海外CXO 龙头业绩稳健增长，临床前板块短期承压。（1）生物药CDMO 板 块，三星生物受益于4 号工厂投产和在手订单高增，三季度收入增长18%，持续 强化与头部药企的合作。（2）临床CRO 龙头业绩表现优秀，在高基数的基础上 持续提升。三季度Medpace 收入增长28%，IQVIA 剔除新冠、汇率后增速为 9%，ICON 实现6%的同比增长。（3）药物发现及临床前CRO，查尔斯河实验 室三季度收入增速仅为3.8%，主要系下游需求放缓和去年同期高基数；LabCorp 三季度收入增长6.6%，新冠检测大幅下降，而基础诊断业务同比增长14%。

1 重点公司经营情况 .................................................................................................................................................... 3

1.1 Samsung Biologics .......................................................................................................................................................................... 3

1.2 Charles River Laboratories ............................................................................................................................................................ 5

1.3 MEDPACE ............................................................................................................................................................................................ 7

1.4 IQVIA .................................................................................................................................................................................................... 9

1.5 ICON ................................................................................................................................................................................................... 11

1.6 LabCorp ............................................................................................................................................................................................. 13

2 海外CXO 公司重点指标一览 ................................................................................................................................ 16

2.1 表观业绩指引调整对比 ................................................................................................................................................................... 16

2.2 在手订单对比 .................................................................................................................................................................................... 17

3 生物医药投融资数据更新 ...................................................................................................................................... 18

4 投资建议 .............................................................................................................................................................. 19

5 风险提示 .............................................................................................................................................................. 20

插图目录 .................................................................................................................................................................. 21

表格目录 .................................................................................................................................................................. 21