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>Gilead had a very strong quarter with solid growth in each of its core franchises and across all geographies led by oncology and HIV.</li><li>In the U.S., Sunlenca received its foremost approval for heavily treatment-experienced adults having multidrug-resistant HIV infection.</li><li>The company continues to add further programs, including its new preclinical candidate to collaborate with lenacapavir for its long-acting HIV treatment programs.</li></ul>

Gilead had a very strong quarter with solid growth in each of its core franchises and across all geographies led by oncology and HIV.In the U.S., Sunlenca received its foremost approval for heavily treatment-experienced adults having multidrug-resistant HIV infection.The company continues to add further programs, including its new preclinical candidate to collaborate with lenacapavir for its long-acting HIV treatment programs.

Gilead Sciences Inc.: Advancement In Autoimmune Immunotherapy Pipeline & Other Drivers

Global Healthcare Analyst

Tina Banerjee

<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 an innovation driven pharmaceutical company, with major focus on oncology. Opdivo, Forxiga, and Orencia are the top three products, together contributing ~75% of product revenue.</li>
<li>While the competition intensified, use of Opdivo for malignant tumors was expanded to first-line treatment for NSCLC, esophageal cancer, and gastric cancer, resulting in FY22 sales of ¥112.4B (+14% y/y).</li>
<li>Ono’s second largest drug Forxiga is also on a double-digit growth path. The company has been expanding its pipeline beyond Opdivo by reinforcement of in-house research and in-licensing activities.</li>
</ul>



Ono Pharmaceutical (4528 JP) is an innovation driven pharmaceutical company, with major focus on oncology. Opdivo, Forxiga, and Orencia are the top three products, together contributing ~75% of product revenue.
While the competition intensified, use of Opdivo for malignant tumors was expanded to first-line treatment for NSCLC, esophageal cancer, and gastric cancer, resulting in FY22 sales of ¥112.4B (+14% y/y).
Ono’s second largest drug Forxiga is also on a double-digit growth path. The company has been expanding its pipeline beyond Opdivo by reinforcement of in-house research and in-licensing activities.


Ono Pharmaceutical (4528 JP): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

<ul><li>Gilead Sciences delivered a good result with an all-around beat as its total product sales continued to grow sequentially.</li><li>The majority of the growth was driven by sales coming from oncology and HIV.</li><li>Gilead Sciences continues to strengthen its early-stage portfolio, thus adding a BTLA agonist for the inflammation of MicroBio, also an option for the bispecific antibody for MacroGenics for oncology.</li></ul>

Gilead Sciences delivered a good result with an all-around beat as its total product sales continued to grow sequentially.The majority of the growth was driven by sales coming from oncology and HIV.Gilead Sciences continues to strengthen its early-stage portfolio, thus adding a BTLA agonist for the inflammation of MicroBio, also an option for the bispecific antibody for MacroGenics for oncology.

Gilead Sciences: Acquisition of MiroBio & Other Drivers

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genuine-biotech-limited" target="_blank" data-smartkarma-citation="entities:36220:1" rel="noopener">Genuine Biotech (GBL HK)</a> has filed for HK listing. Its Azvudine received NMPA approval for the treatment of COVID-19 in July 2022 to become the first China-made oral COVID-19 drug.</li>
<li>Azvudine was conditionally approved by the NMPA for the treatment of HIV infection in July 2021. However, the drug is yet to be commercialized.</li>
<li>Genuine Biotech plans to use the IPO proceeds for the commercialization of Azvudine. The company’s current cash balance can maintain its financial viability for approximately 20 months.</li>
</ul>



Genuine Biotech (GBL HK) has filed for HK listing. Its Azvudine received NMPA approval for the treatment of COVID-19 in July 2022 to become the first China-made oral COVID-19 drug.
Azvudine was conditionally approved by the NMPA for the treatment of HIV infection in July 2021. However, the drug is yet to be commercialized.
Genuine Biotech plans to use the IPO proceeds for the commercialization of Azvudine. The company’s current cash balance can maintain its financial viability for approximately 20 months.


Genuine Biotech (GBL HK): COVID Pill No Longer Attractive Opportunity; Thin Pipeline Mars Conviction

<ul><li>Gilead had a very robust second quarter with total product sales of $5.7 billion, up 7% year over year, excluding Veklury.</li><li>The company managed to deliver an all-around beat powered by HIV, cell therapy, and Trodelvy, partially offset by HCV.</li><li>Sequentially, total product sales excluding Veklury increased by 14%, driven by seasonal pricing and inventory dynamics, especially in their HIV business, and increased demand across the whole portfolio.</li></ul>

Gilead had a very robust second quarter with total product sales of $5.7 billion, up 7% year over year, excluding Veklury.The company managed to deliver an all-around beat powered by HIV, cell therapy, and Trodelvy, partially offset by HCV.Sequentially, total product sales excluding Veklury increased by 14%, driven by seasonal pricing and inventory dynamics, especially in their HIV business, and increased demand across the whole portfolio.

Gilead Sciences: The MiroBio Acquisition & Other Drivers

United States

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company primary areas of focus include HIV, AIDS, liver disease, and serious cardiovascular and respiratory conditions.

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Gilead Sciences (GILD UW)

Gilead Sciences Inc.: Advancement In Autoimmune Immunotherapy Pipeline & Other Drivers

Gilead had a very strong quarter with solid growth in each of its core franchises and across all geographies led by oncology and HIV. In the U.S.,...

Baptista Research

Ono Pharmaceutical (4528 JP): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

Driven by indication expansion, Ono expects Opdivo sales to reach ¥155B in FY23, up 38% y/y. The company is developing clinical pipeline beyond...

Tina Banerjee

Gilead Sciences: Acquisition of MiroBio & Other Drivers

Gilead Sciences delivered a good result with an all-around beat as its total product sales continued to grow sequentially. The majority of the...

Baptista Research

Genuine Biotech (GBL HK): COVID Pill No Longer Attractive Opportunity; Thin Pipeline Mars Conviction

Genuine Biotech has filed for Hong Kong listing to raise funds to commercialize its newly approved drug. The company’s Azvudine is the first China...

Tina Banerjee

Gilead Sciences: The MiroBio Acquisition & Other Drivers

Gilead had a very robust second quarter with total product sales of $5.7 billion, up 7% year over year, excluding Veklury. The company managed to...

Baptista Research

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