For US healthcare equities, 2025 was a year of pivoting from suppression to recovery.
In the first half of the year, valuations were significantly depressed—with forward P/E ratios falling to historical lows—due to a confluence of headwinds: tariffs, "Most Favored Nation" pricing models, healthcare reform uncertainties, and a high-interest-rate environment.
However, as the second half of 2025 progressed, the narrative shift...