October 28, 2025 03:54 PM GMT Hangzhou Tigermed Consulting | Asia Pacific M Update 3Q25 Results: On the Cusp of a Recovery Cycle Reaction to earnings Unchanged Modest shortfall Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research After a prolonged slump (2024-1H25), leading indicators are turning the corner, including biopharma funding activity, new orders growth, and hiring. Key Takeaways Entering a ...