摩根士丹利：药明康德-2025 年第一季度业绩初评：营收符合中位数预期；新订单增长略逊于预期

April 27, 2025 04:24 PM GMT Pharmaron | Asia Pacific 1Q25 Results First Take: Revenue In Line with MSe; New Order Growth Slightly Softer Than Expected Key Takeaways Geographical mix: 1Q25 revenue streams from North America, EU and China delivered YoY growth of 16.8%, 26.6% and 13.1%, accounted for c. 65%, 18% and 15% of total revenue, respectively with another 2% from rest of the world. Customer base: Revenue stream from top 20 pharma and other customers grew 29% and 14% YoY, respectively. Cash flow: Net op ...