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 36.3x 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 5.6x.

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
Fri, 19 Jun 2026	US$2.4t	US$425.2b	US$65.8b	14.9x	36.3x	5.6x
Sun, 17 May 2026	US$2.3t	US$425.2b	US$65.9b	14.8x	34.4x	5.3x
Tue, 14 Apr 2026	US$2.3t	US$405.9b	US$72.5b	16.8x	31.4x	5.6x
Thu, 12 Mar 2026	US$2.3t	US$406.1b	US$71.9b	18x	32.4x	5.7x
Sat, 07 Feb 2026	US$2.3t	US$411.7b	US$74.2b	21.2x	31.6x	5.7x
Mon, 05 Jan 2026	US$2.3t	US$402.6b	US$71.5b	19.9x	31.6x	5.6x
Wed, 03 Dec 2025	US$2.2t	US$402.7b	US$71.4b	20.2x	30.5x	5.4x
Fri, 31 Oct 2025	US$1.9t	US$389.2b	US$63.5b	18.1x	29.3x	4.8x
Sun, 28 Sep 2025	US$1.7t	US$387.9b	US$60.9b	18.3x	28.7x	4.5x
Tue, 26 Aug 2025	US$1.7t	US$387.8b	US$61.0b	19.5x	28.7x	4.5x
Thu, 24 Jul 2025	US$1.8t	US$384.0b	US$62.1b	18.3x	28.5x	4.6x
Sat, 21 Jun 2025	US$1.7t	US$382.7b	US$61.2b	17.6x	28.4x	4.5x
Mon, 19 May 2025	US$1.7t	US$382.6b	US$61.2b	17.2x	27.4x	4.4x
Wed, 16 Apr 2025	US$1.7t	US$380.5b	US$48.4b	15x	34.5x	4.4x
Fri, 14 Mar 2025	US$1.9t	US$380.5b	US$35.2b	16.8x	52.8x	4.9x
Sun, 09 Feb 2025	US$1.9t	US$380.7b	US$39.1b	19.5x	48x	4.9x
Tue, 07 Jan 2025	US$1.8t	US$369.3b	US$31.3b	18x	57.4x	4.9x
Thu, 05 Dec 2024	US$1.9t	US$373.8b	US$30.6b	19.4x	60.9x	5x
Sat, 02 Nov 2024	US$1.9t	US$373.2b	US$29.3b	19.6x	65.3x	5.1x
Mon, 30 Sep 2024	US$2.0t	US$364.1b	US$25.3b	19.1x	78.5x	5.4x
Wed, 28 Aug 2024	US$2.0t	US$362.1b	US$21.8b	17.8x	93.9x	5.7x
Fri, 26 Jul 2024	US$2.0t	US$356.5b	US$13.2b	16.2x	149.2x	5.5x
Sun, 23 Jun 2024	US$2.0t	US$358.2b	US$14.1b	16.5x	139x	5.5x
Tue, 21 May 2024	US$1.9t	US$358.3b	US$14.0b	18.2x	133.7x	5.2x
Thu, 18 Apr 2024	US$1.8t	US$357.7b	US$29.9b	20.4x	59.9x	5x
Sat, 16 Mar 2024	US$1.9t	US$355.4b	US$22.5b	19.8x	83x	5.2x
Mon, 12 Feb 2024	US$1.9t	US$354.7b	US$22.8b	31.7x	81.6x	5.2x
Wed, 10 Jan 2024	US$1.8t	US$375.2b	US$33.9b	27.8x	52.3x	4.7x
Fri, 08 Dec 2023	US$1.7t	US$375.1b	US$33.9b	26.7x	49x	4.4x
Sun, 05 Nov 2023	US$1.6t	US$376.9b	US$33.9b	18.5x	48.1x	4.3x
Tue, 03 Oct 2023	US$1.6t	US$381.8b	US$43.8b	19x	37.7x	4.3x
Thu, 31 Aug 2023	US$1.7t	US$381.4b	US$43.8b	21.1x	39.6x	4.5x
Sat, 29 Jul 2023	US$1.7t	US$393.6b	US$61.5b	18.5x	27.8x	4.3x
Mon, 26 Jun 2023	US$1.8t	US$392.8b	US$60.1b	18.9x	29.2x	4.5x


US Market	1.65%
Healthcare	-2.14%
Pharma	-4.72%
Pharma	-4.72%

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
BLTE Belite Bio	US$146.12	6.8% +US$364.7m	142.1%	PB7.2x
ALMS Alumis	US$23.41	12.0% +US$320.0m	677.7%	PS355.2x
EWTX Edgewise Therapeutics	US$36.81	8.5% +US$309.9m	154.4%	PB8x

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 15

Johnson & Johnson Innovative Medicine Presents Results From Phase 2/3 ENERGY Study Demonstrating IMAAVY (Nipocalimab-Aahu) Durable Hemoglobin Response and Rapid Onset of Effect in Warm Autoimmune Hemolytic Anemia

Johnson & Johnson Innovative Medicine issued results from the Phase 2/3 ENERGY study showing that IMAAVY (nipocalimab-aahu) produced a statistically significant durable hemoglobin (Hgb) response with rapid onset of effect in patients with warm autoimmune hemolytic anemia (wAIHA) in the 30 mg/kg treatment group, compared with those who received placebo. The randomized, placebo-controlled trial demonstrated approximately three times as many patients achieved durable Hgb levels versus placebo by 24 weeks. Overall, patients treated with this dose of IMAAVY showed a mean Hgb improvement of at least 1g/dL as early as Week 1. The ENERGY study compared IMAAVY to placebo in achieving the primary endpoint of durable Hgb improvement, which was defined as achieving the following stringent criteria: an increase from baseline in Hgb 2 g/dL, Hgb concentration 10 g/dL, for at least three visits (28 days, where criteria was met, starting by Week 16), without the need for rescue therapy or changes to background medications for wAIHA. In the 30 mg/kg treatment group, a mean increase of 1 g/dL in Hgb was observed at Week 1, compared to no change in the placebo group. In wAIHA, treatment also aims to maintain Hgb 10 g/dL and achieve a 2 g/dL increase from baseline and nearly two-thirds of patients achieved both of these targets by Week 24. IMAAVY was also associated with improvements in fatigue and reduction in steroid use, two key secondary endpoints. Changes in patient-reported fatigue were observed as early as Week 2 and sustained throughout the 24-week treatment period. In the study, IMAAVY demonstrated a safety profile consistent with the established safety profile of IMAAVY in the approved indication of generalized myasthenia gravis. The most common adverse reactions (10%) in patients with wAIHA treated with IMAAVY were peripheral edema, diarrhea and fever. By targeting the pathogenic IgG autoantibodies that lead to red blood cell destruction in wAIHA, IMAAVY is designed to utilize a differentiated, immunoselective approach, preserving underlying key humoral immune functions in a condition where many patients currently can only rely on unapproved therapies, including corticosteroids and broad immunosuppressants. These data support the supplemental Biologics License Application (sBLA) for IMAAVY which has since been granted U.S. FDA Priority Review. Durable hemoglobin response, the primary endpoint of the Phase 2/3 ENERGY trial, is defined as hemoglobin concentration 10 g/dL and an increase from baseline in hemoglobin 2 g/dL for at least 28 days (where criteria was met starting by Week 16 of the double-blind period), without the need of rescue therapy. Based on mean change from baseline of Functional Assessment of Chronic Illness Therapy-Fatigue (FACIT-Fatigue) score at Week 24, a key secondary endpoint, with mean change of 3.51 points over placebo for 30 mg/kg IV treatment group (dose filed with the FDA). Participants who achieved durable Hgb response were required to initiate corticosteroid (CS) dose tapering. Doses were reduced by 10% of the baseline CS dose every two weeks, provided Hgb levels did not decline by 1 g/dL. At Week 24, the mean percent reduction in CS dose was numerically higher in the nipocalimab 30 mg/kg treatment group (15% reduction from baseline dose) compared with placebo (4% reduction from baseline dose). ENERGY (NCT04119050) is a multicenter, randomized, double-blind, placebo-controlled Phase 2/3 study evaluating the efficacy and safety of nipocalimab compared with placebo followed by an open-label extension period, in adults living with warm autoimmune hemolytic anemia (wAIHA). 115 adults were randomized approximately 1:1:1 to receive nipocalimab at two different dose schedules or placebo. Following completion of 24 weeks of double-blind treatment, patients could enter an open-label extension period to receive nipocalimab for 144 weeks with a follow-up period of 6 weeks after last assessment. Warm autoimmune hemolytic anemia (wAIHA) is a rare, life-threatening condition where autoantibodies attach to and destroy red blood cells (RBCs), resulting in anemia. Approximately 1-3 new people per 100,000 are affected by wAIHA per year, and about 1 in 8,000 individuals are living with the condition. This condition affects both women and men, and can affect people at any age with incidence increasing over the age of 50. Additionally, people with wAIHA are at increased risk of other serious complications such as venous thrombotic events, acute renal failure, and infection. There are no Food and Drug Administration (FDA)-approved drugs indicated for wAIHA, and treatment typically consists of unapproved corticosteroids, broad immunosuppressants, and B-cell directed therapies. With an unmet need for treatment in wAIHA, novel therapies like nipocalimab are being developed to potentially address this need. IMAAVY is an immunoselective treatment designed to target, bind with high affinity, and block the neonatal Fc receptor (FcRn), reducing circulating immunoglobulin G (IgG) antibodies that drive disease while also preserving key immune functions. IMAAVY is currently approved for the treatment of generalized myasthenia gravis (gMG) in adults and pediatric patients 12 years of age and older who are anti-acetylcholine receptor (AChR) or anti-muscle-specific tyrosine kinase (MuSK) antibody positive. Nipocalimab is being investigated across three key segments in the autoantibody space including Rheumatologic diseases, Rare Autoantibody diseases and Maternal Fetal diseases mediated by maternal alloantibodies, in which blockade of IgG binding to FcRn in the placenta is believed to limit transplacental transfer of maternal alloantibodies to the fetus.

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