In 2026, innovative drug BD transactions exceeded expectations, ushering in a period of intensive catalysis with three major layout directions to grasp

According to the research report from CITIC Securities Co., Ltd., since 2026, the transaction amount of innovative drug BD in China has exceeded expectations, and global competitiveness has improved. The domestic market is rapidly expanding, leading to revenue growth for leading companies, and Biopharma is entering a profitability inflection point. Several international academic conferences are about to be held, and the innovative drug pipeline is entering a data catalysis period. It is recommended to focus on three major directions: performance release of leading companies, significant data readouts from core pipelines, and the acceleration of internationalization of globally potential pipeline assets. CITIC Securities Co., Ltd. maintains a "stronger than the market" rating for the innovative drug industry