CMB Securities said an improving financing backdrop is restoring funding for innovative drug R&D. Jan–Aug 2026 global pharma primary+secondary financing totaled $53.8bn, up 72% YoY and about 92% of 2025 full-year. China 1H BD deal value and license-out-to-overseas volumes are set to hit record highs, and primary-market financing has markedly improved since 2026. China CXO sector 1H revenues and net profit attributable to parent rose 24.5% and 52.7% YoY respectively, with profit growth near the p

CMB Securities said an improving financing backdrop is restoring funding for innovative drug R&D. Jan–Aug 2026 global pharma primary+secondary financing totaled $53.8bn, up 72% YoY and about 92% of 2025 full-year. China 1H BD deal value and license-out-to-overseas volumes are set to hit record highs, and primary-market financing has markedly improved since 2026. China CXO sector 1H revenues and net profit attributable to parent rose 24.5% and 52.7% YoY respectively, with profit growth near the prior cycle peak. Backlogs and new orders are broadly recovering and industry leaders have raised full-year guidance. Offshore preclinical R&D demand has turned up; Charles River’s DSA book-to-bill reached a four-year high. AI-driven drug discovery could further boost R&D efficiency, supporting sector demand.