摩根士丹利：中国医疗保健_中小盘CRO和CDMO_潜在关税和美国食品药品监督管理局动物试验规则的影响

April 22, 2025 09:00 PM GMT China Healthcare | Asia Pacific SMID-Cap CRO/CDMOs: Impacts from Potential Tariffs and FDA Animal Testing Rules Direct CMO tariff exposure of major China CRO/CDMO names is no more than 10%, while increasing macro uncertainties beyond tariffs could dampen funding beta. FDA proposal to phase out animal testing has limited impact on our covered pre-clinical CROs in 2025. Key Takeaways Higher tariffs + Increasing uncertainty = Softer funding beta + more cautious R&D budget: The direc ...