May 2026
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Largest Contract Research & Manufacturing Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Wuxi AppTec, Wuxi Biologics, Wuxi XDC, Pharmaron Beijing and Asymchem Laboratories.
 | Wuxi AppTec Co Ltd provides a portfolio of research and manufacturing services throughout the discovery, development, and manufacturing spectrum for small molecule drugs, development of computer software and databases as well as consulting services for combinatorial chemistry and pharmaceuticals. The services offered by the company include drug research and development testing, clinical research services, an end-to-end CRDMO platform for peptide, oligonucleotide, and small molecules, and integrated biology services and solutions for drug discovery. The company's reportable segments are WuXi Chemistry, which derives maximum revenue, WuXi Testing, WuXi Biology, and Others. Geographically, it derives key revenue from the United States of America, followed by China, Europe, and other regions. | $15 | +67% | $46B | $41B | 6.1x | 10.0x | ||
| WuXi Biologics is one of the largest global biologic global contract development and manufacturing organizations. WuXi Biologics, incorporated in 2014 following the reorganization of WuXi PharmaTech, later known as WuXi AppTec, now has global revenue of CNY 18.7 billion. North America represented 57.3% of total revenue in 2024. The firm has a "follow and win the molecule" strategy by providing end-to-end services, from drug discovery to commercial manufacturing. It also adopts a global dual sourcing strategy by providing drug products and drug substance manufacturing. | $4 | +31% | $17B | $15B | 4.8x | 11.8x | ||
| WuXi XDC Cayman Inc is a CRDMO focused on the ADC and broader bioconjugate market and is the only one dedicated to providing integrated and end-to-end services. Leveraging expertise in both biologics and small molecules, it offers interdisciplinary and comprehensive services, covering bioconjugate discovery, research, development, and manufacturing. The company provides these services from proximately located laboratories and manufacturing facilities, resulting in the reduction of development timeline and costs. As a fully integrated one-stop bioconjugate discovery, development, and manufacturing platform, its mission is to continuously enhance its platform and propel and transform the development of the bioconjugate industry. | $7 | +43% | $9B | $8B | 9.4x | 29.5x | ||
| Pharmaron Beijing Co Ltd is a research and development service company supporting the life science industry. The company offers drug research and development service capabilities, ranging from synthetic, medicinal, and analytical chemistry, biology, DMPK, pharmacology, drug safety assessment, radiochemistry, and isotopically labelled metabolism, chemical and pharmaceutical development to clinical development. The company's operating segment includes Laboratory services; CMC (small molecule CDMO) services, Clinical development services, and biologics and CGT services. It generates maximum revenue from the Laboratory services segment. | $4 | +9% | $6B | $7B | 3.4x | 14.6x | ||
| Asymchem Laboratories Tianjin Co Ltd is a China-based company, a technology-driven provider of Contract Development and manufacturing organization solutions throughout the drug development and manufacturing process. The Group provides clinical-stage CDMO solutions, commercial-stage CDMO solutions, and emerging services. Its operations relate to contract development and manufacturing, which focuses on innovation and commercial application of pharmaceutical technology. It has geographic areas in the Chinese Mainland and Overseas. | $18 | +33% | $6B | $5B | 5.4x | 19.5x | ||
| Hangzhou Tigermed Consulting Co Ltd is a China-based Contract Research Organization. The company's offered services include bioanalytical, medical writing, biostatistical analysis, and medical imaging. The therapeutic areas of the company include Infections, Hematology, Cardiovascular, Endocrinology, Rheumatology, Nephrology, and Central Nervous System (CNS) among others. | $6 | -13% | $5B | $5B | 5.0x | 24.0x | ||
| Brightgene Bio-medical Technology Co Ltd is a pharmaceutical company engaged in research, development and production of new drugs and high-end generic drugs. The company develops macrolides, peptides, polysaccharides, heterocycles, azoles, azines, phenyl ethers, tetracyclines, and production of non-pharmaceutical macrolides, peptides, polysaccharides, heterocycles, azoles, azines, benzene Ethers, tetracyclines. | $8 | +8% | $4B | $4B | 21.0x | 103.9x | ||
| Hybio Pharmaceutical Co Ltd is engaged in manufacturing and sale of peptide products. The company's peptide finished dosage products include digestive system agents, immune modulators, hormone and endocrine modulators, antiviral agents, and hemostatic products. It also provides peptide CRO and CMO services, as well as API products. | $4 | +80% | $3B | $4B | 25.1x | 82.3x | ||
| Apeloa Pharmaceutical Co Ltd is a pharmaceutical company. It is engaged in research and development, manufacturing and marketing of APIs formulations and veterinary drugs. It offers products including Ofloxacin, Levofloxacin Hydrochloride, Marbofloxacin, and others. | $3 | +25% | $3B | $3B | 1.8x | 10.2x | ||
| Zhejiang Jiuzhou Pharmaceutical Co Ltd is a China-based pharmaceutical manufacturer. The company is primarily engaged in the manufacturing, research, development, and sale of active pharmaceutical ingredients, intermediates, asymmetric catalyst, and lithium battery materials. Its active pharmaceutical ingredient offerings include Carbamazepine, Duloxetine, Bezafibrate, Meropenem, Sulphadimethoxine Sodium, Oxcarbazepine, and Amprolium, among others. The firm also provides services of new drug contract development and manufacturing organization to the international pharmaceutical giant. | $2 | -16% | $2B | $1B | 1.8x | 6.7x | ||
| Aurisco Pharmaceutical Co Ltd is engaged in production and sales of specialty APIs and pharmaceutical intermediates. The company's products include API's and Intermediates. Its products are supplied to Asia, Europe, America and Middle East through a well-established sales network. | $3 | +1% | $1B | $1B | 5.1x | 12.7x | ||
| Shanghai Medicilon Inc is a comprehensive biomedical research and developemnt service company. It provides a full range of one-stop new drug development services for pharmaceutical companies and research institutions around the world in line with domestic and international reporting standards. | $9 | -- | $1B | $1B | 7.1x | (126.6x) | ||
| Porton Pharma Solutions Ltd is a China-based external manufacturing supplier of custom drug intermediates and Active Pharmaceutical Ingredients (APIs) to pharmaceutical companies. It is engaged in the process development activities and pilot-scale and commercial-scale manufacturing activities. | $2 | -- | $1B | $1B | 2.5x | 12.4x | ||
| Sino Biological Inc is an international reagent supplier and service provider. The company specializes in recombinant protein production and antibody development. All of Sino Biological's products are independently developed and produced, including recombinant proteins, antibodies and cDNA clones. | $10 | +7% | $1B | $713M | 6.9x | 17.7x | ||
| Acrobiosystems Co Ltd is a global brand focusing on protein technology, products and services in the development of biological drugs. It is committed to providing target antigens and other key reagents and related services required in the development of targeted therapeutic drugs. | $6 | +14% | $1B | $857M | 6.9x | 24.2x | ||
| Sirio Pharma Co Ltd is engaged in the research and development, production, sales and technical services of nutrition and health food, food production, sales, import and export of goods. | $3 | -- | $833M | $1B | 1.6x | 12.3x | ||
| R&G PharmaStudies Co Ltd is a clinical trial outsourcing service provider. It offers full-chain clinical research outsourcing services, serving global pharmaceutical and medical device companies and scientific research institutions. | $8 | +7% | $734M | $487M | 3.9x | 17.1x | ||
| Median | $6 | +12% | $3B | $3B | 5.1x | 14.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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