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 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/hlb-life-science-co-ltd" target="_blank" data-smartkarma-citation="entities:9830:1" rel="noopener">HLB Life Science (067630 KS)</a> shares lost ~20% since March 20 to trade near five-year lows after a group company, Elevar Therapeutics faced setback regarding a new cancer drug application.</li>
<li>FDA has rejected Elevar’s new drug application of its lead proprietary drug candidate, rivoceranib in combination with camrelizumab as a therapy for advanced or metastatic hepatocellular carcinoma.</li>
<li>This is the second time that the FDA declined to approve the drug combo. Elevar plans to promptly supplement the trial result and apply for reapproval to the FDA.</li>
</ul>



HLB Life Science (067630 KS) shares lost ~20% since March 20 to trade near five-year lows after a group company, Elevar Therapeutics faced setback regarding a new cancer drug application.
FDA has rejected Elevar’s new drug application of its lead proprietary drug candidate, rivoceranib in combination with camrelizumab as a therapy for advanced or metastatic hepatocellular carcinoma.
This is the second time that the FDA declined to approve the drug combo. Elevar plans to promptly supplement the trial result and apply for reapproval to the FDA.


HLB Life Science (067630 KS): FDA Rejects Oncology Drug AGAIN; What Lies Ahead

<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>In November 2024, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> entered into an exclusive license agreement with Daiichi Sankyo for an upfront payment of $20M (KRW28B).</li>
<li>With increasing number of players developing ADC drugs mainly targeting various cancers, we can expect more big-ticket licensing deals for ALT-B4, going ahead.</li>
<li>On February 4, Alteogen has raised ~KRW155B through redeemable convertible preference shares. Over the last few months, Alteogen shares had a roller coaster ride due to fund raising rumors.</li>
</ul>


In November 2024, Alteogen Inc (196170 KS) entered into an exclusive license agreement with Daiichi Sankyo for an upfront payment of $20M (KRW28B).
With increasing number of players developing ADC drugs mainly targeting various cancers, we can expect more big-ticket licensing deals for ALT-B4, going ahead.
On February 4, Alteogen has raised ~KRW155B through redeemable convertible preference shares. Over the last few months, Alteogen shares had a roller coaster ride due to fund raising rumors.


Alteogen (196170 KS): More ALT-B4 Licensing Deal to Follow; Fund Raise Wipes Off Uncertainty

<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> is reporting decelerating revenue from its flagship drug, Opdivo. During H1FY25, domestic revenue from Opdivo decreased 17% YoY to ¥62.6B.</li>
<li>Opdivo will start to lose patent protection starting from 2028. Prolific commercialization of these new drugs will remain crucial for Ono riding the patent cliff successfully.</li>
<li>Ono shares plunged 36% over the last one year to trade at attractive valuation. In absence of any near-term growth catalyst, the shares are not expected to see much upside.</li>
</ul>



Ono Pharmaceutical (4528 JP) is reporting decelerating revenue from its flagship drug, Opdivo. During H1FY25, domestic revenue from Opdivo decreased 17% YoY to ¥62.6B.
Opdivo will start to lose patent protection starting from 2028. Prolific commercialization of these new drugs will remain crucial for Ono riding the patent cliff successfully.
Ono shares plunged 36% over the last one year to trade at attractive valuation. In absence of any near-term growth catalyst, the shares are not expected to see much upside.


Ono Pharmaceutical (4528 JP): Struggle Continues with Opdivo; Competition and Price Cuts Loom Large

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bristol Myers Squibb Co (BMY US)

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

HLB Life Science (067630 KS): FDA Rejects Oncology Drug AGAIN; What Lies Ahead

HLB Life Science shares dropped 20% as group company Elevar Therapeutics faces setback with FDA rejecting new cancer drug application for...

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

Alteogen (196170 KS): More ALT-B4 Licensing Deal to Follow; Fund Raise Wipes Off Uncertainty

Alteogen secures $20M upfront payment in exclusive license deal with Daiichi Sankyo for using ALT-B4 in developing SC version of blockbuster ADC...

Tina Banerjee

Ono Pharmaceutical (4528 JP): Struggle Continues with Opdivo; Competition and Price Cuts Loom Large

Ono Pharmaceutical's revenue from Opdivo is slowing down. The company will face patent cliff in 2028. Shares are down 36% in past year, with...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

HLB Life Science (067630 KS): FDA Rejects Oncology Drug AGAIN; What Lies Ahead

​HLB Life Science shares dropped 20% as group company Elevar Therapeutics faces setback with FDA rejecting new cancer drug application for...

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

Alteogen (196170 KS): More ALT-B4 Licensing Deal to Follow; Fund Raise Wipes Off Uncertainty

​Alteogen secures $20M upfront payment in exclusive license deal with Daiichi Sankyo for using ALT-B4 in developing SC version of blockbuster ADC...

Tina Banerjee

Ono Pharmaceutical (4528 JP): Struggle Continues with Opdivo; Competition and Price Cuts Loom Large

​Ono Pharmaceutical's revenue from Opdivo is slowing down. The company will face patent cliff in 2028. Shares are down 36% in past year, with...

Tina Banerjee

HLB Life Science shares dropped 20% as group company Elevar Therapeutics faces setback with FDA rejecting new cancer drug application for...

Alteogen secures $20M upfront payment in exclusive license deal with Daiichi Sankyo for using ALT-B4 in developing SC version of blockbuster ADC...

Ono Pharmaceutical's revenue from Opdivo is slowing down. The company will face patent cliff in 2028. Shares are down 36% in past year, with...