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>Cencora, Inc. reported its third-quarter fiscal 2026 results demonstrating growth driven by its pharmaceutical-centric strategy, specialty platform expansion, and strategic acquisitions.</li>
<li>The company delivered a 5% increase in consolidated revenue to $84.8 billion, with adjusted gross profit rising 23% to $3.5 billion.</li>
<li>Adjusted operating income grew 17% to $1.2 billion, supported by strength in both U.S. and International Healthcare Solutions segments as well as the contribution from Other businesses.</li>
</ul>


Cencora, Inc. reported its third-quarter fiscal 2026 results demonstrating growth driven by its pharmaceutical-centric strategy, specialty platform expansion, and strategic acquisitions.
The company delivered a 5% increase in consolidated revenue to $84.8 billion, with adjusted gross profit rising 23% to $3.5 billion.
Adjusted operating income grew 17% to $1.2 billion, supported by strength in both U.S. and International Healthcare Solutions segments as well as the contribution from Other businesses.


Cencora’s $2.4 Billion GLP-1 Headwind — Can Specialty Growth Overpower It?

<ul>
<li>Cencora, Inc. reported its fiscal 2026 second quarter results with consolidated revenue of $78.4 billion, reflecting a 4% increase year-over-year, driven primarily by growth in its U.S. and International Healthcare Solutions segments, as well as the Other segment.</li>
<li>Adjusted diluted earnings per share (EPS) rose 7.5% to $4.75, positioning the company to attain an updated full-year EPS guidance range of $17.65 to $17.90, an upward revision from prior forecasts.</li>
<li>The company highlighted operating income growth of 6% to $1.3 billion, led by a 6% increase in the U.S. Healthcare Solutions segment and a 14% increase in International Healthcare Solutions.</li>
</ul>


Cencora, Inc. reported its fiscal 2026 second quarter results with consolidated revenue of $78.4 billion, reflecting a 4% increase year-over-year, driven primarily by growth in its U.S. and International Healthcare Solutions segments, as well as the Other segment.
Adjusted diluted earnings per share (EPS) rose 7.5% to $4.75, positioning the company to attain an updated full-year EPS guidance range of $17.65 to $17.90, an upward revision from prior forecasts.
The company highlighted operating income growth of 6% to $1.3 billion, led by a 6% increase in the U.S. Healthcare Solutions segment and a 14% increase in International Healthcare Solutions.


Cencora’s Big GLP-1 Test: Can Specialty Volumes Offset Pricing Headwinds?

<ul>
<li>Cencora has entered a new phase in its healthcare-services strategy with the signing of a definitive agreement to acquire EyeSouth Partners’ retina business for $1.1 billion, a move that would fold EyeSouth’s affiliated retina physicians into Retina Consultants of America, or RCA.</li>
<li>The announcement came as the company reaffirmed fiscal 2026 guidance and then, shortly after, reported a strong first quarter of fiscal 2026 marked by 12% adjusted operating income growth, 9% adjusted diluted EPS growth, and increased full-year operating income guidance following the closing of its OneOncology transaction.</li>
<li>Management’s commentary also offered a useful read-through for the EyeSouth deal: Cencora has been explicit that pharmaceutical-centric management services organizations, or MSOs, are central to its strategy, and RCA has already outperformed expectations in volume, research, and physician additions.</li>
</ul>


Cencora has entered a new phase in its healthcare-services strategy with the signing of a definitive agreement to acquire EyeSouth Partners’ retina business for $1.1 billion, a move that would fold EyeSouth’s affiliated retina physicians into Retina Consultants of America, or RCA.
The announcement came as the company reaffirmed fiscal 2026 guidance and then, shortly after, reported a strong first quarter of fiscal 2026 marked by 12% adjusted operating income growth, 9% adjusted diluted EPS growth, and increased full-year operating income guidance following the closing of its OneOncology transaction.
Management’s commentary also offered a useful read-through for the EyeSouth deal: Cencora has been explicit that pharmaceutical-centric management services organizations, or MSOs, are central to its strategy, and RCA has already outperformed expectations in volume, research, and physician additions.


Cencora Takeover Twist: How EyeSouth Could Fuel A Specialty Pharma Surge!

<ul>
<li>Cencora's fiscal 2026 first-quarter results illustrate both strengths and challenges within the company's operational and strategic landscape.</li>
<li>The completion of Cencora's acquisition of the remaining equity interest in OneOncology stands out as a significant milestone, underlining the company's commitment to expanding its presence and capabilities within the specialty pharmaceutical supply chain.</li>
<li>From an earnings perspective, Cencora reported a 9% growth in adjusted diluted earnings per share and a 12% increase in adjusted operating income, alluding to a successful quarter driven by its U.S. Healthcare Solutions business.</li>
</ul>


Cencora's fiscal 2026 first-quarter results illustrate both strengths and challenges within the company's operational and strategic landscape.
The completion of Cencora's acquisition of the remaining equity interest in OneOncology stands out as a significant milestone, underlining the company's commitment to expanding its presence and capabilities within the specialty pharmaceutical supply chain.
From an earnings perspective, Cencora reported a 9% growth in adjusted diluted earnings per share and a 12% increase in adjusted operating income, alluding to a successful quarter driven by its U.S. Healthcare Solutions business.


Cencora’s U.S. Healthcare Business Is Surging...

<ul>
<li>Cencora, in its fiscal 2025 fourth-quarter and full-year results call, reported strong financial performance supported by growth in its strategic initiatives and significant market trends.</li>
<li>The earnings call highlighted a 16% increase in both adjusted operating income and adjusted diluted earnings per share (EPS), driven by strategic investments in specialty areas and strong pharmaceutical utilization trends.</li>
<li>This performance underlines Cencora’s strategic role as an end-to-end healthcare services company.</li>
</ul>


Cencora, in its fiscal 2025 fourth-quarter and full-year results call, reported strong financial performance supported by growth in its strategic initiatives and significant market trends.
The earnings call highlighted a 16% increase in both adjusted operating income and adjusted diluted earnings per share (EPS), driven by strategic investments in specialty areas and strong pharmaceutical utilization trends.
This performance underlines Cencora’s strategic role as an end-to-end healthcare services company.


Cencora Is Buying Big—But Can Its Acquisition Spree Deliver Massive Long-Term Growth?

United States

Cencora, Inc. operates as a pharmaceutical company. The Company offers end-to-end pharmaceutical commercialization solutions, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers. Cencora distributes its products internationally.

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Cencora (COR US)

Cencora’s $2.4 Billion GLP-1 Headwind — Can Specialty Growth Overpower It?

Cencora, Inc. reported its third-quarter fiscal 2026 results demonstrating growth driven by its pharmaceutical-centric strategy, specialty platform...

Baptista Research

Cencora’s Big GLP-1 Test: Can Specialty Volumes Offset Pricing Headwinds?

The company highlighted operating income growth of 6% to $1.3 billion, led by a 6% increase in the U.S. Healthcare Solutions segment and a 14%...

Baptista Research

Cencora Takeover Twist: How EyeSouth Could Fuel A Specialty Pharma Surge!

Cencora has entered a new phase in its healthcare-services strategy with the signing of a definitive agreement to acquire EyeSouth Partners’ retina...

Baptista Research

Cencora’s U.S. Healthcare Business Is Surging...

Cencora's fiscal 2026 first-quarter results illustrate both strengths and challenges within the company's operational and strategic landscape.

Baptista Research

Cencora Is Buying Big—But Can Its Acquisition Spree Deliver Massive Long-Term Growth?

Cencora, in its fiscal 2025 fourth-quarter and full-year results call, reported strong financial performance supported by growth in its strategic...

Baptista Research

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