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 A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing certain challenges.</li><li>The company delivered an 18% increase in sales and a 20% growth in operating profit, reflecting robust demand for its diabetes and obesity treatments.</li><li>These positive results underscore the company's ongoing market leadership, with approximately 46 million patients currently benefiting from its treatment solutions.</li></ul>

Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing certain challenges.The company delivered an 18% increase in sales and a 20% growth in operating profit, reflecting robust demand for its diabetes and obesity treatments.These positive results underscore the company's ongoing market leadership, with approximately 46 million patients currently benefiting from its treatment solutions.

Novo Nordisk Is Capitalizing On The Worldwide Weight Loss BOOM—Here’s What’s Coming!

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>FDA approval of Wegovy is overvalued at approx. $460 billion. Market exaggerated the worth without proper assessment of weight loss results and risks associated with the drug.</li>
<li>Clinical trials showed a 14.9% weight loss with diet and exercise; real-world results would be lower. Impact on BMI for obese individuals won't be significant. Long-term use is questionable.</li>
<li>Competition in the GLP-1 market is fierce. Novo Nordisk faces challenges in India and China, increased capex spending, and risks from compounding pharmacies and potential legal issues.</li>
</ul>


FDA approval of Wegovy is overvalued at approx. $460 billion. Market exaggerated the worth without proper assessment of weight loss results and risks associated with the drug.
Clinical trials showed a 14.9% weight loss with diet and exercise; real-world results would be lower. Impact on BMI for obese individuals won't be significant. Long-term use is questionable.
Competition in the GLP-1 market is fierce. Novo Nordisk faces challenges in India and China, increased capex spending, and risks from compounding pharmacies and potential legal issues.


Novo Nordisk: Is the FDA Approval of Wegovy Worth an Extra $460 Bn?

<ul><li>Novo Nordisk delivered a strong financial performance in 2024, with a 26% rise in both sales and operating profit, driven by its blockbuster diabetes and obesity drugs, Ozempic and Wegovy.</li><li>The company reported a 30% year-over-year revenue increase in the fourth quarter, surpassing expectations, largely due to pricing adjustments in the U.S. The results eased investor concerns over a potential slowdown in the obesity market, particularly after rival Eli Lilly’s recent sales miss.</li><li>Novo’s stock surged 3% in European trading and 3.4% in premarket U.S. trading following the earnings report.</li></ul>

Novo Nordisk delivered a strong financial performance in 2024, with a 26% rise in both sales and operating profit, driven by its blockbuster diabetes and obesity drugs, Ozempic and Wegovy.The company reported a 30% year-over-year revenue increase in the fourth quarter, surpassing expectations, largely due to pricing adjustments in the U.S. The results eased investor concerns over a potential slowdown in the obesity market, particularly after rival Eli Lilly’s recent sales miss.Novo’s stock surged 3% in European trading and 3.4% in premarket U.S. trading following the earnings report.

Novo Nordisk: Can This $11 Billion Expansion Solve Its Wegovy and Ozempic Supply Crisis & Give It An Edge Over Eli Lilly?

<ul>
<li>GLP-1s are “a solution” for obesity and not “the solution”. There are over 100 GLP-1s in development and this space could become very commoditised.</li>
<li>Its valuation has certainly become a lot more palatable, and Novo Nordisk is now trading on a FPE of 24.</li>
<li>Lilly’s Zepbound is the preferred GLP-1: Given the better tolerance, and superior results, Zepbound is chosen over Wegovy.</li>
</ul>


GLP-1s are “a solution” for obesity and not “the solution”. There are over 100 GLP-1s in development and this space could become very commoditised.
Its valuation has certainly become a lot more palatable, and Novo Nordisk is now trading on a FPE of 24.
Lilly’s Zepbound is the preferred GLP-1: Given the better tolerance, and superior results, Zepbound is chosen over Wegovy.


Is It Time to Go Long Novo Nordisk (NVO US)?

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>Innovent is most well-known as the developer of mazdutide in China, however this is overshadowing a strong portfolio of oncology drugs in a very high growth market.</li>
<li>China’s approach to healthcare is being defined by having the biggest diabetic population, over 4 million new cancer cases per year, and over 100 million living with obesity.</li>
<li>We expect the valuation gap between the two first-to-market GLP-1 drugs, and competition to close. Oncology drug sales and valuations will continue its growth trajectory.</li>
</ul>


Innovent is most well-known as the developer of mazdutide in China, however this is overshadowing a strong portfolio of oncology drugs in a very high growth market.
China’s approach to healthcare is being defined by having the biggest diabetic population, over 4 million new cancer cases per year, and over 100 million living with obesity.
We expect the valuation gap between the two first-to-market GLP-1 drugs, and competition to close. Oncology drug sales and valuations will continue its growth trajectory.


Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Novo Nordisk (NVO US)

Novo Nordisk Is Capitalizing On The Worldwide Weight Loss BOOM—Here’s What’s Coming!

Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing...

Baptista Research

Novo Nordisk: Is the FDA Approval of Wegovy Worth an Extra $460 Bn?

In light of the bullish Innovent report, and the ongoing news about new GLP-1s in the pipeline, this "Novo Nordisk - critical analysis" provides a...

daaimon

Novo Nordisk: Can This $11 Billion Expansion Solve Its Wegovy and Ozempic Supply Crisis & Give It An Edge Over Eli Lilly?

Novo Nordisk delivered a strong financial performance in 2024, with a 26% rise in both sales and operating profit, driven by its blockbuster...

Baptista Research

Is It Time to Go Long Novo Nordisk (NVO US)?

GLP-1s are "a" solution for obesity. With 100+ in development, the market could become overcrowded. NN's valuation is more realistic now, but we...

daaimon

Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

Mazdutide's strong results will position it well against the competition, and the valuation gap will narrow. The oncology portfolio will continue...

daaimon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Novo Nordisk Is Capitalizing On The Worldwide Weight Loss BOOM—Here’s What’s Coming!

Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing...

Baptista Research

Novo Nordisk: Is the FDA Approval of Wegovy Worth an Extra $460 Bn?

In light of the bullish Innovent report, and the ongoing news about new GLP-1s in the pipeline, this "Novo Nordisk - critical analysis" provides a...

daaimon

Novo Nordisk: Can This $11 Billion Expansion Solve Its Wegovy and Ozempic Supply Crisis & Give It An Edge Over Eli Lilly?

Novo Nordisk delivered a strong financial performance in 2024, with a 26% rise in both sales and operating profit, driven by its blockbuster...

Baptista Research

Is It Time to Go Long Novo Nordisk (NVO US)?

​GLP-1s are "a" solution for obesity. With 100+ in development, the market could become overcrowded. NN's valuation is more realistic now, but we...

daaimon

Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

Mazdutide's strong results will position it well against the competition, and the valuation gap will narrow. The oncology portfolio will continue...

daaimon

GLP-1s are "a" solution for obesity. With 100+ in development, the market could become overcrowded. NN's valuation is more realistic now, but we...