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>GSK reported strong results for the third quarter of 2025, with total sales increasing by 8% year-over-year, driven largely by growth in specialty medicines.</li><li>Core operating profit improved by 11%, while earnings per share (EPS) rose by 14%.</li><li>These results led GSK to upgrade their full-year guidance for both sales and profits, reflecting ongoing momentum in their core business areas.</li></ul>

GSK reported strong results for the third quarter of 2025, with total sales increasing by 8% year-over-year, driven largely by growth in specialty medicines.Core operating profit improved by 11%, while earnings per share (EPS) rose by 14%.These results led GSK to upgrade their full-year guidance for both sales and profits, reflecting ongoing momentum in their core business areas.

GSK: Can Its Blockbuster Shingles Vaccine Win Big in China & Europe?

<ul><li>The results from the second quarter of 2025 for GlaxoSmithKline (GSK) reflect a balance of robust growth in specialty medicines and vaccines alongside some crucial challenges and areas for cautious monitoring.</li><li>The company reported a 6% increase in group sales, with a notable boost from its specialty medicines division, which saw a 15% rise.</li><li>Vaccine sales also performed well, growing by 9%.</li></ul>

The results from the second quarter of 2025 for GlaxoSmithKline (GSK) reflect a balance of robust growth in specialty medicines and vaccines alongside some crucial challenges and areas for cautious monitoring.The company reported a 6% increase in group sales, with a notable boost from its specialty medicines division, which saw a 15% rise.Vaccine sales also performed well, growing by 9%.

GSK plc: Charging Into The Vaccine Race With High-Stakes 30-Valent Pneumococcal Launch Plan!

<ul><li>GlaxoSmithKline (GSK) recently announced its Q1 2025 financial results.</li><li>The company reported steady progress with its sales increasing by 4% and core operating profit growing by 5%.</li><li>Core earnings per share also rose by 5% to 44.9p.</li></ul>

GlaxoSmithKline (GSK) recently announced its Q1 2025 financial results.The company reported steady progress with its sales increasing by 4% and core operating profit growing by 5%.Core earnings per share also rose by 5% to 44.9p.

GSK Plc: An Increased Adoption of Depemokimab in Asthma Treatment & Other Major Drivers!

<ul><li>GlaxoSmithKline (GSK) has reported its 2024 financial results, highlighting both positive trends and areas of concern for potential investors.</li><li>A detailed overview of GSK's performance and strategic initiatives underlines key aspects that can inform an investment thesis.</li><li>On the positive side, GSK's transformation post-demerger into a biopharma-focused company is evident through robust growth in specialty medicines, which now form a significant portion of the company's portfolio.</li></ul>

GlaxoSmithKline (GSK) has reported its 2024 financial results, highlighting both positive trends and areas of concern for potential investors.A detailed overview of GSK's performance and strategic initiatives underlines key aspects that can inform an investment thesis.On the positive side, GSK's transformation post-demerger into a biopharma-focused company is evident through robust growth in specialty medicines, which now form a significant portion of the company's portfolio.

GSK Plc.: Will its Broader Vaccine Portfolio & International Expansion Strengthen Its Competitive Position Internationally?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

United States

GSK PLC operates as a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GSK provides products for infections, depression, skin conditions, asthma, heart and circulatory disease, and cancer.

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GSK (GSK US)

GSK: Can Its Blockbuster Shingles Vaccine Win Big in China & Europe?

GSK reported strong results for the third quarter of 2025, with total sales increasing by 8% year-over-year, driven largely by growth in specialty...

Baptista Research

GSK plc: Charging Into The Vaccine Race With High-Stakes 30-Valent Pneumococcal Launch Plan!

The results from the second quarter of 2025 for GlaxoSmithKline (GSK) reflect a balance of robust growth in specialty medicines and vaccines...

Baptista Research

GSK Plc: An Increased Adoption of Depemokimab in Asthma Treatment & Other Major Drivers!

GlaxoSmithKline (GSK) recently announced its Q1 2025 financial results. The company reported steady progress with its sales increasing by 4% and...

Baptista Research

GSK Plc.: Will its Broader Vaccine Portfolio & International Expansion Strengthen Its Competitive Position Internationally?

GlaxoSmithKline (GSK) has reported its 2024 financial results, highlighting both positive trends and areas of concern for potential investors. A...

Baptista Research

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

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