CITIC Securities: Reducción de tasas en el extranjero + mejora en financiamiento interno, manteniendo una visión optimista sobre la recuperación integral de la demanda en la cadena de la industria farmacéutica

People’s Finance News, April 2. A research report from Citic Securities states that, driven by the domestic innovative drug BD (business development) boom, downstream demand has rebounded. Within companies’ sources of funding, the proportion of equity financing has fallen significantly, while the share of BD transactions has increased to nearly 40%. In the first quarter of 2026, the total amount of BD going overseas exceeded 60 billion USD, reaching nearly half of the full-year 2025 figure. By segment, small-molecule CDMO is set to gain a larger share thanks to China’s global supply-chain advantages, and with domestic supply stability amid the Middle East conflict, it may receive more orders. Preclinical and clinical CROs are expected to see both volume and pricing rise together as financing improves and demand for early-stage research is transmitted. Although the research services and upstream segments experienced short-term performance pressure in the fourth quarter of 2025 due to exchange-rate fluctuations, the outlook for early-stage research demand in 2026 remains steady. Revenues at leading companies are expected to grow by more than 20%, and current valuations are reasonable. Suggested areas to watch: ① CXO leaders; ② key companies in the preclinical and clinical CRO segments; ③ research services and upstream segments with relatively reasonable valuations.