August 18, 2025 12:03 PM GMT Sino Biopharmaceutical | Asia Pacific 1H25 Sales and Core Profit In Line; BD Remains A Near-term Focus Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Margin profile denotes improved operating efficiency, increased R&D efforts: GPM was 82.5% (+0.4ppt) via scale benefit from biosimilar production capacity ...