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 reported strong financial and operational results for the third quarter of 2024.</li><li>The company achieved a 34% increase in total revenues, reaching $290 million, primarily driven by a 36% increase in royalty revenues, which set a new record at $155 million.</li><li>The growth stemmed largely from the expanded adoption of the ENHANZE drug delivery technology, especially through products like DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.</li></ul>

Halozyme Therapeutics reported strong financial and operational results for the third quarter of 2024.The company achieved a 34% increase in total revenues, reaching $290 million, primarily driven by a 36% increase in royalty revenues, which set a new record at $155 million.The growth stemmed largely from the expanded adoption of the ENHANZE drug delivery technology, especially through products like DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.

Halozyme Therapeutics Inc.: Intellectual Property Portfolio & Expansion Fueling Our ‘Outperform’ Rating! - Major Drivers

<ul><li>Halozyme's recent quarterly performance underscored a strong trajectory in its financial and operational fronts.</li><li>The company, which specializes in the ENHANZE drug delivery technology, reported robust second-quarter earnings, with total revenue hitting $231 million, showing a growth that aligns with the company's full-year expectations of 13% to 22%.</li><li>Notably, royalty revenues increased by 12%, reaching $125 million.</li></ul>

Halozyme's recent quarterly performance underscored a strong trajectory in its financial and operational fronts.The company, which specializes in the ENHANZE drug delivery technology, reported robust second-quarter earnings, with total revenue hitting $231 million, showing a growth that aligns with the company's full-year expectations of 13% to 22%.Notably, royalty revenues increased by 12%, reaching $125 million.

<ul><li>Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and projected guidance for the remainder of the year.</li><li>Key drivers of optimism included consistent royalty revenue growth, anticipated milestone payments, and robust projections for earnings before interest, taxes, depreciation, and amortization (EBITDA).</li><li>With these foundational elements, Halozyme is poised for a promising financial trajectory, reinforced by ongoing business developments and strategic partnerships.</li></ul>

Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and projected guidance for the remainder of the year.Key drivers of optimism included consistent royalty revenue growth, anticipated milestone payments, and robust projections for earnings before interest, taxes, depreciation, and amortization (EBITDA).With these foundational elements, Halozyme is poised for a promising financial trajectory, reinforced by ongoing business developments and strategic partnerships.

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! - Major Drivers

<ul><li>Halozyme Therapeutics Inc. showcased a strong financial and operating result in the fourth quarter and full year of 2023, fueled by leading differentiating drug delivery technologies ENHANZE and Auto-Injectors, as well as the commercial products XYOSTED and Hylenex.</li><li>For 2023, the company delivered a 26% year-over-year increase in total revenue to $829 million and recorded a $448 million high in royalty revenue, indicating a 24% rise year-over-year.</li><li>Adjusted EBITDA also experienced an increase of 19% to $426 million and non-GAAP diluted earnings per share growth of 25% to $2.77 for the full year 2023.</li></ul>

Halozyme Therapeutics Inc. showcased a strong financial and operating result in the fourth quarter and full year of 2023, fueled by leading differentiating drug delivery technologies ENHANZE and Auto-Injectors, as well as the commercial products XYOSTED and Hylenex.For 2023, the company delivered a 26% year-over-year increase in total revenue to $829 million and recorded a $448 million high in royalty revenue, indicating a 24% rise year-over-year.Adjusted EBITDA also experienced an increase of 19% to $426 million and non-GAAP diluted earnings per share growth of 25% to $2.77 for the full year 2023.

Halozyme Therapeutics: Initiation Of Coverage - A Solid Pipeline Supporting Future Growth! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.</li>
<li>Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.</li>
<li>Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  </li>
</ul>



Alteogen Inc (196170 KS) has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.
Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.
Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  


Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

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 Therapeutics Inc.: Intellectual Property Portfolio & Expansion Fueling Our ‘Outperform’ Rating! - Major Drivers

Halozyme Therapeutics reported strong financial and operational results for the third quarter of 2024. The company achieved a 34% increase in...

Baptista Research

Halozyme Therapeutics Inc.: New Launches

Halozyme's recent quarterly performance underscored a strong trajectory in its financial and operational fronts. The company, which specializes in...

Baptista Research

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! - Major Drivers

Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and...

Baptista Research

Halozyme Therapeutics: Initiation Of Coverage - A Solid Pipeline Supporting Future Growth! - Major Drivers

Halozyme Therapeutics Inc. showcased a strong financial and operating result in the fourth quarter and full year of 2023, fueled by leading...

Baptista Research

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Halozyme Therapeutics Inc.: Intellectual Property Portfolio & Expansion Fueling Our ‘Outperform’ Rating! - Major Drivers

Halozyme Therapeutics reported strong financial and operational results for the third quarter of 2024. The company achieved a 34% increase in...

Baptista Research

Halozyme Therapeutics Inc.: New Launches

Halozyme's recent quarterly performance underscored a strong trajectory in its financial and operational fronts. The company, which specializes in...

Baptista Research

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! - Major Drivers

Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and...

Baptista Research

Halozyme Therapeutics: Initiation Of Coverage - A Solid Pipeline Supporting Future Growth! - Major Drivers

Halozyme Therapeutics Inc. showcased a strong financial and operating result in the fourth quarter and full year of 2023, fueled by leading...

Baptista Research

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

​Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...