机构：民生证券 研究员：朱凤萍/杨涛 事件：药明生物2025 年8 月19 日晚间公布中期业绩简报。根据简报，公司2025 年上半年实现营业收入 99.5 亿元（同比+16.1%），毛利率42.7%（同比+3.6 pcts），经调整纯利28.4 亿元（同比+11.6%），总 体财务表现略超市场预期。 风险提示：行业监管政策变化及地缘政治风险、医药研发服务需求下降风险、行业竞争加剧风险、汇率 风险、投融资恢复不及预期风险等 业务分拆：a）按照项目所属阶段划分：综合项目数量持续扩张，商业化项目持续爬坡带动收入增长。 临床前项目实现收入41.5 亿元（同比+35.2%），主要系研究服务和临床前开发项目的收入转化所驱 动；临床早期项目实现收入13.3亿元（同比-29.7%），主要由于部分大型项目由早期进展至后期开发/商 业化阶段以及订单执行时间安排影响；临床三期+商业化项目实现收入42.9 亿元（同比+24.9%），主要 系早期项目持续推进稳步迈入成熟阶段，以及现有商业化项目的持续爬坡。 业务分拆：b）按照地区划分：北美地区在政策波动环境中维持强劲增长。 按照客户所属地区划分：北美市场收入同比+20.1%（占比达到6 ...

药明合联(02268)于8月18日发布2025年中期业绩，其强劲的增长曲线与战略布局引发行业广泛关注。在8月19日举行的业绩电话会上，公司进一步释放积 极信号：基于在手订单与产能释放节奏，将2025年全年营业收入同比增长预期从35%上调至45%以上，凸显其对市场趋势的精准把握与长期发展信心。 财务数据亮眼，盈利能力持续优化 财报显示，药明合联上半年实现营业收入27.01亿元人民币，同比增长62.2%；经调整净利润(不含利息收入和支出)达7.33亿元，增速达69.6%。毛利率同比 提升4个百分点至36.1%，净利润率达27.6%，盈利质量进一步提升。 这一成绩得益于公司"赋能、跟随并赢得分子"战略的深化执行。截至报告期末，其iCMC项目总数累计增至225个，其中2025年上半年新签iCMC项目37 个，创历史新高；同时，成功获得11个PPQ(工艺验证)项目及1个商业化项目，项目管线向后期阶段稳步推进。 据了解，此次业绩指引上调，源于多重利好因素叠加： 行业景气度延续：ADC等生物偶联药物市场持续爆发式增长，全球制药巨头和创新药企对一体化CRDMO服务需求旺盛。 订单储备充足：未完成订单总额达13.29亿美元，同 ...

Core Viewpoint - WuXi Biologics is a global leader in the biopharmaceutical CDMO (Contract Development and Manufacturing Organization) sector, leveraging an integrated platform to drive growth [1] Group 1: Business Model and Performance - The company pioneered the CRDMO (Contract Research, Development, and Manufacturing) model, offering comprehensive services from drug discovery to commercial production, which enhances customer retention by locking in partnerships 5-10 years in advance [1] - In 2024, the company is expected to serve over 600 clients, including the top 20 multinational pharmaceutical companies, with a core employee retention rate of 95.8%, ensuring operational stability [1] - The company’s revenue is projected to reach 18.7 billion yuan in 2024, reflecting a 9.3% increase, with a net profit of 3.36 billion yuan [1] Group 2: Growth Drivers - Non-COVID-related business is expected to grow significantly, with a 13.1% year-on-year increase in 2024, and a CAGR of 42% from 2017 to 2024, indicating a healthy business structure [2] - The company has a substantial backlog of unfulfilled orders, totaling approximately 18.5 billion USD, with a compound growth rate of 69.6% from 2016 to 2024 [2] - The company’s pipeline includes 194 ADC-related projects in 2024, a 35.7% increase year-on-year, indicating strong growth in complex therapy production [3] Group 3: Market Position and Future Outlook - The global biopharmaceutical market is expanding, with China holding an 18.8% share, projected to reach 162.8 billion USD by 2030, benefiting the CDMO market [2] - The company’s production capacity is expected to reach 580,000 liters by 2026, potentially supporting profits of approximately 7.8 billion yuan at full capacity [3] - Compared to international peers, the company has a significant valuation advantage, with a current PE ratio of 35.2X, lower than that of global leaders [3]

Financial Data and Key Metrics Changes - Cryoport reported a 14% increase in total revenue from operations for the second quarter, with service revenue increasing by 21% year over year, accounting for 54% of total revenue from continuing operations [6][7] - Revenue from commercial cell and gene therapies grew by 33%, while BioStorage Bioservices increased by 28%, indicating strong demand for integrated temperature control supply chain solutions [7][12] - The company reaffirmed its full year 2025 revenue guidance, reflecting a commitment to sustainable long-term profitability [9][12] Business Line Data and Key Metrics Changes - Life sciences services revenue grew by 21% year over year, driven by significant increases in commercial cell and gene therapy support and BioStorage Bioservices [7][12] - Life sciences products experienced an 8% year-over-year revenue growth, primarily due to improved demand from animal health customers [8][12] - The launch of new products, such as the next-generation MVE SC42V and SC43V vapor shippers, contributed to the overall performance [8] Market Data and Key Metrics Changes - As of June 30, Cryoport supported a record 728 clinical trials, representing approximately 70% of the industry cell and gene therapy trials [11] - The company anticipates up to 20 additional application filings and one new therapy approval for the remainder of 2025 [11] - Despite some clients receiving negative opinions from regulatory bodies, analysts remain optimistic about future approvals due to recent changes within the FDA [11][12] Company Strategy and Development Direction - The strategic partnership with DHL Group, including the sale of Cryo PDP, is expected to enhance Cryoport's global biologics capabilities and expand its life sciences business [9][12] - The company aims to develop a strong global partner network to complement its core capabilities [9] - Cryoport is focused on driving long-term shareholder value while supporting the growth of the global regenerative medicine market [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges faced by some clients but emphasized the overall strength and resilience of Cryoport's performance [12] - The company is optimistic about the future growth of commercial revenue, driven by additional therapies reaching commercialization [12] - Management remains cautious about the global economic and geopolitical uncertainties, which influenced the decision to maintain revenue guidance [22] Other Important Information - The company recorded an estimated revenue impact of approximately $2 million from a gene therapy client that temporarily paused distribution [10] - Cryoport's gross margin increased, with adjusted EBITDA showing significant improvement as part of its pathway to profitability initiative [9][27] Q&A Session Summary Question: Update on non-cell and gene therapy demand and EntegraCell adoption - Management noted that MVE revenue improved by 8% and that EntegraCell is on track for revenue production initiation this quarter, with meaningful revenue expected in 2026 [16][20] Question: Phasing on 2H guidance and reasons for not increasing guidance - Management stated that they maintained guidance due to uncertainties in the global economy and geopolitical factors, despite a strong quarter [21][22] Question: Update on capital allocation philosophy and M&A appetite - Management indicated a prudent approach to capital allocation, including share repurchases, while remaining open to compelling acquisition opportunities [29][34] Question: Impact of late quarter FDA update on REMS - Management expressed positive feedback from clients regarding the FDA ruling, anticipating beneficial impacts on patient volumes [38][39] Question: Competitive dynamics in the commercial market - Management observed increased interest from clients in securing supply and scalability, with larger players seeking collaboration rather than competition [50][51] Question: Updates on tariffs and cost impacts - Management reported no significant impact from tariffs and indicated that any costs would be passed through to clients if necessary [58] Question: Growth in China and market expectations - Management does not expect market expansion in China for 2025, reflecting ongoing monitoring of customer conditions and government stimulus programs [64] Question: Customer response to Cryoport's carrier agnosticism post-DHL transaction - Overall customer feedback has been positive, with excitement about the logistics solutions and flexibility offered through the DHL partnership [66][67]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 grew 3% to $10.85 billion, with adjusted operating income increasing 1% to $2.38 billion [7][28] - Adjusted operating margin was 21.9%, and adjusted EPS was $5.36 per share, exceeding guidance [7][19] - Year-to-date cash flow from operations was $2.1 billion, with free cash flow at $1.5 billion after net capital expenditures of $645 million [31] Performance by Business Segment - **Life Science Solutions**: Revenue increased 6% year-over-year, with organic growth at 4%. Adjusted operating income rose 6%, and adjusted operating margin was 36.8% [33] - **Analytical Instruments**: Revenue declined 3%, with organic growth down 4%. Adjusted operating income decreased 26%, and adjusted operating margin was 18.8% [34][35] - **Specialty Diagnostics**: Revenue grew 2% year-over-year, with organic revenue flat. Adjusted operating income increased 3%, and adjusted operating margin was 27% [36] - **Laboratory Products and Biopharma Services**: Revenue increased 4%, with organic growth at 3%. Adjusted operating income rose 11%, and adjusted operating margin was 13.8% [37] Market Data and Key Metrics Changes - In the pharma and biotech sector, mid-single-digit growth was achieved, driven by bioproduction and pharma services [8] - Academic and government revenue declined mid-single digits due to customer hesitancy [9] - Diagnostics and Healthcare revenue declined in the low single digits, impacted by challenges in China [10][28] Company Strategy and Industry Competition - The company focuses on three strategic pillars: high-impact innovation, trusted partner status, and a strong commercial engine [11] - Recent product launches include advanced mass spectrometers and a cryo transmission electron microscope, enhancing the company's competitive position [12][13] - The company is actively managing costs and leveraging its PPI business system to navigate tariff impacts and improve operational efficiency [18][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth drivers of the industry, expecting a gradual improvement in end markets [20][23] - The company anticipates organic revenue growth of 3% to 6% in 2026 and 2027, with a long-term outlook of over 7% [21][24] - Management highlighted strong customer relationships and ongoing investments in innovation as key factors for future success [14][23] Other Important Information - The company announced the retirement of CFO Stephen Williamson, with Jim Meyer set to take over in March 2026 [48][50] - The acquisition of Silventum's purification and filtration business is on track to close by year-end [16] Q&A Session Summary Question: Long-term growth outlook and market share - Management provided clarity on the 7% long-term growth outlook, emphasizing strong conviction in industry drivers and share gains [55][60] Question: Margin expansion drivers - Margin expansion is expected to be driven by PPI business system tools and operational efficiencies, despite tariff impacts [62][66] Question: Biopharma investment trends - Management noted broad strength in biopharma, with strong growth in bioproduction and pharma services, indicating a positive outlook [70][72] Question: Analytical Instruments growth outlook - The segment is expected to face challenges due to muted conditions in academic and government sectors, but new product innovations are anticipated to drive share gains [76][86] Question: Reshoring impact - There is increased interest in expanding US manufacturing capacity, with no signs of customers pausing purchases in bioproduction [81][84] Question: Academic and government funding outlook - Bipartisan support for life sciences funding remains strong, with expectations for stabilization in academic and government budgets [98]

Financial Data and Key Metrics Changes - The company reported $43 billion in revenue for FY 2025, with a strong double-digit performance and a 10% comprehensive annual growth in revenue [17][23] - Adjusted EPS growth was noted at 12% annually, alongside a similar growth rate in free cash flow generation [23] Business Line Data and Key Metrics Changes - The largest end market for the company is pharmaceutical and biotech, with significant presence in academic, government diagnostics, healthcare, and industrial markets [18][20] - Over 80% of the company's revenue is derived from services and consumables, indicating a recurring revenue business model [20] Market Data and Key Metrics Changes - Approximately half of the company's business is in North America, with a quarter in Europe and the remainder spread across Asia Pacific and Latin America [20] Company Strategy and Development Direction - The company focuses on creating differentiated value for stakeholders, emphasizing sustainable value creation and corporate social responsibility [17][21] - The PPI business system has been in place for over two decades, providing a competitive advantage and enabling successful acquisitions [22] Management's Comments on Operating Environment and Future Outlook - The management expects a continuing recovery in end markets with an anticipated organic growth of around 3% to 4% [27] - The impact of tariffs and cuts to academic research funding is expected to be a headwind of about 1.5% on growth and earnings, although recent developments suggest a lessening impact [27][28] Other Important Information - The advisory resolution approving executive compensation was not approved, indicating shareholder concerns regarding executive pay [15][16] Q&A Session Summary Question: How does the Compensation Committee use the compensation actually paid total compensation figures in its calculation of the CEO target total compensation award for the upcoming year? - The compensation committee considers various factors including benchmarking information, company performance, and shareholder feedback to ensure alignment with compensation philosophy and strategic market positioning [25][26] Question: How will tariffs and cuts to academic research funding impact the company? - The management noted that tariffs and funding cuts are expected to be a headwind of about 1.5% on growth and earnings, but recent developments suggest a lessening impact [27][28]

Financial Performance - Total revenue for Q1 2025 was $3,829 million, representing a year-over-year growth of 2.5% on a reported basis and 3.5% at constant currency [30] - Adjusted EBITDA for Q1 2025 was $883 million, reflecting a growth of 2.4% year-over-year [32] - Adjusted diluted EPS for Q1 2025 was $2.7, an increase of 6.3% year-over-year [32] - The backlog at the end of Q1 2025 reached a record $31.5 billion, growing 4.8% compared to the prior year [10][32] Business Segment Performance - Technology and Analytics Solutions (TAS) revenue for Q1 2025 was $1,546 million, up 6.4% reported and 7.6% at constant currency [31] - R&D Solutions revenue for Q1 2025 was $2,102 million, a slight increase of 0.3% reported and 1.1% at constant currency [31] - Contract Sales and Medical Solutions revenue for Q1 2025 was $181 million, declining 4.2% reported and 2.1% at constant currency [31] Market Insights - The average time from RFP issuance to award increased by approximately 10% year-over-year and sequentially, indicating a cautious market environment [10][61] - The funding environment for early-stage projects has deteriorated, impacting decision-making processes among clients [10] - The U.S. biopharmaceutical sector continues to demonstrate resilience, contributing significantly to global drug approvals and economic output [21][22] Company Strategy and Industry Competition - The company is well-positioned to navigate near-term challenges and remains confident in the industry's resilience and prospects [6][20] - The focus on real-world evidence and AI-based models is expected to enhance the approval process for new drugs, benefiting the company [17][19] - The company has secured significant contracts and partnerships, indicating strong demand for its services [24][26] Management Commentary on Operating Environment - Management noted that while there is uncertainty in the market, leading indicators such as pipeline and decision timelines remain strong [55] - The company has not seen significant changes in pricing negotiations, maintaining stable relationships with large pharma clients [75] - Delays in decision-making are attributed to macroeconomic uncertainties, but the company expects to adapt and continue growth [20][61] Other Important Information - The company repurchased $425 million of its shares during the quarter, with approximately $2.6 billion remaining under the current program [33] - The full-year revenue guidance was raised by $275 million, reflecting favorable foreign currency exchange rates [34] Q&A Session Summary Question: Drivers behind the strength in RWE and order book outlook - The strong growth in real-world evidence (RWE) was driven by pent-up demand and a return to mission-critical work, with expectations for continued performance [38][39] Question: Margin expansion opportunities - Margin performance is impacted by foreign exchange rates, with ongoing cost reduction efforts including AI implementation to drive efficiency [44][45] Question: Competitiveness of RFPs and vendor consolidation - RFP flow remains strong, with no significant changes in the competitive landscape despite macroeconomic uncertainties [48][50] Question: Impact of uncertainty on TAS - The company has not seen significant impacts on TAS from the current operating environment, with continued good growth expected [56][57] Question: Book-to-bill trends and cancellations - The softer book-to-bill ratio was attributed to delays in contract signings and funding uncertainties, rather than increased cancellations [66][68] Question: Pricing environment changes - There have been no notable changes in the pricing environment, with stable negotiations in place from previous strategic partnerships [75] Question: Mix of FSO versus FSP in RFPs - There has been a shift back towards full-service offerings, with signs of increased outsourcing from large pharma clients [81][84] Question: Status of delayed mega trials - One mega trial is expected to start in the second half of the year, while another has been postponed indefinitely [86][87]

特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 专业诊断部门 的收入为11 . 4 8亿美元，与2 0 2 4年第一季度相比略涨0 . 3 9亿美元。 | Business Segment Information | | Three months ended | | | | --- | --- | --- | --- | --- | | | March 29, | % of | March 30, | % of | | (Dollars in millions) | 2025 | Revenues | 2024 | Revenues | | Revenues | | | | | | Life Sciences Solutions | 2,341 | 22.6% S | 2,285 | 22.1% | | Analytical Instruments | 1,718 | 16.6% | 1,687 | 16.3% | | Specialty Diagnostics | 1,148 | 11.1% | 1,109 | 10.7% | | ...