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>AbbVie just turned a patent cliff into a gold mine.</li><li>Investors who held the stock through the last decade have seen gains of 460%, a feat few thought possible when Humira's composition of matter patent expired back in 2016.</li><li>Rather than suffer a catastrophic drop, the company delayed biosimilar entry through a dense patent-thicket strategy and used excess cash flow from Humira's prolonged dominance to fund next-generation autoimmune drugs Skyrizi and Rinvoq.</li></ul>

AbbVie just turned a patent cliff into a gold mine.Investors who held the stock through the last decade have seen gains of 460%, a feat few thought possible when Humira's composition of matter patent expired back in 2016.Rather than suffer a catastrophic drop, the company delayed biosimilar entry through a dense patent-thicket strategy and used excess cash flow from Humira's prolonged dominance to fund next-generation autoimmune drugs Skyrizi and Rinvoq.

AbbVie’s 460% Secret: Patent Tricks and Pipeline Gold!

<ul><li>AbbVie just made a bold move—and the stakes are massive.</li><li>The company agreed to invest $100 billion into U.S. operations over the next decade in exchange for protection from tariffs and future government drug pricing mandates.</li><li>The deal, struck with the Trump administration, marks one of the largest public-private partnerships in the pharmaceutical space and may set a new precedent for how Big Pharma plays ball with Washington.</li></ul>

AbbVie just made a bold move—and the stakes are massive.The company agreed to invest $100 billion into U.S. operations over the next decade in exchange for protection from tariffs and future government drug pricing mandates.The deal, struck with the Trump administration, marks one of the largest public-private partnerships in the pharmaceutical space and may set a new precedent for how Big Pharma plays ball with Washington.

AbbVie Bets $100 Billion On Trump—And A Whole New Business Model!

<ul><li>AbbVie reported a strong third quarter for 2025, exceeding its financial guidance and maintaining momentum across its portfolio.</li><li>The company saw adjusted earnings per share of $1.86, outperforming the previous forecast by $0.10, supported by a growth trajectory that led to a revenue of nearly $15.8 billion, surpassing expectations by approximately $300 million.</li><li>Rob Michael, the Chairman and CEO, highlighted significant contributions from Skyrizi and Rinvoq, which collectively observed over 40% sales growth, establishing them as pivotal products in the immunology segment.</li></ul>

AbbVie reported a strong third quarter for 2025, exceeding its financial guidance and maintaining momentum across its portfolio.The company saw adjusted earnings per share of $1.86, outperforming the previous forecast by $0.10, supported by a growth trajectory that led to a revenue of nearly $15.8 billion, surpassing expectations by approximately $300 million.Rob Michael, the Chairman and CEO, highlighted significant contributions from Skyrizi and Rinvoq, which collectively observed over 40% sales growth, establishing them as pivotal products in the immunology segment.

AbbVie: Rinvoq & Skyrizi Are Powering a New Immunology Growth Engine—How Big Can This Duo Get?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.</li>
<li>We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.
We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.


Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Sino Biopharmaceutical received approval for Benmelstobart plus Anlotinib for alveolar soft part sarcoma in China. Wuxi Biologics announced that three of its manufacturing facilities received GMP certification from South Korea.</li>
<li>Astellas Pharma has been granted Priority Review status by the FDA for indication expansion application for Padcev. Eisai’s Phase 3 trial evaluating Lenvima in RCC did not meet primary endpoints.</li>
<li>Celltrion started patient dosing for three of its novel ADC-based anticancer drug candidates. Cochlear has reduced FY26 underlying net profit guidance to A$290–330M from A$435–460M.</li>
</ul>


Sino Biopharmaceutical received approval for Benmelstobart plus Anlotinib for alveolar soft part sarcoma in China. Wuxi Biologics announced that three of its manufacturing facilities received GMP certification from South Korea.
Astellas Pharma has been granted Priority Review status by the FDA for indication expansion application for Padcev. Eisai’s Phase 3 trial evaluating Lenvima in RCC did not meet primary endpoints.
Celltrion started patient dosing for three of its novel ADC-based anticancer drug candidates. Cochlear has reduced FY26 underlying net profit guidance to A$290–330M from A$435–460M.


APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

United States

AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease.

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Abbvie Inc (ABBV US)

AbbVie’s 460% Secret: Patent Tricks and Pipeline Gold!

AbbVie just turned a patent cliff into a gold mine. Investors who held the stock through the last decade have seen gains of 460%, a feat few...

Baptista Research

AbbVie Bets $100 Billion On Trump—And A Whole New Business Model!

AbbVie just made a bold move—and the stakes are massive. The company agreed to invest $100 billion into U.S. operations over the next decade in...

Baptista Research

AbbVie: Rinvoq & Skyrizi Are Powering a New Immunology Growth Engine—How Big Can This Duo Get?

AbbVie reported a strong third quarter for 2025, exceeding its financial guidance and maintaining momentum across its portfolio. The company saw...

Baptista Research

Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Upgrading Health Care $XLV and Consumer Staples $XLP to Market Weight; Monitoring Tech $XLK for a Downgrade. $LLY $JNJ $ABBV $MRK $NVS $ABT $NVO...

Vermilion Research

APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

Sino Bio got fourth indication approval for Benmelstobart plus Anlotinib. Wuxi Biologics’ three facilities got Korean GMP certification. FDA...

Tina Banerjee

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