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 & Company, Incorporated reported second-quarter 2026 revenues of $16.6 billion, reflecting a 5% increase year-over-year (4% excluding foreign exchange), underpinned by sustained strength in Oncology, Animal Health, and growing contributions from new product launches across multiple therapeutic areas.</li><li>The KEYTRUDA franchise drove $8.4 billion in sales, with growth attributed to adoption in earlier-stage cancers and metastatic indications, particularly in tumors affecting women and in combination regimens such as with Padcev.</li><li>WELIREG sales rose 67%, aided by international launches and FDA approval for earlier-stage renal cell carcinoma treatment.</li></ul>

Merck & Company, Incorporated reported second-quarter 2026 revenues of $16.6 billion, reflecting a 5% increase year-over-year (4% excluding foreign exchange), underpinned by sustained strength in Oncology, Animal Health, and growing contributions from new product launches across multiple therapeutic areas.The KEYTRUDA franchise drove $8.4 billion in sales, with growth attributed to adoption in earlier-stage cancers and metastatic indications, particularly in tumors affecting women and in combination regimens such as with Padcev.WELIREG sales rose 67%, aided by international launches and FDA approval for earlier-stage renal cell carcinoma treatment.

Merck & Company Incorporated’s $8.4 Billion KEYTRUDA Engine — What Comes Next?

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder</li>
<li>
Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway</li>
<li>Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...</li>
</ul>


Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder

Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway
Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...


China Healthcare Weekly Wrap (28 Sep - 2 Oct)

CEO / Founder, Crea8

Kim-Hwa Lim

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Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in global companies with sustainable competitive advantages.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -8.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -7%.</li></ul>

The strategy seeks to invest in global companies with sustainable competitive advantages.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -8.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -7%.

Global Competitive Barrier Portfolio (14-Sep-2026)

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Research Reinvented

<ul>
 <li>Merck's financial performance is anchored by the dominance of its oncology drug, KEYTRUDA, which constitutes a significant portion of its revenue. This reliance, however, presents a considerable risk as the drug approaches its patent expiration around 2028.</li>
 <li>The company is actively pursuing strategic acquisitions and advancing its internal pipeline to diversify its revenue streams and mitigate the impact of KEYTRUDA's eventual loss of exclusivity. Key areas of focus include cardiometabolics, immunology, and vaccines.</li>
 <li>While the Animal Health division provides a stable and growing source of revenue, the core Pharmaceutical segment faces challenges, including a recent sales decline in its HPV vaccine, GARDASIL, and increasing pricing pressures across the industry.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Merck's financial performance is anchored by the dominance of its oncology drug, KEYTRUDA, which constitutes a significant portion of its revenue. This reliance, however, presents a considerable risk as the drug approaches its patent expiration around 2028.
  The company is actively pursuing strategic acquisitions and advancing its internal pipeline to diversify its revenue streams and mitigate the impact of KEYTRUDA's eventual loss of exclusivity. Key areas of focus include cardiometabolics, immunology, and vaccines.
  While the Animal Health division provides a stable and growing source of revenue, the core Pharmaceutical segment faces challenges, including a recent sales decline in its HPV vaccine, GARDASIL, and increasing pricing pressures across the industry.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul>
<li>We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...</li>
<li>BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE</li>
<li>Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...</li>
</ul>


We highlight key updates from October's ESMO meeting: 1) Akeso's ivonescimab in 1L BTC, 2) Kelun/Merck's sac-TMT (Lung04, Lung06, TroFuse-005), 3) Hutchmed/AZ's savo, 4) Hansoh/GSK's B7H3 ADC, 5) Innovent IBI363...
BD deal flows this week: 1) Innocare/Lilly on 5-target drug discovery, 2) Earendil Labs/Genentech on bispecific, 3) Insilico Medicine/AI frontier model lab, 4) BoomRay/Novartis on radioligand, 4) Henlius/Amberstone on TCE
Other updates/news: 1) LEGN's 5-year Carvykti OS data in Cart-2 study, 2) BeOne's first-in-class GPC3/4-1BB entering ph3 study in HCC, 3) TYK/Qilu deal update...


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 & (MRK UN)

Merck & Company Incorporated’s $8.4 Billion KEYTRUDA Engine — What Comes Next?

Merck & Company, Incorporated reported second-quarter 2026 revenues of $16.6 billion, reflecting a 5% increase year-over-year (4% excluding...

Baptista Research

China Healthcare Weekly Wrap (28 Sep - 2 Oct)

Strong deal flows this week: 1) Abogen/Novartis on in vivo mRNA TCE; 2) Scibrunch/Merck on Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP;...

Wilfred Yuen

Global Competitive Barrier Portfolio (14-Sep-2026)

The strategy seeks to invest in global companies with sustainable competitive advantages. By adopting a portfolio of stocks instead of individual...

Crea8

Primer: Merck & Co (MRK US) - Aug 2026

Merck's financial performance is anchored by the dominance of its oncology drug, KEYTRUDA, which constitutes a significant portion of its...

αSK Primers

China Healthcare Weekly Wrap (21-25 Sep)

We highlight 1) key studies to watch for upcoming October's ESMO updates, 2) deal flows Innocare/Lilly, BoomRay/Novartis, Earendil Labs...

Wilfred Yuen

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