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>BioNTech SE’s full-year and fourth-quarter 2025 update highlights a transitional period marked by stable revenue and a strategic pivot toward oncology-driven growth.</li>
<li>Total revenue reached approximately EUR 2.9 billion, slightly higher year over year.</li>
<li>Performance was supported by continued leadership in COVID-19 vaccines—distributed across more than 180 countries with over 50% market share in key regions—along with EUR 613 million in collaboration payments from Bristol Myers Squibb (BMS).</li>
</ul>


BioNTech SE’s full-year and fourth-quarter 2025 update highlights a transitional period marked by stable revenue and a strategic pivot toward oncology-driven growth.
Total revenue reached approximately EUR 2.9 billion, slightly higher year over year.
Performance was supported by continued leadership in COVID-19 vaccines—distributed across more than 180 countries with over 50% market share in key regions—along with EUR 613 million in collaboration payments from Bristol Myers Squibb (BMS).


BioNTech’s Bold Oncology Push — Can Its Late-Stage Pipeline Unlock the Next Blockbuster Era?

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<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

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.</li>
<li>Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.</li>
<li>Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.</li>
</ul>



3SBio Inc (1530 HK) signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.
Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.
Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.


3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

<ul>
<li>BioNTech's recent earnings call provided a comprehensive overview of the company's strategic approach and financial status.</li>
<li>The company has a robust portfolio focused primarily on oncology, leveraging its expertise in mRNA technology and immunotherapy.</li>
<li>BioNTech's financial performance for the third quarter of 2025 reflected a notable increase in total revenues to €1.519 billion from €1.245 billion in the same quarter of 2024, driven largely by a $700 million recognition as part of a collaboration with Bristol-Myers Squibb (BMS).</li>
</ul>


BioNTech's recent earnings call provided a comprehensive overview of the company's strategic approach and financial status.
The company has a robust portfolio focused primarily on oncology, leveraging its expertise in mRNA technology and immunotherapy.
BioNTech's financial performance for the third quarter of 2025 reflected a notable increase in total revenues to €1.519 billion from €1.245 billion in the same quarter of 2024, driven largely by a $700 million recognition as part of a collaboration with Bristol-Myers Squibb (BMS).


<ul>
<li>BioNTech SE's recent financial results and strategic initiatives present a complex investment picture.</li>
<li>The company has made significant strides in oncology, indicating a diversified approach beyond its known COVID-19 vaccine success.</li>
<li>However, financial performance and potential market fluctuations warrant careful consideration.</li>
</ul>


BioNTech SE's recent financial results and strategic initiatives present a complex investment picture.
The company has made significant strides in oncology, indicating a diversified approach beyond its known COVID-19 vaccine success.
However, financial performance and potential market fluctuations warrant careful consideration.


BioNTech SE: An Insight Into The BNT327 Combination Trials In Oncology

Germany

BioNTech SE provides biotechnological solutions. The Company develops various types of treatments for cancer patients' tumors. BioNTech serves customers worldwide.

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BioNTech (BNTX US)

BioNTech’s Bold Oncology Push — Can Its Late-Stage Pipeline Unlock the Next Blockbuster Era?

BioNTech SE’s full-year and fourth-quarter 2025 update highlights a transitional period marked by stable revenue and a strategic pivot toward...

Baptista Research

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

3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Tina Banerjee

BioNTech: Diversified

BioNTech's recent earnings call provided a comprehensive overview of the company's strategic approach and financial status.

Baptista Research

BioNTech SE: An Insight Into The BNT327 Combination Trials In Oncology

The company has made significant strides in oncology, indicating a diversified approach beyond its known COVID-19 vaccine success.

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BioNTech’s Bold Oncology Push — Can Its Late-Stage Pipeline Unlock the Next Blockbuster Era?

BioNTech SE’s full-year and fourth-quarter 2025 update highlights a transitional period marked by stable revenue and a strategic pivot toward...

Baptista Research

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

3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

​3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...

Tina Banerjee

BioNTech: Diversified

BioNTech's recent earnings call provided a comprehensive overview of the company's strategic approach and financial status.

Baptista Research

BioNTech SE: An Insight Into The BNT327 Combination Trials In Oncology

The company has made significant strides in oncology, indicating a diversified approach beyond its known COVID-19 vaccine success.

Baptista Research

3SBio signed $6B outlicensing deal with Pfizer for SSGJ-707, resulting in spectacular rally in 3SBio shares. Global trial initiation of SSGJ-707...