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 Sciences reported a solid first quarter of 2026 characterized by strong commercial performance across its key therapeutic areas, offset by anticipated headwinds in some segments.</li><li>Total product sales excluding Veklury reached $6.8 billion, marking an 8% year-over-year increase, primarily driven by growth in the HIV franchise, oncology, and liver disease sectors.</li><li>Including Veklury, total sales were $6.9 billion, up 5%, though down 12% sequentially in line with typical seasonal patterns.</li></ul>

Gilead Sciences reported a solid first quarter of 2026 characterized by strong commercial performance across its key therapeutic areas, offset by anticipated headwinds in some segments.Total product sales excluding Veklury reached $6.8 billion, marking an 8% year-over-year increase, primarily driven by growth in the HIV franchise, oncology, and liver disease sectors.Including Veklury, total sales were $6.9 billion, up 5%, though down 12% sequentially in line with typical seasonal patterns.

Gilead Sciences’ $400 Million Guidance Lift: Is HIV Still The Core Growth Engine?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hansoh’s fourth-generation EGFR TKI HS-10504 tablets secured Breakthrough Therapy Designation in China for NSCLC. Junshi Biosciences got 13th indication expansion approval for toripalimab for HER2-expressing locally advanced or metastatic UC.</li>
<li>Daiichi Sankyo secured FDA approval for Enhertu’s two new breast cancer indications. The company’s Datroway got U.S. approval for TNBC. Japan approved NHI price for SanBio’s Akuugo.</li>
<li>Hanmi Pharmaceutical initiated domestic Phase 3 trial to expand indication for efpeglenatide beyond obesity to include the treatment of diabetes. Yuhan Corp signed $140M API supply contract with Gilead Sciences.</li>
</ul>


Hansoh’s fourth-generation EGFR TKI HS-10504 tablets secured Breakthrough Therapy Designation in China for NSCLC. Junshi Biosciences got 13th indication expansion approval for toripalimab for HER2-expressing locally advanced or metastatic UC.
Daiichi Sankyo secured FDA approval for Enhertu’s two new breast cancer indications. The company’s Datroway got U.S. approval for TNBC. Japan approved NHI price for SanBio’s Akuugo.
Hanmi Pharmaceutical initiated domestic Phase 3 trial to expand indication for efpeglenatide beyond obesity to include the treatment of diabetes. Yuhan Corp signed $140M API supply contract with Gilead Sciences.


APAC Healthcare Weekly (May 24)– Hansoh, Junshi Bio, Daiichi Sankyo, SanBio, Hanmi Pharm, Yuhan Corp

<ul><li>Gilead Sciences has committed more than $12 billion across three major transactions in 2026, and the pattern is more revealing than any single press release.</li><li>On the surface, the company is buying a cancer biotech in Tubulis, a cell therapy platform through Arcellx, and an autoimmune asset base through Ouro Medicines.</li><li>But taken together, the transactions show a company using a strong balance sheet, durable HIV cash flows, and a long patent runway to reshape what its revenue base could look like in the next decade.</li></ul>

Gilead Sciences has committed more than $12 billion across three major transactions in 2026, and the pattern is more revealing than any single press release.On the surface, the company is buying a cancer biotech in Tubulis, a cell therapy platform through Arcellx, and an autoimmune asset base through Ouro Medicines.But taken together, the transactions show a company using a strong balance sheet, durable HIV cash flows, and a long patent runway to reshape what its revenue base could look like in the next decade.

Gilead Sciences Made Three BIG ACQUISITIONS—But The Real Story Is Bigger!

<ul><li>Gilead Sciences has entered 2026 with unusually broad strategic momentum: the company closed out 2025 with strong HIV performance, rising contributions from liver disease, a catalyst-rich oncology pipeline, and guidance for continued base-business growth despite policy and pricing headwinds.</li><li>Against that backdrop, its plan to acquire Ouro Medicines for up to roughly $2.18 billion stands out as more than a simple bolt-on transaction.</li><li>The proposed structure includes about $1.68 billion in cash upfront and up to $500 million in milestone payments, while a parallel collaboration with Galapagos would split much of the financial burden and operational responsibility tied to the acquired assets.</li></ul>

Gilead Sciences has entered 2026 with unusually broad strategic momentum: the company closed out 2025 with strong HIV performance, rising contributions from liver disease, a catalyst-rich oncology pipeline, and guidance for continued base-business growth despite policy and pricing headwinds.Against that backdrop, its plan to acquire Ouro Medicines for up to roughly $2.18 billion stands out as more than a simple bolt-on transaction.The proposed structure includes about $1.68 billion in cash upfront and up to $500 million in milestone payments, while a parallel collaboration with Galapagos would split much of the financial burden and operational responsibility tied to the acquired assets.

Gilead Sciences' Ouro Medicines Acquisition: Is This $2.18B Bet Its Next Growth Engine?

<ul><li>Gilead Sciences has entered 2026 with renewed momentum, fresh off a strong earnings report and a catalyst-heavy pipeline outlook.</li><li>The company recently announced an agreement to acquire Arcellx in a transaction valued at up to $7.8 billion, offering $115 per share in cash plus a $5 contingent value right tied to cumulative sales milestones for its lead asset, anitocabtagene autoleucel (anito-cel).</li><li>The move comes at a pivotal time for Gilead, which has reiterated confidence in its diversified growth model, highlighted by accelerating HIV prevention revenue from Yeztugo, upcoming Trodelvy label expansions, and multiple late-stage readouts.</li></ul>

Gilead Sciences has entered 2026 with renewed momentum, fresh off a strong earnings report and a catalyst-heavy pipeline outlook.The company recently announced an agreement to acquire Arcellx in a transaction valued at up to $7.8 billion, offering $115 per share in cash plus a $5 contingent value right tied to cumulative sales milestones for its lead asset, anitocabtagene autoleucel (anito-cel).The move comes at a pivotal time for Gilead, which has reiterated confidence in its diversified growth model, highlighted by accelerating HIV prevention revenue from Yeztugo, upcoming Trodelvy label expansions, and multiple late-stage readouts.

Gilead Sciences’ $7.8B Gamble: Can Arcellx Supercharge Its Oncology Comeback?

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's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

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Gilead Sciences (GILD US)

Gilead Sciences’ $400 Million Guidance Lift: Is HIV Still The Core Growth Engine?

Gilead Sciences reported a solid first quarter of 2026 characterized by strong commercial performance across its key therapeutic areas, offset by...

Baptista Research

APAC Healthcare Weekly (May 24)– Hansoh, Junshi Bio, Daiichi Sankyo, SanBio, Hanmi Pharm, Yuhan Corp

Hansoh’s HS-10504 tablets secured BTD in China. Junshi Bio secured 13th indication approval for toripalimab. Daiichi Sanyo’s Enhertu and Datroway...

Tina Banerjee

Gilead Sciences Made Three BIG ACQUISITIONS—But The Real Story Is Bigger!

Gilead Sciences has committed more than $12 billion across three major transactions in 2026, and the pattern is more revealing than any single...

Baptista Research

Gilead Sciences' Ouro Medicines Acquisition: Is This $2.18B Bet Its Next Growth Engine?

Gilead Sciences has entered 2026 with unusually broad strategic momentum: the company closed out 2025 with strong HIV performance, rising...

Baptista Research

Gilead Sciences’ $7.8B Gamble: Can Arcellx Supercharge Its Oncology Comeback?

Gilead Sciences has entered 2026 with renewed momentum, fresh off a strong earnings report and a catalyst-heavy pipeline outlook. The company...

Baptista Research

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