CRO Monthly Tracker: Biopharma Funding Ends 1H26 on a Strong Note; Q2 Prints Under Focus

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CRO Monthly Tracker: Biopharma Funding Ends 1H26 on a Strong Note; Q2 Prints Under Focus

Truist Securities

Equity Research Report July 6, 2026

HEALTHCARE: Contract Research

Organizations CRO Monthly Tracker: Biopharma Funding

Ends 1H26 on a Strong Note; Q2 Prints

Jailendra Singh Under Focus

212-401-4406 This monthly CRO tracker tracks biotech/pharma companies' funding trends, clinical

Jailendra.Singh@truist.com

trial starts data & breakdown by therapeutics, Top Pharma - CRO Trials mapping,

Canceled & Delayed Trials Trends, US Novel Drug approvals, pharma R&D spending

Eduardo Ron trends, job posting trends, and other industry metrics. Please email us if you would like

212-326-3152 access to the excel data. Eduardo.Ron@truist.com

Payton Engdahl Bottom Line: Biopharma Funding Remains Strong; Q2 Prints Under Focus As

212-319-5476 Concerns Around NT AI Disruptions Ease. Biopharma funding recovered strongly in

Payton.Engdahl@truist.com June following a modest slowdown in May. On a TTM basis, average monthly funding

(through the end of June) increased 59% Y/Y, vs the 15% decline observed at the end

57 Page Document of 2025 and the 34% growth recorded at the end of 2024. Clinical trial start activity

also remained healthy on a trailing-twelve-month basis. The 1H26 was a volatile period

for CRO stocks, with the group trading down as much as 28% on a market-cap-

Reasons for this report weighted basis before closing 1H26 essentially flat (versus the S&P 500, up 10%),

largely due to concerns around the potential impact of AI on the CRO business model.

✓ Deep Dive Report However, stable-to-strong booking trends reported by most CROs in recent months

✓ Data-Driven Analysis have helped alleviate fears of near-term demand disruption. While we agree that the