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 delivered a decent financial performace surpassing the Wall Street expectations in terms of revenues as well as earnings, with sustained momentum across its key growth drivers and steady progress in its pipeline.</li><li>They collaborated with Ginkgo Bioworks, an American biotech company, to engineer four enzymes for the biocatalysts in Merck's active pharmaceutical manufacturing efforts.</li><li>It continues to advance its programs across its wide cardiovascular pipeline, which includes its Factor XI inhibitor.</li></ul>

Merck & Co delivered a decent financial performace surpassing the Wall Street expectations in terms of revenues as well as earnings, with sustained momentum across its key growth drivers and steady progress in its pipeline.They collaborated with Ginkgo Bioworks, an American biotech company, to engineer four enzymes for the biocatalysts in Merck's active pharmaceutical manufacturing efforts.It continues to advance its programs across its wide cardiovascular pipeline, which includes its Factor XI inhibitor.

Merck & Co: Biocatalysis Update & The Ginkgo Bioworks Collaboration

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> reported Q3 revenue of $3.36 billion, below expectation, representing y/y decline of 35% and q/q decrease of 31%, due to lower sales volume of COVID-19 vaccine.</li>
<li>Management now expects 2022 vaccine revenue of $18–19 billion, down earlier expectation of $21 billion, following delay of certain deliveries into 2023 due to short-term supply constraints.  </li>
<li>With the continued higher medical burden of COVID relative to flu, Moderna expects the endemic COVID vaccine market could be as large or larger than flu market volumes over time.</li>
</ul>



Moderna Inc (MRNA US) reported Q3 revenue of $3.36 billion, below expectation, representing y/y decline of 35% and q/q decrease of 31%, due to lower sales volume of COVID-19 vaccine.
Management now expects 2022 vaccine revenue of $18–19 billion, down earlier expectation of $21 billion, following delay of certain deliveries into 2023 due to short-term supply constraints.  
With the continued higher medical burden of COVID relative to flu, Moderna expects the endemic COVID vaccine market could be as large or larger than flu market volumes over time.


Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,650/1,666 points and the support at 1,631 points (10-day EMA)/1,620 points (25-day EMA).</li><li>We recommend trading buy on COM7, SPVI and BDMS.</li><li>Technically, the index seems to have remained in an uptrend, with continued increases in the low and high points each day; there will be more buy signs if it surpasses the previous resistance at 1,650 points.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,650/1,666 points and the support at 1,631 points (10-day EMA)/1,620 points (25-day EMA).We recommend trading buy on COM7, SPVI and BDMS.Technically, the index seems to have remained in an uptrend, with continued increases in the low and high points each day; there will be more buy signs if it surpasses the previous resistance at 1,650 points.

<ul><li>Merck continues to perform pretty well in the last quarter and delivered another all-around beat while continuing to bid on long-term growth.</li><li>During the quarter, it achieved robust bottom and top-line growth and has made some additional vital clinical advancements in its pipelines.</li><li>The animal health business of Merck also delivered strong performances as sales increased, driven by growth in both companion animal products and livestock.</li></ul>

Merck continues to perform pretty well in the last quarter and delivered another all-around beat while continuing to bid on long-term growth.During the quarter, it achieved robust bottom and top-line growth and has made some additional vital clinical advancements in its pipelines.The animal health business of Merck also delivered strong performances as sales increased, driven by growth in both companion animal products and livestock.

<ul>
<li>Comirnaty had had a significant positive impact on <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>’s revenue in 2021. 2022 will be no different. However, outlook for COVID-19 vaccine is uncertain beyond 2022.</li>
<li>Apart from the existing blockbuster fast-growing drugs, Pfizer has a rich late-stage pipeline. Its alopecia areata drug candidate, ritlecitinib has potential to become a blockbuster drug.  </li>
<li>Pfizer aims to add $25 billion revenue to its 2030 top-line expectations. Thus far, the company has announced two deals toward this ambition, entailing potential revenue addition of $7.5 billion.</li>
</ul>


Comirnaty had had a significant positive impact on Pfizer Inc (PFE US)’s revenue in 2021. 2022 will be no different. However, outlook for COVID-19 vaccine is uncertain beyond 2022.
Apart from the existing blockbuster fast-growing drugs, Pfizer has a rich late-stage pipeline. Its alopecia areata drug candidate, ritlecitinib has potential to become a blockbuster drug.  
Pfizer aims to add $25 billion revenue to its 2030 top-line expectations. Thus far, the company has announced two deals toward this ambition, entailing potential revenue addition of $7.5 billion.


Pfizer Inc (PFE US): What’s Lie Ahead of Comirnaty? Potential Blockbuster Drugs in Pipeline

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 & Co: Biocatalysis Update & The Ginkgo Bioworks Collaboration

Merck & Co delivered a decent financial performace surpassing the Wall Street expectations in terms of revenues as well as earnings, with...

Baptista Research

Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred

Moderna’s Q3 result missed expectations. The company has cut 2022 vaccine revenue guidance. Multiple data readouts for respiratory and cancer...

Tina Banerjee

Market Outlook and Recommendations

The SET Index is expected to move sideways up, with the resistance at 1,650/1,666 points and the support at 1,631 points (10-day EMA)/1,620 points...

Krungthai XSpring

Merck Inc.: Keytruda & Other Drivers

Merck continues to perform pretty well in the last quarter and delivered another all-around beat while continuing to bid on long-term...

Baptista Research

Pfizer Inc (PFE US): What’s Lie Ahead of Comirnaty? Potential Blockbuster Drugs in Pipeline

By leveraging on windfall gains from COVID portfolio, Pfizer is developing additional growth spots for future revenue growth. Its pipeline and...

Tina Banerjee

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