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’s earnings report for the first nine months of 2025 reflects a complex financial and strategic landscape.</li><li>The company reported a 15% rise in sales and a 10% increase in operating profit.</li><li>The growth in sales was largely driven by the U.S. and international operations both showing robust performance, although the company has tempered future expectations by adjusting guidance to 8-11% sales growth and 4-7% for operating profit due to anticipated slower growth in its key GLP-1 treatments for diabetes and obesity.</li></ul>

Novo Nordisk’s earnings report for the first nine months of 2025 reflects a complex financial and strategic landscape.The company reported a 15% rise in sales and a 10% increase in operating profit.The growth in sales was largely driven by the U.S. and international operations both showing robust performance, although the company has tempered future expectations by adjusting guidance to 8-11% sales growth and 4-7% for operating profit due to anticipated slower growth in its key GLP-1 treatments for diabetes and obesity.

Novo Nordisk’s Wegovy Pill Strategy Is a Game-Changer—Inside the Big Bet!

<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's Pursuit Of Metsera: Inside Its $10 Billion Power Move Against Pfizer!

Novo Nordisk Boardroom Coup? Foundation Forces Complete Leadership Reset!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.</li>
<li>We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.
We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.


Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Thematic (Sector/Industry)

<ul>
<li>On March 9, 2026, a Delhi High Court Division Bench dismissed Novo Nordisk's appeal, upholding a single-judge ruling that its semaglutide species patent (IN 262697) appears vulnerable to revocation.</li>
<li>The judgment clears <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a>'s to continue exporting semaglutide and signals an imminent generic flood on March 20, 2026, when the patent formally expires.</li>
<li>Emcure's exclusive Novo Nordisk Poviztra pact makes it India's only licensed semaglutide distributor for the innovator brand, but HC ruling simultaneously accelerates 54-brand generic entry that will compress pricing industrywide.</li>
</ul>


On March 9, 2026, a Delhi High Court Division Bench dismissed Novo Nordisk's appeal, upholding a single-judge ruling that its semaglutide species patent (IN 262697) appears vulnerable to revocation.
The judgment clears Dr. Reddy's Laboratories (DRRD IN)'s to continue exporting semaglutide and signals an imminent generic flood on March 20, 2026, when the patent formally expires.
Emcure's exclusive Novo Nordisk Poviztra pact makes it India's only licensed semaglutide distributor for the innovator brand, but HC ruling simultaneously accelerates 54-brand generic entry that will compress pricing industrywide.


Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

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 Wegovy Pill Strategy Is a Game-Changer—Inside the Big Bet!

Novo Nordisk’s earnings report for the first nine months of 2025 reflects a complex financial and strategic landscape. The company reported a 15%...

Baptista Research

Novo Nordisk's Pursuit Of Metsera: Inside Its $10 Billion Power Move Against Pfizer!

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 Boardroom Coup? Foundation Forces Complete Leadership Reset!

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

Baptista Research

Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Upgrading Health Care $XLV and Consumer Staples $XLP to Market Weight; Monitoring Tech $XLK for a Downgrade. $LLY $JNJ $ABBV $MRK $NVS $ABT $NVO...

Vermilion Research

Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.

Sudarshan Bhandari

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Novo Nordisk’s Wegovy Pill Strategy Is a Game-Changer—Inside the Big Bet!

Novo Nordisk’s earnings report for the first nine months of 2025 reflects a complex financial and strategic landscape. The company reported a 15%...

Baptista Research

Novo Nordisk's Pursuit Of Metsera: Inside Its $10 Billion Power Move Against Pfizer!

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 Boardroom Coup? Foundation Forces Complete Leadership Reset!

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

Baptista Research

Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Upgrading Health Care $XLV and Consumer Staples $XLP to Market Weight; Monitoring Tech $XLK for a Downgrade. $LLY $JNJ $ABBV $MRK $NVS $ABT $NVO...

Vermilion Research

Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

​Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.

Sudarshan Bhandari

Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.