산업
Pharma Manufacturing Outsourcing (CDMO)
Pharma Manufacturing Outsourcing (CDMO) 산업의 모든 리포트 — 총 4건.
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
우시 XDC: ADC 제조 네트워크의 규모 확장
우시 XDC는 우시 그룹에서 분사한 홍콩 상장 바이오컨주게이트 CRDMO로, ADC 발견 및 CMC 작업을 더 높은 부가가치의 후기 단계 및 상업 제조로 전환하며 2025년 매출 59.4억 위안에 도달했다. 투자 쟁점은 ADC 수요가 아니라 가격에 있다: 2025년 수주잔고는 50.3% 증가한 14.89억 달러를 기록했고 글로벌 시장 점유율은 2022년 9.9%에서 24% 이상으로 상승했으나, 주가는 후행 PER 약 37배, 2026년 예상 PER 약 24배에 거래되며 지속적인 우시 지정학 디스카운트와 자본 집약적인 해외 상업 공급 전환 부담을 안고 있다. 등급 보유: ADC CRDMO 프랜차이즈는 강력하고 여전히 규모를 키우고 있으나, 현재 주가는 이미 다음 상업화 구간의 상당 부분을 선반영하고 있다.
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.