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

Neurocrine Biosciences / Equity Bottom-Up

<ul><li>Neurocrine Biosciences reported strong financial and operational results for the second quarter of 2026, highlighting progress across its diversified commercial portfolio and pipeline development.</li><li>Total revenue exceeded $950 million, representing nearly 40% year-over-year growth, with net product sales from INGREZZA, CRENESSITY, and VYKAT XR contributing significantly.</li><li>INGREZZA delivered $716 million in net sales, up 15% year-over-year, supported by record new patient starts and sustained demand.</li></ul>

Neurocrine Biosciences reported strong financial and operational results for the second quarter of 2026, highlighting progress across its diversified commercial portfolio and pipeline development.Total revenue exceeded $950 million, representing nearly 40% year-over-year growth, with net product sales from INGREZZA, CRENESSITY, and VYKAT XR contributing significantly.INGREZZA delivered $716 million in net sales, up 15% year-over-year, supported by record new patient starts and sustained demand.

Neurocrine Biosciences’ Soleno Acquisition: Is VYKAT XR The Next Big Franchise?

<ul><li>Neurocrine Biosciences reported first-quarter 2026 results showcasing significant progress in both its commercial portfolio and clinical pipeline.</li><li>The company achieved over $800 million in net product sales for the first time, representing a 44% year-over-year increase.</li><li>This growth was primarily driven by INGREZZA, which recorded $657 million in sales, a 20% rise compared to the prior year, fueled by robust volume growth and record new patient additions.</li></ul>

Neurocrine Biosciences reported first-quarter 2026 results showcasing significant progress in both its commercial portfolio and clinical pipeline.The company achieved over $800 million in net product sales for the first time, representing a 44% year-over-year increase.This growth was primarily driven by INGREZZA, which recorded $657 million in sales, a 20% rise compared to the prior year, fueled by robust volume growth and record new patient additions.

Neurocrine Biosciences: CRENESSITY Launch Momentum and Phase III Readouts Create a Powerful Growth Setup!

<ul><li>Neurocrine Biosciences has long been associated with one blockbuster, but that framing now looks incomplete.</li><li>The company enters this phase with a multibillion-dollar commercial base, a second rare disease product that has already started scaling, a deep late-stage pipeline, and a balance sheet strong enough to support both internal R&D and external dealmaking.</li><li>That is what makes the reported interest in Soleno so notable.</li></ul>

Neurocrine Biosciences has long been associated with one blockbuster, but that framing now looks incomplete.The company enters this phase with a multibillion-dollar commercial base, a second rare disease product that has already started scaling, a deep late-stage pipeline, and a balance sheet strong enough to support both internal R&D and external dealmaking.That is what makes the reported interest in Soleno so notable.

Neurocrine Is No Longer A One-Drug Story—So Why Is It Moving Into Another Rare Disease Market?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.</li>
<li>Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.</li>
<li>Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.</li>
</ul>


CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.
Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.
Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.


APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

<ul><li>Neurocrine Biosciences recently reported its fourth quarter and fiscal year 2025 financial results, showcasing strong performance driven by its products INGREZZA and CRENESSITY.</li><li>The company recorded total sales exceeding $2.8 billion, reflecting a notable 22% year-over-year growth.</li><li>INGREZZA contributed over $2.5 billion in revenue, marking a 9% increase from the previous year, primarily fueled by double-digit volume growth.</li></ul>

Neurocrine Biosciences recently reported its fourth quarter and fiscal year 2025 financial results, showcasing strong performance driven by its products INGREZZA and CRENESSITY.The company recorded total sales exceeding $2.8 billion, reflecting a notable 22% year-over-year growth.INGREZZA contributed over $2.5 billion in revenue, marking a 9% increase from the previous year, primarily fueled by double-digit volume growth.

Neurocrine Biosciences: CRENESSITY Is Just Getting Started—From Endocrinologists to Primary Care

United States

Neurocrine Biosciences, Inc. is focused on the discovery and development of therapeutics for neuropsychiatric, neuroinflammatory, and neurodegenerative diseases and disorders.  The Company is developing therapeutic interventions for anxiety, depression, Alzheimer's disease, insomnia, stroke, malignant brain tumors, multiple sclerosis, obesity, and diabetes.

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Neurocrine Biosciences (NBIX US)

Neurocrine Biosciences’ Soleno Acquisition: Is VYKAT XR The Next Big Franchise?

Neurocrine Biosciences reported strong financial and operational results for the second quarter of 2026, highlighting progress across its...

Baptista Research

Neurocrine Biosciences: CRENESSITY Launch Momentum and Phase III Readouts Create a Powerful Growth Setup!

Neurocrine Biosciences reported first-quarter 2026 results showcasing significant progress in both its commercial portfolio and clinical...

Baptista Research

Neurocrine Is No Longer A One-Drug Story—So Why Is It Moving Into Another Rare Disease Market?

Neurocrine Biosciences has long been associated with one blockbuster, but that framing now looks incomplete. The company enters this phase with a...

Baptista Research

APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

CSPC and Akeso announced positive results from their respective Phase 3 trials for cancer drug candidates. Takeda got FDA approval for blood cancer...

Tina Banerjee

Neurocrine Biosciences: CRENESSITY Is Just Getting Started—From Endocrinologists to Primary Care

Neurocrine Biosciences recently reported its fourth quarter and fiscal year 2025 financial results, showcasing strong performance driven by its...

Baptista Research

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