Morgan Stanley lowered its revenue forecasts for 3SBIO for 2026-2028 by 5%, 7%, and 6% due to reduced sales expectations for its main product, TPIAO, and milestone payments, which were impacted by the depreciation of the USD against the RMB. The firm also adjusted the product gross profit margin and operating expense ratio, leading to an 8.3%, 14.5%, and 12.4% cut in EPS forecasts for the same period. Consequently, the target price was reduced from $38 to $34, maintaining an Overweight rating.
