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 35.9x which is lower than its 3-year average PE of 54.0x. 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
Tue, 26 May 2026	US$2.4t	US$425.2b	US$66.3b	14.7x	35.9x	5.6x
Thu, 23 Apr 2026	US$2.2t	US$408.1b	US$66.8b	16.1x	33x	5.4x
Sat, 21 Mar 2026	US$2.2t	US$406.2b	US$72.0b	16.6x	30.9x	5.5x
Mon, 16 Feb 2026	US$2.4t	US$411.4b	US$73.9b	20.2x	32.3x	5.8x
Wed, 14 Jan 2026	US$2.3t	US$402.6b	US$71.5b	20.5x	32x	5.7x
Fri, 12 Dec 2025	US$2.1t	US$402.8b	US$71.4b	19.9x	30.1x	5.3x
Sun, 09 Nov 2025	US$2.0t	US$396.3b	US$70.8b	17.9x	27.7x	4.9x
Tue, 07 Oct 2025	US$1.9t	US$387.9b	US$60.9b	19.2x	31.7x	5x
Thu, 04 Sep 2025	US$1.8t	US$387.9b	US$61.0b	19.5x	29.2x	4.6x
Sat, 02 Aug 2025	US$1.7t	US$381.9b	US$55.1b	17.8x	30.7x	4.4x
Mon, 30 Jun 2025	US$1.7t	US$382.7b	US$61.2b	17.5x	27.9x	4.5x
Wed, 28 May 2025	US$1.6t	US$382.6b	US$61.2b	17.5x	26.9x	4.3x
Fri, 25 Apr 2025	US$1.7t	US$380.6b	US$48.4b	16.1x	35.9x	4.6x
Sun, 23 Mar 2025	US$1.9t	US$381.1b	US$41.3b	17x	45.6x	4.9x
Tue, 18 Feb 2025	US$1.8t	US$380.9b	US$39.0b	18.1x	46.9x	4.8x
Thu, 16 Jan 2025	US$1.8t	US$369.3b	US$31.2b	18.5x	56.4x	4.8x
Sat, 14 Dec 2024	US$1.8t	US$373.8b	US$30.6b	18.4x	59.1x	4.8x
Mon, 11 Nov 2024	US$1.9t	US$373.7b	US$30.3b	21.4x	62.8x	5.1x
Wed, 09 Oct 2024	US$2.0t	US$364.1b	US$25.2b	18.2x	78.7x	5.5x
Fri, 06 Sep 2024	US$2.1t	US$364.1b	US$25.5b	17.9x	80.7x	5.6x
Sun, 04 Aug 2024	US$1.9t	US$359.3b	US$22.1b	15.8x	86.8x	5.3x
Tue, 02 Jul 2024	US$1.9t	US$357.6b	US$13.8b	16x	140.9x	5.4x
Thu, 30 May 2024	US$1.9t	US$358.3b	US$14.1b	15.8x	132x	5.2x
Sat, 27 Apr 2024	US$1.8t	US$359.5b	US$17.5b	22.4x	102.8x	5x
Mon, 25 Mar 2024	US$1.9t	US$355.3b	US$22.6b	19.8x	82.6x	5.3x
Wed, 21 Feb 2024	US$1.9t	US$355.0b	US$23.9b	28.5x	78.6x	5.3x
Fri, 19 Jan 2024	US$1.7t	US$375.2b	US$33.9b	27.7x	51.6x	4.7x
Sun, 17 Dec 2023	US$1.6t	US$375.1b	US$33.9b	26.7x	48.6x	4.4x
Tue, 14 Nov 2023	US$1.6t	US$375.5b	US$34.1b	26.5x	48x	4.4x
Thu, 12 Oct 2023	US$1.7t	US$381.8b	US$43.8b	17.1x	39x	4.5x
Sat, 09 Sep 2023	US$1.8t	US$381.8b	US$43.9b	19.1x	41.3x	4.7x
Mon, 07 Aug 2023	US$1.7t	US$379.8b	US$43.1b	20.5x	39.1x	4.4x
Wed, 05 Jul 2023	US$1.7t	US$392.8b	US$60.2b	18.6x	29x	4.4x
Fri, 02 Jun 2023	US$1.7t	US$393.0b	US$60.5b	18.3x	27.9x	4.3x


US Market	1.21%
Healthcare	3.12%
Pharma	5.39%
Pharma	5.39%

Company	Last Price	7D	1Y	Valuation
LLY Eli Lilly	US$1.07k	4.3% +US$38.9b	46.9%	PE37.6x
MRK Merck	US$122.41	7.2% +US$20.2b	57.8%	PE33.8x
JNJ Johnson & Johnson	US$234.34	1.9% +US$10.4b	52.9%	PE26.8x
BMY Bristol-Myers Squibb	US$59.46	2.0% +US$2.3b	26.8%	PE16.7x
PFE Pfizer	US$25.90	0.9% +US$1.4b	9.7%	PE19.7x

Announcement • May 22

Pfizer Inc Advances Pivotal Pediatric Pneumococcal Vaccine Program

Pfizer Inc. announced data from its Phase 2 study evaluating the safety, tolerability and immunogenicity of a four-dose series of its investigational 25-valent pneumococcal conjugate vaccine candidate PF-07872412 (25vPnC) in infants compared to four doses of PREVNAR 20 at months 2, 4, 6 and 12-15. Based on the strong immune responses observed for all 25vPnC serotypes from Phase 2, compared to PREVNAR 20, Pfizer is confident that the required non-inferiority thresholds may be achieved for the 25vPnG pediatric Phase 3 program. Key preliminary data from the broader Phase 2 study were presented in an oral presentation at the 14th meeting of the International Society of Pneumonia & Pneumococcal Diseases in Copenhagen, Denmark (ISPPD). Results found: One month after Dose 3, geometric mean titers for serotype 3 were 8.8-fold higher with 25vPnC than with PREVNAR 20 (4.22 vs. 0.48). One month after Dose 4, geometric mean titers for serotype 3 were approximately 15-fold higher with 25vPnC than with Prevnar 20 (13.85 vs. 0.92). This vaccine candidate is expected to cover up to 90% of disease-causing serotypes in children under 5 years of age, which includes approximately 15% from serotype 3. The Phase 2 study is a randomized trial in healthy infants, with initial enrolment beginning in July 2024, evaluating 25vPnC compared with PREVNAR 20. Participants were randomized to receive 25vPnC or PREVNAR 20 at months 2, 4, 6 and 12–15 assessing the safety and tolerability, including local and systemic reactogenicity within seven days after each vaccination, as well as adverse events and serious adverse events in participants who receive at least one dose. The trial also assessed immunogenicity one month after Dose 3 and one month after Dose 4, compared to one month after Dose 3 and Dose 4 with PREVNAR 20. The safety and tolerability profile of 25vPnC was consistent with the currently approved and available pneumococcal vaccine. The most common local reactions were redness, swelling or pain at injection site similar to existing vaccines. Despite significant reduction in pneumococcal disease burden by the currently available 20-valent standard-of-care-vaccine, serotype 3 remains a notable cause of invasive pneumococcal disease and complicated pneumonia in children. Therefore, based on this Phase 2 data and discussions with regulatory authorities, Pfizer began a pivotal pediatric Phase 3 program in May 2026. The studies evaluate safety, tolerability and immunogenicity of 25vPnC in healthy children where participants receive either 25vPnC or PCV20 at 2, 4, 6 and 12 to 15 months of age. Participants will receive the same vaccine for all four vaccinations for up to 2,400 individuals comparing 25vPnC to the currently licensed 20-valent standard-of-care vaccine. The vaccine candidate covers 25 serotypes including serotype 3, adding five new serotypes to the established vaccine coverage for infants. If successful, this has the potential to broaden protection to about 90% of disease-causing serotypes in US children. Meanwhile, Pfizer has decided to move directly to a fifth-generation vaccine candidate covering 35 serotypes. This fifth-generation adult candidate has the potential to increase serotype coverage while also improving immunogenicity for critical serotypes including serotype 3 with Pfizer’s proprietary next generation technology. The adult vaccine candidate is expected to enter clinical development by the end of 2026, pending alignment with regulatory authorities. Pfizer's 4th-generation pneumococcal conjugate vaccine candidate builds on the 20 serotypes already covered by PCV20 (PREVNAR 20). It adds five additional serotypes — 15A, 23A, 23B, 24F, and 35B that represents additional 25% coverage of IPD cases compared with PCV20 to broaden coverage to 25 serotypes total, including cross-reactivity. Beyond expanding serotype coverage, 25vPnC also aims to enhance protection against serotype 3, which remains a key driver of residual pneumococcal disease. To achieve this, 25vPnC utilizes next-generation technology specifically designed to elicit a more robust immune response against serotype 3.

Announcement • Mar 10

SpyGlass Pharma Announces Positive Topline 12-Month Phase 1/2 Trial Results For Its Innovative BIM-IOL System

SpyGlass Pharma, Inc. announced positive 12-month results from the Phase 1/2 trial evaluating its lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), for the treatment of elevated intraocular pressure (IOP) in patients previously diagnosed with open-angle glaucoma (OAG) or ocular hypertension (OHT) and a concomitant cataract. A total of 104 patients were randomized 2:1:1 to receive the 78 mcg BIM-IOL System (N=51) and 39 mcg BIM-IOL System (N=23) with daily administration of artificial tear drops, or a commercially available monofocal IOL from Alcon, Bausch + Lomb or Johnson & Johnson with twice-daily administration of timolol eye drops as the control group (N=30). At 12 months, the BIM-IOL System achieved: Evaluable patients achieved a 34% and 42% reduction in mean IOP from baseline in the 78-mcg and 39-mcg dose groups, respectively, compared to a 35% reduction in the control group at 8 a.m. Results were similar at the 10 a.m. timepoint. 98% of evaluable patients (48 of 49) in the 78-mcg dose group and 96% of evaluable patients (22 of 23) in the 39-mcg dose group were free from all topical IOP-lowering medications. Evaluable patients (N=72) demonstrated vision improvement, 100% reaching 20/32 or better best corrected distance visual acuity (BCDVA) and mean BCDVA of 86 letters (equivalent to 20/20 vision). Adverse event (AE) rates were similar across the 78-mcg (41.2%), 39-mcg (43.5%), and control (36.7%) groups. No serious ocular AEs were observed. In January 2026, SpyGlass Pharma announced that the first patients were randomized in two identical registrational Phase 3 trials of the 78-mcg dose of the BIM-IOL System. The Phase 3 trials are largely consistent in trial design with the SpyGlass Pharma Phase 1/2 trial with minor protocol modifications intended to improve consistency across trial arms. The Phase 1/2 trial is a prospective, multicenter, randomized, double-masked, controlled clinical trial evaluating the safety and efficacy of the innovative BIM-IOL System in patients with OAG or OHT undergoing cataract surgery. A total of 104 evaluable patients were randomized 2:1:1 to receive the 78 mcg BIM-IOL System (N=51) with daily administration of artificial tear drops, 39 mcg BIM-IOL System (N=23) with daily administration of artificial tear drops, or a commercially available monofocal IOL with twice-daily administration of timolol eye drops as the control group (N=30). The primary endpoint is mean IOP reduction from baseline at two time points for each follow-up visit at the 2 Weeks, 6 Weeks, and 3 Months. Secondary endpoints include mean IOP reduction from baseline, mean IOP, time to reintroduction and number of IOP-lowering medications, and improvement of visual performance. The trial also includes typical safety assessments for both medication and IOL. SpyGlass Pharma’s lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), comprising novel, proprietary non-bioerodible drug pads attached to its intraocular lens, was designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT). The BIM-IOL System is designed to consistently deliver multiple years of bimatoprost, a prostaglandin analog approved for topical use by the U.S. Food and Drug Administration (FDA) in 2001, for the reduction of elevated IOP in patients with OAG or OHT. The company continues long-term follow-up of patients in both the first-in-human trial and Phase 1/2 trial as well as patient enrollment in ongoing Phase 3 clinical trials. SpyGlass plans to work with the FDA to advance the program through 505(b)(2) New Drug Application (NDA) submission and ultimately to potential commercial approval.

U.S. Pharma Industry Analysis

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