Industry Notes

Industry Notes / Pharma / Chapter 5 of 20 · Pie

Only the upfront is cash in hand

Do not take the headline total at face value

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Deal value mix
  • Upfront6% · 6%
  • Not yet received94% · 94%

In the first half of 2026, disclosed upfront payments were about 5% to 6% of announced China out-licensing value. Most of the rest is milestones that have not happened.

Source：医药魔方、国家药监局、国家医保局；2026H1 对外授权首付占比统计

Research notes, not investment advice.