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>This is our first report on healthcare tech solutions provider, Catalent Inc.</li><li>The company's first quarter of fiscal year 2024 earnings call highlighted a solid start to the fiscal year despite turbulence in several markets.</li><li>The management noted improved focus on cash flow, citing benefits from better working capital management and increased analytical rigor around capital expenditure spending.</li></ul>

This is our first report on healthcare tech solutions provider, Catalent Inc.The company's first quarter of fiscal year 2024 earnings call highlighted a solid start to the fiscal year despite turbulence in several markets.The management noted improved focus on cash flow, citing benefits from better working capital management and increased analytical rigor around capital expenditure spending.

Catalent: Initiation of Coverage - How Their Ongoing Strategic Review Could Unleash Unprecedented Growth! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>WuXi XDC, a leading CRDMO focused on the global ADC and bioconjugate market, filed to go public in Hong Kong and plans to raise up to <strong>$500M</strong>.</li>
<li>The company is expected to IPO in November or December at the latest. Morgan Stanley, Goldman Sachs, and J.P. Morgan are the lead underwriters. The offering may attract investor interest.</li>
<li>WuXi Biologics will spin off its ADC business, and WuXi XDC will raise capital through IPO to finance the construction of new facilities in Singapore and expand capacity in China.</li>
</ul>


WuXi XDC, a leading CRDMO focused on the global ADC and bioconjugate market, filed to go public in Hong Kong and plans to raise up to $500M.
The company is expected to IPO in November or December at the latest. Morgan Stanley, Goldman Sachs, and J.P. Morgan are the lead underwriters. The offering may attract investor interest.
WuXi Biologics will spin off its ADC business, and WuXi XDC will raise capital through IPO to finance the construction of new facilities in Singapore and expand capacity in China.


WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> reported triple-digit revenue growth in branded products division in H1FY23, driven by oral contraceptive Nexstellis, which contributes ~80% of segment sales.</li>
<li>The company had an encouraging start to H2FY23. Both Nexstellis and dermatology are expected to exit FY23 with a positive run-rate contribution.</li>
<li>The company has decided to cancel the previously proposed pro rata capital return and intends to use its cash in a better and productive way.</li>
</ul>



Mayne Pharma (MYX AU) reported triple-digit revenue growth in branded products division in H1FY23, driven by oral contraceptive Nexstellis, which contributes ~80% of segment sales.
The company had an encouraging start to H2FY23. Both Nexstellis and dermatology are expected to exit FY23 with a positive run-rate contribution.
The company has decided to cancel the previously proposed pro rata capital return and intends to use its cash in a better and productive way.


Mayne Pharma (MYX AU): H1 Result- Branded Products on Strong Momentum; Reset for Profitable Growth

<ul><li>This is a special, one-time report on Catalent, a leading contract manufacturer and provider of advanced delivery technologies, development, and manufacturing solutions for drugs, biologics, cell and gene therapies, and consumer health products.</li><li>This report aims to examine the factors that could influence Catalent's valuation and provide an unbiased assessment of the company's worth.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is a special, one-time report on Catalent, a leading contract manufacturer and provider of advanced delivery technologies, development, and manufacturing solutions for drugs, biologics, cell and gene therapies, and consumer health products.This report aims to examine the factors that could influence Catalent's valuation and provide an unbiased assessment of the company's worth.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Catalent Inc: An M&A Arbitrage Opportunity? What Could Be A Fair Value For The Danaher Acquisition? (02/23)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> reported Q3 revenue of $3.36 billion, below expectation, representing y/y decline of 35% and q/q decrease of 31%, due to lower sales volume of COVID-19 vaccine.</li>
<li>Management now expects 2022 vaccine revenue of $18–19 billion, down earlier expectation of $21 billion, following delay of certain deliveries into 2023 due to short-term supply constraints.  </li>
<li>With the continued higher medical burden of COVID relative to flu, Moderna expects the endemic COVID vaccine market could be as large or larger than flu market volumes over time.</li>
</ul>



Moderna Inc (MRNA US) reported Q3 revenue of $3.36 billion, below expectation, representing y/y decline of 35% and q/q decrease of 31%, due to lower sales volume of COVID-19 vaccine.
Management now expects 2022 vaccine revenue of $18–19 billion, down earlier expectation of $21 billion, following delay of certain deliveries into 2023 due to short-term supply constraints.  
With the continued higher medical burden of COVID relative to flu, Moderna expects the endemic COVID vaccine market could be as large or larger than flu market volumes over time.


Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred

United States

Catalent, Inc. provides delivery technologies and development solutions for drugs, biologics and consumer health products. The Company's oral, injectable, and respiratory delivery technologies address the diversity of the pharmaceutical industry including small molecules, large molecule biologics and consumer health products.

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Catalent Inc (CTLT US)

Catalent: Initiation of Coverage - How Their Ongoing Strategic Review Could Unleash Unprecedented Growth! - Major Drivers

This is our first report on healthcare tech solutions provider, Catalent Inc. The company's first quarter of fiscal year 2024 earnings call...

Baptista Research

WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market

WuXi XDC filed to go public in Hong Kong. A rare combination of explosive growth and profitability makes the IPO attractive for investors

Andrei Zakharov

Mayne Pharma (MYX AU): H1 Result- Branded Products on Strong Momentum; Reset for Profitable Growth

Mayne reported triple-digit growth in branded products division, driven by Nexstellis. The company had an encouraging start to H2, with improving...

Tina Banerjee

Catalent Inc: An M&A Arbitrage Opportunity? What Could Be A Fair Value For The Danaher Acquisition? (02/23)

This is a special, one-time report on Catalent, a leading contract manufacturer and provider of advanced delivery technologies, development, and...

Baptista Research

Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred

Moderna’s Q3 result missed expectations. The company has cut 2022 vaccine revenue guidance. Multiple data readouts for respiratory and cancer...

Tina Banerjee

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