2025年四季度制药服务报告（英）

Pharma Services Report PE trends and investment strategies Contents PE activity3 Institutional Research Group Pharma services PE ecosystem market map10 Ben RiccioResearch Analyst, Healthcareben.riccio@pitchbook.com Pharma services PE investor map pbinstitutionalresearch@pitchbook.com 2025 timeline Published on March 11, 2026 Segment data Outsourcing14 Clinical services15 Consulting services16 Manufacturing & distribution17 PE activity Momentum stalls for pharma services Pharma services—which encompasses contract and outsourced services provided to thebiopharmaceutical industry across the drug development and commercialization lifecycle—experienced a notable decline in PE activity in 2025. After the sector emerged as a popular area ofPE healthcare investment in 2022 and 2023, momentum has since stalled due to a prolonged biotechfunding winter and a year of regulatory uncertainty. A lack of new capital flowing into early-stage biotech and flattening Big Pharma research &development (R&D) spending have slowed demand for outsourced services, with contract researchorganizations (CROs) and contract development and manufacturing organizations (CDMOs) beingmost exposed to the downturn. Weaker demand likely led sellers to hold out for an improved fundingenvironment (which 2026 appears poised to deliver). At the same time, 2025 brought significantregulatory and trade uncertainty. While tariffs and the BIOSECURE Act should provide a long-term tailwind to US service providers,shifting policies throughout the year complicated dealmaking. US President Donald Trump’s “LiberationDay” tariffs exempted pharmaceuticals, while later tariffs on branded therapeutics that were poisedto take effect in October were deferred for Most-Favored-Nation (MFN) pricing concessions. TheBIOSECURE Act originally subjected large China-based players such as WuXi AppTec and WuXiBiologics to restrictions, but these major US-involved service providers were not called out by name inthe final version of the bill. The ongoing changes made it difficult for buyers and sellers to underwritethese potential tailwinds. As a result, subsegments more insulated from the funding and regulatoryvolatility, such as generics manufacturers and consumer health, saw increased activity. Pharma services PE ecosystem market map This market map is an overview of PE-backed companies that have received private capital or other notable private investments.The full market map can be viewed on the PitchBook Platform. Pharma services PEinvestormap This investor map is a representative overview of active investors in global buyouts and growth equity. Investors are classified by the size of the fund out of which they primarily invest in pharma services.The full investor map can be viewed on the PitchBook Platform. Manufacturing & distribution Note: The nutraceutical & cosmetic ingredients, packaging, and hub services & patient access subsegments are excluded due to low deal counts. Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraSenior Director, Global Head of Private Markets Research James UlanDirector of Industry & Technology Research Additional research: Q4 2025 BiopharmaVC TrendsDownload the reporthere Q4 2025 HealthcareServices ReportDownload the reporthere Report created by: Ben RiccioResearch Analyst, Healthcare Harrison WaldockSenior Data Analyst PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectives thatshape the private capital markets. Jenna O’MalleySenior Graphic Designer PitchBook subscribers enjoy exclusive access to a comprehensive suite of private market insights,including proprietary research, news, data, tools, and more on thePitchBookPlatform. Learn more aboutPitchBook’s Institutional Research team. COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by anymeans—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, butaccuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation tobuy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of theinformation that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise ofindependent judgment. Clickherefor PitchBook’s report methodologies.