Despite macroeconomic uncertainty and financing pressures, biotech sees its third consecutive year of growth, with revenue up over 12%

尽管面临宏观经济不确定性和融资压力，生物科技行业仍实现连续第三年增长，收入增幅超过12%

Balancing growth amid financing uncertainty:

在融资不确定性中平衡增长：

Biotech financing was relatively strong in 2025, raising US$68.5 billion (up 11% from 2024). The industry continues to face headwinds with looming patent cliffs and cost pressures, resulting in biotechs pioneering new financing models such as synthetic royalty agreements and innovative contracting structures to adapt to ongoing market pressures..

2025年，生物科技领域的融资表现相对强劲，融资总额达685亿美元，较2024年增长11%。尽管面临专利悬崖迫近和成本压力等逆风因素，该行业仍在持续应对挑战，生物科技公司因此开创了新的融资模式，如合成 royalty 协议和创新型合同结构，以适应持续的市场压力。

Increased pressure requires a balanced portfolio:

压力增大需要均衡的投资组合：

Intensifying market dynamics and loss of exclusivity are causing portfolio diversification to become a necessary growth lever. Companies are leaning heavily into alliances and acquisitions to create a well-balanced portfolio that can withstand pressures.

日益激烈的市场动态和专利独占性的丧失，正促使产品组合多元化成为必要的增长杠杆。企业正大力依托联盟与收购，打造能够抵御压力的均衡产品组合。

Balancing emerging innovation sources:

平衡新兴的创新来源：

Thirty-nine percent of US biobucks flow to China while more than 88% of biobucks AI investment is concentrated in R&D, primarily in drug target identification, drug design and clinical trial patient recruitment. In 2026, expanding R&D investments in China and AI models are poised to fuel a wave of innovation..

39%的美国生物美元流向中国，而超过88%的生物美元人工智能投资集中在研发领域，主要涉及药物靶点识别、药物设计和临床试验患者招募。2026年，在中国不断扩大的研发投入和人工智能模型将推动一波创新浪潮。

Adapting to ever-changing regulatory dynamics:

适应不断变化的监管动态：

The shifting political landscape in 2025 created a push toward 'repatriating,' with industry leaders pledging upward of US$370 billion to domestic manufacturing, offering resilience in the face of tariffs. With it, comes balancing increased capex commitments, costs of goods sold, regional partnerships and hybrid supply models..

2025年不断变化的政治格局推动了“回流”趋势，行业领袖承诺向国内制造业投资超过3700亿美元，以在关税面前增强韧性。随之而来的是需要平衡增加的资本支出承诺、销售成本、区域合作伙伴关系以及混合供应链模式。

NEW YORK

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June 9, 2026

2026年6月9日

/PRNewswire/ -- The 36th edition of the Ernst & Young LLP (EY US)

/美通社/ -- 安永会计师事务所（EY US）第36届

Biotech Beyond Borders Report

《跨越国界的生物技术报告》

finds that the biotech industry is grappling with a wave of challenges, including ongoing economic and geopolitical disruption, tightened financing, looming patent cliffs and cost pressures. However, biotech's performance over the past year reflects the industry's underlying resilience and ability to navigate emerging challenges..

发现生物科技行业正努力应对一波挑战，包括持续的经济和地缘政治动荡、融资收紧、迫在眉睫的专利悬崖以及成本压力。然而，生物科技行业过去一年的表现反映了其潜在的韧性和应对新兴挑战的能力。

'Biotech's activity levels in 2025 point to encouraging signs of market recovery, though uncertainty continues due to macroeconomic headwinds,' says Ashwin Singhania, Principal, Life Sciences, EY-Parthenon, Ernst & Young LLP. 'Encouragingly, we're seeing sustained momentum in 2026, as licensing and M&A volume and value continue to increase, IPOs continue to launch and there are some signs of recovery in venture capital funding.'.

“2025年生物技术行业的活动水平显示出市场复苏的令人鼓舞的迹象，尽管宏观经济逆风带来的不确定性依然存在。”安永会计师事务所（Ernst & Young LLP）旗下安永-帕特侬（EY-Parthenon）生命科学部门主管Ashwin Singhania表示。“令人鼓舞的是，我们看到2026年保持了持续的势头，许可交易和并购活动的数量与价值继续增长，首次公开募股（IPO）持续进行，风险投资资金也出现了一些复苏迹象。”

Biotech Beyond Borders

跨越国界的生物技术

analyzes the state of the industry through a summary of US and European public company revenues, financing, M&A activity, alliances, product approvals and other factors. The report offers executives a deep dive into the current dynamics as well as an industry outlook.

通过对美国和欧洲上市公司收入、融资、并购活动、联盟、产品审批及其他因素的总结，分析行业现状。本报告为高管提供对当前动态的深入洞察以及行业前景展望。

Other key findings include:

其他主要发现包括：

Venture capital (VC) is prioritizing later-stage assets

风险投资（VC）正优先布局后期阶段资产

: In 2025, there was a major uptick in late-stage VC investments, while early-stage value and volume dropped. VC activity also reinforced the long-deepening division between the industry's haves and have-nots, with the total US$20.6 billion raised disproportionately from late-stage deals, which climbed to US$10 billion from 254 rounds.

2025年，后期风险投资大幅升温，而早期投资的价值和数量均出现下滑。风险投资活动也进一步加剧了行业内“强者”与“弱者”之间长期深化的分化：总额达206亿美元的资金中，有不成比例的部分来自后期交易，后期交易金额攀升至100亿美元，共完成254轮融资。

The industry generated another US$4.3 billion in VC investment in the first quarter of 2026, with some major rounds despite the ongoing business uncertainty..

2026年第一季度，该行业风险投资额再达43亿美元，尽管商业不确定性持续存在，但仍出现多笔重大融资。

M&A activity rebounded:

并购活动反弹：

Overall, dealmaking in 2025 remained disciplined yet skewed toward targeted acquisitions over broad, transformational megamergers.

总体而言，2025年的并购交易保持审慎，且更倾向于针对性收购，而非广泛且具有变革意义的巨型合并。

The momentum accelerated into early 2026, with the first quarter deal value accounting for 36% (US$36 billion) of total deal value of US$99.7 billion in 2025, and average deal size of approximately US$2.7 billion — highlighting a shift toward larger, higher conviction transactions.

这股势头在2026年初加速，第一季度交易总额达360亿美元，占2025年全年交易总额997亿美元的36%，平均交易规模约为27亿美元，凸显出市场正转向规模更大、信心更足的交易。

Oncology led M&A by deal value (~US$16.8 billion in >US$1 billion deals), with neurology a close secondary driver (~US$14.4 billion).

肿瘤学领域以交易价值引领并购活动（在超过10亿美元的交易中约为168亿美元），神经学领域紧随其后，成为第二大驱动因素（约为144亿美元）。

Biotech fundraising is robust among smaller players:

中小型生物科技企业的融资活动表现强劲：

Fundraising by biotechs outside the industry's group of commercial leaders was US$58.9 billion — the highest seen since 2021. Follow-on financings, which were a particular source of concern in 2024, also rebounded to 34%, led by major financing rounds particularly for orphan disease and immunology-focused biotechs..

除行业商业领军企业外，生物技术公司的融资额达到589亿美元，创下自2021年以来的最高水平。2024年曾引发特别关注的后续融资也回升至34%，主要由大型融资轮次推动，尤其是针对孤儿病和免疫学领域的生物技术公司。

Persistent challenges for the IPO market:

IPO市场面临的持续性挑战：

Equity capital markets remained constrained in 2025, and the IPO market declined ~47% compared with 2024. While IPO activity has picked up in early 2026, external challenges remain. These include the rise of China offering outsourcing for early-stage innovation, as well as questions surrounding budgeting and ongoing support from the National Institutes of Health under the current US administration..

2025年，股权资本市场持续受限，首次公开募股（IPO）市场较2024年下滑约47%。尽管2026年初IPO活动有所回暖，但外部挑战依然存在。其中包括中国为早期创新提供外包服务的兴起，以及在美国现任政府领导下，美国国立卫生研究院（NIH）在预算编制和持续支持方面所面临的不确定性。

'Biotech has consistently shown its resilience to successfully navigate the unknowns,' says Arda Ural, PhD, EY Americas Life Sciences Leader. 'With valuations surpassing twice the S&P 500, the majority of approved products classified as first in class and a pressing secular need for biopharma to grow inorganically to offset patent expirations, I see a rather positive outlook for the biotech sector.'.

安永美洲生命科学负责人阿尔达·乌拉尔（Arda Ural）博士表示：“生物科技行业始终展现出其韧性，成功应对了各种不确定性。”“鉴于生物科技公司的估值已超过标普500指数的两倍，大多数获批产品属于首创类药物，且生物制药企业亟需通过外延式增长来抵消专利到期带来的影响，我认为生物科技行业的前景相当乐观。”

In 2025, the biotech industry saw strong revenue growth, up 13% to US$232 billion. with a record 72 companies generating over US$500 million in revenues. However, the financing landscape is currently defined by a paradox: on one hand, a record number of 'megarounds' are being signed, but on the other hand, a growing number of biotechs are caught in an ongoing liquidity trap..

2025年，生物技术行业收入强劲增长，增幅达13%，达到2,320亿美元，其中有72家公司的年收入超过5亿美元，创下历史新高。然而，当前的融资环境呈现出一种悖论：一方面，“超级融资轮”的签约数量创纪录；另一方面，越来越多的生物技术公司陷入持续的流动性陷阱。

Looking ahead, the tailwinds of 2025 underline the need for biotechs to stay alert and agile to adapt quickly to a changing business environment. However, the industry has demonstrated its capabilities in anticipating and offsetting emerging risks. While unpredictable challenges will keep developing, the industry must prioritize maintaining its balance to keep advancing..

展望未来，2025年的有利趋势凸显了生物科技企业必须保持警觉和灵活，以快速适应不断变化的商业环境。然而，该行业已展现出其预见并抵消新兴风险的能力。尽管不可预测的挑战将持续涌现，但行业必须优先保持平衡，以确保持续进步。

To read Biotech Beyond Borders, visit

要阅读《超越国界的生物技术》，请访问

https://www.ey.com/en_us/life-sciences/biotech-outlook?WT.mc_id=14001717&AA.tsrc=pr

https://www.ey.com/en_us/life-sciences/biotech-outlook?WT.mc_id=14001717&AA.tsrc=pr

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About EY

关于安永

EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

安永通过为客户、员工、社会和地球创造新价值，同时增强资本市场信任，致力于构建更美好的商业世界。

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

在数据、人工智能和先进技术的支持下，安永团队帮助客户充满信心地塑造未来，并为当今及未来最紧迫的问题提供解决方案。

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multidisciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

安永团队在鉴证、咨询、税务、战略与交易等全方位服务领域开展工作。依托行业洞察、全球互联的多学科网络以及多元化的生态系统合作伙伴，安永团队能够在150多个国家和地区提供服务。

All in to shape the future with confidence.

全力以赴，自信塑造未来。

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy.

“EY”指全球性组织，可能指安永全球有限公司（Ernst & Young Global Limited）的一家或多家成员 firm，每家成员 firm 均为独立的法律实体。安永全球有限公司是一家英国担保有限公司，不向客户提供服务。有关 EY 如何收集和使用个人数据的信息，以及数据保护立法下个人享有的权利说明，可通过 ey.com/privacy 获取。

EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit .

安永成员所在当地法律禁止的情况下不从事法律业务。欲了解更多关于我们组织的信息，请访问。

ey.com

ey.com

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About EY Consumer and Health

关于安永消费者与健康业务

The rise of the empowered consumer, coupled with technology advancements and the emergence of digitally focused entrants, is changing every aspect of health and care delivery. To retain relevancy in today's digitally focused, data-infused ecosystem, all participants in healthcare today must rethink their business practices, including capital strategy, partnering and the creation of patient-centric operating models..

日益 empowered 的消费者崛起，加之技术进步和以数字为重点的新兴企业的出现，正在改变健康和护理服务的方方面面。为了在当今以数字为核心、数据驱动的生态系统中保持相关性，当今医疗保健领域的所有参与者都必须重新思考其商业实践，包括资本战略、合作伙伴关系以及以患者为中心的运营模式的创建。

The EY Consumer and Health architecture brings together a worldwide network of 34,000 professionals to build data-centric approaches to customer engagement and improved outcomes. We help our clients deliver on their strategic goals, design optimized operating models and form the right partnerships so they may thrive today and succeed in the health systems of tomorrow.

安永消费者与健康架构业务汇聚了全球34,000名专业人士的网络，致力于构建以数据为中心的客户互动方式，以提升成效。我们帮助客户实现其战略目标，设计优化的运营模式，并建立合适的合作伙伴关系，使其能够在当下蓬勃发展，并在未来的健康体系中取得成功。

We work across the ecosystem to understand the implications of today's trends, proactively finding solutions to business issues and to seize the upside of disruption in this transformative age..

我们贯穿整个生态系统开展工作，深入理解当今趋势的影响，主动寻求商业问题的解决方案，并在这个变革时代把握颠覆性变化带来的机遇。

Contact:

联系方式：

Carol Piering

卡罗尔·皮林

Email:

电子邮件：

[email protected]

[email protected]

SOURCE EY

来源：安永

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