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’s stock has been on a roll off-late in a relatively challenging market environment and the company supported it with a solid result surpassing Wall Street expectations on all counts.</li><li>They have continued to invest in expanding their manufacturing base to fulfill the rising demand for their products and prepare for upcoming launches.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Eli Lilly’s stock has been on a roll off-late in a relatively challenging market environment and the company supported it with a solid result surpassing Wall Street expectations on all counts.They have continued to invest in expanding their manufacturing base to fulfill the rising demand for their products and prepare for upcoming launches.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Eli Lilly & Co: The Akouos Acquisition & Other Drivers

Global Healthcare Analyst

Tina Banerjee

Vertex Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vertex-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:4864:1" rel="noopener">Vertex Pharmaceuticals (VRTX US)</a> reported 18% y/y revenue growth to $2.3 billion, led by 46% growth outside the U.S. on continued strong uptake of Trikafta. U.S. revenue grew 5% y/y.</li>
<li>The company raised full-year 2022 product revenue guidance by 2% at the mid-point to $8.8–8.9 billion, representing 17% y/y growth at the mid-point.</li>
<li>The company will submit biologics licensing application (BLA) for exa-cel to the FDA, beginning in November 2022 and expects to complete the submission by the end of Q1 2023.</li>
</ul>



Vertex Pharmaceuticals (VRTX US) reported 18% y/y revenue growth to $2.3 billion, led by 46% growth outside the U.S. on continued strong uptake of Trikafta. U.S. revenue grew 5% y/y.
The company raised full-year 2022 product revenue guidance by 2% at the mid-point to $8.8–8.9 billion, representing 17% y/y growth at the mid-point.
The company will submit biologics licensing application (BLA) for exa-cel to the FDA, beginning in November 2022 and expects to complete the submission by the end of Q1 2023.


Vertex Pharmaceuticals (VRTX US): Better-Than-Expected Q3 Result; Guidance Raised 2nd Time This Year

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/puretech-health-plc" target="_blank" data-smartkarma-citation="entities:22096:1" rel="noopener">PureTech Health (PRTC LN)</a> has confirmed its possible merger with <a href="https://www.smartkarma.com/entities/nektar-therapeutics" target="_blank" data-smartkarma-citation="entities:15060:1" rel="noopener">Nektar Therapeutics (NKTR US)</a>. Uncertainty regarding the actual offer has caused volatility to PureTech shares.</li>
<li>Nektar will be required, by not later than November 3, 2022, to announce a firm intention to make an offer for the company.</li>
<li>Nektar faced a big setback in its lead pipeline assets and is going through tight financial condition. We are not expecting a lucrative takeover offer for PureTech.</li>
</ul>



PureTech Health (PRTC LN) has confirmed its possible merger with Nektar Therapeutics (NKTR US). Uncertainty regarding the actual offer has caused volatility to PureTech shares.
Nektar will be required, by not later than November 3, 2022, to announce a firm intention to make an offer for the company.
Nektar faced a big setback in its lead pipeline assets and is going through tight financial condition. We are not expecting a lucrative takeover offer for PureTech.


PureTech Health (PRTC LN): Possible Combination with Nektar Is Just a Defensive Move

Boryung Pharmaceutical / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/boryung-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:19265:1" rel="noopener">Boryung Pharmaceutical (003850 KS)</a> is expanding its oncology portfolio mainly through in-licensing and co-promotion agreement and aims to achieve revenue of KRW217 billion from oncology segment in 2026.</li>
<li>This month, Boryung received approval for in-licensed drug Zepzelca (lurbinectedin), indicated for the treatment of small-cell lung cancer in Korea. The drug has demonstrated high adoption rate in the U.S.</li>
<li>This year, Boryung launched two in-licensed neutropenia drugs and one generic drug for breast cancer. The company plans to launch 18 oncology drugs during 2022–2026, including 10 first generics.</li>
</ul>



Boryung Pharmaceutical (003850 KS) is expanding its oncology portfolio mainly through in-licensing and co-promotion agreement and aims to achieve revenue of KRW217 billion from oncology segment in 2026.
This month, Boryung received approval for in-licensed drug Zepzelca (lurbinectedin), indicated for the treatment of small-cell lung cancer in Korea. The drug has demonstrated high adoption rate in the U.S.
This year, Boryung launched two in-licensed neutropenia drugs and one generic drug for breast cancer. The company plans to launch 18 oncology drugs during 2022–2026, including 10 first generics.


Boryung Pharmaceutical (003850 KS): Oncology Portfolio Expansion to Accelerate Growth Momentum

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> has announced positive clinical trial results for its Alzheimer’s disease (AD) drug candidate, lecanemab. Lecanemab succeeded in slowing cognitive decline by 27%.</li>
<li>Importantly, the study shows that removal of aggregated amyloid beta in the brain is associated with a slowing of disease in patients, thereby opening innovation pathway for new treatment options.</li>
<li>Eisai aims to file for traditional approval in the U.S. and to submit marketing authorization applications in Japan and Europe by the end of FY23.</li>
</ul>



Eisai Co Ltd (4523 JP) has announced positive clinical trial results for its Alzheimer’s disease (AD) drug candidate, lecanemab. Lecanemab succeeded in slowing cognitive decline by 27%.
Importantly, the study shows that removal of aggregated amyloid beta in the brain is associated with a slowing of disease in patients, thereby opening innovation pathway for new treatment options.
Eisai aims to file for traditional approval in the U.S. and to submit marketing authorization applications in Japan and Europe by the end of FY23.


Eisai Co (4523 JP): Positive Trial Result For Alzheimer’s Disease Drug- A Step Closer to Approval

United States

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

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Eli Lilly & (LLY UN)

Eli Lilly & Co: The Akouos Acquisition & Other Drivers

Eli Lilly’s stock has been on a roll off-late in a relatively challenging market environment and the company supported it with a solid result...

Baptista Research

Vertex Pharmaceuticals (VRTX US): Better-Than-Expected Q3 Result; Guidance Raised 2nd Time This Year

Vertex reported 18% and 14%, y/y, growth in revenue and adjusted EPS, respectively in Q3. Both were ahead of expectations. The company has raised...

Tina Banerjee

PureTech Health (PRTC LN): Possible Combination with Nektar Is Just a Defensive Move

Puretech shares gained ~20% since my bullish insight on the company on May 31. Investors should book profit amid uncertainty regarding possibility...

Tina Banerjee

Boryung Pharmaceutical (003850 KS): Oncology Portfolio Expansion to Accelerate Growth Momentum

Boryung is expanding oncology portfolio and got approval for in-licensed drug, Zepzelca in Korea. During 2022–2026, oncology segment is expected to...

Tina Banerjee

Eisai Co (4523 JP): Positive Trial Result For Alzheimer’s Disease Drug- A Step Closer to Approval

Positive results from the confirmatory phase 3 clinical trial removes a major overhang on Eisai. The company plans to submit marketing approval for...

Tina Banerjee

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