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' earnings report highlights a mix of promising advances and ongoing challenges across its business.</li><li>The company reported substantial growth in revenues during the second quarter of 2025, with total earnings doubling compared to the same quarter last year.</li><li>This increase was largely attributed to Ionis' successful launch of Tryngolza, their treatment for familial chylomicronemia syndrome (FCS), which exceeded revenue expectations with $19 million in net product sales in its second quarter of availability.</li></ul>

Ionis Pharmaceuticals' earnings report highlights a mix of promising advances and ongoing challenges across its business.The company reported substantial growth in revenues during the second quarter of 2025, with total earnings doubling compared to the same quarter last year.This increase was largely attributed to Ionis' successful launch of Tryngolza, their treatment for familial chylomicronemia syndrome (FCS), which exceeded revenue expectations with $19 million in net product sales in its second quarter of availability.

Ionis Pharmaceuticals: An Insight Into Its Recent Data Readouts

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.</li>
<li>Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.</li>
<li>In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.</li>
</ul>



Ono Pharmaceutical (4528 JP) guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.
In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.


Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

<ul><li>Ionis Pharmaceuticals recently reported its first-quarter 2025 financial results.</li><li>During this period, the company achieved revenue of $132 million, a 10% year-over-year increase, driven largely by the early success of its first independent commercially launched product, TRYNGOLZA, for Familial Chylomicronemia Syndrome (FCS).</li><li>The TRYNGOLZA launch exceeded expectations with over $6 million in net product sales, marking a significant milestone as Ionis transitions into a commercial-stage biotech company.</li></ul>

Ionis Pharmaceuticals recently reported its first-quarter 2025 financial results.During this period, the company achieved revenue of $132 million, a 10% year-over-year increase, driven largely by the early success of its first independent commercially launched product, TRYNGOLZA, for Familial Chylomicronemia Syndrome (FCS).The TRYNGOLZA launch exceeded expectations with over $6 million in net product sales, marking a significant milestone as Ionis transitions into a commercial-stage biotech company.

Ionis Pharmaceuticals: A Promising Start To Tryngolza & Other Drug Launches To Add To Its Extensive Pipeline!

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Suzhou Ribo Life Science / Equity Capital Markets

<ul>
<li>Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.</li>
<li>Ribo Life is a world leading company in the area of siRNA research.</li>
<li>The company's RBD4059 is potentially the first in class siRNA drug for thrombotic diseases.</li>
</ul>


Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
Ribo Life is a world leading company in the area of siRNA research.
The company's RBD4059 is potentially the first in class siRNA drug for thrombotic diseases.


Suzhou Ribo Life Science (瑞博生物) Pre-IPO Quick View: Scarcity of SiRNA Player

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.</li>
<li>Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.</li>
<li>Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.
Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.
Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.


Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

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 Pharmaceuticals: An Insight Into Its Recent Data Readouts

Ionis Pharmaceuticals' earnings report highlights a mix of promising advances and ongoing challenges across its business. The company reported...

Baptista Research

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Tina Banerjee

Ionis Pharmaceuticals: A Promising Start To Tryngolza & Other Drug Launches To Add To Its Extensive Pipeline!

Ionis Pharmaceuticals recently reported its first-quarter 2025 financial results. During this period, the company achieved revenue of $132...

Baptista Research

Suzhou Ribo Life Science (瑞博生物) Pre-IPO Quick View: Scarcity of SiRNA Player

Suzhou Ribo Life plans to raise $100 million through a Hong Kong listing, with CICC and Citi as deal sponsors. They are a leading company in siRNA...

Ke Yan, CFA, FRM

Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ionis Pharmaceuticals: An Insight Into Its Recent Data Readouts

Ionis Pharmaceuticals' earnings report highlights a mix of promising advances and ongoing challenges across its business. The company reported...

Baptista Research

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

​Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Tina Banerjee

Ionis Pharmaceuticals: A Promising Start To Tryngolza & Other Drug Launches To Add To Its Extensive Pipeline!

Ionis Pharmaceuticals recently reported its first-quarter 2025 financial results. During this period, the company achieved revenue of $132...

Baptista Research

Suzhou Ribo Life Science (瑞博生物) Pre-IPO Quick View: Scarcity of SiRNA Player

​Suzhou Ribo Life plans to raise $100 million through a Hong Kong listing, with CICC and Citi as deal sponsors. They are a leading company in siRNA...

Ke Yan, CFA, FRM

Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

​Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...

Tina Banerjee

Ono Pharmaceutical expects 4% YoY growth in Opdivo revenue for FY26, driven by indication expansion but faces long-term concerns due to smaller...

Suzhou Ribo Life plans to raise $100 million through a Hong Kong listing, with CICC and Citi as deal sponsors. They are a leading company in siRNA...

Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...