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>Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that warrant caution.</li><li>The company demonstrated strong financial performance, reporting significant growth in its key product, cabozantinib, which generated $513 million in net product revenue in the U.S., marking a 36% increase year-over-year.</li><li>The global net product revenue for the cabozantinib franchise was approximately $680 million.</li></ul>

Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that warrant caution.The company demonstrated strong financial performance, reporting significant growth in its key product, cabozantinib, which generated $513 million in net product revenue in the U.S., marking a 36% increase year-over-year.The global net product revenue for the cabozantinib franchise was approximately $680 million.

Exelixis Inc.: Will It Be Able To Build On The XB628 & Other Pipeline Expansion Opportunities?

<ul><li>Exelixis reported a robust performance for the fourth quarter and fiscal year 2024, highlighting significant financial growth and ongoing developments in their oncology portfolio.</li><li>The company's total revenues for the fourth quarter reached approximately $567 million, driven by the strong performance of the cabozantinib franchise, specifically CABOMETYX, which achieved net product revenues of $515.2 million.</li><li>For the full year 2024, Exelixis reported U.S. cabo franchise net product revenues of $1.81 billion, reflecting substantial year-over-year growth.</li></ul>

Exelixis reported a robust performance for the fourth quarter and fiscal year 2024, highlighting significant financial growth and ongoing developments in their oncology portfolio.The company's total revenues for the fourth quarter reached approximately $567 million, driven by the strong performance of the cabozantinib franchise, specifically CABOMETYX, which achieved net product revenues of $515.2 million.For the full year 2024, Exelixis reported U.S. cabo franchise net product revenues of $1.81 billion, reflecting substantial year-over-year growth.

Exelixis Inc.: Pipeline Expansion & Innovation to Build A Robust Portfolio!

<ul><li>Exelixis Inc. reported its third quarter results for 2024, demonstrating a robust financial and commercial standing, underpinned by significant contributions from its flagship product, cabozantinib, as well as promising developments in its pipeline, particularly with zanzalintinib (zanza).</li><li>The company projects substantial growth opportunities, buoyed by strategic collaborations and new drug developments.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Exelixis Inc. reported its third quarter results for 2024, demonstrating a robust financial and commercial standing, underpinned by significant contributions from its flagship product, cabozantinib, as well as promising developments in its pipeline, particularly with zanzalintinib (zanza).The company projects substantial growth opportunities, buoyed by strategic collaborations and new drug developments.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Exelixis Inc.: These Are The 4 Biggest Challenges That Justify Our Lack Of Optimism! - Major Drivers

<ul><li>Exelixis, Inc. presented its second-quarter 2024 financial results, revealing a period of strong performance and strategic advancements in its portfolio.</li><li>The company highlighted significant growth in both its top and bottom lines, primarily driven by the success of the cabozantinib franchise, demonstrating a robust market presence, especially in renal cell carcinoma (RCC).</li><li>Globally, net product revenues from the cabozantinib franchise, along with revenues from partnerships, showed significant increases, totaling $618 million for the quarter.</li></ul>

Exelixis, Inc. presented its second-quarter 2024 financial results, revealing a period of strong performance and strategic advancements in its portfolio.The company highlighted significant growth in both its top and bottom lines, primarily driven by the success of the cabozantinib franchise, demonstrating a robust market presence, especially in renal cell carcinoma (RCC).Globally, net product revenues from the cabozantinib franchise, along with revenues from partnerships, showed significant increases, totaling $618 million for the quarter.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Bicara Therapeutics / Equity Capital Markets

<ul>
<li>Bicara Therapeutics unveiled the terms of its IPO: a clinical-stage biotech company offers ~11.8M shares at the price range of $16.00-$18.00, implying a market cap of ~$800M at the midpoint.</li>
<li>Existing shareholders do not intend to sell shares in this offering and Bicara Therapeutics shares will list on the Nasdaq under the ticker symbol “BCAX”.</li>
<li>The biotech company is focused on patients with HPV-negative head and neck cancer, and I view Bicara's IPO valuation as attractive, with major catalysts coming up in 2025.</li>
</ul>


Bicara Therapeutics unveiled the terms of its IPO: a clinical-stage biotech company offers ~11.8M shares at the price range of $16.00-$18.00, implying a market cap of ~$800M at the midpoint.
Existing shareholders do not intend to sell shares in this offering and Bicara Therapeutics shares will list on the Nasdaq under the ticker symbol “BCAX”.
The biotech company is focused on patients with HPV-negative head and neck cancer, and I view Bicara's IPO valuation as attractive, with major catalysts coming up in 2025.


Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

United States

Exelixis, Inc. is a development-stage biotechnology company dedicated to the discovery and development of small-molecule therapeutics for the treatment of cancer and other serious diseases.  The Company is building a portfolio of compounds it believes could become pharmaceutical products.  Exelixis has strategic alliances with pharmaceutical and biotechnology companies.

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

Exelixis Inc (EXEL US)

Exelixis Inc.: Will It Be Able To Build On The XB628 & Other Pipeline Expansion Opportunities?

Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that...

Baptista Research

Exelixis Inc.: Pipeline Expansion & Innovation to Build A Robust Portfolio!

Exelixis reported a robust performance for the fourth quarter and fiscal year 2024, highlighting significant financial growth and ongoing...

Baptista Research

Exelixis Inc.: These Are The 4 Biggest Challenges That Justify Our Lack Of Optimism! - Major Drivers

Exelixis Inc. reported its third quarter results for 2024, demonstrating a robust financial and commercial standing, underpinned by significant...

Baptista Research

Exelixis Inc.: Expansion Of Cabometyx

Exelixis, Inc. presented its second-quarter 2024 financial results, revealing a period of strong performance and strategic advancements in its...

Baptista Research

Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

Biocon-backed Bicara Therapeutics will go public this week. With top-tier backers, a promising lead program and strong balance sheet, I expect...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)