2025年四季度制药服务报告（英）

Investment Rating - The report indicates a notable decline in private equity (PE) activity within the pharma services sector in 2025, suggesting a cautious investment environment for the industry [6][7]. Core Insights - Pharma services, which include contract and outsourced services for the biopharmaceutical industry, faced a significant downturn in PE activity due to a prolonged biotech funding winter and regulatory uncertainties [6][7]. - The demand for outsourced services, particularly from contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs), has been negatively impacted by a lack of new capital in early-stage biotech and stagnating R&D spending from Big Pharma [7]. - Regulatory changes, including tariffs and the BIOSECURE Act, have created complexities in deal-making, although some subsegments like generics manufacturers and consumer health have seen increased activity due to being more insulated from funding and regulatory volatility [8]. Summary by Sections PE Activity - The pharma services sector experienced a decline in deal count from 414 in 2022 to an estimated 260 in 2025, reflecting a significant drop in investment activity [10]. - Quarterly deal counts have shown a downward trend, with the highest count in Q4 2021 at 58 deals, decreasing to 37 in Q4 2025 [12]. Market Dynamics - The report highlights that while the US service providers may benefit from long-term tailwinds due to regulatory changes, the immediate environment remains challenging for deal-making [8]. - The report emphasizes that the ongoing changes in policies have complicated the underwriting process for potential investments in the sector [8]. Segment Data - The report provides insights into various segments within pharma services, indicating that subsegments less affected by funding and regulatory issues, such as generics and consumer health, have seen increased activity [8].