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>Halozyme Therapeutics' third quarter 2025 results show a strong financial performance driven by its ENHANZE drug delivery technology and significant growth in royalty revenue.</li><li>The company reported an impressive 52% increase year-over-year in royalty revenue, reaching $236 million.</li><li>This growth, along with total revenue of $354 million, reflects a 22% increase year-over-year.</li></ul>

Halozyme Therapeutics' third quarter 2025 results show a strong financial performance driven by its ENHANZE drug delivery technology and significant growth in royalty revenue.The company reported an impressive 52% increase year-over-year in royalty revenue, reaching $236 million.This growth, along with total revenue of $354 million, reflects a 22% increase year-over-year.

Halozyme’s Breakthrough Moment: Could Its Game-Changing Subcutaneous Tech Disrupt Cancer Care Forever?

<ul><li>In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million in cash, with up to $150 million more in milestone payments tied to three product approvals.</li><li>The acquisition is expected to close in Q4 2025 and is being financed through a mix of cash reserves and debt, raising Halozyme’s net leverage to approximately 2x net debt-to-EBITDA.</li><li>The move complements Halozyme’s existing ENHANZE platform with Elektrofi’s Hypercon technology, which enables ultra-high biologic concentrations of 400–500 mg/mL—4–5x above current industry norms—allowing for subcutaneous administration of large-molecule drugs in smaller volumes.</li></ul>

In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million in cash, with up to $150 million more in milestone payments tied to three product approvals.The acquisition is expected to close in Q4 2025 and is being financed through a mix of cash reserves and debt, raising Halozyme’s net leverage to approximately 2x net debt-to-EBITDA.The move complements Halozyme’s existing ENHANZE platform with Elektrofi’s Hypercon technology, which enables ultra-high biologic concentrations of 400–500 mg/mL—4–5x above current industry norms—allowing for subcutaneous administration of large-molecule drugs in smaller volumes.

Halozyme's $900M Hypercon Bet: Will Elektrofi Redefine SubQ Drug Delivery?

<ul><li>Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth.</li><li>The company announced a 41% increase in total revenue, reaching $326 million, driven primarily by strong royalty revenue, which saw a 65% year-over-year rise to $206 million.</li><li>The growth is attributed to the continued performance of blockbuster subcutaneous therapies such as DARZALEX, Phesgo, and VYVGART Hytrulo, which are enhanced by Halozyme’s ENHANZE technology.</li></ul>

Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth.The company announced a 41% increase in total revenue, reaching $326 million, driven primarily by strong royalty revenue, which saw a 65% year-over-year rise to $206 million.The growth is attributed to the continued performance of blockbuster subcutaneous therapies such as DARZALEX, Phesgo, and VYVGART Hytrulo, which are enhanced by Halozyme’s ENHANZE technology.

Halozyme Therapeutics: ENHANZE Platform Expansion & Critical Factors That Will Define Its Success in 2025 and Beyond!

<ul><li>Halozyme's first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges.</li><li>The company reported a strong start to the year, achieving a 35% year-over-year increase in total revenue to $265 million, driven by a 39% increase in royalty revenue, primarily from its key ENHANZE-enabled therapeutics: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.</li><li>Adjusted EBITDA also rose significantly to $162 million, leading to a 54% increase in net income to $118 million.</li></ul>

Halozyme's first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges.The company reported a strong start to the year, achieving a 35% year-over-year increase in total revenue to $265 million, driven by a 39% increase in royalty revenue, primarily from its key ENHANZE-enabled therapeutics: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.Adjusted EBITDA also rose significantly to $162 million, leading to a 54% increase in net income to $118 million.

Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Shanghai Bao Pharmaceuticals / Equity Capital Markets

<ul>
<li>Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.</li>
<li>The company intends to use the IPO proceeds for R&amp;D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.           </li>
<li>Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.</li>
</ul>


Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.
The company intends to use the IPO proceeds for R&amp;D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.           
Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.


Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect

United States

Halozyme Therapeutics, Inc. is a biopharmaceutical company developing products for the diabetes, cancer, dermatology and drug delivery markets. The Company's platform technology is based on recombinant human hyaluronidase plus additional enzymes. Halozyme applies its technology to its proprietary programs and to partnerships with pharmaceutical companies.

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Halozyme Therapeutics (HALO US)

Halozyme’s Breakthrough Moment: Could Its Game-Changing Subcutaneous Tech Disrupt Cancer Care Forever?

Halozyme Therapeutics' third quarter 2025 results show a strong financial performance driven by its ENHANZE drug delivery technology and...

Baptista Research

Halozyme's $900M Hypercon Bet: Will Elektrofi Redefine SubQ Drug Delivery?

In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million...

Baptista Research

Halozyme Therapeutics: ENHANZE Platform Expansion & Critical Factors That Will Define Its Success in 2025 and Beyond!

Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth. The company announced a 41%...

Baptista Research

Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?

Halozyme's first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges. The...

Baptista Research

Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect

Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on...

Tina Banerjee

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