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

Alnylam Pharmaceuticals / Equity Bottom-Up

<ul><li>Alnylam Pharmaceuticals reported strong performance in the second quarter of 2026, marked by significant revenue growth driven primarily by its AMVUTTRA product for ATTR cardiomyopathy.</li><li>This quarter represents a milestone as AMVUTTRA revenues exceeded $1 billion for the first time in a single quarter, reflecting an annualized run rate above $4 billion.</li><li>The growth is largely attributed to the successful commercial launch, broad market access, and expanding provider adoption, particularly in the first-line treatment setting, which now accounts for approximately 80% of new patient starts.</li></ul>

Alnylam Pharmaceuticals reported strong performance in the second quarter of 2026, marked by significant revenue growth driven primarily by its AMVUTTRA product for ATTR cardiomyopathy.This quarter represents a milestone as AMVUTTRA revenues exceeded $1 billion for the first time in a single quarter, reflecting an annualized run rate above $4 billion.The growth is largely attributed to the successful commercial launch, broad market access, and expanding provider adoption, particularly in the first-line treatment setting, which now accounts for approximately 80% of new patient starts.

Alnylam Pharmaceuticals’ $1 Billion AMVUTTRA Quarter — Is A New Biotech Powerhouse Emerging?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Pioneer and Leader in RNAi Therapeutics: Alnylam is the undisputed leader in RNA interference (RNAi) therapeutics, a novel class of medicines that silence disease-causing genes. This leadership is built on a robust intellectual property portfolio, a validated technology platform, and a portfolio of six approved, revenue-generating products.</li>
 <li>
Strong Growth Trajectory Driven by TTR Franchise: The company is experiencing explosive revenue growth, primarily driven by its Transthyretin (TTR) amyloidosis franchise, particularly AMVUTTRA. Having achieved profitability for the first time in 2025, Alnylam is on a clear path to becoming a self-sustaining, top-tier biopharmaceutical company.</li>
 <li>
Deep and Diversifying Pipeline Offers Long-Term Value: Beyond its commercial success in rare diseases, Alnylam is leveraging its platform to expand into more common conditions with large patient populations, such as hypertension, Alzheimer's disease, and obesity. This strategic expansion, supported by key partnerships, presents significant long-term growth opportunities but also entails clinical and market development risks.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Pioneer and Leader in RNAi Therapeutics: Alnylam is the undisputed leader in RNA interference (RNAi) therapeutics, a novel class of medicines that silence disease-causing genes. This leadership is built on a robust intellectual property portfolio, a validated technology platform, and a portfolio of six approved, revenue-generating products.
  
Strong Growth Trajectory Driven by TTR Franchise: The company is experiencing explosive revenue growth, primarily driven by its Transthyretin (TTR) amyloidosis franchise, particularly AMVUTTRA. Having achieved profitability for the first time in 2025, Alnylam is on a clear path to becoming a self-sustaining, top-tier biopharmaceutical company.
  
Deep and Diversifying Pipeline Offers Long-Term Value: Beyond its commercial success in rare diseases, Alnylam is leveraging its platform to expand into more common conditions with large patient populations, such as hypertension, Alzheimer's disease, and obesity. This strategic expansion, supported by key partnerships, presents significant long-term growth opportunities but also entails clinical and market development risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Alnylam Pharmaceuticals (ALNY US) - Aug 2026

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<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>, <a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> and <a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology Holdings (STX US)</a> are the top 3 addition candidates with ALNY at the top.</li>
<li>
<a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a>, <a href="https://www.smartkarma.com/entities/cdw-corp-de" target="_blank" data-smartkarma-citation="entities:2244:1" rel="noopener">CDW Corp (CDW US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen (BIIB US)</a> are the top 3 deletion candidates with GFS at the bottom.</li>
<li>Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.

GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.


Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

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

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming quarterly review in March 2026.</li>
<li>We expect one intra-review index change before the regular rebalance and two changes during the March 2026 regular rebalance. There is an SP 400 intra-review change this week.</li>
</ul>


The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we have presented our expectations for ADDs and DELs for the upcoming quarterly review in March 2026.
We expect one intra-review index change before the regular rebalance and two changes during the March 2026 regular rebalance. There is an SP 400 intra-review change this week.


Quiddity Leaderboard SP500/600 Mar26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

United States

Alnylam Pharmaceuticals Inc. is an early-stage therapeutics company. The Company is developing technology that can specifically and potently silence disease-causing genes.

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Alnylam Pharmaceuticals (ALNY US)

Alnylam Pharmaceuticals’ $1 Billion AMVUTTRA Quarter — Is A New Biotech Powerhouse Emerging?

Alnylam Pharmaceuticals reported strong performance in the second quarter of 2026, marked by significant revenue growth driven primarily by its...

Baptista Research

Primer: Alnylam Pharmaceuticals (ALNY US) - Aug 2026

Pioneer and Leader in RNAi Therapeutics: Alnylam is the undisputed leader in RNA interference (RNAi) therapeutics, a novel class of medicines...

αSK Primers

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

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

Quiddity Leaderboard SP500/600 Mar26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

There are now 19 Intra-review changes (25 flow lines) for SP 400, SP 600, and SP Completion and a couple of index upweights for SP 500. Over US$4...

Anjana Amarasuriya

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