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
Thu, 11 Jun 2026	US$2.4t	US$424.1b	US$66.3b	15.2x	36.5x	5.7x
Sat, 09 May 2026	US$2.2t	US$424.3b	US$65.9b	16.1x	34x	5.3x
Mon, 06 Apr 2026	US$2.3t	US$405.9b	US$72.5b	16.4x	31.6x	5.6x
Wed, 04 Mar 2026	US$2.4t	US$406.0b	US$72.5b	19.5x	32.9x	5.9x
Fri, 30 Jan 2026	US$2.3t	US$405.1b	US$73.9b	20.2x	30.8x	5.6x
Sun, 28 Dec 2025	US$2.3t	US$402.8b	US$71.4b	19.9x	31.7x	5.6x
Tue, 25 Nov 2025	US$2.2t	US$402.7b	US$71.4b	20.1x	30.4x	5.4x
Thu, 23 Oct 2025	US$1.9t	US$389.2b	US$63.5b	18.5x	29.5x	4.8x
Sat, 20 Sep 2025	US$1.8t	US$387.9b	US$60.9b	18.4x	29.2x	4.6x
Mon, 18 Aug 2025	US$1.7t	US$387.8b	US$60.9b	19.2x	28.6x	4.5x
Wed, 16 Jul 2025	US$1.8t	US$382.7b	US$61.3b	17.6x	28.9x	4.6x
Fri, 13 Jun 2025	US$1.8t	US$382.7b	US$61.2b	18x	28.9x	4.6x
Sun, 11 May 2025	US$1.7t	US$382.6b	US$61.1b	17x	27.1x	4.3x
Tue, 08 Apr 2025	US$1.7t	US$379.9b	US$41.3b	15.2x	40.4x	4.4x
Thu, 06 Mar 2025	US$1.9t	US$381.1b	US$39.3b	16.5x	49.5x	5.1x
Sat, 01 Feb 2025	US$1.9t	US$370.4b	US$29.8b	18.4x	62.7x	5.1x
Mon, 30 Dec 2024	US$1.8t	US$369.4b	US$31.1b	16.9x	58x	4.9x
Wed, 27 Nov 2024	US$1.8t	US$373.8b	US$30.6b	19.3x	59.7x	4.9x
Fri, 25 Oct 2024	US$2.0t	US$365.3b	US$23.7b	18.2x	84.8x	5.5x
Sun, 22 Sep 2024	US$2.0t	US$364.2b	US$25.3b	18.9x	80.4x	5.6x
Tue, 20 Aug 2024	US$2.0t	US$362.1b	US$21.8b	17.9x	91.7x	5.5x
Thu, 18 Jul 2024	US$2.0t	US$355.6b	US$13.8b	15.9x	146.3x	5.7x
Sat, 15 Jun 2024	US$1.9t	US$358.3b	US$14.1b	15.3x	137.9x	5.4x
Mon, 13 May 2024	US$1.9t	US$358.2b	US$13.7b	17.9x	135x	5.2x
Wed, 10 Apr 2024	US$1.9t	US$355.1b	US$23.9b	25x	77.8x	5.2x
Fri, 08 Mar 2024	US$1.9t	US$357.3b	US$20.0b	22.9x	94.6x	5.3x
Sun, 04 Feb 2024	US$1.8t	US$353.1b	US$22.0b	31.7x	81.4x	5.1x
Tue, 02 Jan 2024	US$1.7t	US$375.2b	US$33.8b	31.9x	49.9x	4.5x
Thu, 30 Nov 2023	US$1.6t	US$375.1b	US$33.9b	26.2x	48.1x	4.4x
Sat, 28 Oct 2023	US$1.6t	US$383.5b	US$46.6b	14.2x	34.1x	4.1x
Mon, 25 Sep 2023	US$1.7t	US$381.8b	US$43.9b	19.9x	38.3x	4.4x
Wed, 23 Aug 2023	US$1.8t	US$381.6b	US$44.1b	20.2x	40.1x	4.6x
Fri, 21 Jul 2023	US$1.7t	US$394.3b	US$60.5b	18.3x	28.3x	4.3x
Sun, 18 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	5.3% +US$51.4b	40.5%	PE40.1x
JNJ Johnson & Johnson	US$238.49	6.8% +US$36.7b	53.6%	PE27.3x
MRK Merck	US$119.09	3.8% +US$10.8b	48.3%	PE32.9x
BMY Bristol-Myers Squibb	US$55.60	1.6% +US$1.8b	10.8%	PE15.6x
ZTS Zoetis	US$81.29	4.8% +US$1.6b	-51.1%	PE12.8x

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.

Announcement • Jun 09

Gilead Sciences, Inc. And Merck Announce Positive Topline Results From Two Phase 3 Studies Evaluating Islatravir/Lenacapavir, An Oral Once-Weekly HIV Treatment

Gilead Sciences, Inc. and Merck announced that the primary efficacy endpoint at Week 48 was met in both the Phase 3 ISLEND-1 and ISLEND-2 trials with the investigational oral once-weekly single-tablet HIV treatment regimen of islatravir/lenacapavir. The ISLEND trials are evaluating the efficacy and safety of islatravir 2 mg/lenacapavir 300 mg (ISL/LEN) in people with HIV who are virologically suppressed and switched from BIKTARVY (bictegravir 50 mg/emtricitabine 200 mg/tenofovir alafenamide 25 mg tablets, B/F/TAF) (ISLEND-1) or standard of care antiretroviral regimens (ISLEND-2). The safety profile of ISL/LEN was generally comparable to the comparator regimens studied in the ISLEND trials, and no new safety concerns were identified. Gilead and Merck plan to file the Phase 3 data from the ISLEND trials with regulatory authorities globally and submit the detailed findings for presentation at a future scientific congress. The primary efficacy endpoint of ISLEND-1 and ISLEND-2 was the percentage of participants with HIV-1 RNA levels = 50 copies/mL at Week 48, defined by the FDA snapshot algorithm. In the double-blind ISLEND-1 trial, the once-weekly, single-tablet regimen of ISL/LEN was found to be statistically non-inferior to BIKTARVY. In the open-label ISLEND-2 trial, ISL/LEN was found to be statistically non-inferior to standard of care daily oral antiretroviral therapy regimens. The safety profile of ISL/LEN was generally comparable to BIKTARVY in ISLEND-1 and to standard of care antiretroviral regimens in ISLEND-2. The combination of islatravir and lenacapavir targets multiple stages of HIV-1 replication, potentially offering people with HIV who are virologically suppressed a novel, long-acting oral single-tablet regimen. The potency and pharmacokinetic profiles of islatravir and lenacapavir enable long-acting dosing as a once-weekly tablet for HIV treatment, if approved. Islatravir and lenacapavir in combination are investigational and not approved for use. ISLEND-1 (NCT06630286) is a Gilead-sponsored, multicenter Phase 3 randomized, double-blind, active-controlled trial designed to evaluate the safety and efficacy of switching to a once-weekly tablet of islatravir/lenacapavir (ISL/LEN) versus continuing treatment with BIKTARVY (bictegravir/emtricitabine/tenofovir alafenamide) in people with virologically suppressed HIV (HIV-1 RNA levels <50 copies/mL). ISLEND-2 (NCT06630299) is a Gilead-sponsored, multicenter Phase 3 randomized, open-label, active-controlled trial evaluating the safety and efficacy of switching to a once-weekly tablet of ISL/LEN versus continuation of standard of care treatment in people with virologically suppressed HIV (HIV-1 RNA levels <50 copies/mL). Lenacapavir is being evaluated as a long-acting option in multiple ongoing and planned early and late-stage clinical studies in Gilead’s HIV treatment and prevention research program. Islatravir (MK-8591) is Merck’s potent, next-generation nucleoside analog that blocks HIV-1 replication by multiple mechanisms including inhibition of reverse transcriptase translocation, resulting in immediate chain termination, and induction of structural changes in the viral DNA (delayed chain termination). Islatravir is anchoring multiple ongoing early and late-stage clinical trials of two-drug regimens in combination with other Merck antiretrovirals for potential treatments for HIV-1. Islatravir is being studied in Phase 3 in combination with Merck’s doravirine (DOR/ISL) as a once-daily pill for treatment of HIV-1 infection in adults with no prior antiviral treatment history and in Phase 2b in combination with Merck’s investigational non-nucleoside reverse transcriptase inhibitor (NNRTI) ulonivirine (MK-8507) as an oral once-weekly treatment for HIV-1.

U.S. Pharma Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Royalty Pharma plc Announces Resignation of Errol Bento Jose Trinidade De Souza as Director, Effective June 4, 2026

Bristol Myers Squibb Sees FDA Priority Reviews for Camzyos and Myeloma Therapies as Patent Risks Grow

Teva Reports Long-Term Efficacy Data for AUSTEDO in Tardive Dyskinesia Treatment

LLY: GLP-1 Leadership And Retatrutide Data Will Support Balanced Long-Term Outlook

Regencell Faces DOJ Probe and Securities Lawsuit Following Extended Stock Volatility

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

Gilead Sciences, Inc. And Merck Announce Positive Topline Results From Two Phase 3 Studies Evaluating Islatravir/Lenacapavir, An Oral Once-Weekly HIV Treatment

Johnson & Johnson (NYSE:JNJ) entered into a definitive agreement to acquire Firefly Bio, Inc. for $1 billion.

Independent Director recently sold US$1.7m worth of stock

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

Elanco Expands Screwworm Treatments and Eyes Growth in Pet Health Through 2028

AtaiBeckley Spotlights Phase 3 Depression Program at June Investor Conferences

Edgewise: 'Buy' On Muscular Dystrophy Program Sale And EDG-7500 Advancement

GH Research PLC Publishes Full Results from Phase 2A Trial in Postpartum Depression and Announces Acceptance of Two Oral Presentations At CINP 2026

Zoetis Faces Investor Lawsuit After Earnings Miss and Guidance Cut in Companion Animal Segment

Veradermics Shows Strong Hair Growth Results and Raises US$767 Million for Lead Treatment