直擊JPM大會！藥明康德在現場說了什么？| Bilingual

新年伊始，全球醫藥健康產業再次將目光投向美國舊金山，一年一度的摩根大通醫療健康大會（J.P. Morgan Healthcare Conference，簡稱JPM大會）如期而至。來自全球的產業領袖相聚于此，共議醫藥健康領域的前沿趨勢與未來機遇。

作為全球醫藥健康產業重要的賦能者與貢獻者，藥明康德受邀出席本屆大會。當地時間1月14日，藥明康德聯席首席執行官陳民章博士在大會主會場上發表主題演講，圍繞產業發展趨勢、創新協同以及公司長期戰略，與全球行業同仁分享洞見。

陳民章博士表示：“藥明康德始終堅定不移地賦能全球醫藥創新，堅持做對的事，把事做好。無論外部環境如何變化，我們都將保持定力，高效執行，助力滿足未竟的醫療需求，為產業、客戶、患者創造價值。”

始終如一，堅定賦能

醫療健康產業正站在機遇與挑戰并存的交匯點。持續的技術進步與科學突破，正不斷延展人類健康與生命的邊界。然而，新藥研發依然面臨多重現實約束：周期漫長、投入高昂、成功率低，以及全球范圍內仍有大量未被滿足的臨床需求亟待破局。

通過一體化CRDMO業務模式，藥明康德始終如一，致力于為全球客戶提供兼具“質量、速度、成本”的解決方案，幫助客戶提高研發效率，加速研發進程，推動更多新藥、好藥早日問世，造福全球患者。

圍繞“質量、速度、成本”三個核心價值鏈，CRDMO模式形成了強大的“飛輪效應”，可以幫助客戶更高效地實現研發目標，縮短研發周期，從而提升產品的商業優勢和患者可及性。這一飛輪效應不僅推動了突破性療法問世，也強有力地促進了創新生態圈的蓬勃發展。

目前，藥明康德正與來自全球數千家客戶并肩同行，為他們提供高效、高質量的服務。無論是尋求管線優化的大型藥企，還是希望將候選藥物推進至關鍵里程碑的生物技術公司，藥明康德都是其長期信賴的合作伙伴。

質量正是信賴的基石。藥明康德始終恪守全球質量標準，并將知識產權視為與客戶共同的生命線。2025年，藥明康德共接受了741次來自全球客戶和監管機構的質量審查，以及60次全球客戶的信息安全審查——相當于平均每天進行2次以上的質量審查，每周進行1次以上的信息安全審查——通過率保持100%，且沒有重大發現項。這再次印證，藥明康德的高標準質量體系，經得起隨時隨地的檢驗。

成立25年以來，藥明康德始終以賦能者的姿態，與全球客戶攜手共進，堅持為患者做對的事。這不僅是一種戰略選擇，更是一項長期承諾。

正如陳民章博士所言：“25年來，我們始終堅持‘客戶第一’。我們建設的每一項能力、交付的每一個解決方案，只為賦能創新，讓突破性的治療更快惠及全球患者。”

聚焦CRDMO，高效協同

藥明康德“一體化、端到端”的CRDMO平臺，覆蓋了從藥物研究（R）、開發（D）到生產（M）的全流程，支持新藥研發生產的各個環節。該平臺整合了化學業務、生物學業務和測試業務三大平臺的專業能力，通過“無縫銜接”和高效協同，全程賦能客戶將科學發現轉化為突破性療法。

藥明康德的賦能始于一體化研究平臺（R端），能夠在為CRDMO開源引流的同時，洞察創新趨勢。作為藥明康德CRDMO業務流量的關鍵“入口”，僅過去一年，一體化研究平臺就為公司貢獻了接近65%的新客戶。在過去15年間，藥明康德R端賦能了超過9,000名客戶。

由于多個業務板塊之間的高效協同，客戶也更傾向于在藥明康德平臺上同時使用多個服務。數據顯示，大約30%的IND項目同時使用了早期藥物發現和臨床前測試服務，幫助客戶縮短研發周期，并推動項目交付。

藥明康德CRDMO模式的精髓，在于通過“跟隨科學、跟隨客戶、跟隨分子”的戰略，推進管線內的分子在平臺上從早期階段向后期轉化，并從中捕捉高質量的分子。藥明康德化學業務的小分子管線“漏斗”模型，生動體現了這一轉化路徑。

從數量上看，無論早期還是后期，藥明康德小分子CRDMO項目管線都非常充沛。截至2025年9月底，在過去12個月中，藥明康德小分子業務在“R”階段向客戶交付了超過43萬個化合物，“D&M”現有管線總計超3,400個。

從轉化效率看，優質管線在“漏斗”里層層轉化。2025年前三季度，D&M管線新增的621個分子中，有250個分子來自“R”階段。由于CRDMO模型中RDM的持續轉化，管線內80種已商業化藥物中的大多數都是內部轉化的結果。

從轉化質量看，高價值的后期項目正在加速擴容。2025年前三季度，后期的商業化和臨床III期項目達到167個，較2022年的107個增長了56%。同期，這些分子的收入增長超過150%。

這不僅反映了藥明康德支持的分子趨于復雜且質量更高，也體現了藥明康德與客戶合作關系的不斷深化。

緊抓未被滿足的需求，擁抱創新浪潮

藥明康德強大的R端早期業務不僅能為下游業務持續引流，更使公司能夠緊跟行業和科學發展的前沿，敏銳捕捉新分子趨勢，從而前瞻性布局新能力建設，為日后承接客戶的需求做好充足的準備。

以備受矚目的GLP-1領域為例，行業報告預測GLP-1類藥物銷售額在2030年將達到1,450億美元，接近2024年的三倍。藥明康德深度參與GLP-1領域，且相關管線增速超過行業平均增速。據陳民章博士透露，目前藥明康德平臺上的GLP-1管線增至24個，其中有15個處于II期和III期臨床階段。

具體來看，在處于全球臨床階段的GLP-1候選藥物中，藥明康德支持了36個小分子藥物中的12個，56個多肽藥物中的11個。此外，在7個已商業化藥物中，藥明康德支持了其中1個。

如今，藥明康德已成為全球多肽類藥物的重要服務平臺，可以用于支持GLP-1生產的多肽固相合成反應釜產能已超過100,000升，以更好地滿足客戶日益增長的需求。隨著產能逐季度爬坡，藥明康德多肽和寡核苷酸CRDMO業務（WuXi TIDES）強勁增長，預計2025年收入同比增長將超過90%。

這只是藥明康德一體化CRDMO平臺捕捉新分子機遇的冰山一角。通過R端對創新趨勢的敏銳捕捉，以及D&M端能力規模的前瞻性快速布局，CRDMO始終擁抱每一次創新浪潮，緊抓未被滿足的客戶需求，確保能夠提供更靈活高效的服務。

做對的事，把事做好

得益于CRDMO平臺的規模效應和高效執行，藥明康德在行業波動中展現了良好的財務韌性。根據2025年業績預增公告，公司預計業績將再超預期，并創下新紀錄：2025年持續經營業務收入同比增長21.4%，總收入達454.6億元；經調整non-IFRS歸母凈利潤達149.6億元，同比增長41.3%。

隨著業務和利潤的強勁增長，公司預計2025年自由現金流將創下新紀錄。充沛的現金流將繼續被用于加速全球能力規模建設，形成收與支的正向循環，全年D&M資本支出預計將保持在55億至60億元。

優質的業績回報還將與更多人共享。一方面，藥明康德堅持大力回饋股東，為投資者創造長期價值。2020年至今，公司收入和經調整non-IFRS歸母凈利潤的復合年增長率分別超過20%和30%。公司預計2025年基本每股收益6.7元，自IPO以來幾乎翻了十倍。

2025年，藥明康德已實施現金分紅和股份回購及注銷合計接近70億元，占公司2024年歸母凈利潤的70%以上。在過去七年中，藥明康德股息和股票回購的累計金額超過了200億元，占IPO以來累計凈利潤的40%以上。

企業發展還離不開人才。人才激勵方面，根據去年股東大會批準的獎勵計劃，如果藥明康德2025年收入完成420億，將授予不超過15億港元H股激勵，并在達到430億及以上時，額外授予10億港元H股。由于2025年業績“超預期”，25億H股股權激勵將被用于激勵和保留核心人才，凝聚管理團隊，助力公司的可持續發展。

陳民章博士表示：“藥明康德的戰略核心是聚焦CRDMO業務模式，為客戶提供卓越的服務，為全球患者謀福祉。面向未來，我們將持續加速全球能力建設和產能投放，充分把握新分子機遇，并不斷提升經營管理效率。無論外界環境如何變化，藥明康德將堅定不移地做好賦能者，堅持‘做對的事，把事做好’，與全球合作伙伴一道，早日實現‘讓天下沒有難做的藥，難治的病’的偉大愿景。”

At JPM Healthcare Conference, WuXi AppTec Shares Its Long-Term View on Enabling Innovation

At the start of the new year, global attention once again turned to San Francisco as the annual J.P. Morgan Healthcare Conference convened as scheduled. Industry leaders from around the world gathered to exchange views on emerging trends, innovation dynamics, and long-term opportunities in the healthcare industry.

As an enabler of global innovation and contributor to the healthcare industry, WuXi AppTec was invited to participate in this year’s conference. On January 14 (local time), Dr. Minzhang Chen, Co-CEO of WuXi AppTec, delivered a keynote speech, sharing perspectives on industry challenges, innovation collaboration, and the company’s long-term strategy.

In the presentation, Dr. Chen emphasized that WuXi AppTec remains firmly committed to enabling innovation—doing the right thing and doing it right. Regardless of changes in the external environment, the company will stay focused on the CRDMO strategy, strive for excellent execution, and support customers in addressing unmet medical needs, creating long-term value for the industry, customers, and patients worldwide.

Steadfast in Belief, Relentless in Enabling

The healthcare industry stands at a crossroads of opportunity and challenge. Continuous technological advances and scientific breakthroughs are expanding the boundaries of human health and longevity. At the same time, drug development remains constrained by long timelines, high costs, low success rates, and significant unmet medical needs.

Since its founding, WuXi AppTec has been dedicated to addressing these challenges through an integrated CRDMO business model, helping customers improve R&D productivity and accelerate development timelines.

Today, WuXi AppTec works alongside thousands of customers in delivering high-quality and efficient services. From large pharmaceutical companies optimizing pipelines to biotech innovators advancing candidates toward critical milestones, WuXi AppTec serves as a long-term and trusted partner.

Quality remains the foundation of trust. WuXi AppTec adheres rigorously to global quality standards and treats intellectual property as a shared lifeline with customers. In 2025, the company completed 741 quality audits conducted by global customers and regulatory authorities, as well as 60 information security audits conducted by customers — equivalent to more than two quality audits per day and more than one information security audit per week. All audits achieved a 100% pass rate, with zero critical findings, underscoring the robustness and reliability of WuXi AppTec’s quality system.

Over its 25-year history, WuXi AppTec has consistently partnered with customers as an enabler, staying focused on doing the right thing for patients. This is not only a strategic choice, but a long-term commitment. As Dr. Chen emphasized:

“For 25 years, we have remained putting the customer first. Every capability we build and every solution we deliver is designed to enable innovation and help breakthrough therapies reach patients around the world faster.”

Focusing on the CRDMO Model with Stronger Synergy

From Research (R) and Development (D) to Manufacturing (M), WuXi AppTec’s integrated CRDMO platform supports every stage of the drug R&D lifecycle. This end-to-end platform brings together three core business segments — WuXi Chemistry, WuXi Biology, and WuXi Testing — working in synergy to help customers translate scientific discoveries into real-world therapies.

Enablement begins at the integrated research platform (R), which serves as a key entry point for the CRDMO model by sourcing innovation and identifying emerging scientific trends. Over the past year alone, the research platform contributed nearly 65% of WuXi AppTec’s new customers. Over the past 15 years, this platform has supported more than 9,000 customers worldwide.

Today, customers are more inclined to adopt multiple services on the integrated research platform. Data show that approximately 30% of IND projects use both early drug discovery and preclinical testing services, helping shorten development timelines and advance project delivery.

At the core of the CRDMO model is the strategy of “following the science, following the customer, and following the molecule,” enabling pipelines to progress from early to late stages on the platform while capturing high-quality molecules. This pathway is vividly illustrated by the small-molecule pipeline funnel within WuXi AppTec’s chemistry business.

In terms of scale, WuXi AppTec’s CRDMO pipeline remains robust across both early and late stages. As of the end of September 2025, over the past 12 months, WuXi AppTec’s small-molecule business synthesized and delivered more than 430,000 compounds to customers at the R stage, while the CDMO pipeline reached over 3,400 projects.

In terms of conversion efficiency, high-quality pipelines continue to advance through the funnel. In the first three quarters of 2025, 250 of the 621 newly added molecules in the D&M pipeline originated from the R stage. Among the 80 commercialized drugs currently in the pipeline, the majority resulted from internal R-to-D-to-M conversion thanks to the CRDMO model.

In terms of conversion quality, high-value late-stage projects are expanding rapidly. In the first three quarters of 2025, the number of late-stage commercial and Phase III projects reached 167, representing a 56% increase from 107 in 2022. Over the same period, revenue from these molecules surged by more than 150%. This reflects not only the increased molecule complexity and quality, but also the strengthened partnership between WuXi AppTec and its customers.

Capturing Unmet Needs and Embracing Every Innovation Wave

WuXi AppTec’s strong early-stage R capabilities not only provide sustained momentum for downstream businesses but also allow the company to stay at the forefront of scientific progress, identify new modality trends, and proactively build new capabilities to meet future customer needs.

In the high-profile GLP-1 field, industry reports forecast that global GLP-1 drug sales will reach USD 145 billion by 2030, nearly three times the level in 2024. WuXi AppTec is deeply involved in this area, with pipeline growth exceeding the industry average. Dr. Chen disclosed that the GLP-1 pipeline on the WuXi AppTec platform has expanded to 24 projects, including 15 in Phase II and Phase III clinical development.

Specifically, among global clinical-stage GLP-1 candidates, WuXi AppTec supports 12 of 36 small molecule drugs and 11 of 56 peptide drugs. WuXi AppTec also supports one out of the seven commercialized GLP-1 drugs.

WuXi AppTec has now become a major global service platform for peptide drugs, with solid-phase peptide synthesis reactor capacity exceeding 100,000 liters to support customers’ growing needs. As capacity ramps up quarter by quarter, the company’s TIDES business (peptides and oligonucleotides CRDMO) has delivered strong growth, with revenue in 2025 expected to increase by more than 90% year over year.

This represents only part of how WuXi AppTec’s integrated CRDMO platform captures new modality opportunities. Through early identification of innovation trends at the R stage and forward-looking capability and capacity expansion across D&M, the CRDMO model will continue to address unmet customer needs and grow in every wave of innovation.

Doing the Right Thing, Doing It Right

Benefiting from the scale and operating efficiency of its CRDMO platform, WuXi AppTec has demonstrated strong financial resilience amid industry volatility. According to the company’s profit alert for the full year of 2025, performance is expected to once again exceed expectations and reach new records. Revenue from Continuing Operations is projected to grow 21.4% year over year to RMB 45.46 billion, while adjusted non-IFRS net profit is expected to reach approximately RMB 14.96 billion, representing a year-over-year increase of approximately 41.3%.

With strong growth in both revenue and profit, free cash flow in 2025 is expected to reach a record high. Robust cash generation will continue to be reinvested to accelerate global capability and capacity building, forming a positive cycle of investment and returns. Full-year D&M capital expenditure is expected to remain in the range of RMB 5.5-6.0 billion.

Strong performance is being shared with a broader group of stakeholders. Since 2020, WuXi AppTec’s revenue and adjusted non-IFRS net profit attributable to shareholders have achieved compound annual growth rates exceeding 20% and 30%, respectively. Basic Earnings per Share for the full year of 2025 continues to improve, expected to reach approximately RMB 6.70, nearly a tenfold increase since IPO.

In 2025, the company completed cash dividends and share buybacks for cancellation totaling nearly RMB 7.0 billion, representing more than 70% of its 2024 net profit attributable to shareholders. Over the past seven years, cumulative dividends and share buybacks have exceeded RMB 20.0 billion, accounting for more than 40% of cumulative net profit since IPO.

Talent is also critical to long-term development. Under the Incentive Trust Plan approved at last year’s shareholder meeting, if 2025 revenue reaches RMB 42.0 billion, up to HKD 1.5 billion H-shares will be granted, with an additional HKD 1.0 billion granted if revenue reaches RMB 43.0 billion and above. As 2025 performance has exceeded expectations, HKD 2.5 billion in H-share equity incentives will be used to motivate and retain core talent for long-term sustainable growth.

Dr. Chen concluded, “WuXi AppTec’s strategic focus is firmly on the CRDMO model — delivering outstanding services to customers and benefits to patients worldwide. Looking ahead, we will continue to strengthen our global capabilities and capacities, seize opportunities in new modalities, and further enhance operational efficiency. No matter how the external environment evolves, WuXi AppTec will remain a steadfast enabler, stay true to doing the right thing and doing it right, and work with global partners to realize our shared vision that ‘every drug can be made, and every disease can be treated.’”

免責聲明：本文僅作信息交流之目的，文中觀點不代表藥明康德立場，亦不代表藥明康德支持或反對文中觀點。本文也不是治療方案推薦。如需獲得治療方案指導，請前往正規醫院就診。

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