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>Incyte Corp's first quarter 2024 earnings pointed towards the company's steady performance during the quarter and provided an update on its ongoing projects.</li><li>The company's total revenue grew by 9% in Q1 as compared to the same period last year, with growth driven largely by the drugs Jakafi and Opzelura.</li><li>In particular, Jakafi's net product revenue was $572 million, not fully reflecting its demand growth due to an increase in total patients, particularly those with PV and GVHD. Similarly, Opzelura's net product revenues in the first quarter were $86 million, indicating a 52% growth when compared to the same period last year.</li></ul>

Incyte Corp's first quarter 2024 earnings pointed towards the company's steady performance during the quarter and provided an update on its ongoing projects.The company's total revenue grew by 9% in Q1 as compared to the same period last year, with growth driven largely by the drugs Jakafi and Opzelura.In particular, Jakafi's net product revenue was $572 million, not fully reflecting its demand growth due to an increase in total patients, particularly those with PV and GVHD. Similarly, Opzelura's net product revenues in the first quarter were $86 million, indicating a 52% growth when compared to the same period last year.

Incyte Corporation: Can It Capitalize On The Potential For Expansion Into Dermatology? - Major Drivers

<ul><li>Incyte Corporation's 2023 earnings have been marked by the firm's strong performance following a 14% increase in product and royalty revenues compared to 2022, reaching $3.7 billion.</li><li>A significant milestone was achieved in the fourth quarter when total product and royalty revenue reached $1 billion for the first time.</li><li>This growth has primarily been driven by the continued growth of Jakafi and the successful launch of Opzelura.</li></ul>

Incyte Corporation's 2023 earnings have been marked by the firm's strong performance following a 14% increase in product and royalty revenues compared to 2022, reaching $3.7 billion.A significant milestone was achieved in the fourth quarter when total product and royalty revenue reached $1 billion for the first time.This growth has primarily been driven by the continued growth of Jakafi and the successful launch of Opzelura.

Incyte Corporation: Significant Clinical Progress in Pipeline Programs & Other Major Developments - Financial Forecasts

<ul><li>Incyte Corporation's results were a major disappointment as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>In the third quarter, Incyte sustained robust double-digit revenue growth, achieving noteworthy pricing, reimbursement, and pipeline advancement milestones.</li><li>The quarter's product and royalty revenues reached $914 million, reflecting an 11% year-over-year growth propelled by Jakafi and Opzelura.</li></ul>

Incyte Corporation's results were a major disappointment as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.In the third quarter, Incyte sustained robust double-digit revenue growth, achieving noteworthy pricing, reimbursement, and pipeline advancement milestones.The quarter's product and royalty revenues reached $914 million, reflecting an 11% year-over-year growth propelled by Jakafi and Opzelura.

Incyte Corporation: Competitive Landscape and Market Positioning of Jakafi! - Major Drivers

<ul><li>Incyte Corporation delivered an all-around beat in the previous quarter.</li><li>With patient demand for all indications rising, net product revenues for the quarter increased.</li><li>The quarter also saw a rise in US patient demand, as total prescriptions grew over the previous quarter, and refills increased.</li></ul>

Incyte Corporation delivered an all-around beat in the previous quarter.With patient demand for all indications rising, net product revenues for the quarter increased.The quarter also saw a rise in US patient demand, as total prescriptions grew over the previous quarter, and refills increased.

Incyte Corporation: 4 Proven Strategies Driving The Recent Financial Performance - Financial Forecasts

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Novartis offers an agreed €68/share, 89% premium, for <a href="https://www.smartkarma.com/entities/morphosys-ag-91f7c8f8-f418-4db5-953e-ec2206d64e67" target="_blank" data-smartkarma-citation="entities:27120:1" rel="noopener">MorphoSys AG (MOR US)</a> in a bet that pelabrisib could become a blockbuster to treat myelofibrosis (possibly reaching peak sales of $1.1-1.5 billion).</li>
<li>Considering that the shares of Morphosys were trading in the low teens in November, I believe that shareholders will be happy to part with the shares.</li>
<li>Spread (gross/annualised) is 4.65%/18.09% (assuming settlement by 20 May). Novartis believes pelabrisib is definitely worth the risk. <strong>Long.</strong>
</li>
</ul>


Novartis offers an agreed €68/share, 89% premium, for MorphoSys AG (MOR US) in a bet that pelabrisib could become a blockbuster to treat myelofibrosis (possibly reaching peak sales of $1.1-1.5 billion).
Considering that the shares of Morphosys were trading in the low teens in November, I believe that shareholders will be happy to part with the shares.
Spread (gross/annualised) is 4.65%/18.09% (assuming settlement by 20 May). Novartis believes pelabrisib is definitely worth the risk. Long.



Novartis Strikes for Possible Myelofibrosis Blockbuster

United States

Incyte Corp is a biopharmaceutical company. The Company discovers, develops and commercializes proprietary small molecule drugs, primarily used in oncology.

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Incyte Corp (INCY US)

Incyte Corporation: Can It Capitalize On The Potential For Expansion Into Dermatology? - Major Drivers

Incyte Corp's first quarter 2024 earnings pointed towards the company's steady performance during the quarter and provided an update on its...

Baptista Research

Incyte Corporation: Significant Clinical Progress in Pipeline Programs & Other Major Developments - Financial Forecasts

Incyte Corporation's 2023 earnings have been marked by the firm's strong performance following a 14% increase in product and royalty revenues...

Baptista Research

Incyte Corporation: Competitive Landscape and Market Positioning of Jakafi! - Major Drivers

Incyte Corporation's results were a major disappointment as it failed to meet the revenue expectations as well as the earnings expectations of...

Baptista Research

Incyte Corporation: 4 Proven Strategies Driving The Recent Financial Performance - Financial Forecasts

Incyte Corporation delivered an all-around beat in the previous quarter. With patient demand for all indications rising, net product revenues for...

Baptista Research

Novartis Strikes for Possible Myelofibrosis Blockbuster

Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Incyte Corporation: Can It Capitalize On The Potential For Expansion Into Dermatology? - Major Drivers

Incyte Corp's first quarter 2024 earnings pointed towards the company's steady performance during the quarter and provided an update on its...

Baptista Research

Incyte Corporation: Significant Clinical Progress in Pipeline Programs & Other Major Developments - Financial Forecasts

Incyte Corporation's 2023 earnings have been marked by the firm's strong performance following a 14% increase in product and royalty revenues...

Baptista Research

Incyte Corporation: Competitive Landscape and Market Positioning of Jakafi! - Major Drivers

Incyte Corporation's results were a major disappointment as it failed to meet the revenue expectations as well as the earnings expectations of...

Baptista Research

Incyte Corporation: 4 Proven Strategies Driving The Recent Financial Performance - Financial Forecasts

Incyte Corporation delivered an all-around beat in the previous quarter. With patient demand for all indications rising, net product revenues for...

Baptista Research

Novartis Strikes for Possible Myelofibrosis Blockbuster

​Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...

Jesus Rodriguez Aguilar

Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...