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 Capital Markets

<ul><li>Incyte had a terribly disappointing first quarter and failed to meet the revenue expectations as well as earnings expectations of Wall Street.</li><li>The company’s product revenue increased 14% year over year as Jakafi was in high demand among patients across all indications.</li><li>In hematology and oncology, the ongoing launches of Pemazyre and Minjuvi ex-U.S. were the primary factors in the 17% rise year over year.</li></ul>

Incyte had a terribly disappointing first quarter and failed to meet the revenue expectations as well as earnings expectations of Wall Street.The company’s product revenue increased 14% year over year as Jakafi was in high demand among patients across all indications.In hematology and oncology, the ongoing launches of Pemazyre and Minjuvi ex-U.S. were the primary factors in the 17% rise year over year.

Incyte Corporation: New Approvals for Opzelura and Zynyz & Other Drivers

<ul><li>Incyte Corporation generated strong financial performance in the last quarter and managed an all-around beat.</li><li>Revenues from the commercialized items in the company's current portfolio increased by 18% year over year.</li><li>We give Incyte Corporation a 'Hold' rating with a revised target price.</li></ul>

Incyte Corporation generated strong financial performance in the last quarter and managed an all-around beat.Revenues from the commercialized items in the company's current portfolio increased by 18% year over year.We give Incyte Corporation a 'Hold' rating with a revised target price.

Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers

Global Healthcare Analyst

Tina Banerjee

Event-Driven

Sun Pharmaceutical Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> is acquiring the U.S.-based late-stage biotechnology company, <a href="https://www.smartkarma.com/entities/concert-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:9312:1" rel="noopener">Concert Pharmaceuticals (CNCE US)</a> for $576M in equity value. The transaction is expected to be completed in 1Q23.</li>
<li>Concert has completed the evaluation of the efficacy and safety of its lead candidate, deuruxolitinib in adult patients with moderate to severe Alopecia Areata in its phase 3 clinical program.</li>
<li>With the disease affecting up to ~1.5M people in the U.S., Alopecia represents potential blockbuster opportunity. Sun Pharma plans to file NDA for deuruxolitinib to the FDA in 1H23.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) is acquiring the U.S.-based late-stage biotechnology company, Concert Pharmaceuticals (CNCE US) for $576M in equity value. The transaction is expected to be completed in 1Q23.
Concert has completed the evaluation of the efficacy and safety of its lead candidate, deuruxolitinib in adult patients with moderate to severe Alopecia Areata in its phase 3 clinical program.
With the disease affecting up to ~1.5M people in the U.S., Alopecia represents potential blockbuster opportunity. Sun Pharma plans to file NDA for deuruxolitinib to the FDA in 1H23.


Sun Pharmaceutical Ind (SUNP IN): Acquisition Adds Late-Stage Biopharma Product in Derma Franchise

Equity Bottom-Up

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>, the global leader in cystic fibrosis treatment, has a broad and deep clinical pipeline across multiple modalities. Each of its clinical programs represents a multibillion-dollar opportunity.  </li>
<li>MRNA drug candidate for treating the remaining 5,000 CF patients who cannot benefit from existing therapies, is set to enter clinic. Drug candidate for acute pain is in late-stage trial.</li>
<li>Regulatory submission for exa-cel for sickle cell disease and transfusion-dependent beta thalassemia in U.S., EU and UK are expected to be completed by 1Q23.</li>
</ul>



Vertex Pharmaceuticals (VRTX US), the global leader in cystic fibrosis treatment, has a broad and deep clinical pipeline across multiple modalities. Each of its clinical programs represents a multibillion-dollar opportunity.  
MRNA drug candidate for treating the remaining 5,000 CF patients who cannot benefit from existing therapies, is set to enter clinic. Drug candidate for acute pain is in late-stage trial.
Regulatory submission for exa-cel for sickle cell disease and transfusion-dependent beta thalassemia in U.S., EU and UK are expected to be completed by 1Q23.


Vertex Pharmaceuticals (VRTX US): A High-Quality Deep Pocket Biotech Must-Have for Every Investor

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Our forecast of the total peak sales of BRUKINSA, tislelizumab and the rest commercialized products is about RMB10 billion, which is not enough for BeiGene to turn losses into profits. </li>
<li>BeiGene has the highest R&amp;D/academic ability among domestic pharmaceutical enterprises,but BeiGene cannot be assessed according to the standards of Chinese pharmaceutical enterprises due to its fundamentally different cost structure/breakeven point.</li>
<li>The current market value has already priced in the success of TIGIT project to some extent. In other words, the upward elasticity may be limited. But BeiGene deserves long-term follow.</li>
</ul>


Our forecast of the total peak sales of BRUKINSA, tislelizumab and the rest commercialized products is about RMB10 billion, which is not enough for BeiGene to turn losses into profits. 
BeiGene has the highest R&amp;D/academic ability among domestic pharmaceutical enterprises,but BeiGene cannot be assessed according to the standards of Chinese pharmaceutical enterprises due to its fundamentally different cost structure/breakeven point.
The current market value has already priced in the success of TIGIT project to some extent. In other words, the upward elasticity may be limited. But BeiGene deserves long-term follow.


BeiGene (6160.HK/BGNE.US) 22Q3 - The Price of Being an “Outlier”

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: New Approvals for Opzelura and Zynyz & Other Drivers

Incyte had a terribly disappointing first quarter and failed to meet the revenue expectations as well as earnings expectations of Wall Street. The...

Baptista Research

Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers

Incyte Corporation generated strong financial performance in the last quarter and managed an all-around beat. Revenues from the commercialized...

Baptista Research

Sun Pharmaceutical Ind (SUNP IN): Acquisition Adds Late-Stage Biopharma Product in Derma Franchise

Sun Pharma is acquiring US-based Concert Pharmaceuticals for $576M. Post-acquisition, the priority will be to materialize Concert’s plan to submit...

Tina Banerjee

Vertex Pharmaceuticals (VRTX US): A High-Quality Deep Pocket Biotech Must-Have for Every Investor

By leveraging on industry-leading profitability, strong balance sheet and current cash flow, Trikafta, Vertex is re-investing in next-generation...

Tina Banerjee

BeiGene (6160.HK/BGNE.US) 22Q3 - The Price of Being an “Outlier”

Sales of current commercialized products isn't enough for BeiGene to turn loss into profit. BeiGene is fundamentally different from any other China...

Xinyao (Criss) Wang

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