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>Lonza Group AG provided a qualitative update for its Q3 2025 performance, emphasizing a strong outcome in its Contract Development and Manufacturing Organization (CDMO) business and confirming its outlook for the remainder of the year.</li><li>Positively, the company anticipates sales growth of 20% to 21% at constant exchange rates (CER) and an improved core EBITDA margin between 30% and 31% for the full year.</li><li>The performance in Integrated Biologics contributed significantly, supported by robust demand for its large-scale mammalian assets, including its site in Vacaville, which is over-performing its targets.</li></ul>

Lonza Group AG provided a qualitative update for its Q3 2025 performance, emphasizing a strong outcome in its Contract Development and Manufacturing Organization (CDMO) business and confirming its outlook for the remainder of the year.Positively, the company anticipates sales growth of 20% to 21% at constant exchange rates (CER) and an improved core EBITDA margin between 30% and 31% for the full year.The performance in Integrated Biologics contributed significantly, supported by robust demand for its large-scale mammalian assets, including its site in Vacaville, which is over-performing its targets.

Lonza’s Global Investments Signal a New Era in Pharma Production—But Can It Deliver?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.</li>
<li>In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. </li>
<li>Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.</li>
</ul>



Samsung Biologics (207940 KS) reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.
In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. 
Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.


Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.</li>
<li>With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.</li>
<li>Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.</li>
</ul>



WuXi AppTec (2359 HK) has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.
With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.
Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.


WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.</li>
<li>Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.</li>
<li>The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.</li>
</ul>



Wuxi Biologics (2269 HK) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.
Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.
The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.


Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.</li>
<li>1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.</li>
<li>With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.</li>
</ul>



WuXi AppTec (2359 HK) has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.
1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.
With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.


WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

Switzerland

Lonza is a global partner to the pharmaceutical, biotech and nutrition markets. The company works with healthcare customers to develop, manufacture and commercialize medical treatments and technologies to treat patients against a range of diseases. Founded in the Swiss Alps, Lonza now operates across Europe, North America, South America, Asia and Oceania.

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Lonza Group (LONN SW)

Lonza’s Global Investments Signal a New Era in Pharma Production—But Can It Deliver?

Lonza Group AG provided a qualitative update for its Q3 2025 performance, emphasizing a strong outcome in its Contract Development and...

Baptista Research

Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Samsung Biologics reports strong revenue and profit growth in 3Q25, secures new contracts with global pharmaceutical partners, and aims to achieve...

Tina Banerjee

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...

Tina Banerjee

Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

Wuxi Biologics reports strong 1H25 performance with revenue up 16% YoY to RMB10B and net profit up 55% YoY to RMB3B. The company has raised 2025...

Tina Banerjee

WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...

Tina Banerjee

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52-week Range

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Lonza’s Global Investments Signal a New Era in Pharma Production—But Can It Deliver?

Lonza Group AG provided a qualitative update for its Q3 2025 performance, emphasizing a strong outcome in its Contract Development and...

Baptista Research

Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

​Samsung Biologics reports strong revenue and profit growth in 3Q25, secures new contracts with global pharmaceutical partners, and aims to achieve...

Tina Banerjee

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

​WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...

Tina Banerjee

Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

​Wuxi Biologics reports strong 1H25 performance with revenue up 16% YoY to RMB10B and net profit up 55% YoY to RMB3B. The company has raised 2025...

Tina Banerjee

WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

​WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...

Tina Banerjee

Samsung Biologics reports strong revenue and profit growth in 3Q25, secures new contracts with global pharmaceutical partners, and aims to achieve...

WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...

Wuxi Biologics reports strong 1H25 performance with revenue up 16% YoY to RMB10B and net profit up 55% YoY to RMB3B. The company has raised 2025...

WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...