Morgan Stanley lowered the target price for 3SBIO to 34 yuan, rating it as "Overweight."

Morgan Stanley issued a report stating that it has included 3SBIO (01530.HK) in its 2025 performance report. Due to a downward adjustment of the sales forecast for 3SBIO's core commercial product TPIAO and milestone payments, primarily affected by the depreciation of the US dollar against the Chinese yuan, the company's revenue forecasts for 2026, 2027, and 2028 have been lowered by 5%, 7%, and 6%, respectively. It also adjusted the product gross margin based on the latest trends and revised the operating expense ratio. The earnings per share forecasts for the same period have been reduced by 8.3%, 14.5%, and 12.4%, respectively. The target price has been lowered from 38 yuan to 34 yuan. The rating is "Overweight."