By Jean-Louis BRIAU-GENESTE - Founder & Editorial Director, PHARMAnetwork Ltd
The CDMO sector has never been under such
intense scrutiny. Driven by the growth of biologics,
the increased outsourcing of Big Pharma, and the rise
of new therapeutic modalities, the sector is showing significant growth trajectories. But behind this overall momentum lies a more nuanced reality: not all CDMOs create value
in the same way, nor at the same pace.
A cross-analysis of three key indicators—labor productivity (EBIT per employee), profitability (EBITDA margin),
and valuation (EV/EBITDA)—enriched by a fourth, often
underestimated dimension, the level of investment (Capex),
allows for a more in-depth understanding. It reveals not
only a sectoral hierarchy, but above all, profoundly different
business models.
Read in the digital edition
- PHARMAnetwork magazine n° 68, page 52
