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. delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.</li><li>The company celebrates a robust 15% total revenue growth in the third quarter, propelled by the success of Voxzogo, slated to become the company's inaugural blockbuster product.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

BioMarin Pharmaceutical Inc. delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.The company celebrates a robust 15% total revenue growth in the third quarter, propelled by the success of Voxzogo, slated to become the company's inaugural blockbuster product.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

BioMarin Pharmaceutical Inc.: Voxzogo Supply Constraints & Commercial Growth As A Growth Catalyst! - Key Drivers

<ul><li>BioMarin Pharmaceutical delivered an all-around beat in the most recent quarterly result.</li><li>In the quarter, revenues showed 13% year-over-year growth and 16% growth, excluding KUVAN.</li><li>BioMarin is on track to meet its 2023 goals of double-digit revenue growth and considerable operating leverage with Q2 total revenues of $595 million, including $113 million in Voxzogo revenues.</li></ul>

BioMarin Pharmaceutical delivered an all-around beat in the most recent quarterly result.In the quarter, revenues showed 13% year-over-year growth and 16% growth, excluding KUVAN.BioMarin is on track to meet its 2023 goals of double-digit revenue growth and considerable operating leverage with Q2 total revenues of $595 million, including $113 million in Voxzogo revenues.

BioMarin Pharmaceutical Inc.: What Are The Biggest Catalysts For Its Future Growth? -  Financial Forecasts

Equity Capital Markets

Biomarin Pharmaceutical / Equity Capital Markets

<ul><li>BioMarin gave a mixed performance in the quarter and failed to meet the revenue expectations of Wall Street despite delivering a double-digit top-line growth.</li><li>Its total revenues for the quarter showed an increase despite the continued erosion of the KUVAN market in the US.</li><li>Moreover, lower KUVAN product revenues are mostly because of generic competition due to the loss of market individuality in the US.</li></ul>

BioMarin gave a mixed performance in the quarter and failed to meet the revenue expectations of Wall Street despite delivering a double-digit top-line growth.Its total revenues for the quarter showed an increase despite the continued erosion of the KUVAN market in the US.Moreover, lower KUVAN product revenues are mostly because of generic competition due to the loss of market individuality in the US.

BioMarin Pharmaceutical Inc.: A Story Of Two Possible Game Changers & Generics Competition – Key Drivers

Global Healthcare Analyst

Tina Banerjee

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<li>
<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> is well-positioned to report double-digit revenue and profit growth through FY25, driven by strong performance of existing business and new growth engines.</li>
<li>CSL will launch FDA-approved gene therapy Hemgenix for Hemophilia B in the US in 2H23. With estimated global annual peak sales of $2.4B, Hemgenix is a compelling opportunity for CSL.</li>
<li>During H1FY23, CSL reported record level of plasma collections, with 36% growth in                volume. Current plasma collection is 10% above the pre-pandemic. Higher volume and yield will improve profitability.</li>
</ul>



CSL Ltd (CSL AU) is well-positioned to report double-digit revenue and profit growth through FY25, driven by strong performance of existing business and new growth engines.
CSL will launch FDA-approved gene therapy Hemgenix for Hemophilia B in the US in 2H23. With estimated global annual peak sales of $2.4B, Hemgenix is a compelling opportunity for CSL.
During H1FY23, CSL reported record level of plasma collections, with 36% growth in                volume. Current plasma collection is 10% above the pre-pandemic. Higher volume and yield will improve profitability.


CSL Ltd (CSL AU): Looking into New Engines for Sustainable and Profitable Growth

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<li>
<a href="https://www.smartkarma.com/entities/chugai-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:4489:1" rel="noopener">Chugai Pharmaceutical (4519 JP)</a> recorded double and triple-digit revenue growth from Hemlibra in domestic and export markets, respectively during 9M2022. Growth momentum is expected to continue.</li>
<li>Both Actembra and Ronapreve have limited revenue potential from COVID-related indications. Ronapreve reported revenue of ¥60.8 billion in 1Q22 in domestic market, with no reported revenue in two subsequent quarters.</li>
<li>Actemra will face biosimilar competition. This month China has approved first Actembra biosimilar, while a couple of others are under review of the FDA.  </li>
</ul>



Chugai Pharmaceutical (4519 JP) recorded double and triple-digit revenue growth from Hemlibra in domestic and export markets, respectively during 9M2022. Growth momentum is expected to continue.
Both Actembra and Ronapreve have limited revenue potential from COVID-related indications. Ronapreve reported revenue of ¥60.8 billion in 1Q22 in domestic market, with no reported revenue in two subsequent quarters.
Actemra will face biosimilar competition. This month China has approved first Actembra biosimilar, while a couple of others are under review of the FDA.  


Chugai Pharmaceutical (4519 JP): Hemlibra Is the Only Saviour; Competition Bites Mainstay Drugs

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 Inc.: Voxzogo Supply Constraints & Commercial Growth As A Growth Catalyst! - Key Drivers

BioMarin Pharmaceutical Inc. delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed...

Baptista Research

BioMarin Pharmaceutical Inc.: What Are The Biggest Catalysts For Its Future Growth? - Financial Forecasts

BioMarin Pharmaceutical delivered an all-around beat in the most recent quarterly result. In the quarter, revenues showed 13% year-over-year...

Baptista Research

BioMarin Pharmaceutical Inc.: A Story Of Two Possible Game Changers & Generics Competition – Key Drivers

BioMarin gave a mixed performance in the quarter and failed to meet the revenue expectations of Wall Street despite delivering a double-digit...

Baptista Research

CSL Ltd (CSL AU): Looking into New Engines for Sustainable and Profitable Growth

New management, upcoming product launch in US, diversification into kidney disease, plasma collection recovery, and rich pipeline indicate an...

Tina Banerjee

Chugai Pharmaceutical (4519 JP): Hemlibra Is the Only Saviour; Competition Bites Mainstay Drugs

Fast growth from Chugai’s new products falls short of compensating the revenue loss from the mainstay products. Chugai may not be able to meet 2022...

Tina Banerjee

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