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>The Cigna Group is making specialty medicines a central pillar of its next phase of growth, targeting a market that management estimates is approaching $500 billion and expanding at a high-single-digit annual rate.</li><li>These are not everyday prescriptions, but treatments used for complex illnesses such as cancer, cystic fibrosis, hepatitis C and other conditions that often require specialized distribution, monitoring and clinical support.</li><li>Cigna already has a significant position through Accredo Specialty Pharmacy, but its strategy increasingly extends beyond delivering drugs directly to patients.</li></ul>

The Cigna Group is making specialty medicines a central pillar of its next phase of growth, targeting a market that management estimates is approaching $500 billion and expanding at a high-single-digit annual rate.These are not everyday prescriptions, but treatments used for complex illnesses such as cancer, cystic fibrosis, hepatitis C and other conditions that often require specialized distribution, monitoring and clinical support.Cigna already has a significant position through Accredo Specialty Pharmacy, but its strategy increasingly extends beyond delivering drugs directly to patients.

Cigna Is Chasing a $500 Billion Opportunity as Expensive Drugs Transform Healthcare!

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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>Cigna is a global health services company with a diversified business model, operating through two main segments: Evernorth Health Services and Cigna Healthcare.</li>
  <li>The company is focused on a services-led model, particularly through its Evernorth segment, which includes a large pharmacy benefit manager (PBM), specialty pharmacy, and care services. This is a key growth driver for the company.</li>
  <li>Cigna is navigating a dynamic healthcare landscape, including regulatory scrutiny of PBMs and evolving market trends, while aiming for long-term earnings growth and returning capital to shareholders through dividends and share buybacks.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Cigna is a global health services company with a diversified business model, operating through two main segments: Evernorth Health Services and Cigna Healthcare.
  The company is focused on a services-led model, particularly through its Evernorth segment, which includes a large pharmacy benefit manager (PBM), specialty pharmacy, and care services. This is a key growth driver for the company.
  Cigna is navigating a dynamic healthcare landscape, including regulatory scrutiny of PBMs and evolving market trends, while aiming for long-term earnings growth and returning capital to shareholders through dividends and share buybacks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>The Cigna Group reported strong financial and operational results in the first quarter of 2026, highlighted by total revenues of $68.5 billion and adjusted earnings per share of $7.79, representing a 16% increase year-over-year.</li><li>The company raised its full-year adjusted earnings per share guidance to at least $30.35, reflecting confidence in sustained growth driven by disciplined execution, strategic portfolio management, and continued investments in innovation.</li><li>The company operates two primary segments: Evernorth Health Services and Cigna Healthcare, both contributing positively to overall performance.</li></ul>

The Cigna Group reported strong financial and operational results in the first quarter of 2026, highlighted by total revenues of $68.5 billion and adjusted earnings per share of $7.79, representing a 16% increase year-over-year.The company raised its full-year adjusted earnings per share guidance to at least $30.35, reflecting confidence in sustained growth driven by disciplined execution, strategic portfolio management, and continued investments in innovation.The company operates two primary segments: Evernorth Health Services and Cigna Healthcare, both contributing positively to overall performance.

Cigna’s $30.35 EPS Floor: Can Evernorth Offset Pharmacy Margin Pressure?

<ul><li>The Cigna Group delivered third quarter 2025 performance that was broadly consistent with its financial commitments while laying out a deliberate reconfiguration of its pharmacy benefits economics that creates near-term margin pressure but is intended to improve transparency and affordability for customers and patients.</li><li>Results for the quarter included revenue of $69.7 billion and adjusted earnings per share of $7.83, aided by a net after-tax special item benefit of $61 million.</li><li>Management reaffirmed a full-year 2025 adjusted earnings per share outlook of at least $29.60, reflecting confidence in execution across its portfolio and continued investment in initiatives that are expected to reshape parts of the business over the next several years.</li></ul>

The Cigna Group delivered third quarter 2025 performance that was broadly consistent with its financial commitments while laying out a deliberate reconfiguration of its pharmacy benefits economics that creates near-term margin pressure but is intended to improve transparency and affordability for customers and patients.Results for the quarter included revenue of $69.7 billion and adjusted earnings per share of $7.83, aided by a net after-tax special item benefit of $61 million.Management reaffirmed a full-year 2025 adjusted earnings per share outlook of at least $29.60, reflecting confidence in execution across its portfolio and continued investment in initiatives that are expected to reshape parts of the business over the next several years.

The Cigna Group: Inside Evernorth’s Specialty Engine—How Biosimilars and Rising Specialty Volumes Are Driving Earnings Mix!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Technical Analysis

Bangkok Dusit Medical Services / Technical Analysis

<ul><li>Asian bourses and the SET eased following Trump's policy statement, while the baht strengthened, fueling expectations of fund inflows.</li><li>This led to gains in power plant stocks, along with increased buying activity in the finance, tourism, ICT, electronics, and hospital sectors.</li><li>As a result, the index held firm above 1,350 points, despite light trading volume.</li></ul>

Asian bourses and the SET eased following Trump's policy statement, while the baht strengthened, fueling expectations of fund inflows.This led to gains in power plant stocks, along with increased buying activity in the finance, tourism, ICT, electronics, and hospital sectors.As a result, the index held firm above 1,350 points, despite light trading volume.

United States

The Cigna Group operates as an insurance company. The Company offers life, accident, disability, supplemental, medicare, and dental insurance products and services. The Cigna Group serves individuals, families, and businesses worldwide.

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Cigna Group (CI US)

Cigna Is Chasing a $500 Billion Opportunity as Expensive Drugs Transform Healthcare!

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The Cigna Group delivered third quarter 2025 performance that was broadly consistent with its financial commitments while laying out a deliberate...

Baptista Research

Technical Analysis

Asian bourses and the SET eased following Trump's policy statement, while the baht strengthened, fueling expectations of fund inflows. This led to...

Krungthai XSpring

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