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

Madrigal Pharmaceuticals Inc / Equity Bottom-Up

<ul><li>Madrigal Pharmaceuticals reported net sales of $311.3 million for the first quarter of 2026, reflecting a year-over-year increase of 127%, driven primarily by the performance of its liver-directed therapy, Rezdiffra.</li><li>The therapy has reached blockbuster status with over $1.1 billion in net sales over the past 12 months and more than 42,250 active patients by quarter-end, marking a 2.5-fold increase compared to the same period in 2025.</li><li>The company highlights the early-stage nature of the MASH (metabolic dysfunction-associated steatohepatitis) market, which has expanded nearly 50% to 460,000 diagnosed F2/F3 patients under specialist care in the U.S. Despite these gains, diagnosis and penetration rates remain relatively low at approximately 10%, suggesting further market growth potential.</li></ul>

Madrigal Pharmaceuticals reported net sales of $311.3 million for the first quarter of 2026, reflecting a year-over-year increase of 127%, driven primarily by the performance of its liver-directed therapy, Rezdiffra.The therapy has reached blockbuster status with over $1.1 billion in net sales over the past 12 months and more than 42,250 active patients by quarter-end, marking a 2.5-fold increase compared to the same period in 2025.The company highlights the early-stage nature of the MASH (metabolic dysfunction-associated steatohepatitis) market, which has expanded nearly 50% to 460,000 diagnosed F2/F3 patients under specialist care in the U.S. Despite these gains, diagnosis and penetration rates remain relatively low at approximately 10%, suggesting further market growth potential.

Madrigal Pharmaceuticals’ $1.1 Billion Rezdiffra Run: Can MASH Penetration Accelerate?

<ul><li>Takeover chatter can move a stock quickly, but the more important question is whether the market is reacting to rumor or to a business that has already crossed into a different category of value creation.</li><li>Madrigal Pharmaceuticals now sits in that exact debate.</li><li>Shares jumped on renewed acquisition speculation, yet the company’s latest operating update shows this is no longer a story built only on possibility.</li></ul>

Takeover chatter can move a stock quickly, but the more important question is whether the market is reacting to rumor or to a business that has already crossed into a different category of value creation.Madrigal Pharmaceuticals now sits in that exact debate.Shares jumped on renewed acquisition speculation, yet the company’s latest operating update shows this is no longer a story built only on possibility.

Madrigal’s $12B Puzzle: Is The Takeover Already Priced In?

<ul><li>Madrigal Pharmaceuticals presented a mix of achievements and challenges during their fourth quarter and full year 2025 earnings call.</li><li>The company has solidified its position as a notable player in the market with its flagship product, Rezdiffra, which is directed towards Mixed-pivoted adrenal syndrome hepatic (MASH).</li><li>Their performance has been highlighted by a strong launch, driving nearly $1 billion in net sales in its first full year, establishing Rezdiffra as the market's foundational therapy.</li></ul>

Madrigal Pharmaceuticals presented a mix of achievements and challenges during their fourth quarter and full year 2025 earnings call.The company has solidified its position as a notable player in the market with its flagship product, Rezdiffra, which is directed towards Mixed-pivoted adrenal syndrome hepatic (MASH).Their performance has been highlighted by a strong launch, driving nearly $1 billion in net sales in its first full year, establishing Rezdiffra as the market's foundational therapy.

Madrigal Pharmaceuticals: How Noninvasive Data Is Powering a Smarter Clinical Strategy!

<ul><li>Madrigal Pharmaceuticals, a company focused on the treatment of nonalcoholic steatohepatitis (NASH), shared significant progress during its third-quarter 2025 results.</li><li>The primary highlight was the robust performance of its lead product Rezdiffra, which is garnering noteworthy sales traction.</li><li>Rezdiffra has quickly climbed the ladder in the specialty pharmaceutical market with annualized revenues surpassing $1 billion, achieved in just six quarters post-launch.</li></ul>

Madrigal Pharmaceuticals, a company focused on the treatment of nonalcoholic steatohepatitis (NASH), shared significant progress during its third-quarter 2025 results.The primary highlight was the robust performance of its lead product Rezdiffra, which is garnering noteworthy sales traction.Rezdiffra has quickly climbed the ladder in the specialty pharmaceutical market with annualized revenues surpassing $1 billion, achieved in just six quarters post-launch.

Madrigal Pharma: Inside the MAESTRO-NASH Breakthrough- How Weight Loss Supercharges Antifibrotic Effects!

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics entered a strategic collaboration with Eli Lilly, to advance novel medicines in oncology and immunology. InSilico and China Medical System Holdings stuck partnership on innovative drug development.</li>
<li>Eisai’s Leqembi subcutaneous autoinjector gets priority review in China. FDA accepted Takeda’s NDA for oveporexton for the treatment of narcolepsy type 1, with a decision date in 3Q26.</li>
<li>Alteogen’s once-monthly obesity treatment candidate matches weight loss effects of Eli Lilly's once-weekly retatrutide, currently under development. Pharmaessentia plans to invest $46M to establish a manufacturing subsidiary in Puerto Rico.</li>
</ul>


Innovent Biologics entered a strategic collaboration with Eli Lilly, to advance novel medicines in oncology and immunology. InSilico and China Medical System Holdings stuck partnership on innovative drug development.
Eisai’s Leqembi subcutaneous autoinjector gets priority review in China. FDA accepted Takeda’s NDA for oveporexton for the treatment of narcolepsy type 1, with a decision date in 3Q26.
Alteogen’s once-monthly obesity treatment candidate matches weight loss effects of Eli Lilly's once-weekly retatrutide, currently under development. Pharmaessentia plans to invest $46M to establish a manufacturing subsidiary in Puerto Rico.


APAC Healthcare Weekly (February 15)–Innovent Bio, InSilico, Eisai, Takeda, Alteogen, Pharmaessentia

United States

Madrigal Pharmaceuticals, Inc. operates as a pharmaceutical company. The Company develops novel and small-molecule drugs addressing cardiovascular and metabolic diseases. Madrigal Pharmaceuticals offers its services in the United States.

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Madrigal Pharmaceuticals Inc (MDGL US)

Madrigal Pharmaceuticals’ $1.1 Billion Rezdiffra Run: Can MASH Penetration Accelerate?

Madrigal Pharmaceuticals reported net sales of $311.3 million for the first quarter of 2026, reflecting a year-over-year increase of 127%, driven...

Baptista Research

Madrigal’s $12B Puzzle: Is The Takeover Already Priced In?

Takeover chatter can move a stock quickly, but the more important question is whether the market is reacting to rumor or to a business that has...

Baptista Research

Madrigal Pharmaceuticals: How Noninvasive Data Is Powering a Smarter Clinical Strategy!

Madrigal Pharmaceuticals presented a mix of achievements and challenges during their fourth quarter and full year 2025 earnings call. The company...

Baptista Research

Madrigal Pharma: Inside the MAESTRO-NASH Breakthrough- How Weight Loss Supercharges Antifibrotic Effects!

Madrigal Pharmaceuticals, a company focused on the treatment of nonalcoholic steatohepatitis (NASH), shared significant progress during its...

Baptista Research

APAC Healthcare Weekly (February 15)–Innovent Bio, InSilico, Eisai, Takeda, Alteogen, Pharmaessentia

Few Chinese biotech companies entered drug development collaborations. Eisai’s Leqembi autoinjector gets priority review in China. FDA will likely...

Tina Banerjee

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