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>Despite the potential subpopulation differences, the management team at Alnylam Pharmaceuticals Inc. reaffirmed their belief that their Alnylam P5x25 strategy will ultimately deliver significant financial results.</li><li>The first quarter of 2024 witnessed substantial progress for Alnylam.</li><li>The robust product revenue growth for the four wholly-owned medicines culminated in $365 million in revenue, which is a 32% increase year-over-year compared to the same period in 2023.</li></ul>

Despite the potential subpopulation differences, the management team at Alnylam Pharmaceuticals Inc. reaffirmed their belief that their Alnylam P5x25 strategy will ultimately deliver significant financial results.The first quarter of 2024 witnessed substantial progress for Alnylam.The robust product revenue growth for the four wholly-owned medicines culminated in $365 million in revenue, which is a 32% increase year-over-year compared to the same period in 2023.

Alnylam Pharmaceuticals: A Tale Of  Continuous Product Growth and Expansion into New Markets! - Major Drivers

<ul><li>Alnylam Pharmaceuticals reported solid progress across all business areas in 2023, delivering robust product growth for its four wholly-owned commercial medicines, and reaching a milestone of over 5,000 patients now on an Alnylam commercial RNAi therapeutic.</li><li>The company recorded $1.24 billion in global net product revenues.</li><li>Alnylam also extended its leadership in RNAi therapeutics, including pioneering delivery of RNAi therapeutics to adipose and muscle tissues.</li></ul>

Alnylam Pharmaceuticals reported solid progress across all business areas in 2023, delivering robust product growth for its four wholly-owned commercial medicines, and reaching a milestone of over 5,000 patients now on an Alnylam commercial RNAi therapeutic.The company recorded $1.24 billion in global net product revenues.Alnylam also extended its leadership in RNAi therapeutics, including pioneering delivery of RNAi therapeutics to adipose and muscle tissues.

Alnylam Pharmaceuticals: Progress of the HELIOS-B Study & 4 Other Major Drivers

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

ImmuneOnco Biopharmaceuticals (Shanghai) / Equity Bottom-Up

<ul>
<li>The entire R&amp;D cycle involves multi-party cooperation, leveraging one's strengths. So, it is not difficult to understand some of the choices made by domestic pharmaceutical companies (e.g. Innovent, BeiGene).</li>
<li>Due to outdated technology, investment value of Sirnaomics is low, which means the likelihood of the company being acquired is also not high. We remain conservative about the outlook. </li>
<li>ImmuneOnco's stock price has performed much better-than-expected after IPO on HKEX. However, the endgame of ImmuneOnco’s market value could be only about RMB1.5 billion, which means large potential downside ahead.</li>
</ul>


The entire R&amp;D cycle involves multi-party cooperation, leveraging one's strengths. So, it is not difficult to understand some of the choices made by domestic pharmaceutical companies (e.g. Innovent, BeiGene).
Due to outdated technology, investment value of Sirnaomics is low, which means the likelihood of the company being acquired is also not high. We remain conservative about the outlook. 
ImmuneOnco's stock price has performed much better-than-expected after IPO on HKEX. However, the endgame of ImmuneOnco’s market value could be only about RMB1.5 billion, which means large potential downside ahead.


China Healthcare Weekly (Jan.12) - Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco

<ul><li>Alnylam Pharmaceuticals, Inc. delivered a solid/strong/positive result and managed an all-around beat in the last quarter.</li><li>The global net product revenues for ONPATTRO and AMVUTTRA in the TTR franchise reached $230 million, marking a 3% increase from the second quarter and an impressive 35% growth from Q3 2022.</li><li>Over 80% of Alnylam U.S.</li></ul>

Alnylam Pharmaceuticals, Inc. delivered a solid/strong/positive result and managed an all-around beat in the last quarter.The global net product revenues for ONPATTRO and AMVUTTRA in the TTR franchise reached $230 million, marking a 3% increase from the second quarter and an impressive 35% growth from Q3 2022.Over 80% of Alnylam U.S.

Alnylam Pharmaceuticals Inc.: Unlocking Growth with Operational and Margin Excellence! - Major Drivers

<ul>
<li>BeiGene performed well in 23Q3. Product sales maintained strong growth momentum. Together with effective cost control measures, net loss significantly narrowed (close to breakeven), which exceeds expectation.</li>
<li>BeiGene plans to rely primarily on BRUKINSA/tislelizumab to achieve breakeven, which means BRUKINSA needs to contribute about US$2 billion revenue. Given prescriptions volume, however, Astrazeneca’s Calquence is the biggest holdup.</li>
<li>Whether BeiGene's overall revenue can reach US$4 billion is the key point of marginal change in logic. How to further reduce SG&amp;A/R&amp;D expenses has become important topic at this stage.</li>
</ul>


BeiGene performed well in 23Q3. Product sales maintained strong growth momentum. Together with effective cost control measures, net loss significantly narrowed (close to breakeven), which exceeds expectation.
BeiGene plans to rely primarily on BRUKINSA/tislelizumab to achieve breakeven, which means BRUKINSA needs to contribute about US$2 billion revenue. Given prescriptions volume, however, Astrazeneca’s Calquence is the biggest holdup.
Whether BeiGene's overall revenue can reach US$4 billion is the key point of marginal change in logic. How to further reduce SG&amp;A/R&amp;D expenses has become important topic at this stage.


BeiGene (6160.HK/​BGNE.US) 23Q3 - Beautiful Story Is About to Happen

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: A Tale Of Continuous Product Growth and Expansion into New Markets! - Major Drivers

Despite the potential subpopulation differences, the management team at Alnylam Pharmaceuticals Inc. reaffirmed their belief that their Alnylam...

Baptista Research

Alnylam Pharmaceuticals: Progress of the HELIOS-B Study & 4 Other Major Drivers

Alnylam Pharmaceuticals reported solid progress across all business areas in 2023, delivering robust product growth for its four wholly-owned...

Baptista Research

China Healthcare Weekly (Jan.12) - Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco

If we look at mainstream R&D trend, the choices made by companies like Innovent/BeiGene are reasonable. Investment value of Sirnaomics is low....

Xinyao (Criss) Wang

Alnylam Pharmaceuticals Inc.: Unlocking Growth with Operational and Margin Excellence! - Major Drivers

Alnylam Pharmaceuticals, Inc. delivered a solid/strong/positive result and managed an all-around beat in the last quarter. The global net product...

Baptista Research

BeiGene (6160.HK/BGNE.US) 23Q3 - Beautiful Story Is About to Happen

BeiGene’s 23Q3 results exceed expectation as the Company is close to breakeven. Total revenue of US$4 billion is the next 'fortress' for BeiGene to...

Xinyao (Criss) Wang

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Alnylam Pharmaceuticals: A Tale Of Continuous Product Growth and Expansion into New Markets! - Major Drivers

Despite the potential subpopulation differences, the management team at Alnylam Pharmaceuticals Inc. reaffirmed their belief that their Alnylam...

Baptista Research

Alnylam Pharmaceuticals: Progress of the HELIOS-B Study & 4 Other Major Drivers

Alnylam Pharmaceuticals reported solid progress across all business areas in 2023, delivering robust product growth for its four wholly-owned...

Baptista Research

China Healthcare Weekly (Jan.12) - Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco

If we look at mainstream R&D trend, the choices made by companies like Innovent/BeiGene are reasonable. Investment value of Sirnaomics is low....

Xinyao (Criss) Wang

Alnylam Pharmaceuticals Inc.: Unlocking Growth with Operational and Margin Excellence! - Major Drivers

Alnylam Pharmaceuticals, Inc. delivered a solid/strong/positive result and managed an all-around beat in the last quarter. The global net product...

Baptista Research

BeiGene (6160.HK/​BGNE.US) 23Q3 - Beautiful Story Is About to Happen

BeiGene’s 23Q3 results exceed expectation as the Company is close to breakeven. Total revenue of US$4 billion is the next 'fortress' for BeiGene to...

Xinyao (Criss) Wang

BeiGene (6160.HK/BGNE.US) 23Q3 - Beautiful Story Is About to Happen