CITIC Securities: China's pharmaceutical industry is standing at the starting point of global value reevaluation. 2026 will be a key node to verify the effectiveness of transformation.

The report from CITIC Securities Research pointed out that in this year's JPM conference, Chinese pharmaceutical companies have made technological breakthroughs in areas such as ADC, IO dual therapy, and GLP-1, and are expanding globally through methods such as licensing out and cooperative development. Leading companies have already achieved internationalization, and some biotechs have made breakthroughs in their respective fields. In the CXO sector, companies are expanding globally with the CRDMO model and global production layout, with a continuously growing backlog of orders, and overseas bases are set to start production intensively in 2026, entering a period of commercial harvest. Overall, the Chinese pharmaceutical industry is at the starting point of global value reevaluation, and 2026 will be a key milestone to verify the effectiveness of transformation.