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>BeOne Medicines reported its first-quarter 2026 results with significant momentum across its commercial and clinical operations, reflected in robust financial performance and strategic pipeline advancement.</li><li>Product revenue reached $1.5 billion, up 34% year-over-year, driven primarily by strong sales of BRUKINSA, the company’s BTK inhibitor, which generated $1.1 billion in global revenues, marking a 38% increase.</li><li>The US market remained the largest contributor, with $761 million in BRUKINSA sales, supported by volume growth and stable pricing, albeit with typical seasonality effects due to one fewer shipping week in the quarter.</li></ul>

BeOne Medicines reported its first-quarter 2026 results with significant momentum across its commercial and clinical operations, reflected in robust financial performance and strategic pipeline advancement.Product revenue reached $1.5 billion, up 34% year-over-year, driven primarily by strong sales of BRUKINSA, the company’s BTK inhibitor, which generated $1.1 billion in global revenues, marking a 38% increase.The US market remained the largest contributor, with $761 million in BRUKINSA sales, supported by volume growth and stable pricing, albeit with typical seasonality effects due to one fewer shipping week in the quarter.

BeOne Medicines’ $1.1 Billion BRUKINSA Engine: Can Oncology Momentum Last?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>Hang Seng Indexes announced three HSI ADDs and no DELETE for the May 2026 review after market close.</li>
<li>We reviewed three ADDs against 13 prior HSI rebalance cycles and the completed post announcement setup.</li>
<li>The prior forecast identified BeOne and no DELETE, while J&amp;T Express and Chalco were outside the forecast slate.</li>
</ul>


Hang Seng Indexes announced three HSI ADDs and no DELETE for the May 2026 review after market close.
We reviewed three ADDs against 13 prior HSI rebalance cycles and the completed post announcement setup.
The prior forecast identified BeOne and no DELETE, while J&amp;T Express and Chalco were outside the forecast slate.


HSI June 2026 Index Rebalance: Post-Announcement Positioning

Global Healthcare Analyst

Tina Banerjee

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<a href="https://www.smartkarma.com/entities/beone-medicines-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeOne Medicines (6160 HK)</a> announced 1Q26 results, with revenue of $1.5B, up 35% YoY, driven by 38% revenue growth of Brukinsa. Both adjusted operating and net incomes recorded triple-digit growth.</li>
<li>BeOne has raised 2026 revenue guidance range by $100M to reflect Brukinsa’s leadership position in the U.S. and continued global expansion in both Europe and rest of world markets.</li>
<li>BeOne has established its innovation prowess, which lends visibility beyond Brukinsa. 2026 is a pivotal year with anticipated new approvals, label expansions, and late-stage trial data readouts.</li>
</ul>



BeOne Medicines (6160 HK) announced 1Q26 results, with revenue of $1.5B, up 35% YoY, driven by 38% revenue growth of Brukinsa. Both adjusted operating and net incomes recorded triple-digit growth.
BeOne has raised 2026 revenue guidance range by $100M to reflect Brukinsa’s leadership position in the U.S. and continued global expansion in both Europe and rest of world markets.
BeOne has established its innovation prowess, which lends visibility beyond Brukinsa. 2026 is a pivotal year with anticipated new approvals, label expansions, and late-stage trial data readouts.


BeOne Medicines (6160 HK): Strong1Q26 Result Leads to Guidance Raise in Catalyst Heavy FY

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>BeOne delivered robust 1Q26 product sales growth and improving profitability, prompting management to raise FY26 guidance.</li><li>We continue to see significant upside for Brukinsa's global BTK market share expansion. Furthermore, multiple near-term clinical data readouts present compelling catalysts for further valuation upside.</li><li>We maintain BUY rating on BeOne with a TP of US$392.43. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeOne delivered robust 1Q26 product sales growth and improving profitability, prompting management to raise FY26 guidance.We continue to see significant upside for Brukinsa's global BTK market share expansion. Furthermore, multiple near-term clinical data readouts present compelling catalysts for further valuation upside.We maintain BUY rating on BeOne with a TP of US$392.43. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeOne Medicines (ONC US) - Near-Term Readouts to Validate Novel Pipeline Assets

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

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Insilico Medicine's AI-discovered drug rentosertib reverses aging markers in a 42-patient trial. GenScript Biotech proposes US$300m share placing for capex of AI drug discovery (AIDD).</li>
<li>Early/Mid-Stage asthma results updates from two long-acting TSLP-targeting monoclonal and bispecific antibody: 1) Windward/HBM: ultra-long-acting TSLP mab HBM9378; 2) Belenos/Keymed: TSLP/IL-13 bispecific BEL512</li>
<li>
SBP to buy additional 5% equity stake in its core subsidiary CTTQ; SMMT, BeOne, Ollin/Innovent updated phase 3 studies in clnicaltrial.gov for ivonescimab, B7H4 ADC, and VEGF/Ang blab, respectively...</li>
</ul>



Insilico Medicine's AI-discovered drug rentosertib reverses aging markers in a 42-patient trial. GenScript Biotech proposes US$300m share placing for capex of AI drug discovery (AIDD).
Early/Mid-Stage asthma results updates from two long-acting TSLP-targeting monoclonal and bispecific antibody: 1) Windward/HBM: ultra-long-acting TSLP mab HBM9378; 2) Belenos/Keymed: TSLP/IL-13 bispecific BEL512

SBP to buy additional 5% equity stake in its core subsidiary CTTQ; SMMT, BeOne, Ollin/Innovent updated phase 3 studies in clnicaltrial.gov for ivonescimab, B7H4 ADC, and VEGF/Ang blab, respectively...


Switzerland

BeOne Medicines is a global oncology biotechnology company focused on the discovery, development, and commercialization of cancer medicines. Its portfolio includes commercial-stage products like BRUKINSA, TEVIMBRA, and PARTRUVIX, which target various blood cancers and solid tumors. The company was founded in 2010 and is headquartered in Basel, Switzerland.

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BeOne Medicines (6160 HK)

BeOne Medicines’ $1.1 Billion BRUKINSA Engine: Can Oncology Momentum Last?

BeOne Medicines reported its first-quarter 2026 results with significant momentum across its commercial and clinical operations, reflected in...

Baptista Research

HSI June 2026 Index Rebalance: Post-Announcement Positioning

HSI May 2026 post-announcement cycle is starting. ADD setup is cleaner after all three ADDs fell during WPreA2. No DELETE keeps the short-side read...

Ke Yan, CFA, FRM