Biotechnology valuation multiples
Worldwide, the median listed biotechnology company was valued at 6.5x revenue and 7.2x revenue at 30 September 2026. By region, the median was 6.5x in the United States, 5.0x in Europe, 4.4x in Japan and 7.6x in Emerging Asia.
Global 651 listed biotechnology companies at 30 September 2026
median
median
median
median
*Excludes companies with stale accounts or results driven mainly by revaluations of investment holdings, and EV/Sales above 50x, typically early-stage companies with little revenue. **Excludes multiples above 50x. How the figures are built
| EV/Sales | P/S | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 364 | 6.5x | 7.5x | 7.2x | n/m |
| United States | 128 | 6.5x | 8.4x | 6.9x | n/m |
| Europe | 44 | 5.0x | 6.2x | 5.7x | n/m |
| Japan | 7 | 4.4x | 2.8x | 3.5x | n/m |
| Emerging Asia | 169 | 7.6x | 7.8x | 8.5x | n/m |
Companies: those in the EV/Sales median. Median: the typical biotechnology company. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. In the United States and Europe the larger companies trade on higher multiples than the typical one, so the aggregate sits above the median. In Japan it is the other way round, and the aggregate sits below the median. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EV/SalesEnterprise value to revenue. The key multiple for biotechnology companies. | 6.5x | 6.5x | 5.0x | 4.4x | 7.6x |
| P/SMarket value to revenue. | 7.2x | 6.9x | 5.7x | 3.5x | 8.5x |
| P/ENormalised earnings: one-off items removed. | 29.8x | 17.9x | 32.5x | – | 32.4x |
| EV/EBITDAEnterprise value to EBITDA; share-based pay counted as an expense. | 20.1x | 20.8x | 18.3x | – | 21.1x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Gross margin | 56.0% | 74.8% | 60.9% | 68.0% | 49.5% |
| EBITDA margin | 3.5% | −26.9% | 14.5% | 0.5% | 9.2% |
| Revenue growth | 6.1% | 11.2% | 5.6% | 4.5% | 3.6% |
| Free cash flow margin | −6.0% | −51.6% | 7.8% | −6.0% | −0.6% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- Vertex Pharmaceuticals IncUS
- Regeneron Pharmaceuticals IncUS
- Moderna IncUS
- Argen-X SEBelgium
- CSL LtdAustralia
of 651 companies
United States
- Vertex Pharmaceuticals IncUS
- Regeneron Pharmaceuticals IncUS
- Moderna IncUS
- Natera IncUS
- Revolution Medicines IncUS
of 304 companies
Europe
- Argen-X SEBelgium
- BioNTech SEGermany
- Genmab A/SDenmark
- Eurofins Scientific SELuxembourg
- Ascendis Pharma A/SDenmark
of 76 companies
Japan
- HU Group Holdings IncJapan
- GNI Group LtdJapan
- Oncolys BioPharma IncJapan
- PeptiDream IncJapan
- Nxera Pharma Co LtdJapan
of 12 companies
Emerging Asia
- Samsung Biologics Co LtdKorea
- Celltrion IncKorea
- ALTEOGEN IncKorea
- Pharmaron Beijing Co LtdChina
- Shanghai Allist Pharmaceuticals Co LtdChina
of 230 companies
Subscribers get the figures of all 651 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | EV/Sales | P/S |
|---|---|---|---|
| Commercial-Stage Biotechnology | Biotechnology companies with LTM revenue above $50m | See plans | See plans |
| Clinical-Stage Biopharma | Biotechnology and pharmaceutical drug developers with LTM revenue of $50m or less (or none reported) | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/Sales, 12 quarters
Biotechnology in the full data
Revenue, because most have no profit
68% of the biotechnology companies in the statistics have negative EBITDA and 73% negative normalised earnings, so the industry is valued on revenue. The median EV/Sales is 6.5x across the 364 companies with a meaningful multiple; companies with little or no revenue, whose multiple would be above 50x, are left out of it.
The United States: research-heavy and loss-making
302 of the 641 companies are listed in the United States. The median US company spends 52.7% of its revenue on research, and its median EBITDA margin is −26.9%. Emerging Asia's companies are mostly profitable, with a median EBITDA margin of 9.2%, and carry the highest median EV/Sales of the four regions, 7.6x. Japan's is the lowest, 4.4x.
A stable multiple
Over twelve quarters the global median has stayed between 6.0x and 7.1x, and stands at 6.5x. By size, the median does not rise with the company: mid caps trade at 8.2x revenue, large caps at 6.4x, small caps at 6.4x and micro caps at 6.3x. For a company with products still in trials, a revenue multiple says little, and the valuation rests on the pipeline.
What EV/Sales multiple do biotechnology companies trade at?
The median listed biotechnology company traded at 6.5x revenue (EV/Sales) at 30 September 2026, across 364 companies above USD 100m; the aggregate was 7.5x. United States 6.5x, Europe 5.0x, Japan 4.4x, Emerging Asia 7.6x.
What is the median P/S of biotechnology companies?
7.2x at 30 September 2026, across 369 companies.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private biotechnology companies?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
Global Equity Valuations Database
- Question
- Is this market cheap or dear against its own history?
- Covers
- Stock market indices and their sectors, back to 1970 on the longest series
- Delivered
- Daily, through an API, with a monthly Excel dashboard
Siblis Global Valuation Multiples
- Question
- What does a company like my target trade on, and who are its listed peers?
- Covers
- 70 industries, 139 sub-industries and about 25,000 companies, delisted ones included
- Delivered
- Excel reports for every quarter end, licensed for client work
Every industry, at any valuation date
One subscription covers all 70 industries and 139 sub-industries in eight regions: about 25,000 companies, delisted ones included, at every quarter end since Q1 2009.
Siblis Research in research and the press
Siblis Research market valuation data appears in peer-reviewed journals, central bank publications and the financial press.
Companies with a market value above USD 100m whose main business is developing medicines from biological processes, including companies with products in clinical trials, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
651 biotechnology companies at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Biotechnology Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/biotechnology/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_biotechnology_multiples,
title = {Biotechnology Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/biotechnology/}
}