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>AstraZeneca’s stock gained after a landmark drug pricing agreement with the White House, marking a significant policy pivot for the pharmaceutical industry.</li><li>As part of the deal, AstraZeneca will provide all its prescription medications to Medicaid at “most favored nation” prices—effectively matching the lowest global rates.</li><li>Additionally, the company will participate in the new TrumpRx.com platform, offering consumers direct access to discounted drugs.</li></ul>

AstraZeneca’s stock gained after a landmark drug pricing agreement with the White House, marking a significant policy pivot for the pharmaceutical industry.As part of the deal, AstraZeneca will provide all its prescription medications to Medicaid at “most favored nation” prices—effectively matching the lowest global rates.Additionally, the company will participate in the new TrumpRx.com platform, offering consumers direct access to discounted drugs.

AstraZeneca’s White House Deal: Policy Relief, Margin Risks & A $50 Billion U.S. Bet!

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>
Hutchmed 1H26 showed continued China sales recovery and strong ex-US Fruzaqla growth. CSPC and Antengene announced positive profit alert for 1H26, thanks to their respective deals' upfront payments</li>
<li>
Kelun's TROP2 ADC sac-TMT gained NMPA review for 6th indication 1L TNBC; AstraZeneca's CLDN18.2 ADC (licensed from Keymed/Lepu) hit dual primary endpoint OS in global phase 3 study in GC/GEJ </li>
<li>Other news and updates include Qyuns Therapeutics, Legend Biotech, Innocare
</li>
</ul>



Hutchmed 1H26 showed continued China sales recovery and strong ex-US Fruzaqla growth. CSPC and Antengene announced positive profit alert for 1H26, thanks to their respective deals' upfront payments

Kelun's TROP2 ADC sac-TMT gained NMPA review for 6th indication 1L TNBC; AstraZeneca's CLDN18.2 ADC (licensed from Keymed/Lepu) hit dual primary endpoint OS in global phase 3 study in GC/GEJ 
Other news and updates include Qyuns Therapeutics, Legend Biotech, Innocare



China Healthcare Weekly Wrap (27-31 July)

<ul>
<li>BD&amp;L deal flows continue: 1) Dizal/AstraZeneca on EGFR inhibitor Zegfrovy, 2) Innovent/Spero on CD40L, 3) Insilico Medicine/Bora on AI drug discovery, 4) Hansoh/Avere on oral IL23</li>
<li>
Pharmaron and Joinn Lab provided 1H26 results previews. Hengrui's NewCo Braveheart files for IPO. Legend's Carvykti generated sales of USD657m (+49% YoY or +10% QoQ) in 2Q26.</li>
<li>
China’s outbound drug licensing deal value reached c.USD110bn in 1H26, setting another new historic high, per NMPA. Moreover, China approved 38 Class I new drug in 1H26.</li>
</ul>


BD&amp;L deal flows continue: 1) Dizal/AstraZeneca on EGFR inhibitor Zegfrovy, 2) Innovent/Spero on CD40L, 3) Insilico Medicine/Bora on AI drug discovery, 4) Hansoh/Avere on oral IL23

Pharmaron and Joinn Lab provided 1H26 results previews. Hengrui's NewCo Braveheart files for IPO. Legend's Carvykti generated sales of USD657m (+49% YoY or +10% QoQ) in 2Q26.

China’s outbound drug licensing deal value reached c.USD110bn in 1H26, setting another new historic high, per NMPA. Moreover, China approved 38 Class I new drug in 1H26.


China Healthcare Weekly Wrap (13-17 July)

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Sino Biopharmaceutical entered outlicensing deal with AstraZeneca for respiratory drug candidate TQC3721. Hansoh Pharmaceutical’s ADC drug candidate HS-20093 met primary endpoint of overall survival in Phase 3 trial for SCLC.</li>
<li>Wuxi Biologics’ Hebei drug substance manufacturing facility passed the Pre-License Inspection by the FDA. Astellas Pharma’s Padcev Keytruda combo was accepted for China review in perioperative muscle-invasive bladder cancer.</li>
<li>Otsuka’s Astex Pharmaceuticals inked R&amp;D deal with Genentech to identify small molecule breast cancer drug candidates. Celltrion’s Avastin biosimilar has secured formulary listings with two major PBMs in the U.S.</li>
</ul>


Sino Biopharmaceutical entered outlicensing deal with AstraZeneca for respiratory drug candidate TQC3721. Hansoh Pharmaceutical’s ADC drug candidate HS-20093 met primary endpoint of overall survival in Phase 3 trial for SCLC.
Wuxi Biologics’ Hebei drug substance manufacturing facility passed the Pre-License Inspection by the FDA. Astellas Pharma’s Padcev Keytruda combo was accepted for China review in perioperative muscle-invasive bladder cancer.
Otsuka’s Astex Pharmaceuticals inked R&amp;D deal with Genentech to identify small molecule breast cancer drug candidates. Celltrion’s Avastin biosimilar has secured formulary listings with two major PBMs in the U.S.


APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

<ul>
<li>CSPC Pharmaceutical entered drug discovery collaboration with AstraZeneca in a deal worth of $1.7B+. Abbisko Cayman is collaborating with AstraZeneca to jointly develop a novel IO-TKI combination therapy for NSCLC.</li>
<li>Insilico inked AI drug discovery deal with Takeda Pharmaceutical worth up to $600M. Nippon Shinyaku secured exclusive worldwide rights to develop and commercialize EXG-7001 for DMD from Elixirgen Therapeutics.</li>
<li>Otsuka’s Voyxact demonstrated significant stabilization of kidney function, with evidence of improvement over two years in Phase 3 trial. EMA recommended to pull CSL’s Tavneos from sale in the EU.</li>
</ul>


CSPC Pharmaceutical entered drug discovery collaboration with AstraZeneca in a deal worth of $1.7B+. Abbisko Cayman is collaborating with AstraZeneca to jointly develop a novel IO-TKI combination therapy for NSCLC.
Insilico inked AI drug discovery deal with Takeda Pharmaceutical worth up to $600M. Nippon Shinyaku secured exclusive worldwide rights to develop and commercialize EXG-7001 for DMD from Elixirgen Therapeutics.
Otsuka’s Voyxact demonstrated significant stabilization of kidney function, with evidence of improvement over two years in Phase 3 trial. EMA recommended to pull CSL’s Tavneos from sale in the EU.


APAC Healthcare Weekly (July 5) – CSPC, Abbisko, Insilico, Takeda, Nippon Shinyaku, Otsuka, CSL

United Kingdom

AstraZeneca is a multinational pharmaceutical and biotechnology company that researches, develops, and manufactures prescription medicines. The company focuses on core therapeutic areas including oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology, and rare diseases. It was founded in 1999 and is headquartered in Cambridge, UK.

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AstraZeneca (AZNN MM)

AstraZeneca’s White House Deal: Policy Relief, Margin Risks & A $50 Billion U.S. Bet!

AstraZeneca’s stock gained after a landmark drug pricing agreement with the White House, marking a significant policy pivot for the pharmaceutical...

Baptista Research

China Healthcare Weekly Wrap (27-31 July)

Hutchmed 1H26 results takeaways; CSPC and Antengene released positive profit alert; Kelun's sac-TMT gained NMPA review for 1L TNBC; AZ's CLDN18.2...

Wilfred Yuen

China Healthcare Weekly Wrap (13-17 July)

Key news this week 1) Dizal/AZ USD1.5bn deal on EGFR inhibitor, 2) Hengrui's NewCo BraveHeart files for IPO; 3) Pharmaron and Joinn 1H26 results...

Wilfred Yuen

APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

Sino Bio stuck outlicensing deal with AstraZeneca. Hansoh’s ADC drug candidate met primary endpoint in Phase 3 trial. China will review Astellas’...

Tina Banerjee

APAC Healthcare Weekly (July 5) – CSPC, Abbisko, Insilico, Takeda, Nippon Shinyaku, Otsuka, CSL

CSPC, Insilico, and Abiisko inked outlicensing deals with international companies. Nippon Shinyaku inlicenses DMD drug candidate. EMA recommends to...

Tina Banerjee

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