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

Bristol Myers Squibb Co / Equity Bottom-Up

<ul><li>Bristol Myers Squibb (BMS) has made headlines with its recent $11.1 billion collaboration deal with German biotech BioNTech, a strategic move that underscores the company’s aggressive pivot toward growth in oncology.</li><li>The centerpiece of this deal is BNT327, a PD-L1/VEGF-A bispecific antibody, which BMS sees as a next-generation immuno-oncology asset capable of reshaping the cancer treatment landscape.</li><li>With an upfront payment of $1.5 billion and $2 billion guaranteed through 2028, the agreement also includes a potential $7.6 billion in milestone payments.</li></ul>

Bristol Myers Squibb (BMS) has made headlines with its recent $11.1 billion collaboration deal with German biotech BioNTech, a strategic move that underscores the company’s aggressive pivot toward growth in oncology.The centerpiece of this deal is BNT327, a PD-L1/VEGF-A bispecific antibody, which BMS sees as a next-generation immuno-oncology asset capable of reshaping the cancer treatment landscape.With an upfront payment of $1.5 billion and $2 billion guaranteed through 2028, the agreement also includes a potential $7.6 billion in milestone payments.

Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?

<ul><li>Bristol-Myers Squibb's first quarter results for 2025 reflect a blend of growth and strategic repositioning, highlighting both achievements and challenges facing the company in the ongoing fiscal year.</li><li>The company reported total revenues of approximately $11.2 billion, an outcome supported by substantial performance in its growth portfolio, comprising prominent products such as its immuno-oncology (IO) portfolio, Breyanzi, Reblozyl, and Camzyos, amidst a backdrop of generics impacting their legacy brands.</li><li>Their growth segment showcased an increase of 18% in sales, though offset by legacy products' decline due to generic competition and regulatory factors like the Medicare Part D redesign.</li></ul>

Bristol-Myers Squibb's first quarter results for 2025 reflect a blend of growth and strategic repositioning, highlighting both achievements and challenges facing the company in the ongoing fiscal year.The company reported total revenues of approximately $11.2 billion, an outcome supported by substantial performance in its growth portfolio, comprising prominent products such as its immuno-oncology (IO) portfolio, Breyanzi, Reblozyl, and Camzyos, amidst a backdrop of generics impacting their legacy brands.Their growth segment showcased an increase of 18% in sales, though offset by legacy products' decline due to generic competition and regulatory factors like the Medicare Part D redesign.

Bristol-Myers Squibb: Will Its Focus On Innovation In New Therapeutic Domains Pay Off?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.</li>
<li>Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.</li>
<li>In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.</li>
</ul>



Ono Pharmaceutical (4528 JP) guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.
In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.


Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

<ul><li>Bristol-Myers Squibb's (BMS) fourth quarter 2024 earnings call reveals a mixed outlook for the company.</li><li>Positively, there were strong performances in certain areas of the company, reflecting a solid execution of its growth strategy.</li><li>The growth portfolio delivered a double-digit increase, driven by key brands like Breyanzi, Camzyos, Reblozyl, and Opdualag.</li></ul>

Bristol-Myers Squibb's (BMS) fourth quarter 2024 earnings call reveals a mixed outlook for the company.Positively, there were strong performances in certain areas of the company, reflecting a solid execution of its growth strategy.The growth portfolio delivered a double-digit increase, driven by key brands like Breyanzi, Camzyos, Reblozyl, and Opdualag.

Bristol-Myers Squibb: EMERGENT-4 & Key Elements Of Its Therapeutic Pipeline That Could Shape Its Future!

<ul><li>Bristol-Myers Squibb's third quarter 2024 earnings highlight a period of robust growth and strategic advancements, albeit accompanied by challenges typical of large pharmaceutical companies.</li><li>On the positive side, the company reported a noteworthy 20% revenue increase in its growth portfolio at constant currency, which now contributes to approximately half of the total revenues.</li><li>This growth is supported by products with exclusivity extending into the next decade, underscoring the company’s successful pipeline development and launch of new therapies.</li></ul>

Bristol-Myers Squibb's third quarter 2024 earnings highlight a period of robust growth and strategic advancements, albeit accompanied by challenges typical of large pharmaceutical companies.On the positive side, the company reported a noteworthy 20% revenue increase in its growth portfolio at constant currency, which now contributes to approximately half of the total revenues.This growth is supported by products with exclusivity extending into the next decade, underscoring the company’s successful pipeline development and launch of new therapies.

Bristol-Myers Squibb: Expansion into Alzheimer's Disease Psychosis Treatment As A Key Growth Catalyst! - Major Drivers

United States

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol Myers Squibb focuses on products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

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Bristol-Myers Squibb (BMY UN)

Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?

Bristol Myers Squibb (BMS) has made headlines with its recent $11.1 billion collaboration deal with German biotech BioNTech, a strategic move that...

Baptista Research

Bristol-Myers Squibb: Will Its Focus On Innovation In New Therapeutic Domains Pay Off?

Bristol-Myers Squibb's first quarter results for 2025 reflect a blend of growth and strategic repositioning, highlighting both achievements and...

Baptista Research

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Tina Banerjee

Bristol-Myers Squibb: EMERGENT-4 & Key Elements Of Its Therapeutic Pipeline That Could Shape Its Future!

Bristol-Myers Squibb's (BMS) fourth quarter 2024 earnings call reveals a mixed outlook for the company. Positively, there were strong performances...

Baptista Research

Bristol-Myers Squibb: Expansion into Alzheimer's Disease Psychosis Treatment As A Key Growth Catalyst! - Major Drivers

Bristol-Myers Squibb's third quarter 2024 earnings highlight a period of robust growth and strategic advancements, albeit accompanied by...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?

Bristol Myers Squibb (BMS) has made headlines with its recent $11.1 billion collaboration deal with German biotech BioNTech, a strategic move that...

Baptista Research

Bristol-Myers Squibb: Will Its Focus On Innovation In New Therapeutic Domains Pay Off?

Bristol-Myers Squibb's first quarter results for 2025 reflect a blend of growth and strategic repositioning, highlighting both achievements and...

Baptista Research

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

​Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Tina Banerjee

Bristol-Myers Squibb: EMERGENT-4 & Key Elements Of Its Therapeutic Pipeline That Could Shape Its Future!

Bristol-Myers Squibb's (BMS) fourth quarter 2024 earnings call reveals a mixed outlook for the company. Positively, there were strong performances...

Baptista Research

Bristol-Myers Squibb: Expansion into Alzheimer's Disease Psychosis Treatment As A Key Growth Catalyst! - Major Drivers

Bristol-Myers Squibb's third quarter 2024 earnings highlight a period of robust growth and strategic advancements, albeit accompanied by...

Baptista Research

Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...