Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.</li>
<li>The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.</li>
<li>BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.</li>
</ul>


BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.


BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

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>As Johnson & Johnson (JNJ) faces intensifying competition in the immunology landscape, recent reports indicate the healthcare behemoth is exploring the acquisition of Protagonist Therapeutics, a biotechnology firm currently collaborating with JNJ on the development of icotrokinra, a novel oral therapy targeting immune diseases like plaque psoriasis and ulcerative colitis.</li><li>The news has driven Protagonist’s stock up nearly 30%, valuing the company at around $4.2 billion.</li><li>JNJ already holds exclusive commercialization rights to icotrokinra, which analysts at Leerink Partners project could generate peak global sales of $9.5 billion.</li></ul>

As Johnson & Johnson (JNJ) faces intensifying competition in the immunology landscape, recent reports indicate the healthcare behemoth is exploring the acquisition of Protagonist Therapeutics, a biotechnology firm currently collaborating with JNJ on the development of icotrokinra, a novel oral therapy targeting immune diseases like plaque psoriasis and ulcerative colitis.The news has driven Protagonist’s stock up nearly 30%, valuing the company at around $4.2 billion.JNJ already holds exclusive commercialization rights to icotrokinra, which analysts at Leerink Partners project could generate peak global sales of $9.5 billion.

J&J’s Pursuit of Protagonist Therapeutics: A Strategic Move To Reinforce Immunology Leadership Post-Stelara!

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.</li>
<li>Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.</li>
<li>Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.</li>
</ul>


Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.


Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

<ul><li>Johnson & Johnson's first quarter 2025 results present a multifaceted picture of a robust yet intricately challenged healthcare company.</li><li>The operational sales growth stood at 4.2%, even as they faced significant pressure due to the loss of exclusivity for STELARA, a multibillion-dollar pharmaceutical product.</li><li>Despite an 810 basis point headwind from STELARA, the Innovative Medicine sector showed resilience with an equal 4.2% growth, supported by strength in other key pharmaceuticals such as DARZALEX, which achieved a notable growth of over 20%.</li></ul>

Johnson & Johnson's first quarter 2025 results present a multifaceted picture of a robust yet intricately challenged healthcare company.The operational sales growth stood at 4.2%, even as they faced significant pressure due to the loss of exclusivity for STELARA, a multibillion-dollar pharmaceutical product.Despite an 810 basis point headwind from STELARA, the Innovative Medicine sector showed resilience with an equal 4.2% growth, supported by strength in other key pharmaceuticals such as DARZALEX, which achieved a notable growth of over 20%.

Johnson & Johnson: An Insight Into Its Ortho Business Transformation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> reported 12% YoY growth in revenue in 1Q25, as pharmaceuticals sales grew backed by a 35% YoY growth in Rexulti revenue to ¥75.7B.</li>
<li>The company reiterated 2025 guidance. Higher costs to dent margins with subdued sales of Lonsurf, Jynarque.</li>
<li>Indication expansion of Rexulti and Araris acquisition augur well for the company from a mid to long term perspective.</li>
</ul>



Otsuka Holdings (4578 JP) reported 12% YoY growth in revenue in 1Q25, as pharmaceuticals sales grew backed by a 35% YoY growth in Rexulti revenue to ¥75.7B.
The company reiterated 2025 guidance. Higher costs to dent margins with subdued sales of Lonsurf, Jynarque.
Indication expansion of Rexulti and Araris acquisition augur well for the company from a mid to long term perspective.


Otsuka Holdings (4578 JP): Rexulti Drives 1Q25 Result; Label Expansion And Acquisition Augur Well

United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

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Johnson & Johnson (JNJ UN)

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

J&J’s Pursuit of Protagonist Therapeutics: A Strategic Move To Reinforce Immunology Leadership Post-Stelara!

As Johnson & Johnson (JNJ) faces intensifying competition in the immunology landscape, recent reports indicate the healthcare behemoth is...

Baptista Research

Johnson & Johnson: An Insight Into Its Ortho Business Transformation

Johnson & Johnson's first quarter 2025 results present a multifaceted picture of a robust yet intricately challenged healthcare company. The...

Baptista Research

Otsuka Holdings (4578 JP): Rexulti Drives 1Q25 Result; Label Expansion And Acquisition Augur Well

Otsuka presented results from an interim analysis of Phase 3 study evaluating sibeprenlimab, for immunoglobulin A nephropathy (IgAN). The study,...

Tina Banerjee

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BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

​Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

J&J’s Pursuit of Protagonist Therapeutics: A Strategic Move To Reinforce Immunology Leadership Post-Stelara!

As Johnson & Johnson (JNJ) faces intensifying competition in the immunology landscape, recent reports indicate the healthcare behemoth is...

Baptista Research

Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Artificial-intelligence-powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the...

Tina Banerjee

Johnson & Johnson: An Insight Into Its Ortho Business Transformation

Johnson & Johnson's first quarter 2025 results present a multifaceted picture of a robust yet intricately challenged healthcare company. The...

Baptista Research

Otsuka Holdings (4578 JP): Rexulti Drives 1Q25 Result; Label Expansion And Acquisition Augur Well

Otsuka presented results from an interim analysis of Phase 3 study evaluating sibeprenlimab, for immunoglobulin A nephropathy (IgAN). The study,...

Tina Banerjee

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...