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 Capital Markets

<ul><li>This is our first report global pharma major, Novartis.</li><li>The company delivered a mixed set of results for the last quarter, failing to meet Wall Street expectations in terms of revenues but managing an earnings beat.</li><li>The innovative medicine sales grew consistently in the quarter across the U.S.</li></ul>

This is our first report global pharma major, Novartis.The company delivered a mixed set of results for the last quarter, failing to meet Wall Street expectations in terms of revenues but managing an earnings beat.The innovative medicine sales grew consistently in the quarter across the U.S.

Novartis ADR: Initiation of Coverage – Latest Focus Areas & Key Drivers

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/helixmith-co-ltd" target="_blank" data-smartkarma-citation="entities:7636:1" rel="noopener">Helixmith (084990 KS)</a> shares have been sliding since end of June due to delay in receiving the recommendation from the U.S. data monitoring committee for its phase 3 clinical trial.</li>
<li>On August 18, Helixmith received recommendation to continue phase 3 clinical trial of its lead candidate Engensis (VM202) for diabetic peripheral neuropathy, thereby removing the overhang.</li>
<li>Engensis has attracted high interest from investors, as it is targeting a large addressable patient population of nearly 8.5 million in the U.S. alone, with high unmet medical need.  </li>
</ul>



Helixmith (084990 KS) shares have been sliding since end of June due to delay in receiving the recommendation from the U.S. data monitoring committee for its phase 3 clinical trial.
On August 18, Helixmith received recommendation to continue phase 3 clinical trial of its lead candidate Engensis (VM202) for diabetic peripheral neuropathy, thereby removing the overhang.
Engensis has attracted high interest from investors, as it is targeting a large addressable patient population of nearly 8.5 million in the U.S. alone, with high unmet medical need.  


Helixmith (084990 KS): Overhang on Phase 3 Clinical Trial Uncertainty Got Removed

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<li>
<a href="https://www.smartkarma.com/entities/jhbp-cy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29201:1" rel="noopener">JHBP (Genor) (6998 HK)</a> received approval in China for its first commercial drug, GB242, a biosimilar to Remicade (infliximab). Approved indications have an addressable patient population of 10 million.</li>
<li>The company is also expected to obtain marketing approval for its drug candidate for the treatment of relapsed and refractory peripheral T-cell lymphoma (PTCL) in China this year.</li>
<li>In-Licensed GB491 (lerociclib) has entered in two phase 3 clinical trials for first and second-line treatments of breast cancer. NDA for GB491 is expected to be filed in 2023.</li>
</ul>



JHBP (Genor) (6998 HK) received approval in China for its first commercial drug, GB242, a biosimilar to Remicade (infliximab). Approved indications have an addressable patient population of 10 million.
The company is also expected to obtain marketing approval for its drug candidate for the treatment of relapsed and refractory peripheral T-cell lymphoma (PTCL) in China this year.
In-Licensed GB491 (lerociclib) has entered in two phase 3 clinical trials for first and second-line treatments of breast cancer. NDA for GB491 is expected to be filed in 2023.


Genor Biopharma (6998 HK): First Product Approved in China; Late-Stage Pipeline Entails Visibility

<ul>
<li>
<a href="https://www.smartkarma.com/entities/santen-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8602:1" rel="noopener">Santen Pharmaceutical (4536 JP)</a> is the market leader for prescription ophthalmic pharmaceuticals in Japan, with 52% market share. 68% of total revenue comes from domestic market.  </li>
<li>Santen’s key partnered drug, Eylea, which contributes 29% of total revenue, is set to lose patent protection in Japan this year.</li>
<li>Eylea is expected to face competition from biosimilars as well as new biologic drugs launched. This will limit Santen’s near-term growth potential.  </li>
</ul>



Santen Pharmaceutical (4536 JP) is the market leader for prescription ophthalmic pharmaceuticals in Japan, with 52% market share. 68% of total revenue comes from domestic market.  
Santen’s key partnered drug, Eylea, which contributes 29% of total revenue, is set to lose patent protection in Japan this year.
Eylea is expected to face competition from biosimilars as well as new biologic drugs launched. This will limit Santen’s near-term growth potential.  


Santen Pharmaceutical (4536 JP): Future Is Uncertain Beyond Eylea

Ilyang Pharmaceutical Co., / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ilyang-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:2789:1" rel="noopener">Ilyang Pharmaceutical Co., (007570 KS)</a> shares have plunged 19% since we published our bearish insight on the company on November 2, 2021.</li>
<li>We are still bearish on Ilyang Pharmaceutical as both of its key drugs, Noltec and Supect are facing increasing competition from new generation treatments.</li>
<li>Q4 provisional results indicate sequential deceleration in revenue, operating profit, and net profit. Recently, one institutional shareholder has reduced stake holding in the company.  </li>
</ul>



Ilyang Pharmaceutical Co., (007570 KS) shares have plunged 19% since we published our bearish insight on the company on November 2, 2021.
We are still bearish on Ilyang Pharmaceutical as both of its key drugs, Noltec and Supect are facing increasing competition from new generation treatments.
Q4 provisional results indicate sequential deceleration in revenue, operating profit, and net profit. Recently, one institutional shareholder has reduced stake holding in the company.  


Ilyang Pharmaceutical (007570 KS): Key Drugs Facing Increasing Competition

Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company uses innovative science and digital technologies to create transformative treatments in areas of great medical need. Novartis offers patent protected prescription medicine and generic pharmaceuticals and biosimilars.

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Novartis (NOVN SW)

Novartis ADR: Initiation of Coverage – Latest Focus Areas & Key Drivers

This is our first report global pharma major, Novartis. The company delivered a mixed set of results for the last quarter, failing to meet Wall...

Baptista Research

Helixmith (084990 KS): Overhang on Phase 3 Clinical Trial Uncertainty Got Removed

Helixmith has received much awaited IDMC recommendations for phase 3 clinical trial for its lead candidate Engensis in diabetic neuropathy in US,...

Tina Banerjee

Genor Biopharma (6998 HK): First Product Approved in China; Late-Stage Pipeline Entails Visibility

Genor obtained marketing approval for its first product in China, one more is expected this year. Commercial execution remains the key near-term...

Tina Banerjee

Santen Pharmaceutical (4536 JP): Future Is Uncertain Beyond Eylea

Santen’s key drug to face biosimilar competition is the major overhang on the company’s near-term growth potential. The company does not have any...

Tina Banerjee

Ilyang Pharmaceutical (007570 KS): Key Drugs Facing Increasing Competition

Increasing competition for its key drugs, sequential decelerating financial performance in Q4, and recent institutional shareholder selling stocks...

Tina Banerjee

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