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

Regeneron Pharmaceuticals / Equity Bottom-Up

<ul><li>Regeneron Pharmaceuticals reported a solid financial and operational performance for the third quarter of 2024, highlighting key successes but also facing certain market challenges.</li><li>Total revenue for Q3 2024 saw an 11% increase year-over-year, amounting to $3.72 billion, primarily fueled by stronger Sanofi collaboration revenues and growth in key products like Dupixent and EYLEA HD.</li><li>Dupixent sales continue to impress with a 24% increase in global revenues to $3.8 billion.</li></ul>

Regeneron Pharmaceuticals reported a solid financial and operational performance for the third quarter of 2024, highlighting key successes but also facing certain market challenges.Total revenue for Q3 2024 saw an 11% increase year-over-year, amounting to $3.72 billion, primarily fueled by stronger Sanofi collaboration revenues and growth in key products like Dupixent and EYLEA HD.Dupixent sales continue to impress with a 24% increase in global revenues to $3.8 billion.

Regeneron Pharmaceuticals: Expansion of Dupixent to Additional Indications & Other Key Developments! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP)</a> announced top-line results of the Phase 3 trial of rocatinlimab targeting moderate to severe Atopic Dermatitis (eczema), which affects 6.6M patients in the U.S.</li>
<li>The trial met co-primary endpoints and reached statistically significant differences from placebo for all key secondary endpoints. However, efficacy data was less compelling compared to current standard of care.</li>
<li>Kyowa Kirin shares nosedived mainly on the concern over competitive strength of rocatinlimab. Amid gloomy outlook, Kyowa Kirin shares will need time to recover.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) announced top-line results of the Phase 3 trial of rocatinlimab targeting moderate to severe Atopic Dermatitis (eczema), which affects 6.6M patients in the U.S.
The trial met co-primary endpoints and reached statistically significant differences from placebo for all key secondary endpoints. However, efficacy data was less compelling compared to current standard of care.
Kyowa Kirin shares nosedived mainly on the concern over competitive strength of rocatinlimab. Amid gloomy outlook, Kyowa Kirin shares will need time to recover.


Kyowa Kirin (4151 JP): Reports Phase 3 Trial Result in Atopic Dermatitis; Rivalry Remains Doubtful

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>Last week, SGMO got an even faster FDA path for Fabry gene therapy, VKTX built more anticipation for upcoming oral <span style="font-size: var(--content-font-size);">GLP-1 data, and ITRM crossed the antibiotic finish line at last. </span></li><li>AMGN showed at-risk confidence with a favorable court ruling versus REGN, VRTX pain data was as expected, NVO’s oral GLP- 1 in diabetes also benefited CVD, and ZLAB was lifted by niche lung cancer data. </li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.Last week, SGMO got an even faster FDA path for Fabry gene therapy, VKTX built more anticipation for upcoming oral GLP-1 data, and ITRM crossed the antibiotic finish line at last. AMGN showed at-risk confidence with a favorable court ruling versus REGN, VRTX pain data was as expected, NVO’s oral GLP- 1 in diabetes also benefited CVD, and ZLAB was lifted by niche lung cancer data. 

Biopharma Week in Review - October 28, 2024

<ul>
<li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li>
<li>Last week, BMY received landmark antipsychotic approval, while BHVN finally scored a win in rare genetic SCA.</li>
<li>AMGN had approvable data in atopic dermatitis and gMG, but not enough to dethrone REGN and ARGX. </li>
</ul>


We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.
Last week, BMY received landmark antipsychotic approval, while BHVN finally scored a win in rare genetic SCA.
AMGN had approvable data in atopic dermatitis and gMG, but not enough to dethrone REGN and ARGX. 


Biopharma Week in Review - September 30, 2024

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.</li>
<li>Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.</li>
<li>My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.</li>
</ul>


Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.
Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.
My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.


Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

United States

Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company. The Company discovers, develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. Regeneron Pharmaceuticals serves the healthcare sector in the United States.

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

Regeneron Pharmaceuticals (REGN UW)

Regeneron Pharmaceuticals: Expansion of Dupixent to Additional Indications & Other Key Developments! - Major Drivers

Regeneron Pharmaceuticals reported a solid financial and operational performance for the third quarter of 2024, highlighting key successes but...

Baptista Research

Kyowa Kirin (4151 JP): Reports Phase 3 Trial Result in Atopic Dermatitis; Rivalry Remains Doubtful

Kyowa Kirin maintained 2024 guidance, which calls for 5% decline in operating profit and 16% decrease in net profit. The company is expected to...

Tina Banerjee

Biopharma Week in Review - October 28, 2024

Last week, SGMO got an even faster FDA path for Fabry gene therapy, VKTX built more anticipation for upcoming oral GLP-1 data, and ITRM crossed the...

Water Tower Research

Biopharma Week in Review - September 30, 2024

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A. Last week, BMY received...

Water Tower Research

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)