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>Eli Lilly has entered another active phase of portfolio expansion, and its acquisition of Engage Bio adds a targeted genetic-medicine angle to that strategy.</li><li>The deal, valued at up to $202 million in cash including upfront and milestone payments, gives Lilly access to Engage’s Tethosome platform, a non-viral DNA delivery system designed to improve potency, tolerability, and redosability.</li><li>This comes as Lilly is already delivering strong commercial momentum, with Q1 2026 revenue up 56% year-over-year, guidance raised to $82 billion–$85 billion, and major growth still being driven by Mounjaro, Zepbound, and the newly approved oral GLP-1 Foundayo.</li></ul>

Eli Lilly has entered another active phase of portfolio expansion, and its acquisition of Engage Bio adds a targeted genetic-medicine angle to that strategy.The deal, valued at up to $202 million in cash including upfront and milestone payments, gives Lilly access to Engage’s Tethosome platform, a non-viral DNA delivery system designed to improve potency, tolerability, and redosability.This comes as Lilly is already delivering strong commercial momentum, with Q1 2026 revenue up 56% year-over-year, guidance raised to $82 billion–$85 billion, and major growth still being driven by Mounjaro, Zepbound, and the newly approved oral GLP-1 Foundayo.

Eli Lilly’s Engage Bio Acquisition Could Unlock A Genetic Medicine Goldmine!

<ul><li>Eli Lilly has spent the past several years turning Zepbound and Mounjaro into the centerpieces of a rapidly expanding weight-loss and diabetes franchise.</li><li>Now, that momentum is being challenged in federal court.</li><li>Novo Nordisk alleges that Lilly’s advertising misleads consumers by presenting its medicines as outperforming Wegovy and Ozempic, while Lilly maintains that its campaigns accurately reflect direct scientific evidence.</li></ul>

Eli Lilly has spent the past several years turning Zepbound and Mounjaro into the centerpieces of a rapidly expanding weight-loss and diabetes franchise.Now, that momentum is being challenged in federal court.Novo Nordisk alleges that Lilly’s advertising misleads consumers by presenting its medicines as outperforming Wegovy and Ozempic, while Lilly maintains that its campaigns accurately reflect direct scientific evidence.

Eli Lilly Vs. Novo: The Obesity Drug War Turns Ugly!

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hansoh Pharmaceutical’s risvutatug rezetecan has been included in the Priority Review and Approval Procedure of NMPA. Innocare entered research collaboration and license agreement with Eli Lilly to develop new medicines.</li>
<li>Astellas Pharma initiated Phase 3 trial evaluating setidegrasib for NSCLC. Otsuka announced positive topline results from the Phase 3 trial evaluating ulefnersen in a genetic subtype of amyotrophic lateral sclerosis.</li>
<li>Elevar Therapeutics won FDA approval for Lyrfigtu for bile duct cancer. Telix Pharmaceuticals will acquire ITM Isotope Technologies, a global leader in radioisotope production and radiopharmaceutical development, for $1.65B upfront.</li>
</ul>


Hansoh Pharmaceutical’s risvutatug rezetecan has been included in the Priority Review and Approval Procedure of NMPA. Innocare entered research collaboration and license agreement with Eli Lilly to develop new medicines.
Astellas Pharma initiated Phase 3 trial evaluating setidegrasib for NSCLC. Otsuka announced positive topline results from the Phase 3 trial evaluating ulefnersen in a genetic subtype of amyotrophic lateral sclerosis.
Elevar Therapeutics won FDA approval for Lyrfigtu for bile duct cancer. Telix Pharmaceuticals will acquire ITM Isotope Technologies, a global leader in radioisotope production and radiopharmaceutical development, for $1.65B upfront.


APAC Healthcare Weekly (Sept 27) – Hansoh Pharma, Innocare, Astellas, Otsuka, Telix Pharmaceuticals

<ul><li>Eli Lilly and Company has intensified its push beyond obesity and diabetes by agreeing to acquire AtaiBeckley for as much as $3.8 billion, including $2.8 billion upfront and up to $1 billion tied to milestones.</li><li>The proposed transaction would give Lilly control of BPL-003, a late-stage psychedelic nasal spray being developed for treatment-resistant depression, with pivotal data expected in early 2029 and estimated peak annual sales potential of $1 billion to $2 billion.</li><li>The move follows a strong first quarter in which Lilly’s revenue rose 56%, while its immunology, oncology and neuroscience products collectively grew 160%.</li></ul>

Eli Lilly and Company has intensified its push beyond obesity and diabetes by agreeing to acquire AtaiBeckley for as much as $3.8 billion, including $2.8 billion upfront and up to $1 billion tied to milestones.The proposed transaction would give Lilly control of BPL-003, a late-stage psychedelic nasal spray being developed for treatment-resistant depression, with pivotal data expected in early 2029 and estimated peak annual sales potential of $1 billion to $2 billion.The move follows a strong first quarter in which Lilly’s revenue rose 56%, while its immunology, oncology and neuroscience products collectively grew 160%.

Eli Lilly’s $3.8 Billion Psychedelic Bet Could Reshape Neuroscience!

Healthcare Analyst

Wilfred Yuen

<ul>
<li>We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...</li>
<li>BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE</li>
<li>Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...</li>
</ul>


We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...
BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE
Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...


United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals.  The Company's products are sold in countries around the world.  Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

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Eli Lilly & Co (LLY US)

Eli Lilly’s Engage Bio Acquisition Could Unlock A Genetic Medicine Goldmine!

Eli Lilly has entered another active phase of portfolio expansion, and its acquisition of Engage Bio adds a targeted genetic-medicine angle to...

Baptista Research

Eli Lilly Vs. Novo: The Obesity Drug War Turns Ugly!

Eli Lilly has spent the past several years turning Zepbound and Mounjaro into the centerpieces of a rapidly expanding weight-loss and diabetes...

Baptista Research

APAC Healthcare Weekly (Sept 27) – Hansoh Pharma, Innocare, Astellas, Otsuka, Telix Pharmaceuticals

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review list. Elevar Therapeutics won FDA approval for Lyrfigtu for bile duct...

Tina Banerjee

Eli Lilly’s $3.8 Billion Psychedelic Bet Could Reshape Neuroscience!

Eli Lilly and Company has intensified its push beyond obesity and diabetes by agreeing to acquire AtaiBeckley for as much as $3.8 billion,...

Baptista Research

China Healthcare Weekly Wrap (21-25 Sep)

We highlight 1) key studies to watch for upcoming October's ESMO updates, 2) deal flows Innocare/Lilly, BoomRay/Novartis, Earendil Labs...

Wilfred Yuen

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