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 notable financial results for Q3 2025 with revenue growth of 12% year-over-year, reaching $9.6 billion.</li><li>The company's volume growth was strong at 14%, reflecting increasing demand for its medicines amidst declining selling prices in the industry.</li><li>Several key products, including Repatha, EVENITY, and TEZSPIRE, contributed to the growth, with 16 products achieving double-digit sales increases and 14 products surpassing $1 billion in annualized sales.</li></ul>

Amgen reported notable financial results for Q3 2025 with revenue growth of 12% year-over-year, reaching $9.6 billion.The company's volume growth was strong at 14%, reflecting increasing demand for its medicines amidst declining selling prices in the industry.Several key products, including Repatha, EVENITY, and TEZSPIRE, contributed to the growth, with 16 products achieving double-digit sales increases and 14 products surpassing $1 billion in annualized sales.

Amgen: Diversification Through Newer Blockbusters & A Strengthening Late-Stage Pipeline Rewriting Its Growth Story!

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Our estimations for FY 2025 annual revenue of Amgen Inc. (or the company) range at around $35,429 million and for FY 2026 at around $36,138 million.</li><li>The company’s annual revenue reached $33,424 million in 2024 compared to $28,190 million in 2023, posting an increase by 18.57%.</li><li>Gross (or operating) profit for FY 2024 was $7,258 million, decreased by 8.09% compared to $7,897 million for the corresponding period of 2023. </li></ul>

Our estimations for FY 2025 annual revenue of Amgen Inc. (or the company) range at around $35,429 million and for FY 2026 at around $36,138 million.The company’s annual revenue reached $33,424 million in 2024 compared to $28,190 million in 2023, posting an increase by 18.57%.Gross (or operating) profit for FY 2024 was $7,258 million, decreased by 8.09% compared to $7,897 million for the corresponding period of 2023. 

AMGEN INC. Equity Research Flash Note - August 04, 2025

<ul><li>The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company's strengths and challenges.</li><li>On the positive side, Amgen reported a notable 9% increase in quarterly revenues, driven primarily by a robust 13% rise in product volumes.</li><li>This volume growth appeared broad-based, with 15 different products recording double-digit sales growth, suggesting a welldiversified product portfolio and effective market penetration, particularly in cardiovascular and rare diseases, inflammation, and oncology.</li></ul>

The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company's strengths and challenges.On the positive side, Amgen reported a notable 9% increase in quarterly revenues, driven primarily by a robust 13% rise in product volumes.This volume growth appeared broad-based, with 15 different products recording double-digit sales growth, suggesting a welldiversified product portfolio and effective market penetration, particularly in cardiovascular and rare diseases, inflammation, and oncology.

Amgen: New Breakthroughs in Obesity, Rare Diseases, & High-Impact Therapies; But Is It Enough?

<ul><li>Amgen Inc.'s first quarter performance in fiscal year 2025 reflects a positive momentum characterized by robust sales growth and an expanded product portfolio.</li><li>The company reported a notable revenue increase of 9% year over-year, driven primarily by a substantial 14% volume growth across its portfolio.</li><li>Several products—including those in the categories of general medicine, rare disease, inflammation, and oncology—achieved double-digit sales growth, suggesting successful market penetration and increasing patient adoption.</li></ul>

Amgen Inc.'s first quarter performance in fiscal year 2025 reflects a positive momentum characterized by robust sales growth and an expanded product portfolio.The company reported a notable revenue increase of 9% year over-year, driven primarily by a substantial 14% volume growth across its portfolio.Several products—including those in the categories of general medicine, rare disease, inflammation, and oncology—achieved double-digit sales growth, suggesting successful market penetration and increasing patient adoption.

Amgen Inc.: What Is Its Commercial Strategy For UPLIZNA In New Indications?

<ul><li>Amgen is rapidly positioning itself as a formidable player in the obesity drug market, a sector that has witnessed explosive growth due to the popularity of GLP-1 based therapies from Eli Lilly and Novo Nordisk.</li><li>The company’s investigational drug MariTide is generating significant interest following promising Phase II results showing up to 20% weight loss with monthly dosing.</li><li>With two Phase III trials now underway—targeting both diabetic and non-diabetic patients—Amgen is accelerating its strategy to gain a slice of what analysts forecast to be a $100 billion market by 2030.</li></ul>

Amgen is rapidly positioning itself as a formidable player in the obesity drug market, a sector that has witnessed explosive growth due to the popularity of GLP-1 based therapies from Eli Lilly and Novo Nordisk.The company’s investigational drug MariTide is generating significant interest following promising Phase II results showing up to 20% weight loss with monthly dosing.With two Phase III trials now underway—targeting both diabetic and non-diabetic patients—Amgen is accelerating its strategy to gain a slice of what analysts forecast to be a $100 billion market by 2030.

Amgen’s Big Bet on Obesity: Is This the Pharma Giant’s Next Breakout Moment?

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: Diversification Through Newer Blockbusters & A Strengthening Late-Stage Pipeline Rewriting Its Growth Story!

Amgen reported notable financial results for Q3 2025 with revenue growth of 12% year-over-year, reaching $9.6 billion. The company's volume growth...

Baptista Research

AMGEN INC. Equity Research Flash Note - August 04, 2025

Our estimations for FY 2025 annual revenue of Amgen Inc. (or the company) range at around $35,429 million and for FY 2026 at around $36,138 million.

VRS (Valuation & Research Specialists)

Amgen: New Breakthroughs in Obesity, Rare Diseases, & High-Impact Therapies; But Is It Enough?

The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company's...

Baptista Research

Amgen Inc.: What Is Its Commercial Strategy For UPLIZNA In New Indications?

Amgen Inc.'s first quarter performance in fiscal year 2025 reflects a positive momentum characterized by robust sales growth and an expanded...

Baptista Research

Amgen’s Big Bet on Obesity: Is This the Pharma Giant’s Next Breakout Moment?

Amgen is rapidly positioning itself as a formidable player in the obesity drug market, a sector that has witnessed explosive growth due to the...

Baptista Research

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