机构：招银国际 研究员：Benchen HUANG/Jill WU A vibrant ecosystem built on synergistic business segments. 1) Lab services have been the backbone of Pharmaron. New bookings of lab services increased by >15% YoY in 2024, with a similar trend in 9M25, supporting growth of this segment. 2) Small molecule CDMO services is highly complementary to lab services. Given the commercial-stage projects obtained in 2024 and its rich pipeline dominated (>95%) by early-phase projects, the CDMO segment is poised to see increasing comme ...