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

Vertex Pharmaceuticals / Equity Bottom-Up

<ul><li>Vertex Pharmaceuticals delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>In the third quarter, Vertex witnessed a commendable 6% growth in global product revenue compared to the previous year.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Vertex Pharmaceuticals delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.In the third quarter, Vertex witnessed a commendable 6% growth in global product revenue compared to the previous year.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Vertex Pharmaceuticals: Diversifying Beyond Cystic Fibrosis – The Next Big Leap? - Major Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.</li>
<li>In terms of quantity and quality of innovations <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>  and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a>  are best positioned. Among private companies Senda Biosciences screened well. </li>
<li>Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA's potential versatility, risks and the necessity for RNA related exposure.</li>
</ul>


In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.
In terms of quantity and quality of innovations Alnylam Pharmaceuticals (ALNY US)  and Moderna (MRNA US)  are best positioned. Among private companies Senda Biosciences screened well. 
Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA's potential versatility, risks and the necessity for RNA related exposure.


Who Are Leading the Charge in the RNAissance of Medicine

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Although both Republicans and Democrats have policies related to supply chain security/lowering drug prices, they have taken different approaches. Harris is likely to be “a continuation of the Biden policy”. </li>
<li>Harris would continue Biden’s strategy of “wooing India to contain China” and developing a pro-US supply chain system that isolates China.Her future policy direction may be more "predictable" than Trump's.</li>
<li>Whether Trump or Harris is elected as President of the US, there's a high possibility that the US will continue to confront China in the fields of biosecurity and biotechnology.</li>
</ul>


Although both Republicans and Democrats have policies related to supply chain security/lowering drug prices, they have taken different approaches. Harris is likely to be “a continuation of the Biden policy”. 
Harris would continue Biden’s strategy of “wooing India to contain China” and developing a pro-US supply chain system that isolates China.Her future policy direction may be more "predictable" than Trump's.
Whether Trump or Harris is elected as President of the US, there's a high possibility that the US will continue to confront China in the fields of biosecurity and biotechnology.


What Does a Kamala Harris Presidency Mean for China Healthcare?

<ul>
<li>Although people acknowledged BeiGene's performance, it still makes us uneasy about a long-standing question: When will BeiGene be profitable?With current cost structure, there’s at least two years left until breakeven. </li>
<li>BeiGene’s internationalization only proves decent increase in revenue, but it doesn’t yet verify its profitability.SG&amp;A expense ratio completely deviates from the normal state of Biotech with over US$2 billion sales.</li>
<li>If BeiGene indeed has a plan to turn loss into profits, besides maintaining a high growth rate in sales, reasonable optimization in cost and expenses is the most basic “sincerity”.</li>
</ul>


Although people acknowledged BeiGene's performance, it still makes us uneasy about a long-standing question: When will BeiGene be profitable?With current cost structure, there’s at least two years left until breakeven. 
BeiGene’s internationalization only proves decent increase in revenue, but it doesn’t yet verify its profitability.SG&amp;A expense ratio completely deviates from the normal state of Biotech with over US$2 billion sales.
If BeiGene indeed has a plan to turn loss into profits, besides maintaining a high growth rate in sales, reasonable optimization in cost and expenses is the most basic “sincerity”.


BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

<ul><li>Vertex Pharmaceuticals delivered a solid result and managed an all-around beat last quarter.</li><li>The company's continued momentum in all aspects, particularly in the Cystic Fibrosis (CF) business, has led to solid growth in global product revenue.</li><li>Vertex has strategically invested in promising therapies for severe sickle cell disease, transfusion-dependent beta-thalassemia, acute pain relief, and CF treatments.</li></ul>

Vertex Pharmaceuticals delivered a solid result and managed an all-around beat last quarter.The company's continued momentum in all aspects, particularly in the Cystic Fibrosis (CF) business, has led to solid growth in global product revenue.Vertex has strategically invested in promising therapies for severe sickle cell disease, transfusion-dependent beta-thalassemia, acute pain relief, and CF treatments.

Vertex Pharmaceuticals: Exploring the Pipeline: From Pain Relief to Sickle Cell Miracles! - Major Drivers

United States

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes novel, small molecule pharmaceuticals for the treatment of diseases for which there are currently limited or no effective treatments.  The Company develops drugs for the treatment of cystic fibrosis, autoimmune diseases, cancer, inflammatory bowel disease, and neurological disorders.

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Vertex Pharmaceuticals (VRTX US)

Vertex Pharmaceuticals: Diversifying Beyond Cystic Fibrosis – The Next Big Leap? - Major Drivers

Vertex Pharmaceuticals delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. In the third quarter,...

Baptista Research

Who Are Leading the Charge in the RNAissance of Medicine

RNA therapeutics: We analyze the field and spotlight top players driving this precision medicine, for tackling rare diseases with innovative solutions

Pyari Menon

What Does a Kamala Harris Presidency Mean for China Healthcare?

Harris could be “a continuation of Biden's policy” , making her future policy direction more "predictable" .But the US will continue to confront...

Xinyao (Criss) Wang

BeiGene (6160.HK/BGNE.US/688235.CH) - Pain Points Behind the High Growth

Due to quick pick-up of expenses, breakeven is more challenging. BeiGene hasn't proved its profitability. If it indeed has a plan to turn loss into...

Xinyao (Criss) Wang

Vertex Pharmaceuticals: Exploring the Pipeline: From Pain Relief to Sickle Cell Miracles! - Major Drivers

Vertex Pharmaceuticals delivered a solid result and managed an all-around beat last quarter. The company's continued momentum in all aspects,...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vertex Pharmaceuticals: Diversifying Beyond Cystic Fibrosis – The Next Big Leap? - Major Drivers

Vertex Pharmaceuticals delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. In the third quarter,...

Baptista Research

Who Are Leading the Charge in the RNAissance of Medicine

RNA therapeutics: We analyze the field and spotlight top players driving this precision medicine, for tackling rare diseases with innovative solutions

Pyari Menon

What Does a Kamala Harris Presidency Mean for China Healthcare?

Harris could be “a continuation of Biden's policy” , making her future policy direction more "predictable" .But the US will continue to confront...

Xinyao (Criss) Wang

BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

Due to quick pick-up of expenses, breakeven is more challenging. BeiGene hasn't proved its profitability. If it indeed has a plan to turn loss into...

Xinyao (Criss) Wang

Vertex Pharmaceuticals: Exploring the Pipeline: From Pain Relief to Sickle Cell Miracles! - Major Drivers

Vertex Pharmaceuticals delivered a solid result and managed an all-around beat last quarter. The company's continued momentum in all aspects,...

Baptista Research

BeiGene (6160.HK/BGNE.US/688235.CH) - Pain Points Behind the High Growth