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U.S. Pharma Industry Analysis

UpdatedJan 28, 2026
DataAggregated Company Financials
Companies315
  • 7D1.1%
  • 3M22.9%
  • 1Y25.1%
  • YTD1.4%

In the last week, the Pharma industry is up 1.2%, with Johnson & Johnson up 2.9%. This takes the industry's 12 month performance to a gain of 24%. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

Has the U.S. Pharma Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 28 Jan 2026US$2.3tUS$404.7bUS$73.2b20.2x31.4x5.7x
Fri, 26 Dec 2025US$2.3tUS$402.8bUS$71.4b19.9x31.7x5.6x
Sun, 23 Nov 2025US$2.2tUS$402.7bUS$71.4b19.9x30.3x5.4x
Tue, 21 Oct 2025US$1.9tUS$389.2bUS$63.5b18.6x29.6x4.8x
Thu, 18 Sep 2025US$1.8tUS$387.9bUS$60.9b18.7x29.2x4.6x
Sat, 16 Aug 2025US$1.7tUS$387.8bUS$61.0b18.9x28.1x4.4x
Mon, 14 Jul 2025US$1.8tUS$382.7bUS$61.3b18.1x28.8x4.6x
Wed, 11 Jun 2025US$1.7tUS$382.7bUS$61.2b18.2x28.3x4.5x
Fri, 09 May 2025US$1.7tUS$383.0bUS$64.0b16.7x26.7x4.5x
Sun, 06 Apr 2025US$1.7tUS$379.9bUS$41.3b16x40.4x4.4x
Tue, 04 Mar 2025US$2.0tUS$381.1bUS$39.3b16.8x49.8x5.1x
Thu, 30 Jan 2025US$1.8tUS$370.2bUS$29.9b19.6x61.7x5x
Sat, 28 Dec 2024US$1.8tUS$369.4bUS$31.1b16.9x58.4x4.9x
Mon, 25 Nov 2024US$1.8tUS$373.8bUS$30.6b20.5x59.3x4.8x
Wed, 23 Oct 2024US$2.0tUS$365.3bUS$23.7b18.2x84.6x5.5x
Fri, 20 Sep 2024US$2.0tUS$364.2bUS$25.4b19x80.3x5.6x
Sun, 18 Aug 2024US$2.0tUS$362.1bUS$21.8b17.3x91.7x5.5x
Tue, 16 Jul 2024US$2.0tUS$357.7bUS$13.8b15.9x146.1x5.7x
Thu, 13 Jun 2024US$1.9tUS$358.3bUS$14.1b15.8x138.1x5.4x
Sat, 11 May 2024US$1.9tUS$358.2bUS$13.5b18.5x137.7x5.2x
Mon, 08 Apr 2024US$1.9tUS$355.2bUS$22.8b24.7x82.2x5.3x
Wed, 06 Mar 2024US$1.9tUS$355.3bUS$22.5b23.4x84.5x5.3x
Fri, 02 Feb 2024US$1.8tUS$353.0bUS$22.3b32x80.4x5.1x
Sun, 31 Dec 2023US$1.7tUS$375.2bUS$33.8b31.9x49.9x4.5x
Tue, 28 Nov 2023US$1.7tUS$375.1bUS$33.9b26x48.8x4.4x
Thu, 26 Oct 2023US$1.7tUS$382.7bUS$44.7b14.9x36.9x4.3x
Sat, 23 Sep 2023US$1.7tUS$381.8bUS$43.9b19.9x38.3x4.4x
Mon, 21 Aug 2023US$1.8tUS$381.6bUS$44.1b18.5x40.4x4.7x
Wed, 19 Jul 2023US$1.7tUS$392.8bUS$60.2b18.9x27.6x4.2x
Fri, 16 Jun 2023US$1.7tUS$392.8bUS$60.1b19.2x28.7x4.4x
Sun, 14 May 2023US$1.7tUS$392.9bUS$60.4b20.4x28.7x4.4x
Tue, 11 Apr 2023US$1.7tUS$401.3bUS$69.7b16.7x23.7x4.1x
Thu, 09 Mar 2023US$1.5tUS$401.2bUS$69.3b16.8x22.3x3.8x
Sat, 04 Feb 2023US$1.7tUS$402.1bUS$69.9b18.2x23.7x4.1x
Price to Earnings Ratio

23.7x


Total Market Cap: US$1.7tTotal Earnings: US$69.9bTotal Revenue: US$402.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Pharma Industry Price to Earnings3Y Average 53.1x202420252026
Current Industry PE
  • 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 31.4x which is lower than its 3-year average PE of 53.1x.
  • The 3-year average PS ratio of 4.8x is lower than the industry's current PS ratio of 5.7x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Pharmaceuticals industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Trends

Which industries have driven the changes within the U.S. Healthcare industry?

US Market2.04%
Healthcare-0.50%
Pharma1.08%
Pharma1.08%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
JNJ Johnson & JohnsonUS$224.442.9%
+US$15.0b		49.2%PE20.2x
PFE PfizerUS$26.503.8%
+US$5.6b		-0.9%PE15.4x
RGC Regencell Bioscience HoldingsUS$32.0531.8%
+US$3.8b		28,556.5%PB3260.8x
BMY Bristol-Myers SquibbUS$55.562.5%
+US$2.7b		-5.4%PE18.7x
TEVA Teva Pharmaceutical IndustriesUS$32.533.7%
+US$1.3b		51.1%PE52.3x

Latest News

MRK
US$107.92
Merck
7D
-1.4%
1Y
10.7%
NBY
US$2.37
NovaBay Pharmaceuticals
7D
-63.5%
1Y
246.5%
CRNX
US$52.97
Crinetics Pharmaceuticals
7D
-4.9%
1Y
38.6%
JNJ
US$224.44
Johnson & Johnson
7D
2.9%
1Y
49.2%

JNJ: Oncology Pipeline And Talc Litigation Will Shape Future Balanced Risk Reward

Analysts have raised their Johnson & Johnson fair value estimate by about US$13 to roughly US$224. This reflects slightly higher modeled revenue growth, a marginally higher future P/E, and supportive Street research that includes multiple recent price target increases from major firms across the sector.
CORT
US$46.22
Corcept Therapeutics
7D
31.0%
1Y
-23.8%

CORT: Future Endocrine And Oncology Decisions Will Drive Long Term Upside

Narrative Update: Corcept Therapeutics Analysts have lifted their fair value estimate for Corcept Therapeutics to $94.20 from $91.00, citing updated assumptions around higher revenue growth, stronger profit margins, and a slightly lower future P/E multiple in their latest models. Analyst Commentary Recent research on Corcept Therapeutics has focused on how its Cushing's syndrome franchise could support long term growth, while also highlighting uncertainties around future positioning and execution.
LLY
US$1,039.51
Eli Lilly
7D
-0.2%
1Y
29.1%

LLY: Government GLP 1 Pricing Deals Will Pressure Obesity Margins

Analysts have nudged their price targets on Eli Lilly slightly higher, citing continued confidence in the obesity and GLP 1 franchise, supportive government pricing agreements, and potential upside from acquisitions and pipeline catalysts, even as some firms fine tune their models and individual targets by low single digit amounts such as Guggenheim's recent US$2 trim. Analyst Commentary Recent research on Eli Lilly has been dominated by optimism around obesity treatments and government pricing agreements, but there is also a pocket of caution that is worth paying attention to if you are thinking about valuation, execution and long term growth risk.
BHC
US$5.72
Bausch Health Companies
7D
-15.8%
1Y
-24.7%

BHC: Affordable Medicines Focus Will Drive Post Medicaid Exit Opportunity

Analysts have lifted their price target on Bausch Health Companies to US$8 from US$7, citing ongoing interest in the company's affordable medicines focus, even as they weigh recent clinical results and upcoming Xifaxan loss of exclusivity risk. Analyst Commentary Recent Street research highlights a mix of optimism around Bausch Health Companies' valuation support and focus on affordable medicines, alongside caution tied to clinical outcomes and the upcoming Xifaxan loss of exclusivity.
PFE
US$26.50
Pfizer
7D
3.8%
1Y
-0.9%

PFE: Loss Of Exclusivity And Obesity Deal Costs Will Pressure Shares

Analysts have reduced their fair value estimate for Pfizer from $24.00 to $23.00 per share, citing lower revenue and margin assumptions, a slightly higher discount rate, and cautious views on patent expiries, while still noting ongoing interest in its pipeline and licensing deals. Analyst Commentary Recent Street research around Pfizer has been mixed, with some firms highlighting long term opportunities in areas like obesity and licensing, while others are stressing near term execution and patent expiry risks.
BMY
US$55.56
Bristol-Myers Squibb
7D
2.5%
1Y
-5.4%

BMY: 2026 Pipeline Readouts Will Likely Cap Near Term Upside

Analysts have lifted their blended price target on Bristol Myers Squibb by roughly US$2 to reflect higher estimated fair value and profitability, citing a rich set of 2026 pipeline readouts and what they view as underappreciated upside in several late-stage assets. Analyst Commentary Recent Street research on Bristol Myers Squibb points to a mixed but generally constructive stance, with several firms lifting price targets into the US$53 to US$65 range and highlighting what they see as meaningful 2026 data catalysts across eight late stage assets.
ZTS
US$124.96
Zoetis
7D
1.4%
1Y
-26.7%

ZTS: Fair Outlook Balances OA Pain Headwinds With New Antibody Approvals

Narrative update on Zoetis The analyst fair value estimate for Zoetis has been reset from US$153 to US$130 as analysts factor in slower expected revenue growth, a slightly higher discount rate, lower assumed future P/E multiples, and ongoing competitive and product launch headwinds highlighted in recent research. Analyst Commentary Recent research on Zoetis has tilted more cautious, with several bearish analysts resetting expectations around growth, execution, and what investors are willing to pay for the stock.
MBX
US$36.07
MBX Biosciences
7D
-16.4%
1Y
232.7%
RPRX
US$40.74
Royalty Pharma
7D
4.2%
1Y
27.6%

RPRX: Pending XenoTherapeutics Deal And Hold Downgrade Will Limit Near-Term Upside

Analysts have trimmed their price expectations for Royalty Pharma, citing a revised fair value of $38.00 per share. This reflects updated views on revenue growth, profit margins, and future P/E multiples following the announced acquisition by XenoTherapeutics and the recent downgrade to Hold.
TEVA
US$32.53
Teva Pharmaceutical Industries
7D
3.7%
1Y
51.1%

TEVA: Affordable Medicines And 2026 Pipeline Catalysts Should Support Re Rating

Narrative Update Analysts have lifted their price target range for Teva Pharmaceutical Industries toward the mid US$30s, reflecting updated assumptions on fair value, profit margins, and future P/E as they point to affordable medicines and potential R&D catalysts around 2026 as key drivers of sentiment. Analyst Commentary Recent street research points to a more constructive tone around Teva Pharmaceutical Industries, with higher price targets tied to its focus on affordable medicines and potential R&D catalysts around 2026.
HROW
US$42.98
Harrow
7D
-9.9%
1Y
31.4%

HROW: Future Upside Will Rely On Execution And Insurance Coverage

Narrative Update Analysts have nudged their targets higher on Harrow, with recent price objectives rising to $66 and $94. These changes reflect updated models after the latest quarterly results and revised Vevye revenue assumptions.
TERN
US$35.09
Terns Pharmaceuticals
7D
-4.1%
1Y
686.8%
RGC
US$32.05
Regencell Bioscience Holdings
7D
31.8%
1Y
28,556.5%