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’s first quarter of 2026 demonstrated a moderate overall revenue increase of 1% year-over-year, reaching approximately $11.5 billion.</li><li>The company’s growth portfolio experienced a more notable 9% rise, driven by key products such as Reblozyl, Breyanzi, Camzyos, Opdualag, Qvantig, and Cobenfy.</li><li>Eliquis, a major product, posted a 13% revenue increase to around $4.1 billion despite price reductions implemented at the start of the year, reflecting strong demand albeit accompanied by wholesaler inventory adjustments.</li></ul>

Bristol-Myers Squibb’s first quarter of 2026 demonstrated a moderate overall revenue increase of 1% year-over-year, reaching approximately $11.5 billion.The company’s growth portfolio experienced a more notable 9% rise, driven by key products such as Reblozyl, Breyanzi, Camzyos, Opdualag, Qvantig, and Cobenfy.Eliquis, a major product, posted a 13% revenue increase to around $4.1 billion despite price reductions implemented at the start of the year, reflecting strong demand albeit accompanied by wholesaler inventory adjustments.

Bristol Myers Squibb: Safer Blood Thinners

<ul><li>Bristol-Myers Squibb reported solid financial and operational results for full-year 2025, reflecting steady progress in reshaping its portfolio toward sustained growth.</li><li>The company’s growth portfolio expanded by 17% for the year and 15% in the fourth quarter, nearly offsetting an approximate $4 billion revenue decline in its legacy portfolio.</li><li>Notable contributors were recently launched products including Opdualag, Breyanzi, Camzyos, and Reblozyl—each exceeding $1 billion in full-year sales, with Reblozyl surpassing $2 billion.</li></ul>

Bristol-Myers Squibb reported solid financial and operational results for full-year 2025, reflecting steady progress in reshaping its portfolio toward sustained growth.The company’s growth portfolio expanded by 17% for the year and 15% in the fourth quarter, nearly offsetting an approximate $4 billion revenue decline in its legacy portfolio.Notable contributors were recently launched products including Opdualag, Breyanzi, Camzyos, and Reblozyl—each exceeding $1 billion in full-year sales, with Reblozyl surpassing $2 billion.

Bristol Myers Squibb: Admilparant’s Pulmonary Fibrosis Bet—A Breakthrough Opportunity or Clinical Risk?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.</li>
<li>BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.</li>
<li>Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.</li>
</ul>


Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.
BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.
Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.


APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Equity Long-Short Analyst

Pyari Menon

<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

<ul>
<li>Despite ongoing recovery and fading effect of the COVID-19, 2023 was not a smooth sailing for the healthcare companies. All the countries and sub-sectors did not perform equally.</li>
<li>As we are heading into 2024, let us look back on the performance of some of our global healthcare stocks recommended throughout 2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/lianbio" target="_blank" data-smartkarma-citation="entities:34478:1" rel="noopener">LianBio (LIAN US)</a> remained the best performer with 93% return in nearly eight months. <a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a>, top pick for March 2023, generated 79% return in nine months.     </li>
</ul>


Despite ongoing recovery and fading effect of the COVID-19, 2023 was not a smooth sailing for the healthcare companies. All the countries and sub-sectors did not perform equally.
As we are heading into 2024, let us look back on the performance of some of our global healthcare stocks recommended throughout 2023.

LianBio (LIAN US) remained the best performer with 93% return in nearly eight months. Global Health (Medanta) (MEDANTA IN), top pick for March 2023, generated 79% return in nine months.     


2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

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 products and experimental therapies address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant  rejection, and psychiatric disorders.

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Bristol Myers Squibb Co (BMY US)

Bristol Myers Squibb: Safer Blood Thinners

Bristol-Myers Squibb’s first quarter of 2026 demonstrated a moderate overall revenue increase of 1% year-over-year, reaching approximately $11.5...

Baptista Research

Bristol Myers Squibb: Admilparant’s Pulmonary Fibrosis Bet—A Breakthrough Opportunity or Clinical Risk?

Bristol-Myers Squibb reported solid financial and operational results for full-year 2025, reflecting steady progress in reshaping its portfolio...

Baptista Research

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

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

2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Tina Banerjee

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52-week Range

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Bristol Myers Squibb: Safer Blood Thinners

Bristol-Myers Squibb’s first quarter of 2026 demonstrated a moderate overall revenue increase of 1% year-over-year, reaching approximately $11.5...

Baptista Research

Bristol Myers Squibb: Admilparant’s Pulmonary Fibrosis Bet—A Breakthrough Opportunity or Clinical Risk?

Bristol-Myers Squibb reported solid financial and operational results for full-year 2025, reflecting steady progress in reshaping its portfolio...

Baptista Research

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

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

2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

​Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Tina Banerjee

Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...