According to a PKF study, in 2025 the global Pharma Services M&A industry has maintained a high level of activity, confirming the sector’s strong structural appeal. Europe accounted for 22% of total transactions, consolidating its position as one of the most dynamic regions in terms of mergers and acquisitions. Iberia continues to stand out as an attractive market for international investment.
The market continues to be driven by growing demand for services from Contract Research Organizations (CROs) and Contract Development and Manufacturing Organizations (CDMOs). Pharmaceutical companies are increasingly outsourcing key activities—such as research, clinical trials, and drug manufacturing—in order to improve operational efficiency and optimize costs. In this context, valuations have remained robust, with a median EV/EBITDA multiple of 11.8x, reflecting both the quality of the assets and the sector’s growth prospects.
In the Iberian market, growth has been driven mainly by increased foreign investment inflows. Over the past year, international groups have entered various segments of the value chain, ranging from clinical research to pharmaceutical packaging and logistics. This evolution highlights a clear trend toward specialization and the pursuit of scale, in response to growing R&D requirements and an increasingly complex regulatory environment.
With more than €12 billion in revenues, 4,000 companies, and over 100,000 professionals, the Pharma Services industry in Iberia is well positioned to continue growing, innovating, and advancing consolidation processes. This further reinforces the region’s role as a strategic hub within the European and global pharmaceutical ecosystem.
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