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 43.9x which is lower than its 3-year average PE of 54.5x. The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 6.0x.

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, 13 Aug 2026	US$2.6t	US$437.2b	US$59.9b	17.2x	43.9x	6x
Sat, 11 Jul 2026	US$2.6t	US$425.2b	US$66.0b	14.9x	39.2x	6.1x
Mon, 08 Jun 2026	US$2.4t	US$425.4b	US$66.2b	14.9x	36.5x	5.7x
Wed, 06 May 2026	US$2.3t	US$416.4b	US$62.4b	16.8x	36.1x	5.4x
Fri, 03 Apr 2026	US$2.3t	US$405.9b	US$71.7b	16.4x	32.2x	5.7x
Sun, 01 Mar 2026	US$2.4t	US$405.9b	US$72.4b	20x	33.5x	6x
Tue, 27 Jan 2026	US$2.3t	US$404.7b	US$73.2b	19.9x	31.4x	5.7x
Thu, 25 Dec 2025	US$2.3t	US$402.8b	US$71.4b	19.9x	31.7x	5.6x
Sat, 22 Nov 2025	US$2.1t	US$402.7b	US$71.4b	19.9x	29.9x	5.3x
Mon, 20 Oct 2025	US$1.9t	US$389.2b	US$63.5b	17.6x	29.4x	4.8x
Wed, 17 Sep 2025	US$1.8t	US$387.9b	US$60.9b	18.7x	29x	4.6x
Fri, 15 Aug 2025	US$1.7t	US$387.8b	US$60.8b	19.3x	27.8x	4.4x
Sun, 13 Jul 2025	US$1.8t	US$382.7b	US$61.3b	18.1x	28.7x	4.6x
Tue, 10 Jun 2025	US$1.7t	US$382.7b	US$61.2b	17.3x	28.1x	4.5x
Thu, 08 May 2025	US$1.7t	US$382.9b	US$64.1b	16.9x	26.4x	4.4x
Sat, 05 Apr 2025	US$1.8t	US$379.9b	US$41.3b	16x	42.8x	4.7x
Mon, 03 Mar 2025	US$2.0t	US$381.1b	US$39.3b	16.7x	49.8x	5.1x
Wed, 29 Jan 2025	US$1.9t	US$370.4b	US$30.5b	19x	60.8x	5x
Fri, 27 Dec 2024	US$1.8t	US$369.4b	US$31.1b	16.9x	58.4x	4.9x
Sun, 24 Nov 2024	US$1.8t	US$373.8b	US$30.6b	20.5x	59.3x	4.8x
Tue, 22 Oct 2024	US$2.0t	US$365.3b	US$23.7b	18.5x	85.8x	5.6x
Thu, 19 Sep 2024	US$2.0t	US$364.2b	US$25.4b	18.9x	80.3x	5.6x
Sat, 17 Aug 2024	US$2.0t	US$362.1b	US$21.8b	17.3x	92.2x	5.6x
Mon, 15 Jul 2024	US$2.0t	US$357.7b	US$13.8b	15.9x	146.2x	5.7x
Wed, 12 Jun 2024	US$1.9t	US$358.3b	US$14.1b	15.9x	137.9x	5.4x
Fri, 10 May 2024	US$1.9t	US$358.2b	US$13.5b	20.4x	137.8x	5.2x
Sun, 07 Apr 2024	US$1.9t	US$355.2b	US$22.8b	24.7x	82.2x	5.3x
Tue, 05 Mar 2024	US$1.9t	US$355.3b	US$22.5b	24.1x	84.5x	5.3x
Thu, 01 Feb 2024	US$1.8t	US$351.7b	US$24.9b	28.7x	71x	5x
Sat, 30 Dec 2023	US$1.7t	US$375.2b	US$33.8b	31.9x	49.9x	4.5x
Mon, 27 Nov 2023	US$1.7t	US$375.1b	US$33.9b	26.2x	48.8x	4.4x
Wed, 25 Oct 2023	US$1.6t	US$382.7b	US$44.7b	14.7x	36.7x	4.3x
Fri, 22 Sep 2023	US$1.7t	US$381.8b	US$43.9b	18.9x	38.4x	4.4x
Sun, 20 Aug 2023	US$1.8t	US$381.6b	US$44.1b	18.5x	40.4x	4.7x


US Market	1.02%
Healthcare	2.94%
Pharma	2.54%
Pharma	2.54%

Company	Last Price	7D	1Y	Valuation
MRK Merck	US$135.55	5.6% +US$17.4b	63.8%	PE105.4x
LLY Eli Lilly	US$1.21k	1.4% +US$15.2b	76.6%	PE40.3x
JNJ Johnson & Johnson	US$262.08	2.0% +US$12.3b	50.0%	PE30x
PFE Pfizer	US$26.80	2.3% +US$3.4b	6.7%	PE35.2x
TEVA Teva Pharmaceutical Industries	US$36.52	4.9% +US$2.0b	108.2%	PE60.3x

Announcement • 11h

Definium Therapeutics Announces Positive Topline Results from Phase 3 Voyage Study of Dt120 Odt in Generalized Anxiety Disorder

Definium Therapeutics announced positive topline results from the Phase 3 Voyage study of DT120 ODT in generalized anxiety disorder. Study met primary and all key secondary efficacy endpoints. Participants receiving DT120 ODT achieved a statistically significant reduction in Hamilton Anxiety Rating Scale (HAM-A) score, with a placebo-adjusted change of 5.4 points from baseline at Week 12. Efficacy was rapid, with changes seen as early as Day 2 and sustained at all post-baseline timepoints in Part A. DT120 ODT was generally well tolerated, with treatment-emergent adverse events mild to moderate in severity, transient, and predominantly occurring on the day of dosing in Part A. No new safety signals were identified, including no suicidality signal or suicidal behavior. On the day of dosing, participants were assessed hourly beginning at hour 5 post-dose on a structured end-of-session checklist (EoSC). The average time to meeting EoSC criteria was 6.4 hours for participants receiving DT120 ODT in Part A, with a median of 6.1 hours and 92% of participants meeting the EoSC criteria by hour 8. The mean baseline HAM-A score at study entry was 28.4 in the DT120 ODT treatment group (n=107) and 27.4 in the placebo group (n=107). Primary Endpoint: HAM-A: LS mean change at Week 12: -11.6 for DT120 ODT 100 µg, -6.2 for Placebo ODT, Placebo-Adjusted Difference: -5.4. Key Secondary Endpoints: CGI-S: LS mean change at Week 12: -1.0 for DT120 ODT, -0.4 for Placebo ODT, Placebo-Adjusted Difference: -0.6. HAM-A: LS mean change at Week 1: -11.9 for DT120 ODT, -4.2 for Placebo ODT, Placebo-Adjusted Difference: -7.7. CGI-S: LS mean change at Day 2: -1.0 for DT120 ODT, -0.2 for Placebo ODT, Placebo-Adjusted Difference: -0.8. Other Secondary Endpoints: HAM-A: response rate (=50%) at Week 12: 43% for DT120 ODT, 16% for Placebo ODT, Placebo-Adjusted Difference: 27%. HAM-A: remission rate (=7) at Week 12: 14% for DT120 ODT, 4% for Placebo ODT, Placebo-Adjusted Difference: 10% (p=0.0222). HAM-A: mild or better: 51% for DT120 ODT, 23% for Placebo ODT, Placebo-Adjusted Difference: 28%. HAM-A = Hamilton Anxiety Rating Scale; CGI-S = Clinical Global Impression-Severity Scale; LS = least squares; LS mean difference = difference in LS means of change from baseline between DT120 and placebo groups. Voyage is a Phase 3, multicenter, randomized, double-blind, placebo-controlled study evaluating the efficacy and safety of a single 100 µg dose of DT120 ODT versus placebo in adults with generalized anxiety disorder (GAD). The study consists of a 12-week double-blind period (Part A) followed by a 40-week open-label extension (Part B), during which participants may be eligible to receive up to four additional doses of DT120 ODT based on symptom severity. The study enrolled 214 participants aged 18 to 74 years across approximately 35 sites in the United States with a DSM-5-confirmed diagnosis of GAD, based on clinical assessment and the Mini-International Neuropsychiatric Interview (MINI), and a Hamilton Anxiety Rating Scale (HAM-A) total score of at least 20 at screening and baseline. The primary endpoint is change from baseline in HAM-A total score at Week 12. Key secondary multiplicity-controlled endpoints are change from baseline in Clinical Global Impression-Severity (CGI-S) scale score at Week 12, change from baseline in HAM-A total score at Week 1, and change from baseline in CGI-S score at Day 2. Voyage is one of two pivotal Phase 3 studies in GAD. Panorama, the second Phase 3 study in GAD, is aligned with Voyage, but includes a low-dose 50 µg dose arm. Participants will be randomized 2:1:2 to receive DT120 ODT 100 µg, DT120 ODT 50 µg, or placebo. The 50 µg arm is intended to confound participants’ ability to accurately assess the dose condition to which they have been randomized. This approach continues to build on the Company’s Phase 2b study of DT120 in GAD, which the Company believes demonstrated that DT120's clinical activity is not attributable to functional unblinding and aligns with FDA guidance on the use of complementary designs across the Company’s DT120 clinical development program. The primary endpoint of Panorama is change from baseline in HAM-A total score at Week 12 between DT120 ODT 100 µg and placebo. GAD is one of the most common psychiatric disorders, affecting approximately 26 million U.S. adults. People with GAD experience constant, overwhelming worry that is hard to control. Common symptoms include fatigue, muscle tension, trouble concentrating, and difficulty sleeping. GAD is associated with the development of other chronic physical illnesses, as well as depression, other anxiety disorders, and trauma-related conditions. Together, these issues can seriously impact a person’s daily life, including substantial functional, economic, and quality-of-life burdens, and are associated with increased healthcare utilization and costs. Despite the significant personal and societal burden of GAD, there has been little innovation in the treatment of GAD in the past several decades, with the last new drug approval occurring in 2007. DT120 ODT is an ergoline derivative belonging to the group of classic serotonergic psychedelics, which acts as a partial agonist at serotonin-2A (5-HT2A) receptors. DT120 ODT is Definium’s proprietary and pharmaceutically optimized formulation of LSD. DT120 ODT is an advanced formulation incorporating Catalent’s Zydis ODT fast-dissolve technology, designed to deliver several unique advantages, including faster absorption and onset of transient cognitive, perceptual, and affective changes, improved bioavailability, and a lower incidence of gastrointestinal side effects. Definium is developing DT120 ODT, the tartrate salt form of lysergide, for generalized anxiety disorder (GAD), major depressive disorder (MDD), and posttraumatic stress disorder (PTSD), and is exploring its potential applications in other serious brain health disorders. DT120 has received Breakthrough Therapy designation from the FDA for GAD. Definium maintains a strong foundation to protect and extend the long-term value of the DT120 ODT franchise through a multi-layered intellectual property strategy spanning composition, formulation, and methods-of-use patents. Lysergide (LSD) is one of the most extensively studied psychopharmaceuticals in history, with over 1,000 published reports. First synthesized in 1938 by Swiss chemist Albert Hofmann in his search for active principles from ergot fungus, its profound psychological effects were discovered in 1943, which transformed psychiatric research.

U.S. Pharma Industry Analysis

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