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CDMO \u63a5\u55ae\u8207\u7f8e\u570b\u7522\u80fd<\/h4>\n

\u516c\u53f8\u5728\u5e74\u5831\u4e2d\u8868\u793a\uff0c2025 \u5e74\u5408\u4f75\u71df\u6536 190.14 \u5104\u5143\u3001\u5e74\u589e 9.11%\uff0c\u6bcf\u80a1\u76c8\u9918 23.90 \u5143\uff0c2026 \u5e74\u71df\u696d\u76ee\u6a19\u662f\u7dad\u6301\u7a69\u5b9a\u6210\u9577\uff1b\u5728 CDMO \u8207\u5168\u7403\u92b7\u552e\u96d9\u5f15\u64ce\u7b56\u7565\u4e0b\uff0c\u5c07 Maple Grove \u5ee0\u5f9e Upsher-Smith \u62c6\u51fa\u4f5c\u70ba\u7368\u7acb CDMO \u88fd\u9020\u4e2d\u5fc3\uff0c\u4e26\u4ee5\u591a\u500b\u7522\u54c1\u9805\u76ee\u7684\u5927\u898f\u6a21\u63a5\u55ae\u9054\u6210\u4e2d\u671f\u6210\u9577\u76ee\u6a19\u3002\u516c\u53f8 2026 \u5e74 5 \u6708\u8207\u4e00\u5bb6\u5168\u7403\u524d 20 \u5927\u85e5\u5ee0\u7c3d\u8a02\u300c10 \u52a0 2 \u5e74\u300d\u7684\u767e\u5104\u7b49\u7d1a\u88fd\u9020\u5354\u8b70\uff0c\u9996\u6ce2\u7531 Maple Grove \u5ee0\u627f\u63a5\uff0c\u7b2c\u4e00\u968e\u6bb5\u8a02\u55ae\u53ef\u4f7f\u5168\u5e74\u7e3d\u751f\u7522\u91cf\u589e\u52a0\u7d04 20%\uff1b8 \u6708\u8868\u793a\u9996\u968e\u6bb5\u7522\u54c1\u79fb\u8f49\u5df2\u5c55\u958b\uff0c\u9810\u8a08 2027 \u5e74\u8d77\u8ca2\u737b\u71df\u6536\u3002\u7b2c\u4e8c\u5b63\u65b0\u7c3d\u5916\u90e8\u5408\u7d04 3.8 \u5104\u7f8e\u5143\uff0c\u671f\u672b\u5728\u624b\u8a02\u55ae 3.17 \u5104\u7f8e\u5143\uff0c\u5747\u5275\u65b0\u9ad8\uff1b\u7b2c\u4e8c\u5b63\u71df\u6536 58.89 \u5104\u5143\u3001\u5b63\u589e 47.2%\uff0c\u6bcf\u80a1\u76c8\u9918 4.36 \u5143\u3002<\/p>\n

\u751f\u7269\u88fd\u5291\u5e73\u53f0\u8207\u4f75\u8cfc<\/h4>\n

\u8463\u4e8b\u9577\u66a8\u57f7\u884c\u9577\u76db\u4fdd\u7199 2026 \u5e74 7 \u6708\u5b8c\u6210\u6536\u8cfc MacroGenics \u7684 CDMO \u696d\u52d9\uff0c\u5305\u62ec Rockville \u5927\u5206\u5b50\u5ee0\uff0c\u52a0\u4e0a\u6cf0\u798f San Diego \u5ee0\u8207\u7af9\u5317\u64da\u9ede\uff0c\u751f\u7269\u88fd\u5291\u539f\u6599\u85e5\u7522\u80fd\u5408\u8a08\u9054 2 \u842c\u516c\u5347\uff1b\u516c\u53f8\u8a08\u756b\u5728 12\uff5e18 \u500b\u6708\u5167\u6574\u5408\u7f8e\u570b\u539f\u6599\u85e5\u8207\u7121\u83cc\u88fd\u5291\u80fd\u529b\uff0c\u76db\u4fdd\u7199\u8868\u793a\uff0c\u5ba2\u6236\u65e5\u76ca\u5c0b\u6c42\u5177\u7f8e\u570b\u5728\u5730\u67e5\u6838\u57fa\u790e\u7684\u88fd\u9020\u5925\u4f34\u3002\u5e74\u5831\u6307\u51fa\uff0c\u5317\u7f8e\u5df2\u6709\u52a0\u62ff\u5927\u3001\u660e\u5c3c\u8607\u9054\u8207\u99ac\u91cc\u862d\u4e09\u5927\u64da\u9ede\uff0c\u672a\u4f86\u5c07\u4ee5\u5317\u7f8e\u70ba\u7279\u6b8a\u88fd\u7a0b\u6280\u8853\u7684\u5e03\u5c40\u91cd\u9ede\uff0c\u4e26\u6301\u7e8c\u898f\u5283\u4f75\u8cfc\u3002\u5b50\u516c\u53f8\u6668\u6689\u751f\u6280\u4f75\u5165 Weider \u5f8c\uff0c\u6d88\u8cbb\u4fdd\u5065\u54c1\u6210\u70ba\u7b2c\u4e09\u9805\u696d\u52d9\u3002<\/p>\n

\u5c08\u79d1\u85e5\u8207\u5b78\u540d\u85e5\u65b0\u54c1<\/h4>\n

\u5e74\u5831\u6307\u51fa\uff0c\u7814\u767c\u91cd\u9ede\u7531\u5b78\u540d\u85e5\u8f49\u5411 505(b)(2) \u65b0\u5291\u578b\u65b0\u85e5\uff0c\u805a\u7126\u5152\u79d1\u7672\u7647\u3001\u904e\u52d5\u75c7\u7b49\u4e2d\u6a1e\u795e\u7d93\u9818\u57df\uff0c\u76ee\u6a19\u6bcf\u5e74\u5411\u7f8e\u570b FDA \u63d0\u51fa 3\uff5e5 \u4ef6\u85e5\u8b49\u7533\u8acb\uff1b\u81ea\u6709\u85e5\u8b49\u7d2f\u8a08 88 \u5f35\u3002\u76db\u4fdd\u7199 3 \u6708\u8868\u793a\uff0c2026 \u5e74\u9810\u8a08\u4e0a\u5e02 10 \u9805\u5b78\u540d\u85e5\uff0c\u5408\u8a08\u6f5b\u5728\u5e02\u5834\u898f\u6a21\u8d85\u904e 10 \u5104\u7f8e\u5143\uff1b\u516c\u53f8 8 \u6708\u8868\u793a\u4eca\u5e74\u5df2\u4e0a\u5e02 7 \u9805\u65b0\u54c1\u3001\u53e6\u6709 6 \u9805\u5f85\u6838\u51c6\u30021\uff5e10 \u6708\u71df\u6536\u7d2f\u8a08 182.94 \u5104\u5143\u3001\u5e74\u589e 10.11%\u3002<\/p>\n

\u5916\u90e8\u6a5f\u69cb\u89c0\u9ede<\/h4>\n

\u540d\u55ae\u5167\u6a5f\u69cb\u6c92\u6709\u91dd\u5c0d\u4fdd\u745e\u7684\u516c\u958b\u8a55\u8ad6\uff0c\u770b\u6cd5\u96c6\u4e2d\u5728\u7f8e\u570b\u85e5\u54c1\u95dc\u7a05\u3002CNN 2026 \u5e74 9 \u6708\u6307\u51fa\uff0c\u5c08\u5229\u85e5 100% \u95dc\u7a05\u5df2\u751f\u6548\uff0c\u5b78\u540d\u85e5\u8207\u7f55\u75c5\u5b64\u5152\u85e5\u5927\u81f4\u8c41\u514d\u3002\u7f8e\u570b 7 \u6708\u5ba3\u5e03\u5b78\u540d\u85e5 2028 \u5e74 8 \u6708\u8d77\u8ab2\u5fb5 100% \u95dc\u7a05\u5f8c\uff0c\u82b1\u65d7\u8a8d\u70ba\u5728\u7f8e\u570b\u6709\u5927\u91cf\u7522\u80fd\u7684\u5b78\u540d\u85e5\u5ee0\u8655\u5883\u8f03\u6709\u5229\u3002<\/p>\n

\u5e02\u5834\u95dc\u6ce8\u7684\u8b8a\u6578<\/h4>\n

\u5e74\u5831\u6307\u51fa\uff0c\u5168\u7403\u85e5\u54c1\u5b9a\u50f9\u58d3\u529b\u5df2\u7531\u9031\u671f\u6027\u8f49\u70ba\u7d50\u69cb\u6027\uff0c\u7f8e\u570b Medicare \u85e5\u50f9\u8ac7\u5224\u5f62\u6210\u50f9\u683c\u4e0a\u9650\uff0c\u5b78\u540d\u85e5\u7af6\u722d\u8005\u589e\u52a0\u6642\u50f9\u683c\u4fb5\u8755\u56b4\u91cd\uff0c\u8f49\u578b\u671f\u9593\u71df\u6536\u8207\u6bdb\u5229\u7387\u66ab\u6642\u627f\u58d3\u30022026 \u5e74\u7b2c\u4e00\u5b63\u6bcf\u80a1\u76c8\u9918\u50c5 0.21 \u5143\uff0c\u516c\u53f8\u8aaa\u660e\u662f\u7f8e\u570b\u5b78\u540d\u85e5\u50f9\u683c\u8207\u9700\u6c42\u6ce2\u52d5\u53ca\u99ac\u91cc\u862d\u91dd\u5291\u5ee0\u6aa2\u4fee\uff1b10 \u6708\u56e0\u52a0\u62ff\u5927\u5ee0\u8a2d\u5099\u6545\u969c\uff0c\u90e8\u5206\u51fa\u8ca8\u905e\u5ef6\u5230\u7b2c\u56db\u5b63\u3002\u6536\u8cfc Rockville \u5c07\u7522\u751f\u7d04\u6536\u8cfc\u50f9 3% \u7684\u4e00\u6b21\u6027\u8cbb\u7528\uff0c\u6cf0\u798f\u4ecd\u5728\u8667\u640d\u3002\u7b2c\u4e09\u5b63\u6cd5\u8aaa\u6703\u8a02\u65bc 11 \u6708 13 \u65e5\u8209\u884c\u3002<\/p>\n","ifam_val_profit":"

\u5e02\u5834\u5c0d\u4fdd\u745e\u85e5\u696d\u7684\u9810\u4f30\u662f\uff1a2026 \u5e74\u71df\u696d\u6536\u5165 23,110 \u767e\u842c\u5143\u3001\u6bcf\u80a1\u76c8\u9918 17.5 \u5143\uff1b2027 \u5e74\u71df\u696d\u6536\u5165 29,020 \u767e\u842c\u5143\u3001\u6bcf\u80a1\u76c8\u9918 31.9 \u5143\uff1b2028 \u5e74\u71df\u696d\u6536\u5165 36,320 \u767e\u842c\u5143\u3001\u6bcf\u80a1\u76c8\u9918 44.8 \u5143\u3002\u5c0d\u7167 2025 \u5e74\u7684\u5be6\u7e3e\uff08\u71df\u6536 19,014 \u767e\u842c\u5143\u3001\u6bcf\u80a1\u76c8\u9918 23.24 \u5143\uff09\uff0c\u96b1\u542b 2026 \u5e74\u71df\u6536\u6210\u9577 21.5%\u3001\u6bcf\u80a1\u76c8\u9918\u8870\u9000 24.7%\u3002<\/p>\n

\u5df2\u516c\u5e03\u7684\u5be6\u7e3e\uff1a2026 \u5e74\u4e0a\u534a\u5e74\u5408\u4f75\u71df\u6536 98.91 \u5104\u5143\u3001\u5e74\u589e 5.8%\uff0c\u6bcf\u80a1\u76c8\u9918 4.43 \u5143\u3001\u8f03\u53bb\u5e74\u540c\u671f\u7684 15.48 \u5143\u6e1b\u5c11 71.4%\uff1b\u7b2c 2 \u5b63\u55ae\u5b63\u71df\u6536 58.89 \u5104\u5143\u3001\u6bcf\u80a1\u76c8\u9918 4.24 \u5143\uff0c\u53bb\u5e74\u540c\u671f\u70ba 48.68 \u5104\u5143\u8207 4.86 \u5143\u3002\u4e0a\u534a\u5e74\u6bdb\u5229\u7387 39.2%\uff0c\u4f4e\u65bc 2025 \u5e74\u5168\u5e74\u7684 41.3%\u3002<\/p>\n

\u6bcf\u80a1\u76c8\u9918\u7684\u964d\u5e45\u9060\u5927\u65bc\u672c\u696d\u3002\u4e0a\u534a\u5e74\u71df\u696d\u6536\u5165\u6210\u9577 5.8%\uff0c\u71df\u696d\u6bdb\u5229\u7531 39.09 \u5104\u5143\u5c0f\u5e45\u964d\u70ba 38.73 \u5104\u5143\u3001\u71df\u696d\u5229\u76ca\u7531 16.74 \u5104\u5143\u964d\u70ba 13.95 \u5104\u5143\uff08\u5e74\u6e1b 16.7%\uff09\uff0c\u6b78\u5c6c\u6bcd\u516c\u53f8\u6de8\u5229\u5247\u7531 20.16 \u5104\u5143\u964d\u70ba 5.82 \u5104\u5143\u30022025 \u5e74\u4e0a\u534a\u5e74\u7684\u6de8\u5229\u9ad8\u65bc\u71df\u696d\u5229\u76ca\uff0c\u8868\u793a\u7576\u671f\u6709\u53ef\u89c0\u7684\u71df\u696d\u5916\u6536\u76ca\uff0c2026 \u5e74\u4e0a\u534a\u5e74\u6c92\u6709\u2014\u2014\u9019\u662f\u6bcf\u80a1\u76c8\u9918\u7531 15.48 \u5143\u964d\u81f3 4.43 \u5143\u7684\u4e3b\u56e0\uff0c\u672c\u696d\u7684\u8b8a\u5316\u5e45\u5ea6\u9060\u5c0f\u65bc\u6b64\u3002\u71df\u6536\u7d50\u69cb\u4e0a\uff0cCDMO \u52de\u52d9\u53ca\u52a0\u5de5\u6536\u5165\u7684\u5360\u6bd4\u7531 37.3% \u964d\u81f3 36.7%\u3002\u516c\u53f8\u53e6\u6709\u505c\u696d\u55ae\u4f4d\uff0c\u672c\u8868\u5404\u6b04\u5747\u70ba\u7e7c\u7e8c\u71df\u696d\u55ae\u4f4d\u7684\u6578\u5b57\u3002<\/p>\n","ifam_val_multiple":"","ifam_strategy_on":"","ifam_trades":"","ifam_valuation":"{\"matrix\":{\"corner\":\"\",\"title\":\"\",\"note\":\"\",\"columns\":[{\"order\":1,\"year\":\"2025(A)\",\"eps\":23.2,\"label\":\"2025(A)\uff1a23.2 \u5143\"},{\"order\":2,\"year\":\"2026(E)\",\"eps\":17.5,\"label\":\"2026(E)\uff1a17.5 \u5143\"},{\"order\":3,\"year\":\"2027(F)\",\"eps\":31.9,\"label\":\"2027(F)\uff1a31.9 \u5143\"},{\"order\":4,\"year\":\"2028(F)\",\"eps\":44.8,\"label\":\"2028(F)\uff1a44.8 \u5143\"}],\"rows\":[{\"order\":1,\"pe\":402,\"peLabel\":\"402 \u5143\",\"desc\":\"2026-11-13\",\"cells\":[{\"order\":1,\"price\":17.32758620689655,\"text\":\"17.3 \u500d\",\"hl\":false},{\"order\":2,\"price\":22.97142857142857,\"text\":\"23.0 \u500d\",\"hl\":false},{\"order\":3,\"price\":12.601880877742948,\"text\":\"12.6 \u500d\",\"hl\":false},{\"order\":4,\"price\":8.973214285714286,\"text\":\"9.0 \u500d\",\"hl\":false}]}]}}","ifam_val_range":"","footnotes":""},"categories":[8],"tags":[],"ifam_industry":[20],"ifam_strategy":[],"class_list":["post-472","post","type-post","status-publish","format-standard","hentry","category-stock","ifam_industry-biotech-medical"],"_links":{"self":[{"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/posts\/472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/comments?post=472"}],"version-history":[{"count":1,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/posts\/472\/revisions"}],"predecessor-version":[{"id":669,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/posts\/472\/revisions\/669"}],"wp:attachment":[{"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/media?parent=472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/categories?post=472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/tags?post=472"},{"taxonomy":"ifam_industry","embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/ifam_industry?post=472"},{"taxonomy":"ifam_strategy","embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/ifam_strategy?post=472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}