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

Biomarin Pharmaceutical / Equity Bottom-Up

<ul><li>BioMarin Pharmaceutical Inc.'s latest earnings call reveals a complex mix of achievements and challenges, highlighting both substantial growth and notable strategic shifts.</li><li>Over the third quarter of 2025, BioMarin demonstrated robust financial performance, leading to an adjusted full-year revenue guidance.</li><li>The company reported an 11% increase in top-line revenue year-to-date, driven by the success of its global enzyme therapies and skeletal conditions business units, especially through the performance of VOXZOGO, its treatment for achondroplasia.</li></ul>

BioMarin Pharmaceutical Inc.'s latest earnings call reveals a complex mix of achievements and challenges, highlighting both substantial growth and notable strategic shifts.Over the third quarter of 2025, BioMarin demonstrated robust financial performance, leading to an adjusted full-year revenue guidance.The company reported an 11% increase in top-line revenue year-to-date, driven by the success of its global enzyme therapies and skeletal conditions business units, especially through the performance of VOXZOGO, its treatment for achondroplasia.

BioMarin Pharmaceutical Unleashes VOXZOGO Expansion—Is a Market Breakout Coming?

<ul><li>BioMarin Pharmaceutical Inc.'s third-quarter 2025 results reflect a multifaceted performance with several key developments across its business units.</li><li>The company has demonstrated robust growth, notably in its Enzyme Therapies and Skeletal Conditions segments, which have driven an 11% increase in top-line growth year-over-year.</li><li>The Enzyme Therapies business alone was reported to be on track to become a $2 billion-plus franchise, highlighting its substantial contribution to revenue.</li></ul>

BioMarin Pharmaceutical Inc.'s third-quarter 2025 results reflect a multifaceted performance with several key developments across its business units.The company has demonstrated robust growth, notably in its Enzyme Therapies and Skeletal Conditions segments, which have driven an 11% increase in top-line growth year-over-year.The Enzyme Therapies business alone was reported to be on track to become a $2 billion-plus franchise, highlighting its substantial contribution to revenue.

BioMarin’s VOXZOGO Dominance Faces Fierce Rivals—Can It Keep the Crown?

<ul><li>BioMarin Pharmaceutical reported strong first-quarter financial results for 2025, marked by a 15% increase in total revenue to $745 million compared to the prior year.</li><li>This growth was significantly driven by VOXZOGO, which generated $214 million, a 40% year-over-year increase, demonstrating continued demand for the achondroplasia treatment.</li><li>Additionally, the enzyme therapies business unit grew by 8%, bolstered by a 22% increase in PALYNZIQ revenues.</li></ul>

BioMarin Pharmaceutical reported strong first-quarter financial results for 2025, marked by a 15% increase in total revenue to $745 million compared to the prior year.This growth was significantly driven by VOXZOGO, which generated $214 million, a 40% year-over-year increase, demonstrating continued demand for the achondroplasia treatment.Additionally, the enzyme therapies business unit grew by 8%, bolstered by a 22% increase in PALYNZIQ revenues.

BioMarin Pharmaceutical: Expanding VOXZOGO Market Penetration To Up Their Game!

<ul><li>BioMarin Pharmaceutical reported strong financial results for the fourth quarter and the full year of 2024.</li><li>The company recorded an impressive 18% year-over-year revenue growth, reaching a total of $2.85 billion for the year.</li><li>This growth was primarily driven by the strong performance of its commercial portfolio, particularly VOXZOGO for achondroplasia, which saw a 56% increase in revenue year-over-year.</li></ul>

BioMarin Pharmaceutical reported strong financial results for the fourth quarter and the full year of 2024.The company recorded an impressive 18% year-over-year revenue growth, reaching a total of $2.85 billion for the year.This growth was primarily driven by the strong performance of its commercial portfolio, particularly VOXZOGO for achondroplasia, which saw a 56% increase in revenue year-over-year.

BioMarin Pharmaceutical: Expansion of VOXZOGO & Enzyme Replacement Therapy Growth Propelling Our 'Buy' Rating!

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Large pharma’s bounce from the mostly ineffective Most- Favored-Nation (MFN) executive order was short-lived, as new CMS draft guidance for Medicare price negotiations threatened certain drug combos.</li><li>President Trump’s MFN executive order lacked a clear plan to lower drug prices, with any immediate moves likely facing legal challenges.</li><li>Listen to the WTR Biotech Flashcast for our MFN take.</li></ul>

Large pharma’s bounce from the mostly ineffective Most- Favored-Nation (MFN) executive order was short-lived, as new CMS draft guidance for Medicare price negotiations threatened certain drug combos.President Trump’s MFN executive order lacked a clear plan to lower drug prices, with any immediate moves likely facing legal challenges.Listen to the WTR Biotech Flashcast for our MFN take.

Biopharma Week in Review MFN Fears Overdone but Medicare Negotiation Changes Reapplied Pressure

United States

BioMarin Pharmaceutical Inc. develops and commercializes therapeutic enzyme products.  The Company has applied its proprietary enzyme technology to develop products for lysosomal storage diseases and for the treatment of serious burns. BioMarin's subsidiary provides analytical and diagnostic products and services in the area of carbohydrate biology.

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Biomarin Pharmaceutical (BMRN US)

BioMarin Pharmaceutical Unleashes VOXZOGO Expansion—Is a Market Breakout Coming?

BioMarin Pharmaceutical Inc.'s latest earnings call reveals a complex mix of achievements and challenges, highlighting both substantial growth and...

Baptista Research

BioMarin’s VOXZOGO Dominance Faces Fierce Rivals—Can It Keep the Crown?

BioMarin Pharmaceutical Inc.'s third-quarter 2025 results reflect a multifaceted performance with several key developments across its business...

Baptista Research

BioMarin Pharmaceutical: Expanding VOXZOGO Market Penetration To Up Their Game!

BioMarin Pharmaceutical reported strong first-quarter financial results for 2025, marked by a 15% increase in total revenue to $745 million...

Baptista Research

BioMarin Pharmaceutical: Expansion of VOXZOGO & Enzyme Replacement Therapy Growth Propelling Our 'Buy' Rating!

BioMarin Pharmaceutical reported strong financial results for the fourth quarter and the full year of 2024. The company recorded an impressive 18%...

Baptista Research

Biopharma Week in Review MFN Fears Overdone but Medicare Negotiation Changes Reapplied Pressure

President Trump’s MFN executive order lacked a clear plan to lower drug prices, with any immediate moves likely facing legal challenges.

Water Tower Research

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