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1、Finger On The PulseUS SMID Cap Biotech BeatSean LaamanEquity A+1 212 761-4947Terence FlynnEquity A+1 212 761-2230Judah FrommerEquity A+1 212 761-1270Michael UlzEquity A+1 212 761-4650Maxwell SkorEquity A+1 212 761-4804MORGAN STANLEY&CO LLC.Edition 25:2Q25 EPS changes&Negative EV Time Series points t

2、o cyclicalityWhats new?i)Updating the 2Q EPS Calendar:what we are watching:ii)Adding the negative EV time series is there about to be an upswing?iii)Still highlighting the renaissance setup.New SlideRefreshed SlideKeyMorgan Stanley does and seeks to do business with companies covered in Morgan Stanl

3、ey Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and oth

4、er important disclosures,refer to the Disclosure Section,located at the end of this report.July 27,2025 09:00 PM GMTof this lineof this line2In Case You Missed It Biotech Beat Series-Past Macro Outlook EditionsEdition 21:Can cash accumulation really be that large?Edition 22:The approaching SMID Cap

5、Biotech RenaissanceEdition 23:Examining clinical stage runwaysEdition 24:2Q25 EPS Preview Podcasts,KOL Series and MoreBiopharma Beat:SMID Cap in Focus PDUFA Date Bellwether Approaches,Checking in on R&D DaysBiopharma Beat:SMID Cap in Focus Setting up for a SMID Cap Biotech RenaissanceBiopharma Beat:

6、SMID Cap in Focus Setting up for a SMID Cap Biotech RenaissanceMS SMID Cap Biotech KOL Series-Discussion on the CAH LandscapeMS SMID Cap Biotech KOL Series-Discussion on the TTR-CM LandscapeMS SMID Cap Biotech KOL Series-The Treatment of Prader Willi Syndrome(PWS)MS SMID Cap Biotech KOL Series-Discu