approximately 120 million patients across 150+ health plans, representative of the insured U.S. population. Adult patients with GAD (=18 years) were identified using ICD-10 code F41.1, requiring =2 medical claims =30 days apart, or =1 claim plus =1 GAD-related pharmacotherapy claim, between January 1, 2020 and December 31, 2024. Two cohorts were defined: newly diagnosed GAD (n=259,158) and established GAD (n=1,018,288). Treatment patterns were assessed over 24 months across four categories: discontinuation, switch, combination, and persistence.

Announcement • Jul 11

Merck Receives Fda Approval for Keytruda and Keytruda Qlex Each with Padcev as Treatment Before and After Surgery for Adults with Muscle-Invasive Bladder Cancer

Merck announced the U.S. Food and Drug Administration approved KEYTRUDA (pembrolizumab) and KEYTRUDA QLEX (pembrolizumab and berahyaluronidase alfa-pmph), Merck’s anti-PD-1 therapies, each in combination with Padcev (enfortumab vedotin-ejfv), as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment for the treatment of adult patients with muscle-invasive bladder cancer (MIBC). These approvals represent the first and only PD-1 inhibitor plus antibody-drug conjugate (ADC) regimens approved for adults with MIBC regardless of cisplatin eligibility. These approvals are based on data from the Phase 3 KEYNOTE-B15 trial (also known as EV-304), which was conducted in collaboration with Pfizer and Astellas and enrolled 808 patients. They also expand the previously approved indication based on the Phase 3 KEYNOTE-905 trial (also known as EV-303) for KEYTRUDA and KEYTRUDA QLEX, each in combination with Padcev, in the U.S. as treatment before and after surgery for adult patients with MIBC who are ineligible for cisplatin-based chemotherapy. In KEYNOTE-B15, KEYTRUDA plus Padcev, given before and after surgery, demonstrated a statistically significant improvement in event-free survival (EFS), reducing the risk of EFS events (defined as disease progression, recurrence or death) by 47% (HR=0.53 [95% CI, 0.41-0.70]; p<0.0001; 87/405 [21%] versus 146/403 [36%]) in patients with MIBC who are eligible for cisplatin-based chemotherapy compared to neoadjuvant chemotherapy (gemcitabine and cisplatin) and surgery. KEYTRUDA QLEX is contraindicated in patients with known hypersensitivity to berahyaluronidase alfa, hyaluronidase or to any of its excipients. KEYTRUDA and KEYTRUDA QLEX are associated with the following Warnings and Precautions: severe and fatal immune-mediated adverse reactions in any or multiple organs, which can occur during or after treatment, including pneumonitis, colitis, hepatitis, endocrinopathies, nephritis, dermatologic reactions, solid organ transplant rejection, other transplant (including corneal graft) rejection; severe and life-threatening infusion or injection-related reactions; fatal and other serious complications in patients who receive allogeneic hematopoietic stem cell transplantation before or after beginning treatment; embryo-fetal toxicity; and increased mortality in patients with multiple myeloma when KEYTRUDA or KEYTRUDA QLEX is added to a thalidomide analogue plus dexamethasone, which is not recommended outside of controlled trials. Immune-mediated adverse reactions listed here may not include all such possible severe or fatal reactions. KEYNOTE-B15, also known as EV-304, is an open-label, randomized, multicenter, active-control Phase 3 trial evaluating perioperative KEYTRUDA in combination with Padcev and surgery (radical cystectomy [RC] and pelvic lymph node dissection [PLND]) versus neoadjuvant chemotherapy (gemcitabine plus cisplatin) and surgery in patients with previously untreated MIBC who are eligible for cisplatin-based chemotherapy. TAdverse reactions leading to dose interruption of KEYTRUDA in the adjuvant phase occurred in 39% of patients who received KEYTRUDA in the adjuvant phase. The most common adverse reactions (=2%) leading to dose interruption of KEYTRUDA were diarrhea (6%), urinary tract infection (5%), COVID-19 (3.6%), rash (2.8%) and nausea (2%). KEYNOTE-905, also known as EV-303, is an open-label, randomized, multi-arm, controlled Phase 3 trial evaluating perioperative KEYTRUDA, with or without Padcev, versus surgery alone in patients with MIBC who are either not eligible for or declined cisplatin-based chemotherapy. The trial was conducted in collaboration with Pfizer and Astellas and enrolled 344 patients who were randomized 1:1 to receive either: Neoadjuvant KEYTRUDA 200 mg intravenously on Day 1 and Padcev 1.25 mg/kg intravenously on Days 1 and 8 of each 21-day cycle for three cycles prior to surgery, followed by adjuvant KEYTRUDA 200 mg on Day 1 of each 21-day cycle for 14 cycles and adjuvant Padcev 1.25 mg/kg on Days 1 and 8 of each 21-day cycle for six cycles (n=170). Immediate RC and PLND alone (n=174). The major efficacy outcome measure was EFS as assessed by BICR, defined as the time from randomization to the first occurrence of the following events: disease progression preventing curative surgery, failure to undergo surgery for participants with muscle invasive residual disease, incomplete surgical resection, local or distant recurrence after surgery or death.

U.S. Pharma Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Zoetis Agrees to Acquire VitalRADS to Expand Veterinary Diagnostics Platform

Johnson & Johnson Provides Earnings Guidance for the Full Year 2026

Teva Wins $176 Million Verdict as Forteo Contract Lawsuit Returns to Court

Eli Lilly Gains Full FDA Approval for Retevmo in RET Fusion Solid Tumors

Definium Therapeutics, Inc. Announces Results from New Healthcare Claims Study of Treatment Patterns of Newly Diagnosed and Established Gad Patients, Including Pharmacotherapy Use, Discontinuation, Switching and Treatment Progression

Alto Neuroscience, Inc. has filed a Follow-on Equity Offering in the amount of $100.000025 million.

American Academy of Orthopaedic Surgeons Launches New Pain Management Resource Center in Partnership with Curonix LLC Pacira Biosciences, Inc., Vertex Pharmaceuticals, and Viatris

UK Regulator Reviews Nuvation Bio Application for Key Lung Cancer Therapy

FDA Accepts Bristol-Myers Squibb’s Mezigdomide Application for Multiple Myeloma Therapy Review

PFE: Oncology And Obesity Pipeline Will Drive Post Patent Cliff Repricing

Merck Receives Fda Approval for Keytruda and Keytruda Qlex Each with Padcev as Treatment Before and After Surgery for Adults with Muscle-Invasive Bladder Cancer

Non-Executive Director exercised options and sold US$361k worth of stock

Elanco Animal Health Incorporated to Report Q2, 2026 Results on Aug 05, 2026

RPRX: Royalty Deals And Buybacks Will Test Rich Earnings Assumptions

CEO, President notifies of intention to sell stock

Independent Non-Employee Director recently bought US$236k worth of stock