医药产业链数据库之：创新药投融资，2025年全球市场创新药VC、PE投融资持续复苏

Investment Rating - The investment rating for the pharmaceutical industry is "Outperform the Market - A" [6] Core Insights - The report indicates that the global market for innovative drug VC&PE financing is experiencing a sustained recovery in 2025, serving as a leading indicator for the CXO industry's economic conditions [1][9] - In 2025, the global innovative drug VC&PE financing amount is projected to grow by 3.39% year-on-year, improving by 1.46 percentage points compared to 2024 [2][10] - The report highlights significant improvements in the growth rates of VC&PE financing for innovative drugs in Q4 2025, with global, U.S., and domestic financing amounts increasing by 22.05%, 29.86%, and 46.34% year-on-year, respectively [3][11] - In December 2025, the financing amounts for innovative drugs in the global, U.S., and domestic markets saw year-on-year growth rates of 21.31%, 57.02%, and 50.42%, respectively, with particularly strong growth in the U.S. and domestic markets [4][20] Summary by Sections 1. Annual Observation - The report notes that the low point for global innovative drug VC&PE financing occurred in 2022, with a narrowing decline in 2023 and a return to positive growth in 2024-2025 [2][10] 1.2 Quarterly Observation - In Q4 2025, the growth rates for global, U.S., and domestic innovative drug VC&PE financing improved significantly compared to Q3 2025, with increases of 23.59, 27.94, and 13.97 percentage points, respectively [3][11] 1.3 Monthly Observation - December 2025 saw high year-on-year growth in global, U.S., and domestic innovative drug VC&PE financing, with the U.S. and domestic markets showing particularly notable increases [4][20]