Morgan Stanley updated its risk-reward assessment for Sino Biopharmaceutical, lowering sales forecasts for 2026 to 2028 by 1%, 3%, and 3%. However, the firm expects an 11% revenue growth this year due to upfront payments from Sanofi and over 20% year-on-year growth in innovative drugs and biosimilars, which will offset a decline in generic drugs. The target price was raised from HKD8 to HKD8.3, maintaining an Overweight rating.
