業種
Pharma Manufacturing Outsourcing (CDMO)
Pharma Manufacturing Outsourcing (CDMO) のすべてのレポート — 全 4 件。
51/100
Asymchem Laboratories: A Proven Small-Molecule CDMO in Transition to New Modalities, Already Priced for Success
Asymchem is a founder-led Chinese CDMO anchored in commercial small-molecule process chemistry, with emerging peptide, oligonucleotide and biologics work now about 30% of revenue. 2025 revenue rose 14.9% to RMB 6.67bn with adjusted net profit of RMB 1.25bn, order backlog reached US$1.385bn (+31.65%), and Q1 2026 emerging-business revenue jumped 74.1% — yet the A-share trades near 40x trailing earnings (about a 2.4% owner-earnings yield), while founder-concentrated governance and the BIOSECURE policy overhang cap the multiple. Rating Hold: a high-quality chemistry franchise whose new-modality transition is real, but the current price already pays for most of the 2026 recovery; the ideal buy zone is CNY 68-70.
48/100
48Buffett
WuXi XDC：ADC製造ネットワークのスケールアップ
WuXi XDCは、WuXiグループからスピンアウトした香港上場のバイオコンジュゲートCRDMOであり、ADCの創薬およびCMC業務をより付加価値の高い後期段階・商業生産へと転換し、2025年には59.4億元の売上に達した。投資をめぐる論点はADC需要ではなく価格にある。2025年の受注残は50.3%増の14.89億ドルに伸び、世界シェアは2022年の9.9%から24%超へと上昇したが、株価は実績PERで約37倍、2026年予想で24倍の水準にあり、なおWuXi由来の地政学的ディスカウントと、海外商業供給への資本集約的な転換を抱えている。レーティングはホールド。ADC CRDMOフランチャイズは強固で拡大も続いているが、現在の株価は次の商業ステージの大部分をすでに織り込んでいる。
52/100
56Buffett
WuXi Biologics Deep Dive: A Biologics CRDMO Where Manufacturing Delivery Runs Ahead While Valuation Is Held Back by a Geopolitical Discount
WuXi Biologics is a global biologics CRDMO platform that uses a win-the-molecule model to carry early-stage programs all the way to late-stage commercial manufacturing, converting them into sticky back-end revenue. 2025 revenue reached RMB 21.79 billion, up 16.7% year on year, with back-end manufacturing already at 43.4% of revenue; yet 58.1% of revenue comes from North America, and the valuation is pinned at roughly 22x trailing earnings by a BIOSECURE-driven geopolitical discount. Rating Hold: manufacturing delivery is proven, but listing risk is not yet resolved and the margin of safety remains thin.
48/100
Lonza Group AG (LONN.SW) Zen Horizon Research Report
Lonza Group is a Basel-based Swiss biopharmaceutical CDMO founded in 1897 and now the world's second-largest biologics manufacturing outsourcer, with 2025 revenue of CHF 6.53B split between Biologics (70%, mAb / ADC / CGT / mRNA manufacturing) and Capsules & Health Ingredients (30%). The core thesis is that its 2024 strategic reset, including the USD 1.2B acquisition of Roche's Vacaville site in California, the divestiture of Specialty Ingredients, and the arrival of CEO Wolfgang Wienand, positions Lonza as one of only two scaled mammalian biologics capacity leaders above 200,000L, alongside Samsung Biologics, with additional policy tailwinds from the BIOSECURE Act against WuXi Biologics. Rating Hold: a high-quality CDMO compounder with visible recovery and upside catalysts, but a thin margin of safety at the current price.