Morgan Stanley has released a research report incorporating 3SBIO's (01530) 2025 performance forecast. The report lowers the sales forecast and milestone payment expectations for the company's core commercial product TPIAO, primarily due to the impact of USD depreciation against the RMB. Consequently, Morgan Stanley has revised down its revenue forecasts for 3SBIO for the years 2026 to 2028 by 5%, 7%, and 6% respectively. The report also adjusts the product gross margin forecast based on recent trends and modifies the operating expense ratio. Earnings per share forecasts for the same period have been lowered by 8.3%, 14.5%, and 12.4% respectively. The target price has been reduced from HK$38 to HK$34, while the "Overweight" rating is maintained.