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>Novo Nordisk is escalating its obesity strategy at a time when competition with Eli Lilly is becoming more intense, pricing pressure is rising, and the long-term exclusivity of semaglutide is beginning to weaken in some markets.</li><li>Its latest move is a licensing agreement worth up to $2.6 billion for HRS-1596, an experimental oral GLP-1/GIP drug from Jiangsu Hengrui Pharmaceuticals that could eventually be taken once weekly.</li><li>Only $300 million is being paid upfront, with the balance tied to future development and commercial milestones, but the transaction still highlights how aggressively Novo is searching for the next generation of obesity treatments.</li></ul>

Novo Nordisk is escalating its obesity strategy at a time when competition with Eli Lilly is becoming more intense, pricing pressure is rising, and the long-term exclusivity of semaglutide is beginning to weaken in some markets.Its latest move is a licensing agreement worth up to $2.6 billion for HRS-1596, an experimental oral GLP-1/GIP drug from Jiangsu Hengrui Pharmaceuticals that could eventually be taken once weekly.Only $300 million is being paid upfront, with the balance tied to future development and commercial milestones, but the transaction still highlights how aggressively Novo is searching for the next generation of obesity treatments.

Novo Nordisk’s $2.6 Billion Obesity Bet: Can It Catch Eli Lilly Again?

<ul><li>Novo Nordisk AS reported steady progress during the second quarter of 2026, reflecting ongoing strategic initiatives across its obesity and diabetes franchises, pipeline development, and operational transformation.</li><li>The company now serves over 46 million patients living with obesity and diabetes, representing a nearly 70% increase in obesity treatment patients year-over-year, with nearly 5 million on obesity treatments.</li><li>A key commercial highlight was the global rollout of the Wegovy Pill, which reached approximately 1.5 million users worldwide.</li></ul>

Novo Nordisk AS reported steady progress during the second quarter of 2026, reflecting ongoing strategic initiatives across its obesity and diabetes franchises, pipeline development, and operational transformation.The company now serves over 46 million patients living with obesity and diabetes, representing a nearly 70% increase in obesity treatment patients year-over-year, with nearly 5 million on obesity treatments.A key commercial highlight was the global rollout of the Wegovy Pill, which reached approximately 1.5 million users worldwide.

Novo Nordisk AS’s 1.5 Million-User Breakthrough — Wegovy Pill Changes The Obesity Battle!

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)

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/novo-nordisk-a-s-ba872722-aea4-4193-b627-b24b9ec09595">Novo Nordisk</a> is a global leader in diabetes and obesity care, capitalizing on the immense growth of its GLP-1 franchise, led by blockbuster drugs Ozempic and Wegovy.</li>
 <li>The company faces a significant challenge from its primary competitor, Eli Lilly, which has comparable offerings, leading to intense competition in pricing, market access, and manufacturing capacity.</li>
 <li>Future growth is contingent on expanding manufacturing capabilities to meet soaring demand, navigating significant pricing pressures from payers, and successfully advancing a pipeline that is heavily concentrated on the semaglutide compound.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Novo Nordisk is a global leader in diabetes and obesity care, capitalizing on the immense growth of its GLP-1 franchise, led by blockbuster drugs Ozempic and Wegovy.
  The company faces a significant challenge from its primary competitor, Eli Lilly, which has comparable offerings, leading to intense competition in pricing, market access, and manufacturing capacity.
  Future growth is contingent on expanding manufacturing capabilities to meet soaring demand, navigating significant pricing pressures from payers, and successfully advancing a pipeline that is heavily concentrated on the semaglutide compound.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>On 20th March 2026, the critical patent for Semaglutide expires in India, decisively ending the innovator's legal monopoly and enabling highly affordable generic versions. </li>
<li>This triggers a massive 70% retail price drop in India, exponentially expanding affordable access to millions suffering from prevalent obesity and diabetes.</li>
<li>Vertically integrated formulators like Sun Pharma and specialized API manufacturers like Divis Laboratories capture maximum alpha through scaled volumes and zero customer acquisition costs.</li>
</ul>


On 20th March 2026, the critical patent for Semaglutide expires in India, decisively ending the innovator's legal monopoly and enabling highly affordable generic versions. 
This triggers a massive 70% retail price drop in India, exponentially expanding affordable access to millions suffering from prevalent obesity and diabetes.
Vertically integrated formulators like Sun Pharma and specialized API manufacturers like Divis Laboratories capture maximum alpha through scaled volumes and zero customer acquisition costs.


The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

Denmark

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

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Novo Nordisk (NVO US)

Novo Nordisk’s $2.6 Billion Obesity Bet: Can It Catch Eli Lilly Again?

Novo Nordisk is escalating its obesity strategy at a time when competition with Eli Lilly is becoming more intense, pricing pressure is rising,...

Baptista Research

Novo Nordisk AS’s 1.5 Million-User Breakthrough — Wegovy Pill Changes The Obesity Battle!

Novo Nordisk AS reported steady progress during the second quarter of 2026, reflecting ongoing strategic initiatives across its obesity and...

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

Primer: Novo Nordisk (NVO US) - Aug 2026

Novo Nordisk is a global leader in diabetes and obesity care, capitalizing on the immense growth of its GLP-1 franchise, led by blockbuster...

αSK Primers

The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Novo Nordisk’s $2.6 Billion Obesity Bet: Can It Catch Eli Lilly Again?

Novo Nordisk is escalating its obesity strategy at a time when competition with Eli Lilly is becoming more intense, pricing pressure is rising,...

Baptista Research

Novo Nordisk AS’s 1.5 Million-User Breakthrough — Wegovy Pill Changes The Obesity Battle!

Novo Nordisk AS reported steady progress during the second quarter of 2026, reflecting ongoing strategic initiatives across its obesity and...

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

Primer: Novo Nordisk (NVO US) - Aug 2026

Novo Nordisk is a global leader in diabetes and obesity care, capitalizing on the immense growth of its GLP-1 franchise, led by blockbuster...

αSK Primers

The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

​Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.

Nimish Maheshwari

Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.