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>Moderna reported third-quarter 2025 revenue of $1 billion, primarily driven by the sales of its vaccines, Spikevax, mNEXSPIKE, and mRESVIA.</li><li>The company posted a net loss of $200 million for the quarter.</li><li>Moderna’s financial position remains robust, with $6.6 billion in cash and investments.</li></ul>

Moderna reported third-quarter 2025 revenue of $1 billion, primarily driven by the sales of its vaccines, Spikevax, mNEXSPIKE, and mRESVIA.The company posted a net loss of $200 million for the quarter.Moderna’s financial position remains robust, with $6.6 billion in cash and investments.

Moderna Builds a Diversified Biotech Powerhouse — And Its Next Growth Cycle Is Already Forming!

<ul><li>During the third quarter of 2025, Moderna Inc. reported $1 billion in revenue, primarily driven by sales of their approved vaccines: Spikevax, mNEXSPIKE, and mRESVIA.</li><li>However, the company reported a net loss of $200 million, contrasting with a profit of $13 million in the same period the previous year.</li><li>The decline in revenue, by 45% year-over-year, was mainly due to reduced demand for COVID vaccines.</li></ul>

During the third quarter of 2025, Moderna Inc. reported $1 billion in revenue, primarily driven by sales of their approved vaccines: Spikevax, mNEXSPIKE, and mRESVIA.However, the company reported a net loss of $200 million, contrasting with a profit of $13 million in the same period the previous year.The decline in revenue, by 45% year-over-year, was mainly due to reduced demand for COVID vaccines.

Moderna In Crisis? FDA Memo Ties Vaccines To Deaths, Stock Tumbles!

<ul><li>The earnings report for Moderna, Inc.'s second quarter of 2025 presents a multifaceted picture of the company's current financial health and strategic endeavors.</li><li>Beginning with the financial landscape, Moderna reported revenues of $2.1 billion and experienced a loss of $0.8 billion, which aligns with the company's expectations given the seasonal nature of its respiratory vaccine business.</li><li>Notably, the company managed to reduce its cost of sales and SG&A by 35% compared to the previous year, indicating a strong commitment to financial discipline.</li></ul>

The earnings report for Moderna, Inc.'s second quarter of 2025 presents a multifaceted picture of the company's current financial health and strategic endeavors.Beginning with the financial landscape, Moderna reported revenues of $2.1 billion and experienced a loss of $0.8 billion, which aligns with the company's expectations given the seasonal nature of its respiratory vaccine business.Notably, the company managed to reduce its cost of sales and SG&A by 35% compared to the previous year, indicating a strong commitment to financial discipline.

Moderna’s Mysterious Exit Sparks Acquisition Frenzy—What’s Really Happening?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.</li><li>Mainly affected was MRNA, which had a new COVID-19 vaccine approved with a restrictive label and HHS funding canceled for pre-pandemic bird flu vaccines.</li><li>Public comments for the Section 232 investigation are rolling out, signaling pharma tariffs could be imminent, with expectations of ~25%.</li></ul>

The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.Mainly affected was MRNA, which had a new COVID-19 vaccine approved with a restrictive label and HHS funding canceled for pre-pandemic bird flu vaccines.Public comments for the Section 232 investigation are rolling out, signaling pharma tariffs could be imminent, with expectations of ~25%.

Biopharma Week in Review - Possible Calm Before the Storm; Pharma Tariffs Looming

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>Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.</li><li>While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.</li><li>Biopharma shrugged off MFN pricing targets, as implementation remained unclear. </li></ul>

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.Biopharma shrugged off MFN pricing targets, as implementation remained unclear. 

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

United States

Moderna, Inc. operates as a biotechnology company. The Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases.

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Moderna (MRNA US)

Moderna Builds a Diversified Biotech Powerhouse — And Its Next Growth Cycle Is Already Forming!

Moderna reported third-quarter 2025 revenue of $1 billion, primarily driven by the sales of its vaccines, Spikevax, mNEXSPIKE, and mRESVIA. The...

Baptista Research

Moderna In Crisis? FDA Memo Ties Vaccines To Deaths, Stock Tumbles!

During the third quarter of 2025, Moderna Inc. reported $1 billion in revenue, primarily driven by sales of their approved vaccines: Spikevax,...

Baptista Research

Moderna’s Mysterious Exit Sparks Acquisition Frenzy—What’s Really Happening?

The earnings report for Moderna, Inc.'s second quarter of 2025 presents a multifaceted picture of the company's current financial health and...

Baptista Research

Biopharma Week in Review - Possible Calm Before the Storm; Pharma Tariffs Looming

The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.

Water Tower Research

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.

Krungthai XSpring

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