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>Incyte Corporation's third quarter 2025 earnings results reveal a mix of growth and challenges for the company.</li><li>The company's total revenues reached $1.37 billion, representing a year-over-year increase of 20%, with product sales contributing $1.15 billion.</li><li>The growth was driven mainly by key products like Jakafi and Opzelura, as well as promising performances from new launches such as Niktimvo.</li></ul>

Incyte Corporation's third quarter 2025 earnings results reveal a mix of growth and challenges for the company.The company's total revenues reached $1.37 billion, representing a year-over-year increase of 20%, with product sales contributing $1.15 billion.The growth was driven mainly by key products like Jakafi and Opzelura, as well as promising performances from new launches such as Niktimvo.

Incyte Unveils Game-Changing mCALR Trials – What It Means for Blood Cancer Treatment!

<ul><li>Incyte Corporation's second quarter of 2025 results reflect a strategic focus on expanding their product portfolio, particularly within the hematology-oncology and immunology sectors.</li><li>A notable highlight includes strong financial performance, with total product revenues reaching $1.06 billion, marking a 17% increase year-over-year.</li><li>This growth was driven by increased demand for their key products, Jakafi and Opzelura, as well as the continued launch of Niktimvo.</li></ul>

Incyte Corporation's second quarter of 2025 results reflect a strategic focus on expanding their product portfolio, particularly within the hematology-oncology and immunology sectors.A notable highlight includes strong financial performance, with total product revenues reaching $1.06 billion, marking a 17% increase year-over-year.This growth was driven by increased demand for their key products, Jakafi and Opzelura, as well as the continued launch of Niktimvo.

Incyte Corporation’s Jakafi Focus & Recent Commercial Blitz Can Turn Heads on Wall Street!

<ul><li>Incyte's first-quarter 2025 earnings report presents a mixed bag of results and outlooks, offering valuable insights for investors contemplating engagement with the company.</li><li>Analyzing the financial performance, Incyte has demonstrated significant growth, reporting a 20% year-over-year increase in total revenues, reaching $1.05 billion.</li><li>This is primarily driven by strong product revenue growth of 26%, benefitting from high demand for products such as Jakafi and Opzelura, along with the robust launch of Niktimvo.</li></ul>

Incyte's first-quarter 2025 earnings report presents a mixed bag of results and outlooks, offering valuable insights for investors contemplating engagement with the company.Analyzing the financial performance, Incyte has demonstrated significant growth, reporting a 20% year-over-year increase in total revenues, reaching $1.05 billion.This is primarily driven by strong product revenue growth of 26%, benefitting from high demand for products such as Jakafi and Opzelura, along with the robust launch of Niktimvo.

Incyte Corporation: Here Are The 5 Major Factors Propelling Our ‘Outperform’ Rating!

<ul><li>Incyte Corporation's recent financial and corporate update for the fourth quarter and full year 2024 showcases a year of significant growth and strategic progress.</li><li>The company achieved a 15% increase in total revenues, reaching $4.2 billion for the year, driven by a robust 8% growth in Jakafi sales and a 50% surge in Opzelura revenues.</li><li>The financial health of Incyte remains strong, with $2.2 billion in cash reserves and no debt, allowing the company to complete a $2 billion share repurchase program.</li></ul>

Incyte Corporation's recent financial and corporate update for the fourth quarter and full year 2024 showcases a year of significant growth and strategic progress.The company achieved a 15% increase in total revenues, reaching $4.2 billion for the year, driven by a robust 8% growth in Jakafi sales and a 50% surge in Opzelura revenues.The financial health of Incyte remains strong, with $2.2 billion in cash reserves and no debt, allowing the company to complete a $2 billion share repurchase program.

Incyte: Can Opzelura Offset Jakafi’s $3.7B Patent Cliff by 2028?

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Novartis offers an agreed €68/share, 89% premium, for <a href="https://www.smartkarma.com/entities/morphosys-ag-91f7c8f8-f418-4db5-953e-ec2206d64e67" target="_blank" data-smartkarma-citation="entities:27120:1" rel="noopener">MorphoSys AG (MOR US)</a> in a bet that pelabrisib could become a blockbuster to treat myelofibrosis (possibly reaching peak sales of $1.1-1.5 billion).</li>
<li>Considering that the shares of Morphosys were trading in the low teens in November, I believe that shareholders will be happy to part with the shares.</li>
<li>Spread (gross/annualised) is 4.65%/18.09% (assuming settlement by 20 May). Novartis believes pelabrisib is definitely worth the risk. <strong>Long.</strong>
</li>
</ul>


Novartis offers an agreed €68/share, 89% premium, for MorphoSys AG (MOR US) in a bet that pelabrisib could become a blockbuster to treat myelofibrosis (possibly reaching peak sales of $1.1-1.5 billion).
Considering that the shares of Morphosys were trading in the low teens in November, I believe that shareholders will be happy to part with the shares.
Spread (gross/annualised) is 4.65%/18.09% (assuming settlement by 20 May). Novartis believes pelabrisib is definitely worth the risk. Long.



Novartis Strikes for Possible Myelofibrosis Blockbuster

United States

Incyte Corp is a biopharmaceutical company. The Company discovers, develops and commercializes proprietary small molecule drugs, primarily used in oncology.

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Incyte Corp (INCY US)

Incyte Unveils Game-Changing mCALR Trials – What It Means for Blood Cancer Treatment!

Incyte Corporation's third quarter 2025 earnings results reveal a mix of growth and challenges for the company. The company's total revenues...

Baptista Research

Incyte Corporation’s Jakafi Focus & Recent Commercial Blitz Can Turn Heads on Wall Street!

Incyte Corporation's second quarter of 2025 results reflect a strategic focus on expanding their product portfolio, particularly within the...

Baptista Research

Incyte Corporation: Here Are The 5 Major Factors Propelling Our ‘Outperform’ Rating!

Incyte's first-quarter 2025 earnings report presents a mixed bag of results and outlooks, offering valuable insights for investors contemplating...

Baptista Research

Incyte: Can Opzelura Offset Jakafi’s $3.7B Patent Cliff by 2028?

Incyte Corporation's recent financial and corporate update for the fourth quarter and full year 2024 showcases a year of significant growth and...

Baptista Research

Novartis Strikes for Possible Myelofibrosis Blockbuster

Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Incyte Unveils Game-Changing mCALR Trials – What It Means for Blood Cancer Treatment!

Incyte Corporation's third quarter 2025 earnings results reveal a mix of growth and challenges for the company. The company's total revenues...

Baptista Research

Incyte Corporation’s Jakafi Focus & Recent Commercial Blitz Can Turn Heads on Wall Street!

Incyte Corporation's second quarter of 2025 results reflect a strategic focus on expanding their product portfolio, particularly within the...

Baptista Research

Incyte Corporation: Here Are The 5 Major Factors Propelling Our ‘Outperform’ Rating!

Incyte's first-quarter 2025 earnings report presents a mixed bag of results and outlooks, offering valuable insights for investors contemplating...

Baptista Research

Incyte: Can Opzelura Offset Jakafi’s $3.7B Patent Cliff by 2028?

Incyte Corporation's recent financial and corporate update for the fourth quarter and full year 2024 showcases a year of significant growth and...

Baptista Research

Novartis Strikes for Possible Myelofibrosis Blockbuster

​Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...

Jesus Rodriguez Aguilar

Novartis offers premium for MorphoSys AG in a bet on pelabrisib as a potential blockbuster for myelofibrosis treatment. Shareholders are likely to...