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>Ionis Pharmaceuticals has added another major regulatory win to its growing list of RNA-based medicines, with the FDA approving Zanvastro for adults and children with Alexander disease, a devastating neurological disorder that previously had no disease-modifying treatment.</li><li>The approval is medically significant, but the muted stock reaction highlights an important divide between scientific achievement and commercial impact.</li><li>Alexander disease affects an exceptionally small population, limiting Zanvastro's likely revenue contribution even if adoption is strong.</li></ul>

Ionis Pharmaceuticals has added another major regulatory win to its growing list of RNA-based medicines, with the FDA approving Zanvastro for adults and children with Alexander disease, a devastating neurological disorder that previously had no disease-modifying treatment.The approval is medically significant, but the muted stock reaction highlights an important divide between scientific achievement and commercial impact.Alexander disease affects an exceptionally small population, limiting Zanvastro's likely revenue contribution even if adoption is strong.

Ionis Won The FDA Battle—But Its Real Billion-Dollar Test Is Just Beginning!

<ul><li>Ionis Pharmaceuticals reported its second quarter and first half of 2026 financial results highlighting both commercial progress and pipeline developments amid ongoing investments in research and development.</li><li>The company is actively launching and commercializing multiple medicines while advancing a robust pipeline in neurology and cardiometabolic diseases.</li><li>A key milestone was achieved with the FDA approval of TRYNGOLZA (volanesorsen) for the reduction of triglycerides and acute pancreatitis risk in adults with severe hypertriglyceridemia (sHTG).</li></ul>

Ionis Pharmaceuticals reported its second quarter and first half of 2026 financial results highlighting both commercial progress and pipeline developments amid ongoing investments in research and development.The company is actively launching and commercializing multiple medicines while advancing a robust pipeline in neurology and cardiometabolic diseases.A key milestone was achieved with the FDA approval of TRYNGOLZA (volanesorsen) for the reduction of triglycerides and acute pancreatitis risk in adults with severe hypertriglyceridemia (sHTG).

Ionis Pharmaceuticals’ $3 Billion TRYNGOLZA Opportunity: Can The Launch Deliver?

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.</li>
<li>In terms of quantity and quality of innovations <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>  and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a>  are best positioned. Among private companies Senda Biosciences screened well. </li>
<li>Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA's potential versatility, risks and the necessity for RNA related exposure.</li>
</ul>


In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.
In terms of quantity and quality of innovations Alnylam Pharmaceuticals (ALNY US)  and Moderna (MRNA US)  are best positioned. Among private companies Senda Biosciences screened well. 
Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA's potential versatility, risks and the necessity for RNA related exposure.


Who Are Leading the Charge in the RNAissance of Medicine

<ul><li>Ionis Pharmaceuticals delivered a year marked by significant commercial and developmental milestones in 2025, reflecting its transition toward a fully integrated commercial-stage biotechnology company.</li><li>The company launched two independent therapies: TRYNGOLZA, targeting familial chylomicronemia syndrome (FCS), and DAWNZERA, for hereditary angioedema (HAE).</li><li>TRYNGOLZA’s launch exceeded expectations with steady quarterly revenue growth, reaching $108 million in full-year product sales driven by an expanding prescriber base spanning cardiologists, endocrinologists, and lipidologists.</li></ul>

Ionis Pharmaceuticals delivered a year marked by significant commercial and developmental milestones in 2025, reflecting its transition toward a fully integrated commercial-stage biotechnology company.The company launched two independent therapies: TRYNGOLZA, targeting familial chylomicronemia syndrome (FCS), and DAWNZERA, for hereditary angioedema (HAE).TRYNGOLZA’s launch exceeded expectations with steady quarterly revenue growth, reaching $108 million in full-year product sales driven by an expanding prescriber base spanning cardiologists, endocrinologists, and lipidologists.

<ul><li>Ionis Pharmaceuticals has demonstrated notable progress and robust performance in its third quarter of 2025, driven by advancements in its drug pipeline and strategic launches.</li><li>The company, specializing in RNA-targeted therapies, is focused on treating serious diseases in domains such as neurology and cardiometabolic areas.</li><li>Ionis has successfully commenced its first independent launch of TRYNGOLZA, the sole FDA-approved treatment for familial chylomicronemia syndrome (FCS), with encouraging market performance, leading to an increased revenue forecast for 2025.</li></ul>

Ionis Pharmaceuticals has demonstrated notable progress and robust performance in its third quarter of 2025, driven by advancements in its drug pipeline and strategic launches.The company, specializing in RNA-targeted therapies, is focused on treating serious diseases in domains such as neurology and cardiometabolic areas.Ionis has successfully commenced its first independent launch of TRYNGOLZA, the sole FDA-approved treatment for familial chylomicronemia syndrome (FCS), with encouraging market performance, leading to an increased revenue forecast for 2025.

Ionis Pharma: Will Its Expansion of Cardiology Portfolio With Next-Generation ASO Therapies Become The Next BIG THING?

United States

Ionis Pharmaceuticals, Inc. operates as a biotechnology company. The Company researches in RNA-targeted drug discovery and development that focuses on drugs for patients who have unmet medical needs. Ionis Pharmaceuticals serves customers in the United States.

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Ionis Pharmaceuticals (IONS US)

Ionis Won The FDA Battle—But Its Real Billion-Dollar Test Is Just Beginning!

Ionis Pharmaceuticals has added another major regulatory win to its growing list of RNA-based medicines, with the FDA approving Zanvastro for...

Baptista Research

Ionis Pharmaceuticals’ $3 Billion TRYNGOLZA Opportunity: Can The Launch Deliver?

Ionis Pharmaceuticals reported its second quarter and first half of 2026 financial results highlighting both commercial progress and pipeline...

Baptista Research

Who Are Leading the Charge in the RNAissance of Medicine

RNA therapeutics: We analyze the field and spotlight top players driving this precision medicine, for tackling rare diseases with innovative solutions

Pyari Menon

Ionis Pharmaceuticals: How TRYNGOLZA

Ionis Pharmaceuticals delivered a year marked by significant commercial and developmental milestones in 2025, reflecting its transition toward a...

Baptista Research

Ionis Pharma: Will Its Expansion of Cardiology Portfolio With Next-Generation ASO Therapies Become The Next BIG THING?

Ionis Pharmaceuticals has demonstrated notable progress and robust performance in its third quarter of 2025, driven by advancements in its drug...

Baptista Research

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