CICC: Pharmaron's main business continues to improve, maintaining the "outperform industry" rating for A/H shares

Zhitong
2025.07.17 07:38

CICC's research report points out that Pharmaron forecasts a year-on-year revenue growth of 13-16% for 1H25, and the performance forecast aligns with our expectations. The company's revenue maintains a good growth trend, with improvements in profitability both year-on-year and quarter-on-quarter, and the main business continues to perform well. The synergy effects continue to play a role, and we look forward to the realization of CDMO's commercialization capabilities in the later stages. The company adheres to a technology-driven approach, creating a cutting-edge one-stop platform for drug research and development. On July 9, 2025, the company signed a comprehensive strategic cooperation agreement with Zhejiang University to jointly establish the "Artificial Intelligence Life Sciences Joint Research and Development Center." The profit forecasts for 2025 and 2026 remain unchanged. The current A-share price corresponds to a price-to-earnings ratio of 21.6x/19.8x for 2025/2026, while the H-share price corresponds to a price-to-earnings ratio of 14.5x/13.1x for 2025/2026. The A/H shares maintain an "outperforming the industry" rating

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