高盛：印度 CRO-CDMO 考察要点_“中国 + 1” 战略进展良好的迹象，聚焦新业务模式投资

Investment Ratings - Syngene International: Buy [5] - Neuland Labs: Buy [5] - TheraNym Bio (Aurobindo): Buy [5] - Piramal Pharma: Buy [5] - Cohance Lifesciences: Buy [5] - Laurus Labs: Sell [5] - Divi's: Neutral [5] - Sai Life Sciences: Not Covered [5] - OneSource: Not Covered [5] - Dishman Carbogen Amcis: Not Covered [5] - Aragen Life Sciences: Not Listed [5] Core Insights - The report indicates a significant shift towards geographic supply chain diversification, particularly in response to the China+1 strategy, with large pharma companies actively seeking alternatives to reduce dependence on China [4][17][28] - Investment in biologics is increasing, with several companies making substantial investments in new modalities such as ADCs and Oligos, reflecting a broader trend in the industry [7][10][35] - The CRO/CDMO sector is experiencing heightened interest from clients globally, with a notable increase in requests for proposals (RFPs) and pilot projects, particularly from big pharma [4][50][69] Summary by Company Syngene International - Syngene is witnessing a recovery in its discovery business, expecting growth in FY26 driven by increased inquiries from big pharma [16] - The company is focused on expanding its capabilities in mABs, ADCs, and Oligos, with significant investments in new facilities [19][20] - Syngene's guidance for FY26 includes low teens growth in core sales, with margins expected to moderate due to initial costs from new facilities [20] Neuland Labs - Neuland emphasizes its commitment to human health and aims to emulate companies like Lonza, focusing on niche drug development [25][26] - The company is expanding its capabilities in peptides and has secured projects from innovators looking to diversify away from China [31][30] - Neuland expects growth in FY26/27 driven by its CMS business and specialty products [32] TheraNym Bio (Aurobindo) - TheraNym is capitalizing on India's cost advantages in the bio CDMO landscape, with a significant deal with MSD for biologic CMO [38][39] - The company is building integrated bio reactors with a substantial capex plan, expecting to generate significant revenues by 2031 [38] Piramal Pharma - Piramal is optimistic about recovering its CDMO business in FY27, driven by multi-year supply orders and new facility expansions [45] - The company aims to double its CDMO revenues by FY30, focusing on key modalities like ADCs and HPAPIs [45] Cohance Lifesciences - Cohance has seen a significant increase in RFQs, indicating a strong demand for its services as clients seek to diversify supply chains [50] - The company is investing in developing a GMP ADC site and expanding its capabilities in Oligos and small molecules [51][52] Laurus Labs - Laurus is aggressively investing in capacity expansion across its segments, including human health and animal health CDMO [58] - The company is focused on diversifying its customer base and enhancing its capabilities in new modalities [61] Dishman Carbogen Amcis - Dishman has a diverse global presence and is focusing on improving capacity utilization in its Indian facilities [82] - The company expects moderate growth in FY26, with a focus on improving margins over the next few years [85] Aragen Life Sciences - Aragen is expanding its capabilities in peptide discovery and ADCs, with significant investments in new facilities [89] - The company has seen increased business from big pharma, reflecting a shift towards supply chain diversification [90]