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>Gilead had a very robust second quarter with total product sales of $5.7 billion, up 7% year over year, excluding Veklury.</li><li>The company managed to deliver an all-around beat powered by HIV, cell therapy, and Trodelvy, partially offset by HCV.</li><li>Sequentially, total product sales excluding Veklury increased by 14%, driven by seasonal pricing and inventory dynamics, especially in their HIV business, and increased demand across the whole portfolio.</li></ul>

Gilead had a very robust second quarter with total product sales of $5.7 billion, up 7% year over year, excluding Veklury.The company managed to deliver an all-around beat powered by HIV, cell therapy, and Trodelvy, partially offset by HCV.Sequentially, total product sales excluding Veklury increased by 14%, driven by seasonal pricing and inventory dynamics, especially in their HIV business, and increased demand across the whole portfolio.

Gilead Sciences: The MiroBio Acquisition & Other Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>We remain bearish as long as the YTD downtrends remain intact on the SPX and NDX (QQQ), and as long as the 7.5-month downtrend remains intact on the Russell 2000(IWM).</li>
<li>There is potential for a bounce given the SPX, QQQ, and IWM are all at downtrend channel supports.</li>
<li>The continued rise of the U.S. dollar (DXY), 10-yr Treasury yield, and WTI crude oil is what we believe is fueling the bear market in equities.</li>
</ul>


We remain bearish as long as the YTD downtrends remain intact on the SPX and NDX (QQQ), and as long as the 7.5-month downtrend remains intact on the Russell 2000(IWM).
There is potential for a bounce given the SPX, QQQ, and IWM are all at downtrend channel supports.
The continued rise of the U.S. dollar (DXY), 10-yr Treasury yield, and WTI crude oil is what we believe is fueling the bear market in equities.


Downgrading Materials; SPX, NDX, Russell 2000 Testing Downtrend Channel Support; Biotech Buys

Equity Capital Markets

<ul><li>Gilead started 2022 on a positive note with the HIV business, Trodelvy, Veklury, and cell therapy driving growth.</li><li>Primarily driven by Biktarvy, the HIV business grew at 2% year over year.</li><li>The growing oncology portfolio of the company performed quite well with a doubling of Trodelvy revenue, and cell therapy has delivered another robust quarter of growth.</li></ul>

Gilead started 2022 on a positive note with the HIV business, Trodelvy, Veklury, and cell therapy driving growth.Primarily driven by Biktarvy, the HIV business grew at 2% year over year.The growing oncology portfolio of the company performed quite well with a doubling of Trodelvy revenue, and cell therapy has delivered another robust quarter of growth.

Gilead Sciences Inc.: Expansion of Cell Therapy

Credit

<ul><li>Despite a strong 2021 on account of Veklury and its HIV drug sales, Gilead is expected to face its fair share of challenges in 2022.</li><li>The impact of Covid-19 on HIV and HCV was more than offset by increased Veklury sales in 2021.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Despite a strong 2021 on account of Veklury and its HIV drug sales, Gilead is expected to face its fair share of challenges in 2022.The impact of Covid-19 on HIV and HCV was more than offset by increased Veklury sales in 2021.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Gilead Sciences: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>Gilead is coming off a year of strong clinical momentum and financial performance but the year 2022 is expected to bring its own new set of challenges.</li><li>The impact of Covid-19 on HIV and HCV was more than offset by increased Veklury sales in 2021.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Gilead is coming off a year of strong clinical momentum and financial performance but the year 2022 is expected to bring its own new set of challenges.The impact of Covid-19 on HIV and HCV was more than offset by increased Veklury sales in 2021.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Gilead Sciences: Financial & Price Forecasts

United States

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases.  The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

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Gilead Sciences (GILD US)

Gilead Sciences: The MiroBio Acquisition & Other Drivers

Gilead had a very robust second quarter with total product sales of $5.7 billion, up 7% year over year, excluding Veklury. The company managed to...

Baptista Research

Downgrading Materials; SPX, NDX, Russell 2000 Testing Downtrend Channel Support; Biotech Buys

We remain bearish as long as the 6-8 month downtrends remain intact on the SPX, NDX (QQQ), and RUT (IWM). Bounce potential given SPX, QQQ, and IWM...

Vermilion Research

Gilead Sciences Inc.: Expansion of Cell Therapy

Gilead started 2022 on a positive note with the HIV business, Trodelvy, Veklury, and cell therapy driving growth. Primarily driven by Biktarvy,...

Baptista Research

Gilead Sciences: Detailed Credit Analysis & Financial Strength Evaluation Report

Despite a strong 2021 on account of Veklury and its HIV drug sales, Gilead is expected to face its fair share of challenges in 2022. The impact of...

Baptista Research

Gilead Sciences: Financial & Price Forecasts

Gilead is coming off a year of strong clinical momentum and financial performance but the year 2022 is expected to bring its own new set of...

Baptista Research

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