高盛：中国生物医药产品出海授权趋势属结构性转变，而非短暂反弹

格隆汇2025-07-10

高盛发表中国医药产行业报告，中国生物科技企业的产品出海授权趋势推动上半年股价表现强劲，近期市场对交易持续性及估值可持续性的讨论开始浮现。该行认为经过对授权交易及中国创新药管线在全球背景下的深入分析，该行认为这是一场结构性转变，而非短暂反弹。该行指，产品授权、并购及新公司设立的成熟路径将进一步释放上行潜力：1)截至2025年中期，中国约占全球临床试验管线的三分之一，及上半年进入人体研究的创新药候选...

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