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>IQVIA Holdings Inc. delivered a robust performance in their Third Quarter 2024 Earnings Call, reflecting both growth and the business environments they navigate.</li><li>The company reported revenue above their guidance range, indicating a 6.5% growth rate when adjusting for foreign exchange impacts and excluding COVID-related work.</li><li>Adjusted diluted EPS also saw a 14% increase.</li></ul>

IQVIA Holdings Inc. delivered a robust performance in their Third Quarter 2024 Earnings Call, reflecting both growth and the business environments they navigate.The company reported revenue above their guidance range, indicating a 6.5% growth rate when adjusting for foreign exchange impacts and excluding COVID-related work.Adjusted diluted EPS also saw a 14% increase.

IQVIA Holdings Inc.: Expansion of Strategic Partnerships s A Critical Growth Catalyst! - Major Drivers

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs, C(D)MOs, and LSU fields.</li><li>We find that those companies’ 2023 earnings growth varied across sub-sectors, with later-stage CXOs performing better than earlystage ones and non-manufacturing CXOs outperforming manufacturing ones.</li><li>However, the performance differences among sub-sectors decreased in 1Q24, and continued to narrow in 2Q24, with earnings of LSU and C(D)MO companies performing better than expected. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs, C(D)MOs, and LSU fields.We find that those companies’ 2023 earnings growth varied across sub-sectors, with later-stage CXOs performing better than earlystage ones and non-manufacturing CXOs outperforming manufacturing ones.However, the performance differences among sub-sectors decreased in 1Q24, and continued to narrow in 2Q24, with earnings of LSU and C(D)MO companies performing better than expected. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Healthcare - Overseas CXO/ Life Science Upstream 2Q24 Review

<ul><li>IQVIA's business fundamentals remain strong, achieving a 5% revenue growth rate and 8.6% growth in adjusted diluted earnings per share in the second quarter of 2024.</li><li>The company's revenue and earnings growth were driven by robust performances across their business segments, such as Technology & Analytics Solutions (TAS) and the Clinical segment.</li><li>In the TAS segment, IQVIA reported growth of about 3% in the first quarter and 4% in the second quarter, excluding COVID-19 and foreign exchange impacts.</li></ul>

IQVIA's business fundamentals remain strong, achieving a 5% revenue growth rate and 8.6% growth in adjusted diluted earnings per share in the second quarter of 2024.The company's revenue and earnings growth were driven by robust performances across their business segments, such as Technology & Analytics Solutions (TAS) and the Clinical segment.In the TAS segment, IQVIA reported growth of about 3% in the first quarter and 4% in the second quarter, excluding COVID-19 and foreign exchange impacts.

IQVIA Holdings: Increased confidence in Technology & Analytical Services (TAS) & Other Major Drivers

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Back in 2016, IMS Health and Quintiles went through a merger of equals to form “QuintilesIMS” which was later renamed to be “IQVIA” in 2017.</li><li>"I" and “Q” stand for IMS Health and Quintiles respectively and "VIA" means "by way of”.</li><li>Since IMS and Quintiles both used to be separate public companies, let me discuss these two businesses separately at first before getting into the details of their post-merger status.</li></ul>

Back in 2016, IMS Health and Quintiles went through a merger of equals to form “QuintilesIMS” which was later renamed to be “IQVIA” in 2017."I" and “Q” stand for IMS Health and Quintiles respectively and "VIA" means "by way of”.Since IMS and Quintiles both used to be separate public companies, let me discuss these two businesses separately at first before getting into the details of their post-merger status.

<ul><li>On the positive side, the company delivered top and bottom-line numbers either on or slightly above the expectations.</li><li>The favorable demand for the industry continued to surge as IQVIA's revenue grew by 6%.</li><li>The clinical side of the business, in particular, saw solid demands from R&DS clients, which boosted their backlog to a new record, growing almost 8% compared to the prior year.</li></ul>

On the positive side, the company delivered top and bottom-line numbers either on or slightly above the expectations.The favorable demand for the industry continued to surge as IQVIA's revenue grew by 6%.The clinical side of the business, in particular, saw solid demands from R&DS clients, which boosted their backlog to a new record, growing almost 8% compared to the prior year.

IQVIA Holdings Inc.: Clinical Trials and AI Enablement As A Major Growth Catalyst! - Major Drivers

United States

IQVIA Holdings Inc. focuses on technology solutions and contract research services. The Company offers a broad range of solutions which includes clinical development strategies, therapeutic expertise, predictive and prescriptive analytics, and patient retention services. IQVIA Holdings serves consumer health, biopharma, and medical technology industries globally.

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Iqvia Holdings (IQV US)

IQVIA Holdings Inc.: Expansion of Strategic Partnerships s A Critical Growth Catalyst! - Major Drivers

IQVIA Holdings Inc. delivered a robust performance in their Third Quarter 2024 Earnings Call, reflecting both growth and the business environments...

Baptista Research

China Healthcare - Overseas CXO/ Life Science Upstream 2Q24 Review

We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs,...

CMB International

IQVIA Holdings: Increased confidence in Technology & Analytical Services (TAS) & Other Major Drivers

IQVIA's business fundamentals remain strong, achieving a 5% revenue growth rate and 8.6% growth in adjusted diluted earnings per share in the...

Baptista Research

IQVIA Deep Dive

Back in 2016, IMS Health and Quintiles went through a merger of equals to form “QuintilesIMS” which was later renamed to be “IQVIA” in 2017.

MBI Deep Dives

IQVIA Holdings Inc.: Clinical Trials and AI Enablement As A Major Growth Catalyst! - Major Drivers

On the positive side, the company delivered top and bottom-line numbers either on or slightly above the expectations. The favorable demand for the...

Baptista Research

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