医药生物行业2026年度策略报告:创新跨越从跟跑至领跑,出海破局由低端向高端

信达证券
Dec 16

(以下内容从信达证券《医药生物行业2026年度策略报告:创新跨越从跟跑至领跑,出海破局由低端向高端》研报附件原文摘录)本期内容提要:行业运行及估值动态:2025年前三季度生物医药板块各子板块业绩表现大幅分化,高基数及集采和反腐压力已基本消化,2025年行业营收及利润总额同比增速先抑后扬,其中创新药及CXO和生命科学上游的景气度已反转,行业的盈利能力止跌企稳;创新药受益于BD预期带动年初至7月份医药...

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