Industry Notes / Pharma / Chapter 6 of 20 · Line
Out-licensing deal totals jumped an order of magnitude in four years
Volume rose; that does not mean China kept the value
- 202030 $bn
- 2024522 $bn
- 20251357 $bn
- 2026H1997 $bn
China out-licensing deal totals went from about $30 bn in 2020 to about $522 bn in 2024 and about $1,357 bn in 2025; the first half of 2026 alone was about $997 bn. Read the chart knowing 2026 is only a half-year, and most of the headline total is still unearned milestones.
Source：医药魔方、国家药监局、国家医保局公开统计（口径或有 997 亿 / 1,100 亿分歧）
Research notes, not investment advice.