摩根士丹利对此表示，NDAA没有生物安全法案或任何药明系的名字，对药明系和其他具有海外收入敞口的中国CRO/CDMO公司来说是一个积极的进展。法案预计将在未来数周内进行最终投票。A number of agencies said that it may currently be a key point in the pharmaceutical sector.
The US Senate and House Armed Services Committee announced the FY2025 Defense Authorization Act (NDAA) over the weekend. This version shows that the Biosafety Act was not included.
Boosted by this news, the overall opening of the Pharmaceutical Ming system was high. At one point, Yao Ming Biotech surged 13%, Pharmaceutical Kangde once rose 12%, and the CRO sector collectively rose.
Morgan Stanley said in this regard that the NDAA does not have a biosafety law or the name of any kind of pharmaceuticals, which is a positive development for Pharmacomics and other Chinese CRO/CDMO companies with overseas revenue exposure. The bill is expected to be put to a final vote in the coming weeks. Given the narrow window for the biosafety bill to be passed in any way before the end of the year, it is believed that the possibility of it becoming a law is greatly reduced.
Damo pointed out that as for order trends and guidance for the 2025 fiscal year, it will be the catalyst that the sector needs to pay attention to next.
Minsheng Securities also pointed out that the Biosafety Law was not included in the US Momena Hospital 2025 NDAA, and the legislative approach failed. H.R. 8333 will enter the Senate process in terms of separate legislation. There are only 6 weeks left in the Senate working days in 2024. We need to pay attention to the Senate schedule and voting process in the future.
Jefferies said that considering the attractiveness of the valuation and the low positions of investors, it is currently a key point to re-examine China's CDMO company. The agency reiterated that Pharmaceutical Biotech is the “preferred purchase.”
Cinda Securities believes that due to the incident where the US Biosafety Act was not included in the NDAA, the CXO sector is expected to usher in a new round of valuation repairs. Furthermore, the overall performance of the pharmaceutical sector is expected to recover in 2025. On the one hand, it is due to a marginal improvement trend on the health insurance payment side, and on the other hand, due to the low base effect of the pharmaceutical sector in 2024.
