直击JPM大会！药明康德在现场说了什么？| Bilingual

新年伊始，全球医药健康产业再次将目光投向美国旧金山，一年一度的摩根大通医疗健康大会（J.P. Morgan Healthcare Conference，简称JPM大会）如期而至。来自全球的产业领袖相聚于此，共议医药健康领域的前沿趋势与未来机遇。

作为全球医药健康产业重要的赋能者与贡献者，药明康德受邀出席本届大会。当地时间1月14日，药明康德联席首席执行官陈民章博士在大会主会场上发表主题演讲，围绕产业发展趋势、创新协同以及公司长期战略，与全球行业同仁分享洞见。

陈民章博士表示：“药明康德始终坚定不移地赋能全球医药创新，坚持做对的事，把事做好。无论外部环境如何变化，我们都将保持定力，高效执行，助力满足未竟的医疗需求，为产业、客户、患者创造价值。”

始终如一，坚定赋能

医疗健康产业正站在机遇与挑战并存的交汇点。持续的技术进步与科学突破，正不断延展人类健康与生命的边界。然而，新药研发依然面临多重现实约束：周期漫长、投入高昂、成功率低，以及全球范围内仍有大量未被满足的临床需求亟待破局。

通过一体化CRDMO业务模式，药明康德始终如一，致力于为全球客户提供兼具“质量、速度、成本”的解决方案，帮助客户提高研发效率，加速研发进程，推动更多新药、好药早日问世，造福全球患者。

围绕“质量、速度、成本”三个核心价值链，CRDMO模式形成了强大的“飞轮效应”，可以帮助客户更高效地实现研发目标，缩短研发周期，从而提升产品的商业优势和患者可及性。这一飞轮效应不仅推动了突破性疗法问世，也强有力地促进了创新生态圈的蓬勃发展。

目前，药明康德正与来自全球数千家客户并肩同行，为他们提供高效、高质量的服务。无论是寻求管线优化的大型药企，还是希望将候选药物推进至关键里程碑的生物技术公司，药明康德都是其长期信赖的合作伙伴。

质量正是信赖的基石。药明康德始终恪守全球质量标准，并将知识产权视为与客户共同的生命线。2025年，药明康德共接受了741次来自全球客户和监管机构的质量审查，以及60次全球客户的信息安全审查——相当于平均每天进行2次以上的质量审查，每周进行1次以上的信息安全审查——通过率保持100%，且没有重大发现项。这再次印证，药明康德的高标准质量体系，经得起随时随地的检验。

成立25年以来，药明康德始终以赋能者的姿态，与全球客户携手共进，坚持为患者做对的事。这不仅是一种战略选择，更是一项长期承诺。

正如陈民章博士所言：“25年来，我们始终坚持‘客户第一’。我们建设的每一项能力、交付的每一个解决方案，只为赋能创新，让突破性的治疗更快惠及全球患者。”

聚焦CRDMO，高效协同

药明康德“一体化、端到端”的CRDMO平台，覆盖了从药物研究（R）、开发（D）到生产（M）的全流程，支持新药研发生产的各个环节。该平台整合了化学业务、生物学业务和测试业务三大平台的专业能力，通过“无缝衔接”和高效协同，全程赋能客户将科学发现转化为突破性疗法。

药明康德的赋能始于一体化研究平台（R端），能够在为CRDMO开源引流的同时，洞察创新趋势。作为药明康德CRDMO业务流量的关键“入口”，仅过去一年，一体化研究平台就为公司贡献了接近65%的新客户。在过去15年间，药明康德R端赋能了超过9,000名客户。

由于多个业务板块之间的高效协同，客户也更倾向于在药明康德平台上同时使用多个服务。数据显示，大约30%的IND项目同时使用了早期药物发现和临床前测试服务，帮助客户缩短研发周期，并推动项目交付。

药明康德CRDMO模式的精髓，在于通过“跟随科学、跟随客户、跟随分子”的战略，推进管线内的分子在平台上从早期阶段向后期转化，并从中捕捉高质量的分子。药明康德化学业务的小分子管线“漏斗”模型，生动体现了这一转化路径。

从数量上看，无论早期还是后期，药明康德小分子CRDMO项目管线都非常充沛。截至2025年9月底，在过去12个月中，药明康德小分子业务在“R”阶段向客户交付了超过43万个化合物，“D&M”现有管线总计超3,400个。

从转化效率看，优质管线在“漏斗”里层层转化。2025年前三季度，D&M管线新增的621个分子中，有250个分子来自“R”阶段。由于CRDMO模型中RDM的持续转化，管线内80种已商业化药物中的大多数都是内部转化的结果。

从转化质量看，高价值的后期项目正在加速扩容。2025年前三季度，后期的商业化和临床III期项目达到167个，较2022年的107个增长了56%。同期，这些分子的收入增长超过150%。

这不仅反映了药明康德支持的分子趋于复杂且质量更高，也体现了药明康德与客户合作关系的不断深化。

紧抓未被满足的需求，拥抱创新浪潮

药明康德强大的R端早期业务不仅能为下游业务持续引流，更使公司能够紧跟行业和科学发展的前沿，敏锐捕捉新分子趋势，从而前瞻性布局新能力建设，为日后承接客户的需求做好充足的准备。

以备受瞩目的GLP-1领域为例，行业报告预测GLP-1类药物销售额在2030年将达到1,450亿美元，接近2024年的三倍。药明康德深度参与GLP-1领域，且相关管线增速超过行业平均增速。据陈民章博士透露，目前药明康德平台上的GLP-1管线增至24个，其中有15个处于II期和III期临床阶段。

具体来看，在处于全球临床阶段的GLP-1候选药物中，药明康德支持了36个小分子药物中的12个，56个多肽药物中的11个。此外，在7个已商业化药物中，药明康德支持了其中1个。

如今，药明康德已成为全球多肽类药物的重要服务平台，可以用于支持GLP-1生产的多肽固相合成反应釜产能已超过100,000升，以更好地满足客户日益增长的需求。随着产能逐季度爬坡，药明康德多肽和寡核苷酸CRDMO业务（WuXi TIDES）强劲增长，预计2025年收入同比增长将超过90%。

这只是药明康德一体化CRDMO平台捕捉新分子机遇的冰山一角。通过R端对创新趋势的敏锐捕捉，以及D&M端能力规模的前瞻性快速布局，CRDMO始终拥抱每一次创新浪潮，紧抓未被满足的客户需求，确保能够提供更灵活高效的服务。

做对的事，把事做好

得益于CRDMO平台的规模效应和高效执行，药明康德在行业波动中展现了良好的财务韧性。根据2025年业绩预增公告，公司预计业绩将再超预期，并创下新纪录：2025年持续经营业务收入同比增长21.4%，总收入达454.6亿元；经调整non-IFRS归母净利润达149.6亿元，同比增长41.3%。

随着业务和利润的强劲增长，公司预计2025年自由现金流将创下新纪录。充沛的现金流将继续被用于加速全球能力规模建设，形成收与支的正向循环，全年D&M资本支出预计将保持在55亿至60亿元。

优质的业绩回报还将与更多人共享。一方面，药明康德坚持大力回馈股东，为投资者创造长期价值。2020年至今，公司收入和经调整non-IFRS归母净利润的复合年增长率分别超过20%和30%。公司预计2025年基本每股收益6.7元，自IPO以来几乎翻了十倍。

2025年，药明康德已实施现金分红和股份回购及注销合计接近70亿元，占公司2024年归母净利润的70%以上。在过去七年中，药明康德股息和股票回购的累计金额超过了200亿元，占IPO以来累计净利润的40%以上。

企业发展还离不开人才。人才激励方面，根据去年股东大会批准的奖励计划，如果药明康德2025年收入完成420亿，将授予不超过15亿港元H股激励，并在达到430亿及以上时，额外授予10亿港元H股。由于2025年业绩“超预期”，25亿H股股权激励将被用于激励和保留核心人才，凝聚管理团队，助力公司的可持续发展。

陈民章博士表示：“药明康德的战略核心是聚焦CRDMO业务模式，为客户提供卓越的服务，为全球患者谋福祉。面向未来，我们将持续加速全球能力建设和产能投放，充分把握新分子机遇，并不断提升经营管理效率。无论外界环境如何变化，药明康德将坚定不移地做好赋能者，坚持‘做对的事，把事做好’，与全球合作伙伴一道，早日实现‘让天下没有难做的药，难治的病’的伟大愿景。”

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.’”

免责声明：本文仅作信息交流之目的，文中观点不代表药明康德立场，亦不代表药明康德支持或反对文中观点。本文也不是治疗方案推荐。如需获得治疗方案指导，请前往正规医院就诊。

版权说明：欢迎个人转发至朋友圈，谢绝媒体或机构未经授权以任何形式转载至其他平台。转载授权请在「药明康德」微信公众号回复“转载”，获取转载须知。