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>Amgen reported robust second-quarter performance driven by a diversified portfolio and key growth drivers that collectively grew 26% year-over-year, accounting for nearly 70% of product sales.</li><li>Total revenues exceeded $10 billion, up 10% from the prior year, supported by 22 products achieving double-digit sales growth and 17 products surpassing $1 billion in annualized sales.</li><li>The company’s broad-based growth was led by strong performance in cardiovascular, inflammation, rare disease, innovative oncology, and biosimilars segments.</li></ul>

Amgen reported robust second-quarter performance driven by a diversified portfolio and key growth drivers that collectively grew 26% year-over-year, accounting for nearly 70% of product sales.Total revenues exceeded $10 billion, up 10% from the prior year, supported by 22 products achieving double-digit sales growth and 17 products surpassing $1 billion in annualized sales.The company’s broad-based growth was led by strong performance in cardiovascular, inflammation, rare disease, innovative oncology, and biosimilars segments.

Amgen Faces A Biosimilar Tipping Point: Can New Products Outrun Prolia & XGEVA Erosion?

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> will replace <a href="https://www.smartkarma.com/entities/walgreens-boots-alliance-inc" target="_blank" data-smartkarma-citation="entities:1118:1" rel="noopener">Walgreens Boots Alliance (WBA US)</a> in the <a href="https://www.smartkarma.com/entities/dow-jones-industrial-average" target="_blank" data-smartkarma-citation="entities:22887:1" rel="noopener">Dow Jones Industrial Average (INDU INDEX)</a> at the close on 23 February.</li>
<li>Passives will need to sell a lot of <a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> following the 3:1 stock split and buy a lot of <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>. </li>
<li>Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.</li>
</ul>



Amazon.com Inc (AMZN US) will replace Walgreens Boots Alliance (WBA US) in the Dow Jones Industrial Average (INDU INDEX) at the close on 23 February.
Passives will need to sell a lot of Walmart (WMT US) following the 3:1 stock split and buy a lot of Amazon.com Inc (AMZN US). 
Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.


Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

<ul><li>Amgen reported a solid first quarter in 2026 marked by 4% growth in product sales and a strong contribution from six key growth drivers, which together accounted for nearly 70% of total product sales and grew 24% year-over-year.</li><li>This performance helped mitigate the financial impact of patent expirations and competitive pressures, particularly on legacy products such as Prolia and XGEVA, which experienced a combined 32% sales decline.</li><li>The company’s diversified portfolio spans general medicine, inflammation, rare disease, oncology, and biosimilars, reflecting a broad therapeutic focus.</li></ul>

Amgen reported a solid first quarter in 2026 marked by 4% growth in product sales and a strong contribution from six key growth drivers, which together accounted for nearly 70% of total product sales and grew 24% year-over-year.This performance helped mitigate the financial impact of patent expirations and competitive pressures, particularly on legacy products such as Prolia and XGEVA, which experienced a combined 32% sales decline.The company’s diversified portfolio spans general medicine, inflammation, rare disease, oncology, and biosimilars, reflecting a broad therapeutic focus.

Amgen: The Long-Acting Obesity Breakthrough Investors Are Watching Closely!

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>Amgen is strategically navigating a period of transition, balancing the maturation of key blockbuster drugs with growth from recent acquisitions and a promising, albeit high-risk, late-stage pipeline.</li>
  <li>The recent acquisition of Horizon Therapeutics has significantly bolstered Amgen's presence in the rare disease market, though the initial performance of acquired assets has been mixed and presents an integration challenge.</li>
  <li>Future growth is heavily contingent on the success of its pipeline, particularly the obesity candidate MariTide (AMG 133), which has the potential to be a transformative product in a highly competitive market.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Amgen is strategically navigating a period of transition, balancing the maturation of key blockbuster drugs with growth from recent acquisitions and a promising, albeit high-risk, late-stage pipeline.
  The recent acquisition of Horizon Therapeutics has significantly bolstered Amgen's presence in the rare disease market, though the initial performance of acquired assets has been mixed and presents an integration challenge.
  Future growth is heavily contingent on the success of its pipeline, particularly the obesity candidate MariTide (AMG 133), which has the potential to be a transformative product in a highly competitive market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

United States

Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

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Amgen Inc (AMGN US)

Amgen Faces A Biosimilar Tipping Point: Can New Products Outrun Prolia & XGEVA Erosion?

Amgen reported robust second-quarter performance driven by a diversified portfolio and key growth drivers that collectively grew 26%...

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

Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

Amazon replaces Walgreen Boots in the Dow Jones Industrial Average at the close on 23 February following Walmart's stock split. There will be over...

Brian Freitas

Amgen: The Long-Acting Obesity Breakthrough Investors Are Watching Closely!

Amgen reported a solid first quarter in 2026 marked by 4% growth in product sales and a strong contribution from six key growth drivers, which...

Baptista Research

Primer: Amgen Inc (AMGN US) - May 2026

Amgen is strategically navigating a period of transition, balancing the maturation of key blockbuster drugs with growth from recent acquisitions...

αSK Primers

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