Biotechnology sector - Structural demand increase in CDMO industry, expecting upward valuation revision of related Taiwanese companies

研报英文原文证据摘录

Biotechnology sector - Structural demand increase in CDMO industry, expecting upward valuation revision of related Taiwanese companies

Taiwan Equity | Biotechnology

Sector In-depth

Fubon Research Biotechnology sector

June 30, 2026

Structural demand increase in CDMO industry, expecting upward

valuation revision of related Taiwanese companies Overweight

1. Three major structural drivers boosting CDMO demand

2. Value focus shifting toward compliant mass production, multi-site supply, advanced

process capabilities

3. Bora: Multi-site manufacturing network, large molecule platform established;

entering global Tier 2 CDMO ranks

Source: ChatGPT Three major structural drivers boosting CDMO demand

We believe the CDMO industry is entering a new round of demand upgrade. In the past,

pharmaceuticals outsourced production mainly considering cost efficiency, capacity

flexibility, and reducing fixed asset investment, with CDMOs mostly playing the role of

external capacity supplementation and process development support. However, with the

patent cliff concentrated, rising demand for pipeline replenishment, increased awareness

of supply chain backup, and the rapid development of ADCs, biologics, complex

formulations, and advanced therapies, pharmaceuticals’ requirements for CDMOs have

extended from simple capacity and price to international inspections, quality systems, data

integrity, PPQ execution, and stable commercial supply capabilities. On the demand side,

the patent cliff and external asset introduction will drive demand for late-stage

development, technology transfer, and commercial manufacturing; supply chain resilience

and geopolitical risks are shifting pharmaceuticals’ outsourcing strategies from low-cost