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

Becton Dickinson and Co / Equity Bottom-Up

<ul><li>Becton, Dickinson and Company reported a third-quarter fiscal 2026 revenue of $5 billion, reflecting a 4.4% increase on a foreign exchange-neutral basis and driven by broad-based growth across over 90% of its portfolio.</li><li>Key growth was observed in biologic drug delivery, advanced patient monitoring, PureWick, advanced tissue regeneration, peripheral vascular disease, and pharmacy automation through the Rowa platform.</li><li>U.S. Medical Diagnostic Systems (MDS) and Specimen Management showed strong performance fueled by utilization recovery and share gains, partially offset by expected headwinds in Alaris and vaccine sales in China.</li></ul>

Becton, Dickinson and Company reported a third-quarter fiscal 2026 revenue of $5 billion, reflecting a 4.4% increase on a foreign exchange-neutral basis and driven by broad-based growth across over 90% of its portfolio.Key growth was observed in biologic drug delivery, advanced patient monitoring, PureWick, advanced tissue regeneration, peripheral vascular disease, and pharmacy automation through the Rowa platform.U.S. Medical Diagnostic Systems (MDS) and Specimen Management showed strong performance fueled by utilization recovery and share gains, partially offset by expected headwinds in Alaris and vaccine sales in China.

Becton, Dickinson’s $3.1 Billion Capital Return — What Comes Next For Shareholders?

<ul><li>Becton, Dickinson and Company reported third-quarter fiscal 2026 results that reflected its transition as a focused med tech company following the spin-off of its Life Sciences segment.</li><li>The company generated revenue of $5.0 billion, marking 4.4% growth on a foreign exchange-neutral basis, driven by broad-based strength in over 90% of its portfolio, with many growth platforms expanding at high single to double-digit rates.</li><li>Key contributors included biologic drug delivery (notably GLP-1 therapies), advanced patient monitoring (APM), pharmacy automation via Rowa, pure Wick technology in urgent care, advanced tissue regeneration, peripheral vascular disease products, and strong performance in vascular access and specimen management in the U.S. This growth was partially offset by headwinds concentrated in less than 10% of the portfolio, primarily a challenging prior-year comparison in Alaris infusion systems and ongoing pressures in vaccines within China.</li></ul>

Becton, Dickinson and Company reported third-quarter fiscal 2026 results that reflected its transition as a focused med tech company following the spin-off of its Life Sciences segment.The company generated revenue of $5.0 billion, marking 4.4% growth on a foreign exchange-neutral basis, driven by broad-based strength in over 90% of its portfolio, with many growth platforms expanding at high single to double-digit rates.Key contributors included biologic drug delivery (notably GLP-1 therapies), advanced patient monitoring (APM), pharmacy automation via Rowa, pure Wick technology in urgent care, advanced tissue regeneration, peripheral vascular disease products, and strong performance in vascular access and specimen management in the U.S. This growth was partially offset by headwinds concentrated in less than 10% of the portfolio, primarily a challenging prior-year comparison in Alaris infusion systems and ongoing pressures in vaccines within China.

Becton Dickinson’s $1.7 Billion Cash Engine — Free Cash Flow Jumps 45% But Is It Enough?

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.</li>
<li>Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.</li>
<li>Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.</li>
</ul>


Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.
Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.
Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.


<ul><li>Becton, Dickinson and Company reported first quarter fiscal 2026 revenue of $5.3 billion, reflecting a 0.4% increase overall and a 2.5% growth in its restructured portfolio referred to as New BD.</li><li>The company completed the combination of its Life Sciences business with Waters Corporation ahead of schedule, signaling a strategic pivot toward becoming a focused pure-play MedTech company.</li><li>As part of this transaction, Becton, Dickinson and Company received a $4 billion cash distribution, allocating half toward share repurchases and the remainder to debt reduction.</li></ul>

Becton, Dickinson and Company reported first quarter fiscal 2026 revenue of $5.3 billion, reflecting a 0.4% increase overall and a 2.5% growth in its restructured portfolio referred to as New BD.The company completed the combination of its Life Sciences business with Waters Corporation ahead of schedule, signaling a strategic pivot toward becoming a focused pure-play MedTech company.As part of this transaction, Becton, Dickinson and Company received a $4 billion cash distribution, allocating half toward share repurchases and the remainder to debt reduction.

Becton Dickinson And Co: A $5.3 Billion Quarter Signals Limited Growth Momentum

United States

Becton, Dickinson and Company is a global medical technology company engaged principally in the development, manufacture and sale of medical devices, instrument systems and reagents used by healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public.

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Becton Dickinson and Co (BDX US)

Becton, Dickinson’s $3.1 Billion Capital Return — What Comes Next For Shareholders?

Becton, Dickinson and Company reported a third-quarter fiscal 2026 revenue of $5 billion, reflecting a 4.4% increase on a foreign exchange-neutral...

Baptista Research

Becton Dickinson’s $1.7 Billion Cash Engine — Free Cash Flow Jumps 45% But Is It Enough?

Becton, Dickinson and Company reported third-quarter fiscal 2026 results that reflected its transition as a focused med tech company following the...

Baptista Research

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

Becton Dickinson And Co: A $5.3 Billion Quarter Signals Limited Growth Momentum

Becton, Dickinson and Company reported first quarter fiscal 2026 revenue of $5.3 billion, reflecting a 0.4% increase overall and a 2.5% growth in...

Baptista Research

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