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>Merck & Co., Inc.'s third-quarter performance demonstrates its commitment to leveraging scientific advances to deliver value in the healthcare space.</li><li>The company's revenue for the quarter reached $17.3 billion, a growth of 4% despite foreign exchange headwinds.</li><li>This growth was primarily driven by the continued strength of its oncology segment, notably the drug KEYTRUDA, which saw an 8% increase in sales, contributing $8.1 billion.</li></ul>

Merck & Co., Inc.'s third-quarter performance demonstrates its commitment to leveraging scientific advances to deliver value in the healthcare space.The company's revenue for the quarter reached $17.3 billion, a growth of 4% despite foreign exchange headwinds.This growth was primarily driven by the continued strength of its oncology segment, notably the drug KEYTRUDA, which saw an 8% increase in sales, contributing $8.1 billion.

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Dominant Market Position Driven by Keytruda: Merck's strong market position is largely underpinned by its blockbuster immuno-oncology drug, Keytruda, a significant revenue driver. The company's future growth is closely tied to the continued success and label expansion of Keytruda, as well as the performance of its vaccine portfolio, particularly Gardasil.</li>
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Robust R&amp;D Pipeline and Strategic Acquisitions: Merck maintains a strong commitment to research and development, consistently investing in a deep and diversified pipeline across various therapeutic areas, including oncology, vaccines, and infectious diseases. Strategic acquisitions, such as Prometheus Biosciences, are key to supplementing the internal pipeline and mitigating future patent expirations.</li>
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Looming Patent Expirations and Competitive Pressures: A primary challenge for Merck is the upcoming patent expiration of Keytruda in 2028, which is expected to lead to significant revenue decline due to biosimilar competition. The company also faces intense competition from other major pharmaceutical companies across its key therapeutic areas.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Position Driven by Keytruda: Merck's strong market position is largely underpinned by its blockbuster immuno-oncology drug, Keytruda, a significant revenue driver. The company's future growth is closely tied to the continued success and label expansion of Keytruda, as well as the performance of its vaccine portfolio, particularly Gardasil.
  
Robust R&amp;D Pipeline and Strategic Acquisitions: Merck maintains a strong commitment to research and development, consistently investing in a deep and diversified pipeline across various therapeutic areas, including oncology, vaccines, and infectious diseases. Strategic acquisitions, such as Prometheus Biosciences, are key to supplementing the internal pipeline and mitigating future patent expirations.
  
Looming Patent Expirations and Competitive Pressures: A primary challenge for Merck is the upcoming patent expiration of Keytruda in 2028, which is expected to lead to significant revenue decline due to biosimilar competition. The company also faces intense competition from other major pharmaceutical companies across its key therapeutic areas.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Merck & Co., Inc.'s Q2 2025 earnings offered a detailed insight into the company's current performance, pipeline progress, strategic initiatives, and future outlook.</li><li>Key figures showed that Merck faced a slight decline in total revenue, registering $15.8 billion, which reflected a 2% decrease both nominally and after adjusting for currency fluctuations.</li><li>A significant factor influencing this decline was the reduction in GARDASIL sales in China, but excluding the Chinese market, Merck's global growth stood at 7%, driven by strengths in oncology, new product launches like WINREVAIR and CAPVAXIVE, and Animal Health.</li></ul>

Merck & Co., Inc.'s Q2 2025 earnings offered a detailed insight into the company's current performance, pipeline progress, strategic initiatives, and future outlook.Key figures showed that Merck faced a slight decline in total revenue, registering $15.8 billion, which reflected a 2% decrease both nominally and after adjusting for currency fluctuations.A significant factor influencing this decline was the reduction in GARDASIL sales in China, but excluding the Chinese market, Merck's global growth stood at 7%, driven by strengths in oncology, new product launches like WINREVAIR and CAPVAXIVE, and Animal Health.

Merck & Co.: Why Its Oncology Pipeline Development Is Worth WATCHING OUT FOR!

<ul><li>Merck’s $10 billion acquisition of Verona Pharma marks another pivotal move in its broader strategy to offset the looming revenue hit from Keytruda’s patent expiration in late 2028.</li><li>The company is navigating an era of transformation, with nearly 20 launches planned over the next few years, including key assets in cardiometabolic, immunology, HIV, and oncology.</li><li>While Keytruda generated $29.5 billion in 2024 revenue and remains Merck’s crown jewel, its approaching loss of exclusivity is expected to erode annual revenues by $18 billion, prompting Merck to aggressively expand and diversify its pipeline.</li></ul>

Merck’s $10 billion acquisition of Verona Pharma marks another pivotal move in its broader strategy to offset the looming revenue hit from Keytruda’s patent expiration in late 2028.The company is navigating an era of transformation, with nearly 20 launches planned over the next few years, including key assets in cardiometabolic, immunology, HIV, and oncology.While Keytruda generated $29.5 billion in 2024 revenue and remains Merck’s crown jewel, its approaching loss of exclusivity is expected to erode annual revenues by $18 billion, prompting Merck to aggressively expand and diversify its pipeline.

Merck’s $10 Billion Verona Buyout: Smart Bet or Scramble Before the Keytruda Cliff?

United States

Merck & Co., Inc.  is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

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Merck & Co (MRK US)

Merck Buys Cidara In $9.2 Billion Deal—Here’s What They’re Really After!

Merck & Co., Inc.'s third-quarter performance demonstrates its commitment to leveraging scientific advances to deliver value in the healthcare...

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Primer: Merck & (MRK UN) - Sep 2025

Dominant Market Position Driven by Keytruda: Merck's strong market position is largely underpinned by its blockbuster immuno-oncology drug,...

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Merck & Co.: Why Its Oncology Pipeline Development Is Worth WATCHING OUT FOR!

Merck & Co., Inc.'s Q2 2025 earnings offered a detailed insight into the company's current performance, pipeline progress, strategic...

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Merck’s $10 Billion Verona Buyout: Smart Bet or Scramble Before the Keytruda Cliff?

Merck’s $10 billion acquisition of Verona Pharma marks another pivotal move in its broader strategy to offset the looming revenue hit from...

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