Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [4][20]. Core Insights - The report indicates a significant improvement in VC&PE financing for innovative drugs in the US market as of September 2024, serving as a leading indicator for the CXO industry's economic conditions [1][9]. - In the first half of 2024, global VC&PE financing for innovative drugs showed improvement, particularly in the US, with a year-on-year increase of 15.51%, contrasting with a global decline of 2.35% [2][10]. - The third quarter of 2024 saw a slight quarter-on-quarter improvement in global VC&PE financing for innovative drugs, with a 3.87% increase compared to the second quarter [3][13]. - In September 2024, the US market experienced a notable increase in VC&PE financing for innovative drugs, with a year-on-year growth of 18.81%, while global financing saw a slight decline of 0.22% [4][16]. Summary by Sections Annual Observation - In the first half of 2024, the US market's VC&PE financing for innovative drugs improved significantly, with a year-on-year growth of 15.51%, marking a 54.88 percentage point improvement compared to the previous year [2][10]. Quarterly Observation - The third quarter of 2024 showed a year-on-year decline in VC&PE financing for innovative drugs in the global market by 2.68%, but a quarter-on-quarter increase of 3.87% was noted [3][13]. Monthly Observation - In September 2024, the US market's VC&PE financing for innovative drugs improved significantly with an 18.81% year-on-year increase, while the global market experienced a slight decline of 0.22% [4][16].
医药产业链数据库之：创新药投融资，2024年9月美国市场创新药VC&PE投融资改善明显
Guotou Securities·2024-10-17 00:23