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

<ul><li>Eli Lilly isn’t slowing down.</li><li>After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12 billion in quarterly product revenue, the pharma heavyweight has turned its attention to gene therapy.</li><li>The Eli Lilly Adverum acquisition is now official, as announced on December 9, 2025.</li></ul>

Eli Lilly isn’t slowing down.After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12 billion in quarterly product revenue, the pharma heavyweight has turned its attention to gene therapy.The Eli Lilly Adverum acquisition is now official, as announced on December 9, 2025.

Eli Lilly’s Adverum Acquisition: What They Didn’t Say in the Press Release!

<ul><li>Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.</li><li>The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.</li><li>These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.</li></ul>

Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.

Eli Lilly’s Q3 Earnings: Mounjaro Is Taking the World by Storm—See How It’s Conquering New Markets!

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

<ul><li>Eli Lilly and Company's second-quarter 2025 financial results represent a blend of remarkable achievements and strategic foresight, coupled with challenges typical of the pharmaceutical industry.</li><li>The company reported a robust 38% increase in revenue compared to Q2 2024, driven primarily by key products like Mounjaro, Zepbound, and Verzenio.</li><li>This outcome highlights the strong demand for its therapies across major therapeutic areas, especially in cardiometabolic health and oncology.</li></ul>

Eli Lilly and Company's second-quarter 2025 financial results represent a blend of remarkable achievements and strategic foresight, coupled with challenges typical of the pharmaceutical industry.The company reported a robust 38% increase in revenue compared to Q2 2024, driven primarily by key products like Mounjaro, Zepbound, and Verzenio.This outcome highlights the strong demand for its therapies across major therapeutic areas, especially in cardiometabolic health and oncology.

Eli Lilly Expands Beyond Diabetes—Can New Pain & Liver Therapies Disrupt Traditional Care?

<ul><li>Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable Zepbound and an upcoming oral pill called orforglipron that could further cement its dominance.</li><li>While rival Novo Nordisk’s Wegovy enjoyed a first-mover advantage, Lilly’s more effective compound tirzepatide rapidly seized control of the market, capturing 60% share and 75% of new treatment starts.</li><li>Despite facing a setback with CVS’s recent formulary switch favoring Wegovy, Lilly continues to add approximately 500,000 new Zepbound patients each month and is expanding aggressively into international markets including India, China, and Mexico.</li></ul>

Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable Zepbound and an upcoming oral pill called orforglipron that could further cement its dominance.While rival Novo Nordisk’s Wegovy enjoyed a first-mover advantage, Lilly’s more effective compound tirzepatide rapidly seized control of the market, capturing 60% share and 75% of new treatment starts.Despite facing a setback with CVS’s recent formulary switch favoring Wegovy, Lilly continues to add approximately 500,000 new Zepbound patients each month and is expanding aggressively into international markets including India, China, and Mexico.

Eli Lilly’s Obesity Pill For The Masses Could Flip The $150 Billion Market on Its Head!

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals.  The Company's products are sold in countries around the world.  Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

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Eli Lilly & Co (LLY US)

Eli Lilly’s Adverum Acquisition: What They Didn’t Say in the Press Release!

Eli Lilly isn’t slowing down. After a quarter filled with blockbuster drug launches, accelerated global uptake of Mounjaro and Zepbound, and $12...

Baptista Research

Eli Lilly’s Q3 Earnings: Mounjaro Is Taking the World by Storm—See How It’s Conquering New Markets!

Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025. The company reported a 54% increase...

Baptista Research

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee

Eli Lilly Expands Beyond Diabetes—Can New Pain & Liver Therapies Disrupt Traditional Care?

Eli Lilly and Company's second-quarter 2025 financial results represent a blend of remarkable achievements and strategic foresight, coupled with...

Baptista Research

Eli Lilly’s Obesity Pill For The Masses Could Flip The $150 Billion Market on Its Head!

Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable...

Baptista Research

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