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>In Q1 2024, Novartis delivered robust growth, reflecting in a double-digit sales growth and core margin expansion.</li><li>Sales were up by 11% in constant currency, and core operating income was up by 22%.</li><li>The core margin reached 38.4%, inching steadily towards the set goal of over 40% by 2027.</li></ul>

In Q1 2024, Novartis delivered robust growth, reflecting in a double-digit sales growth and core margin expansion.Sales were up by 11% in constant currency, and core operating income was up by 22%.The core margin reached 38.4%, inching steadily towards the set goal of over 40% by 2027.

Novartis AG: Positive Expectations for Scemblix & 5 Other Major Developments

<ul><li>Based on the earnings call transcript from the Q4 2023 Novartis, the company delivered a strong full-year performance with margin expansion and strong momentum in innovation with 10 positive Phase III results over the course of the year.</li><li>The company recorded a 10% growth in Q4 sales and core operating income up by 13%.</li><li>For the full year, the sales were up by 10% and core operating income up by 18%, all in constant currency.</li></ul>

Based on the earnings call transcript from the Q4 2023 Novartis, the company delivered a strong full-year performance with margin expansion and strong momentum in innovation with 10 positive Phase III results over the course of the year.The company recorded a 10% growth in Q4 sales and core operating income up by 13%.For the full year, the sales were up by 10% and core operating income up by 18%, all in constant currency.

Novartis AG: Can The Acquisition of MorphoSys AG Really Strengthen  Its Oncology Pipeline? - Major Drivers

<ul><li>Novartis AG delivered a mixed set of results in the quarter, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>The last quarter for Novartis AG was marked by significant achievements, including strong sales growth and margin expansion, leading to a guidance raise for the third time in the year.</li><li>Kesimpta also showed impressive results and other products like Pluvicto and Lutathera demonstrated their potential in earlier disease settings.</li></ul>

Novartis AG delivered a mixed set of results in the quarter, with revenues falling short of Wall Street expectations but above-par earnings.The last quarter for Novartis AG was marked by significant achievements, including strong sales growth and margin expansion, leading to a guidance raise for the third time in the year.Kesimpta also showed impressive results and other products like Pluvicto and Lutathera demonstrated their potential in earlier disease settings.

Novartis AG: Unraveling the Potential of Kesimpta

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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> shares increased 12% on Friday as a Street Insider report claimed it received takeover interest and hired Centerview Partners to help review the offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>, the largest shareholder, shares rose 25%. Genscript responsded that it is not aware of any reasons for these share price movements and any inside information.</li>
<li>The chances for an offer are low as the offeror would face several hurdles. Nevertheless, without an offer, the upcoming CARVYKTI commercial production in 2H24 will support the share price.   </li>
</ul>



Legend Biotech Corp (LEGN US) shares increased 12% on Friday as a Street Insider report claimed it received takeover interest and hired Centerview Partners to help review the offer.

Genscript Biotech (1548 HK), the largest shareholder, shares rose 25%. Genscript responsded that it is not aware of any reasons for these share price movements and any inside information.
The chances for an offer are low as the offeror would face several hurdles. Nevertheless, without an offer, the upcoming CARVYKTI commercial production in 2H24 will support the share price.   


Legend Biotech (LEGN US): Takeover Interest – Possible but Tough to Pull Off

Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company uses innovative science and digital technologies to create transformative treatments in areas of great medical need. Novartis offers patent protected prescription medicine and generic pharmaceuticals and biosimilars.

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Novartis (NOVN SW)

Novartis AG: Positive Expectations for Scemblix & 5 Other Major Developments

In Q1 2024, Novartis delivered robust growth, reflecting in a double-digit sales growth and core margin expansion. Sales were up by 11% in...

Baptista Research

Novartis AG: Can The Acquisition of MorphoSys AG Really Strengthen Its Oncology Pipeline? - Major Drivers

Based on the earnings call transcript from the Q4 2023 Novartis, the company delivered a strong full-year performance with margin expansion and...

Baptista Research

Novartis AG: Unraveling the Potential of Kesimpta

Novartis AG delivered a mixed set of results in the quarter, with revenues falling short of Wall Street expectations but above-par earnings. The...

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

Legend Biotech (LEGN US): Takeover Interest – Possible but Tough to Pull Off

The chances for an offer are low as the offeror would face several hurdles. Nevertheless, the upcoming CARVYKTI commercial production in 2H24 will...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Novartis AG: Positive Expectations for Scemblix & 5 Other Major Developments

In Q1 2024, Novartis delivered robust growth, reflecting in a double-digit sales growth and core margin expansion. Sales were up by 11% in...

Baptista Research

Novartis AG: Can The Acquisition of MorphoSys AG Really Strengthen Its Oncology Pipeline? - Major Drivers

Based on the earnings call transcript from the Q4 2023 Novartis, the company delivered a strong full-year performance with margin expansion and...

Baptista Research

Novartis AG: Unraveling the Potential of Kesimpta

Novartis AG delivered a mixed set of results in the quarter, with revenues falling short of Wall Street expectations but above-par earnings. The...

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

Legend Biotech (LEGN US): Takeover Interest – Possible but Tough to Pull Off

The chances for an offer are low as the offeror would face several hurdles. Nevertheless, the upcoming CARVYKTI commercial production in 2H24 will...

Arun George

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