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 first half and second quarter 2026 results demonstrated continued top-line momentum, with total revenue growing by 6% and core earnings per share (EPS) increasing by 11%, both underpinned by solid demand for innovative medicines and steady execution across diverse geographies.</li>
<li>Excluding products facing generic competition such as Farxiga and Brilinta, revenue growth reached 11%, highlighting the underlying strength of the company’s portfolio.</li>
<li>The company reported robust growth in its oncology and rare disease units, with oncology revenues expanding 15% driven by strong market uptake of key medicines including Tagrisso, Calquence, Imfinzi/Imjudo, and Enhertu, which posted a 31% increase.</li>
</ul>


AstraZeneca’s first half and second quarter 2026 results demonstrated continued top-line momentum, with total revenue growing by 6% and core earnings per share (EPS) increasing by 11%, both underpinned by solid demand for innovative medicines and steady execution across diverse geographies.
Excluding products facing generic competition such as Farxiga and Brilinta, revenue growth reached 11%, highlighting the underlying strength of the company’s portfolio.
The company reported robust growth in its oncology and rare disease units, with oncology revenues expanding 15% driven by strong market uptake of key medicines including Tagrisso, Calquence, Imfinzi/Imjudo, and Enhertu, which posted a 31% increase.


AstraZeneca’s Oncology Powerhouse Delivers 15% Growth As Enhertu Surges!

<ul>
<li>AstraZeneca has agreed to acquire exclusive global development and commercialization rights to Zegfrovy, a lung cancer treatment developed by China’s Dizal Pharmaceutical, in a transaction worth up to $1.5 billion.</li>
<li>The company will pay $600 million upfront, with as much as $900 million in additional payments linked to specified milestones, while Dizal will also receive tiered royalties on future sales.</li>
<li>Zegfrovy is already approved in the United States and China for adults with locally advanced or metastatic non-small cell lung cancer, giving AstraZeneca an asset that has moved beyond the earliest and riskiest stages of drug development.</li>
</ul>


AstraZeneca has agreed to acquire exclusive global development and commercialization rights to Zegfrovy, a lung cancer treatment developed by China’s Dizal Pharmaceutical, in a transaction worth up to $1.5 billion.
The company will pay $600 million upfront, with as much as $900 million in additional payments linked to specified milestones, while Dizal will also receive tiered royalties on future sales.
Zegfrovy is already approved in the United States and China for adults with locally advanced or metastatic non-small cell lung cancer, giving AstraZeneca an asset that has moved beyond the earliest and riskiest stages of drug development.


AstraZeneca’s $1.5 Billion Cancer Bet Could Change Everything—But Is It Worth The Risk?

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...</li>
<li>BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE</li>
<li>Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...</li>
</ul>


We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...
BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE
Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...


Equity Long-Short Analyst

Pyari Menon

<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

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>The obesity problem has escalated at an alarming rate in Asia. </li>
<li>Expect strong growth for GLP-1s over the next few years, however, companies that produce next-generation drugs will take the lead.</li>
<li>The significant increase in newly approved drugs will result in margin pressure - pricing will be key.</li>
</ul>


The obesity problem has escalated at an alarming rate in Asia. 
Expect strong growth for GLP-1s over the next few years, however, companies that produce next-generation drugs will take the lead.
The significant increase in newly approved drugs will result in margin pressure - pricing will be key.


United Kingdom

AstraZeneca is a Swedish-British multinational pharmaceutical and biotechnology company focused on the discovery, development, and commercialization of prescription medicines. Its portfolio spans oncology, rare diseases, and biopharmaceuticals, including cardiovascular, renal & metabolism, and respiratory & immunology. The company was formed in 1999 through the merger of Astra AB and Zeneca Group PLC and is headquartered in Cambridge, UK.

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AstraZeneca (AZN LN)

AstraZeneca’s Oncology Powerhouse Delivers 15% Growth As Enhertu Surges!

AstraZeneca’s first half and second quarter 2026 results demonstrated continued top-line momentum, with total revenue growing by 6% and core...

Baptista Research

AstraZeneca’s $1.5 Billion Cancer Bet Could Change Everything—But Is It Worth The Risk?

The company will pay $600 million upfront, with as much as $900 million in additional payments linked to specified milestones, while Dizal will...

Baptista Research

China Healthcare Weekly Wrap (21-25 Sep)

We highlight 1) key studies to watch for upcoming October's ESMO updates, 2) deal flows Innocare/Lilly, BoomRay/Novartis, Earendil Labs...

Wilfred Yuen

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

The GLP-1 Landscape in Asia

First-gen GLP-1 impact may fall short of hype, demand still strong. Next-gen drugs promise better results, tolerance, price. Expect margin pressure...

daaimon

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