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 37.8x 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 5.9x.

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, 16 Jul 2026	US$2.5t	US$425.2b	US$66.0b	15.1x	37.8x	5.9x
Sat, 13 Jun 2026	US$2.5t	US$425.3b	US$66.0b	15.2x	37.4x	5.8x
Mon, 11 May 2026	US$2.2t	US$424.3b	US$65.9b	16.1x	33.5x	5.2x
Wed, 08 Apr 2026	US$2.3t	US$405.9b	US$72.5b	16.5x	31.3x	5.6x
Fri, 06 Mar 2026	US$2.4t	US$406.1b	US$72.5b	18.8x	32.5x	5.8x
Sun, 01 Feb 2026	US$2.3t	US$405.1b	US$73.9b	20.4x	31.1x	5.7x
Tue, 30 Dec 2025	US$2.3t	US$402.8b	US$71.4b	19.9x	31.7x	5.6x
Thu, 27 Nov 2025	US$2.3t	US$402.7b	US$71.4b	20.6x	31.6x	5.6x
Sat, 25 Oct 2025	US$1.9t	US$389.2b	US$63.5b	17.7x	29.7x	4.8x
Mon, 22 Sep 2025	US$1.8t	US$387.9b	US$60.9b	18.4x	29x	4.6x
Wed, 20 Aug 2025	US$1.7t	US$387.8b	US$61.1b	19.1x	28.4x	4.5x
Fri, 18 Jul 2025	US$1.8t	US$384.0b	US$62.1b	18x	28.5x	4.6x
Sun, 15 Jun 2025	US$1.8t	US$382.7b	US$61.2b	17.8x	29.1x	4.7x
Tue, 13 May 2025	US$1.7t	US$382.6b	US$61.0b	17.1x	27.1x	4.3x
Thu, 10 Apr 2025	US$1.6t	US$379.9b	US$40.6b	16.1x	40.1x	4.3x
Sat, 08 Mar 2025	US$2.0t	US$381.1b	US$39.2b	16.5x	49.8x	5.1x
Mon, 03 Feb 2025	US$1.9t	US$370.4b	US$29.8b	18.4x	62x	5x
Wed, 01 Jan 2025	US$1.8t	US$369.3b	US$31.3b	16.5x	56.9x	4.8x
Fri, 29 Nov 2024	US$1.9t	US$373.8b	US$30.6b	19.8x	60.9x	5x
Sun, 27 Oct 2024	US$2.0t	US$365.3b	US$23.7b	17.9x	83.2x	5.4x
Tue, 24 Sep 2024	US$2.0t	US$364.2b	US$25.3b	18.9x	80.4x	5.6x
Thu, 22 Aug 2024	US$2.0t	US$362.1b	US$21.8b	18x	93.3x	5.6x
Sat, 20 Jul 2024	US$1.9t	US$356.5b	US$13.1b	15.9x	148.2x	5.4x
Mon, 17 Jun 2024	US$1.9t	US$358.3b	US$14.1b	15.3x	137.4x	5.4x
Wed, 15 May 2024	US$1.9t	US$358.2b	US$13.8b	18.1x	134.6x	5.2x
Fri, 12 Apr 2024	US$1.8t	US$355.1b	US$23.9b	23.4x	76.9x	5.2x
Sun, 10 Mar 2024	US$1.9t	US$355.3b	US$22.4b	22.5x	84x	5.3x
Tue, 06 Feb 2024	US$1.8t	US$352.8b	US$22.8b	28.1x	79.4x	5.1x
Thu, 04 Jan 2024	US$1.8t	US$375.2b	US$33.8b	27.7x	51.7x	4.7x
Sat, 02 Dec 2023	US$1.7t	US$375.2b	US$33.9b	27.2x	48.6x	4.4x
Mon, 30 Oct 2023	US$1.6t	US$383.5b	US$46.6b	14.2x	34.1x	4.1x
Wed, 27 Sep 2023	US$1.7t	US$381.8b	US$43.9b	18.5x	38.1x	4.4x
Fri, 25 Aug 2023	US$1.8t	US$381.6b	US$44.1b	19.8x	39.9x	4.6x
Sun, 23 Jul 2023	US$1.7t	US$394.3b	US$60.5b	18.6x	28.7x	4.4x


US Market	0.81%
Healthcare	-2.41%
Pharma	-3.88%
Pharma	-3.88%

Company	Last Price	7D	1Y	Valuation
PFE Pfizer	US$24.82	3.2% +US$4.4b	0.9%	PE18.9x
BMY Bristol-Myers Squibb	US$58.72	2.1% +US$2.4b	24.5%	PE16.5x
ELAN Elanco Animal Health	US$25.54	3.4% +US$424.5m	76.0%	PS2.6x
MANE Veradermics	US$123.70	4.6% +US$227.7m	n/a	PB13.2x
ELVN Enliven Therapeutics	US$53.16	4.6% +US$164.8m	147.7%	PB8.2x

Announcement • 14h

Merck Announces KEYTRUDA® (pembrolizumab) as Monotherapy Significantly Improved Progression-Free Survival (PFS) in Certain Patients With Advanced or Recurrent Endometrial Cancer With Mismatch Repair Deficient (dMMR) Tumors Compared to Chemotherapy

Merck announced the Phase 3 KEYNOTE-C93 trial evaluating KEYTRUDA (pembrolizumab), Merck’s anti-PD-1 therapy, met its primary endpoint of progression-free survival (PFS) for the treatment of patients with mismatch repair deficient (dMMR) advanced or recurrent endometrial cancer who had not previously received systemic chemotherapy or who experienced recurrence more than six months after completing prior adjuvant therapy. KEYTRUDA is the first and only PD-1 inhibitor to show a statistically significant and clinically meaningful improvement in PFS as monotherapy compared to platinum doublet chemotherapy for these patients in a Phase 3 trial. At a pre-specified interim analysis conducted by an independent Data Monitoring Committee, a trend toward improvement in overall survival (OS), the trial’s other primary endpoint, was observed for KEYTRUDA; however, these OS data were not mature at the time of this analysis. The trial is ongoing, and OS for the full study population will be evaluated at a future analysis. This analysis also showed a clinically meaningful overall response rate (ORR), as well as complete response rate (CRR) and duration of response (DOR) for KEYTRUDA. The safety profile of KEYTRUDA in this trial was consistent with that observed in previously reported studies; no new safety signals were identified. Results will be presented at an upcoming medical meeting and shared with regulatory authorities. In the U.S., KEYTRUDA is the only anti-PD-1 therapy with three approved indications for patients with certain types of endometrial cancer. KEYTRUDA is indicated: in combination with carboplatin and paclitaxel, followed by KEYTRUDA as a single agent, for the treatment of adult patients with primary advanced or recurrent endometrial carcinoma; in combination with LENVIMA (lenvatinib), in collaboration with Eisai, for the treatment of patients with advanced endometrial carcinoma that is mismatch repair proficient (pMMR), as determined by an FDA-authorized test, or not microsatellite instability-high (MSI-H), who have disease progression following prior systemic therapy in any setting and are not candidates for curative surgery or radiation; and as a single agent, for the treatment of adult patients with advanced endometrial carcinoma that is MSI-H or dMMR, as determined by an FDA-authorized test, who have disease progression following prior systemic therapy in any setting and are not candidates for curative surgery or radiation. Merck has a comprehensive clinical development program evaluating KEYTRUDA (both as monotherapy and in combination with chemotherapy) and sacituzumab tirumotecan (sac-TMT), an investigational TROP2-directed antibody-drug conjugate (ADC) being developed in collaboration with Kelun-Biotech, in endometrial cancer. As previously announced, TroFuse-005 (NCT06132958) met its primary endpoints of PFS and OS, as well as its key secondary endpoint of ORR in patients with endometrial cancer who have previously received platinum-based chemotherapy and immunotherapy. In addition, TroFuse-033 (NCT06952504) is enrolling patients with pMMR endometrial cancer to evaluate sac-TMT in an earlier treatment setting of first-line maintenance. The KEYNOTE-B21 trial (NCT04634877) remains ongoing for analysis in the dMMR subgroup. KEYNOTE-C93 is a randomized, open-label Phase 3 trial (NCT05173987) evaluating KEYTRUDA monotherapy versus carboplatin plus paclitaxel in patients with dMMR advanced or recurrent endometrial cancer who have not previously been treated with prior systemic chemotherapy. The trial enrolled 299 patients who were randomized to receive either KEYTRUDA (400 mg) intravenously every six weeks for up to 18 cycles, or combination of paclitaxel (175 mg/m) and carboplatin (AUC 5 or 6) every three weeks for six cycles. The trial’s dual primary endpoints are PFS, as assessed by blinded independent central review (BICR) according to Response Evaluation Criteria in Solid Tumors version 1.1 (RECIST v1.1), and OS. A key secondary endpoint of the study is ORR. 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. There are currently more than 2,800 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient's likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.

Announcement • 20h

Veradermics, Incorporated Announces Positive Topline Results From Open-Label Phase 2 Clinical Trial Study 207 Evaluating VDPHL01 In Female Pattern Hair Loss

Veradermics, Incorporated had announced positive topline results from its open-label Phase 2 clinical trial (Study ‘207’) evaluating VDPHL01, a proprietary extended-release oral minoxidil formulation, in females with mild-to-moderate pattern hair loss. VDPHL01 has the potential to become the first FDA-approved oral treatment for female pattern hair loss. Among female participants who received either VDPHL01 4.5mg once daily or VDPHL01 4.5mg twice daily for 6 months, VDPHL01 demonstrated a potentially differentiated clinical profile defined by rapid onset of activity, consistent response across participants, and increases in hair count while being generally well tolerated with no treatment-related serious adverse events (SAEs) and no adverse events of special interest (AESIs) of cardiac origin. In the study, VDPHL01 achieved consistent hair growth on the endpoint of non-vellus target area hair count (TAHC) and patient reported outcome (PRO) benefits of ‘improved’ or ‘much improved’ on the Androgenetic Alopecia Impact Rating Scale (AAIRS) at Month 6. Participants achieved an average increase in non-vellus hair count of 22.7 hairs/cm² and 23.3 hairs/cm² in once daily and twice daily VDPHL01 treatment arms, respectively. Additionally, 88.9% of participants in the once daily dose arm and 90.0% of participants in the twice daily dose arm achieved ‘improved’ or ‘much improved’ hair coverage on the AAIRS. The consistency of clinically meaningful hair growth reported by participants was further supported by investigator perception of hair growth, with investigators grading 100% (once daily dosing arm) and 90% (twice daily dosing arm) of female participants as having improvement in hair coverage at Month 6. Fast onset of hair growth was also observed by investigators and patients as early as Month 2, the earliest measured time point measured in the trial, with 67.2% of participants graded by investigators as demonstrating improvement and 63.2% of participants reporting improvement in hair coverage at Month 2. Treatment with VDPHL01 was generally well tolerated through Month 6 with an overall safety profile consistent with prior studies with VDPHL01. No treatment-related SAEs and no AESIs of cardiac origin were observed in this study. VDPHL01 is currently being evaluated in an extensive pivotal development program designed to support the approval of VDPHL01 in both female and male pattern hair loss. Veradermics is actively recruiting female participants for its female pattern hair loss Phase 2/3 trial, Study ‘306’, with topline data anticipated in First Half 2027. In April, Veradermics announced topline results from Study ‘302’, a registration-directed Phase 2/3 trial in male pattern hair loss and, in February, Veradermics announced enrollment completion in its second Phase 3 male trial, Study ‘304’, with topline results anticipated in the second half of 2026. VDPHL01 (extended-release minoxidil tablet) is a proprietary investigational, oral non-hormonal drug in Phase 3 development for pattern hair loss in both women and men. VDPHL01 leverages extended-release technology to deliver a minoxidil product with the potential for improved efficacy and safety. The proprietary extended-release formulation utilizes a gel matrix designed to deliver long-lasting, steady release of minoxidil for sustained absorption. VDPHL01 has been shown to avoid the high peak concentrations of immediate-release oral minoxidil, while extending time above the minimum hair growth threshold to increase time for hair to grow. If approved, VDPHL01 would be the only FDA-approved oral non-hormonal treatment for pattern hair loss in both male and female patients. VDPHL01 is protected by a broad library of patents and patent applications related to the key innovations of VDPHL01. The earliest expiring patent term is 2043. Pattern hair loss, also known as androgenetic alopecia, affects an estimated 80 million people in the United States (30 million women and 50 million men). Pattern hair loss can have a significant impact on quality of life, affecting an individual’s mental health and relationships. People with pattern hair loss often experience depression, low self-esteem, and social withdrawal. There have been no new FDA-approved prescription medicines for pattern hair loss in nearly 30 years. In addition, current treatments include over the counter “nutraceuticals” that produce inconsistent results and contribute to high dissatisfaction among participants and healthcare providers. The prevalence of pattern hair loss and the market demand for new treatments contribute to making it the largest aesthetics market worldwide, projected to reach approximately $30 billion by 2028. Study ‘207’ is a multicenter Phase 2 open label study in 21 adult male and 28 adult female pattern hair loss patients to obtain proof of concept for the safety and efficacy of twelve months of treatment with VDPHL01 8.5 mg twice daily in male patients and VDPHL01 4.5 mg either once or twice daily in female patients with pattern hair loss.

U.S. Pharma Industry Analysis

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Latest News

Royalty Pharma plc to Report Q2, 2026 Results on Aug 05, 2026

Merck Announces KEYTRUDA® (pembrolizumab) as Monotherapy Significantly Improved Progression-Free Survival (PFS) in Certain Patients With Advanced or Recurrent Endometrial Cancer With Mismatch Repair Deficient (dMMR) Tumors Compared to Chemotherapy

Veradermics, Incorporated Announces Positive Topline Results From Open-Label Phase 2 Clinical Trial Study 207 Evaluating VDPHL01 In Female Pattern Hair Loss

President exercised options to buy US$8.8m worth of stock.

New minor risk - Share price stability

Price target increased by 7.4% to US$18.25

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

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

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Price target increased by 8.3% to US$65.11

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