Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Bristol Myers Squibb Co / Equity Bottom-Up

<ul><li>Bristol-Myers Squibb reported another strong quarter which happened to be an all-around beat.</li><li>The sales of Global Opdivo reflect robust demand for its newly launched and also a core indication of double-digit growth.</li><li>Moreover, Bristol-Myers launched all nine new medicines, which include three first-in-class products.</li></ul>

Bristol-Myers Squibb reported another strong quarter which happened to be an all-around beat.The sales of Global Opdivo reflect robust demand for its newly launched and also a core indication of double-digit growth.Moreover, Bristol-Myers launched all nine new medicines, which include three first-in-class products.

Bristol-Myers Squibb.: Pipeline Progress & Cancer Breakthroughs – Key Drivers

Global Healthcare Analyst

Tina Banerjee

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<li>
<a href="https://www.smartkarma.com/entities/lianbio" target="_blank" data-smartkarma-citation="entities:34478:1" rel="noopener">LianBio (LIAN US)</a> is expected to report pivotal data from late-stage trials of its drug candidates as well as file for marketing approval for mavacamten in China in 2023.</li>
<li>Lead candidate mavacamten has potential blockbuster opportunity in China. LianBio has entered into commercialization agreement with Pfizer for sisunatovir in Mainland China, Hong Kong, Macau, and Singapore.</li>
<li>With current cash position sufficient to fund operations through the end of 2024, LianBio is well positioned to become a commercial-stage company.</li>
</ul>



LianBio (LIAN US) is expected to report pivotal data from late-stage trials of its drug candidates as well as file for marketing approval for mavacamten in China in 2023.
Lead candidate mavacamten has potential blockbuster opportunity in China. LianBio has entered into commercialization agreement with Pfizer for sisunatovir in Mainland China, Hong Kong, Macau, and Singapore.
With current cash position sufficient to fund operations through the end of 2024, LianBio is well positioned to become a commercial-stage company.


LianBio (LIAN US): 2023 Is Going to Be Data Heavy; Current Cash Runway Raises Commercialization Hope

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<li>
<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> is well-positioned to report double-digit revenue and profit growth through FY25, driven by strong performance of existing business and new growth engines.</li>
<li>CSL will launch FDA-approved gene therapy Hemgenix for Hemophilia B in the US in 2H23. With estimated global annual peak sales of $2.4B, Hemgenix is a compelling opportunity for CSL.</li>
<li>During H1FY23, CSL reported record level of plasma collections, with 36% growth in                volume. Current plasma collection is 10% above the pre-pandemic. Higher volume and yield will improve profitability.</li>
</ul>



CSL Ltd (CSL AU) is well-positioned to report double-digit revenue and profit growth through FY25, driven by strong performance of existing business and new growth engines.
CSL will launch FDA-approved gene therapy Hemgenix for Hemophilia B in the US in 2H23. With estimated global annual peak sales of $2.4B, Hemgenix is a compelling opportunity for CSL.
During H1FY23, CSL reported record level of plasma collections, with 36% growth in                volume. Current plasma collection is 10% above the pre-pandemic. Higher volume and yield will improve profitability.


CSL Ltd (CSL AU): Looking into New Engines for Sustainable and Profitable Growth

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a>  revealed over the weekend that experimental drug TAK-279 (acquired from Nimbus) for psoriasis is showing positive results suggesting it could become the best of its type.</li>
<li>On the other hand, Takeda’s dengue vaccine Qdenga has been granted approval in Brazil, a country with high prevalence of dengue.</li>
<li>Takeda’s top selling drug Entyvio’s exclusivity in the US will end in 2026 and the company continues to see strong progress with its development pipeline and M&amp;A deals.</li>
</ul>



Takeda Pharmaceutical (4502 JP)  revealed over the weekend that experimental drug TAK-279 (acquired from Nimbus) for psoriasis is showing positive results suggesting it could become the best of its type.
On the other hand, Takeda’s dengue vaccine Qdenga has been granted approval in Brazil, a country with high prevalence of dengue.
Takeda’s top selling drug Entyvio’s exclusivity in the US will end in 2026 and the company continues to see strong progress with its development pipeline and M&amp;A deals.


Takeda: Nimbus Acquired Psoriasis Drug Showing Positive Results in Key Trial

Syngene International Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a> provides integrated services from early discovery to commercial supply across all major therapeutic areas and modalities. The company has 400+ active clients.</li>
<li>To capitalize on the secular industry tailwind, the company has been investing to enhance capacity and capability, which has led to extension of existing client relations and engaging new clients.</li>
<li>For FY23, the company expects high-teens revenue growth and EBITDA margin of ~30%. Operating leverage is expected to improve from next year onwards, and that should improve the overall profitability.</li>
</ul>



Syngene International Ltd (SYNG IN) provides integrated services from early discovery to commercial supply across all major therapeutic areas and modalities. The company has 400+ active clients.
To capitalize on the secular industry tailwind, the company has been investing to enhance capacity and capability, which has led to extension of existing client relations and engaging new clients.
For FY23, the company expects high-teens revenue growth and EBITDA margin of ~30%. Operating leverage is expected to improve from next year onwards, and that should improve the overall profitability.


Syngene International Ltd (SYNG IN): Well-Positioned to Capitalize On Strong Industry Tailwind

United States

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol Myers Squibb focuses on products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

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Bristol-Myers Squibb (BMY UN)

Bristol-Myers Squibb.: Pipeline Progress & Cancer Breakthroughs – Key Drivers

Bristol-Myers Squibb reported another strong quarter which happened to be an all-around beat. The sales of Global Opdivo reflect robust demand for...

Baptista Research

LianBio (LIAN US): 2023 Is Going to Be Data Heavy; Current Cash Runway Raises Commercialization Hope

This year, LianBio expects to report late-stage trial data, initiate clinical trials, and file marketing approval for lead drug candidate in China....

Tina Banerjee

CSL Ltd (CSL AU): Looking into New Engines for Sustainable and Profitable Growth

New management, upcoming product launch in US, diversification into kidney disease, plasma collection recovery, and rich pipeline indicate an...

Tina Banerjee

Takeda: Nimbus Acquired Psoriasis Drug Showing Positive Results in Key Trial

Takeda's psoriasis drug candidate acquired from Nimbus has shown positive results in key trials and has the potential to become superior to Bristol...

Shifara Samsudeen, ACMA, CGMA

Syngene International Ltd (SYNG IN): Well-Positioned to Capitalize On Strong Industry Tailwind

Through capacity and capability addition in biologics manufacturing and expansion of commercial API manufacturing, Syngene has expanded...

Tina Banerjee

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