Has the U.S. Healthcare Sector valuation changed over the past few years?

Investors are relatively neutral on the American Healthcare industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 65.5x. The industry is trading close to its 3-year average PS ratio of 2.1x.

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

Investors are most optimistic about the Life Sciences industry, which is trading close to its 3-year average PE ratio of 55.5x. Analysts are expecting annual earnings growth of 18.6%, which is higher than its past year's earnings growth of 9.6% per year.

U.S. Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 25 Aug 2026	US$7.4t	US$3.4t	US$116.0b	27.1x	63.8x	2.2x
Thu, 23 Jul 2026	US$6.8t	US$3.3t	US$123.7b	25.3x	55.1x	2.1x
Sat, 20 Jun 2026	US$6.4t	US$3.3t	US$121.7b	23.3x	52.4x	1.9x
Mon, 18 May 2026	US$6.2t	US$3.3t	US$122.3b	22.6x	50.5x	1.9x
Wed, 15 Apr 2026	US$6.3t	US$3.3t	US$127.2b	23.4x	49.3x	1.9x
Fri, 13 Mar 2026	US$6.4t	US$3.3t	US$124.5b	24.2x	51.1x	1.9x
Sun, 08 Feb 2026	US$6.6t	US$3.3t	US$125.4b	27.1x	52.4x	2x
Tue, 06 Jan 2026	US$6.5t	US$3.2t	US$135.6b	25.8x	47.8x	2x
Thu, 04 Dec 2025	US$6.4t	US$3.2t	US$133.5b	25.7x	48x	2x
Sat, 01 Nov 2025	US$5.9t	US$3.1t	US$134.3b	26.3x	44.3x	1.9x
Mon, 29 Sep 2025	US$5.7t	US$3.1t	US$137.6b	23.6x	41.1x	1.8x
Wed, 27 Aug 2025	US$5.7t	US$3.1t	US$137.2b	23.5x	41.2x	1.8x
Fri, 25 Jul 2025	US$5.6t	US$3.0t	US$129.1b	25.1x	43.4x	1.8x
Sun, 22 Jun 2025	US$5.5t	US$3.0t	US$127.4b	23.7x	42.8x	1.8x
Tue, 20 May 2025	US$5.4t	US$3.0t	US$126.1b	24x	42.9x	1.8x
Thu, 17 Apr 2025	US$5.4t	US$2.6t	US$90.0b	24.8x	59.5x	2x
Sat, 15 Mar 2025	US$5.6t	US$2.6t	US$74.8b	26.6x	74.8x	2.1x
Mon, 10 Feb 2025	US$5.9t	US$2.6t	US$89.8b	26.5x	65.5x	2.2x
Wed, 08 Jan 2025	US$5.8t	US$2.9t	US$79.3b	27.7x	73.4x	2x
Fri, 06 Dec 2024	US$6.2t	US$2.9t	US$77.4b	28.7x	79.5x	2.1x
Sun, 03 Nov 2024	US$6.2t	US$2.9t	US$71.3b	28.4x	86.4x	2.1x
Tue, 01 Oct 2024	US$6.2t	US$2.9t	US$70.6b	30.3x	87.9x	2.1x
Thu, 29 Aug 2024	US$6.3t	US$2.8t	US$54.0b	31.6x	116.3x	2.2x
Sat, 27 Jul 2024	US$6.3t	US$2.8t	US$61.0b	31.6x	104x	2.2x
Mon, 24 Jun 2024	US$6.2t	US$2.8t	US$62.5b	30x	99.2x	2.2x
Wed, 22 May 2024	US$6.2t	US$2.8t	US$64.2b	30.7x	96.7x	2.2x
Fri, 19 Apr 2024	US$5.9t	US$2.8t	US$84.4b	30x	70.2x	2.1x
Sun, 17 Mar 2024	US$6.2t	US$2.8t	US$84.5b	31.5x	73.7x	2.2x
Tue, 13 Feb 2024	US$6.2t	US$2.8t	US$76.4b	32x	81.2x	2.2x
Thu, 11 Jan 2024	US$6.4t	US$2.8t	US$90.1b	32.3x	70.9x	2.3x
Sat, 09 Dec 2023	US$6.0t	US$2.8t	US$91.4b	29.4x	65.1x	2.1x
Mon, 06 Nov 2023	US$5.7t	US$2.8t	US$88.4b	26.7x	65x	2x
Wed, 04 Oct 2023	US$5.8t	US$2.8t	US$98.2b	26.5x	59.2x	2.1x
Fri, 01 Sep 2023	US$6.1t	US$2.8t	US$98.8b	27.7x	61.6x	2.2x


US Market	-1.55%
Healthcare	4.13%
Life Sciences	6.25%
Biotech	5.58%
Pharma	5.19%
Healthtech	4.33%
Healthcare Services	1.41%
Medical Equipment	1.07%

Company	Last Price	7D	1Y	Valuation
LLY Eli Lilly	US$1.25k	5.4% +US$56.8b	79.3%	PE41.6x
MRK Merck	US$150.66	10.8% +US$36.2b	76.6%	PE117.1x
MRNA Moderna	US$138.89	115.5% +US$29.7b	447.9%	PS24.9x
JNJ Johnson & Johnson	US$273.04	4.1% +US$25.7b	53.0%	PE31.3x
ABBV AbbVie	US$264.52	5.7% +US$25.1b	27.4%	PE74.6x

Announcement • 12h

Johnson & Johnson Receives FDA Approval For IMAAVY (Nipocalimab-Aahu) As First Treatment For Warm Autoimmune Hemolytic Anemia

Johnson & Johnson announced the U.S. Food and Drug Administration (FDA) approval of IMAAVY® (nipocalimab-aahu) for the treatment of warm autoimmune hemolytic anemia (wAIHA) in adults and pediatric patients 12 years of age and older currently or previously treated with corticosteroids. IMAAVY is an immunoselective FcRn blocker designed to target and reduce pathogenic immunoglobulin G (IgG) autoantibodies while also preserving B-cell function. Warm autoimmune hemolytic anemia is a rare, life-threatening disease in which autoantibodies cause the destruction of red blood cells, leading to severe anemia and debilitating fatigue. The approval is based on the pivotal Phase 2/3 study which demonstrated durable hemoglobin response. A mean increase in hemoglobin of 1 g/dL at Week 1 and improvement in FACIT-Fatigue score at Week 24 were observed in IMAAVY-treated patients. In wAIHA, pathogenic immunoglobulin G (IgG) autoantibodies attach to and destroy red blood cells, causing severe anemia, profound fatigue, and a significantly increased risk of morbidity and mortality. Previously, available treatment options only included corticosteroids and immunosuppressants — therapies that suppress the entire immune system without specifically targeting the IgG autoantibodies driving the disease. The primary endpoint of the Phase 2/3 ENERGY study was durable hemoglobin (Hgb) response, a stringent endpoint definition that reflects meaningful increases in Hgb levels over time. The randomized, placebo-controlled trial demonstrated approximately three times as many patients receiving the approved dose of IMAAVY achieved durable Hgb levels versus placebo by 24 weeks. Overall patients in this treatment group showed a mean increase in Hgb of 1g/dL at Week 1. In addition, IMAAVY was associated with a 3.5-point higher mean FACIT-Fatigue score versus placebo at Week 24, with higher scores defined as less fatigue. In the ENERGY study IMAAVY demonstrated a safety profile consistent with the established safety profile of IMAAVY in generalized myasthenia gravis (gMG). The most common adverse reactions (=10%) in patients with wAIHA treated with IMAAVY were peripheral edema, diarrhea, and fever. The full results of the ENERGY study were presented at the European Hematology Association 2026 meeting in June 2026. IMAAVY was approved in the United States in April 2025 for the treatment of gMG in adult and pediatric patients 12 years of age and older who are acetylcholine receptor (AChR) or muscle-specific kinase (MuSK) antibody positive. Once a decision has been made to prescribe IMAAVY, the IMAAVY withMe patient support program provides personalized support including educational resources, a dedicated Nurse Navigator, and cost support options – regardless of insurance type. Durable hemoglobin (Hgb) response, the primary endpoint of the Phase 2/3 ENERGY trial, is defined as Hgb concentration =10 g/dL and an increase from baseline in Hgb =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. A mean increase of 1 g/dL in Hgb was observed at Week 1. Among the responders, the median time to first Hgb response was 4.1 (range: 1 to 12) weeks in patients treated with IMAAVY 30 mg/kg every 4 weeks, compared to 12.1 (range: 4 to 16) weeks in the placebo group. Results are considered descriptive based on the study's pre-specified statistical analysis plan. Functional Assessment of Chronic Illness Therapy-Fatigue (FACIT-Fatigue). Mean change from baseline of FACIT-Fatigue score at Week 24, a key secondary endpoint, with mean difference of 3.51 (95% CI: 0.64; 6.39) points in the IMAAVY 30 mg/kg IV treatment group compared to placebo. Results are considered descriptive based on the study's pre-specified statistical analysis plan. 30 mg/kg q4w is the approved dose. Durable Hgb response, as defined in Editor's note "a," was achieved with statistical significance in the approved 30 mg/kg IV q4w treatment group. Nurse Navigators do not provide medical advice. 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. 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 B-cell function based on in vitro and/or in vivo studies. 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.

Announcement • Aug 24

Insmed Incorporated Receives Approval for BRINSUPRI for the Treatment of Non-Cystic Fibrosis Bronchiectasis in Japan

Insmed Incorporated announced that Japan's Ministry of Health, Labour and Welfare (MHLW) has approved BRINSUPRI (brensocatib 25-mg tablet), an oral, once-daily treatment for non-cystic fibrosis bronchiectasis (NCFB) in adults and pediatric patients 12 years and older. BRINSUPRI, the first and only MHLW-approved treatment for NCFB, finally gives patients with NCFB and clinicians who treat the disease an option to manage this chronic and progressive disease that can lead to permanent lung damage and lung function decline. With this approval, BRINSUPRI is now approved for use in the U.S., Europe, and Japan. The approval of BRINSUPRI by the MHLW for the treatment of patients living with NCFB is based on results from the Phase 3 ASPEN study, which demonstrated that brensocatib significantly reduced pulmonary exacerbations compared with placebo over the 52-week treatment period and met multiple key secondary endpoints, including significantly prolonging the time to first exacerbation and significantly increasing the proportion of patients remaining exacerbation-free over the treatment period. Patients treated with brensocatib 25 mg also demonstrated significantly lower lung function decline at week 52, as measured by post bronchodilator forced expiratory volume in 1 second (FEV1), a standard measure of lung function. Brensocatib was generally well tolerated in the study. The most common treatment-emergent adverse events (TEAEs) occurring in at least 5.0% of patients were COVID-19, nasopharyngitis, cough, and headache. Non-cystic fibrosis bronchiectasis (NCFB) is a chronic, progressive, and inflammatory lung disease that causes the airways to become permanently widened due to a cycle of infection, inflammation, lung tissue damage, and mucociliary dysfunction. Patients with NCFB often experience repeated exacerbations, requiring antibiotic therapy and/or hospitalizations. Symptoms include chronic cough, excessive sputum production, shortness of breath, fatigue, and repeated respiratory infections, which can worsen the underlying disease. BRINSUPRI (brensocatib) is a small molecule, once-daily, oral, reversible inhibitor of dipeptidyl peptidase 1 (DPP1), designed to inhibit the activation of enzymes (neutrophil serine proteases) in neutrophils that are key drivers of chronic airway inflammation in NCFB. The therapy is approved in the United States as BRINSUPRI (brensocatib 10 mg and 25 mg tablets) and indicated for the treatment of non-cystic fibrosis bronchiectasis (NCFB) in adult and pediatric patients 12 years of age or older. In the European Union and United Kingdom, BRINSUPRI (brensocatib 25 mg tablets) is approved for the treatment of NCFB in patients 12 years of age and older with two or more exacerbations in the prior 12 months. In Japan, BRINSUPRI (brensocatib 25 mg tablets) is approved for the treatment of patients with non-cystic fibrosis bronchiectasis (NCFB) in adult and pediatric patients 12 years and older. BRINSUPRI is indicated for the treatment of non-cystic fibrosis bronchiectasis (NCFB) in adult and pediatric patients 12 years of age and older. Treatment with BRINSUPRI is associated with an increase in dermatologic adverse reactions, including rash, dry skin, and hyperkeratosis. Monitor patients for development of new rashes or skin conditions and refer patients to a dermatologist for evaluation of new dermatologic findings. Treatment with BRINSUPRI is associated with an increase in gingival and periodontal adverse reactions. Refer patients to dental care services for regular dental checkups while taking BRINSUPRI. Advise patients to perform routine dental hygiene. It is unknown whether administration of live attenuated vaccines during BRINSUPRI treatment will affect the safety or effectiveness of these vaccines. The use of live attenuated vaccines should be avoided in patients receiving BRINSUPRI. The most common adverse reactions =2% in the ASPEN trial included upper respiratory tract infection, headache, rash, dry skin, hyperkeratosis, and hypertension. The safety profile for adult patients with NCFB in WILLOW was generally similar to ASPEN, except for a higher incidence of gingival and periodontal adverse reactions. In ASPEN, there was an increase from baseline in average ALT, AST, and alkaline phosphatase levels at all time points from Week 4 through Week 56 in both BRINSUPRI 10 mg and 25 mg arms compared to placebo. The incidence of ALT >3X upper limit of normal (ULN) was 0%, 1.2%, and 0.9%; the incidence of AST >3X ULN was 0.2%, 0.3%, and 0.5%; and the incidence of alkaline phosphatase >1.5X ULN was 2.5%, 4.1%, and 4.0% in patients treated with placebo and BRINSUPRI 10 mg and 25 mg, respectively. In ASPEN, the incidence of skin cancers among patients treated with BRINSUPRI 10 mg and 25 mg was 0.5% and 1.9%, respectively, compared to 1.1% in placebo-treated patients. In ASPEN, the incidence of alopecia among patients treated with BRINSUPRI 10 mg and 25 mg was 1.5% and 1.6% respectively, compared to 0.4% in placebo-treated patients. The safety and effectiveness of BRINSUPRI for the treatment of NCFB have been established in pediatric patients aged 12 years and older. Common adverse reactions in pediatric patients aged 12 years and older enrolled in ASPEN were consistent with those in adults. The safety and effectiveness of BRINSUPRI have not been established in pediatric patients younger than 12 years of age.

U.S. Healthcare Sector Analysis

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Latest News

Oruka Therapeutics Names Todd Edwards Chief Commercial Officer to Guide Biologic Launch

Johnson & Johnson Receives FDA Approval For IMAAVY (Nipocalimab-Aahu) As First Treatment For Warm Autoimmune Hemolytic Anemia

AbbVie Still Has Room To Run

Insmed Incorporated Receives Approval for BRINSUPRI for the Treatment of Non-Cystic Fibrosis Bronchiectasis in Japan

CEO & Director recently sold US$29m worth of stock

Independent Director recently sold US$118m worth of stock

Chief Medical Officer recently sold US$2.3m worth of stock

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Merck Licenses AI Vaccine Candidate EVX-B3 and Confirms Evaxion Equity Stake

Insider notifies of intention to sell stock

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Independent Director recently bought US$100k worth of stock

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