Independent research firm ARIS said CNR Research is accelerating its transition into a global contract research organization (CRO), with growth expanding around rising overseas orders and AI-based business expansion.
"Global project expansion is progressing rapidly, and the order backlog is analyzed to have increased to a record-high level," ARIS said Friday. The firm added that CNR Research is estimated to have secured revenue visibility of about three years.
CNR Research is a CRO that carries out the entire clinical trial process for pharmaceutical companies and biotech ventures. As Korea's first CRO, it provides full-cycle services ranging from clinical design and data management to regulatory approval support.
According to the report, the expansion of overseas orders has emerged as a key factor behind CNR Research's recent earnings growth. New orders in the first half of this year are estimated to have exceeded last year's annual order value of 53.2 billion won, while global project orders reached approximately 18.3 billion won.
By region, global clinical trials are expanding rapidly, centered on the United States and Southeast Asia. In the United States, the company is conducting high-value projects such as anticancer drugs, ADCs and biosimilars, ARIS said. In Southeast Asia, its expansion into Thailand, Indonesia and Vietnam is securing cost competitiveness and patient recruitment efficiency. The firm also cited a global Phase 3 clinical trial contract with Daewoong Pharmaceutical as an example demonstrating the company's global execution capabilities.
ARIS pointed to the transition into an artificial intelligence (AI)-based data CRO as another growth axis for CNR Research. The company is introducing AI across the entire clinical trial process, pushing a shift from its existing labor-intensive business model to a platform-based structure.
The report also positively assessed the company's expansion into real-world data (RWD) and real-world evidence (RWE) businesses through the acquisition of Mediplexus, broadening its business scope into the post-approval market for new drugs.
ARIS also anticipated an improving earnings trend. It forecast that CNR Research will record revenue of 70 billion won and operating profit of 4.5 billion won in 2026, and said the company may enter a growth phase from the second half.
ARIS presented CNR Research's mid- to long-term growth points as: ▲ expansion of global orders, ▲ transition to an AI-based data CRO, and ▲ establishment of a full-cycle clinical trial platform.
"CNR Research is in a phase where global clinical trial expansion and a shift to an AI-based business structure are progressing simultaneously," ARIS said. "As order growth and profitability improvement come together, there is potential for a re-rating of its corporate value."
