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

Vertex Pharmaceuticals / Equity Bottom-Up

<ul><li>Vertex Pharmaceuticals began 2024 with strong financial and operational results, driven by several key factors.</li><li>Total revenue for the first quarter was $2.7 billion, marking a 13% increase compared to the same period the previous year.</li><li>This growth was largely fueled by the continued expansion of its cystic fibrosis (CF) therapies, particularly TRIKAFTA, and the introduction of CASGEvY, a new treatment for sickle cell disease and beta thalassemia.</li></ul>

Vertex Pharmaceuticals began 2024 with strong financial and operational results, driven by several key factors.Total revenue for the first quarter was $2.7 billion, marking a 13% increase compared to the same period the previous year.This growth was largely fueled by the continued expansion of its cystic fibrosis (CF) therapies, particularly TRIKAFTA, and the introduction of CASGEvY, a new treatment for sickle cell disease and beta thalassemia.

Vertex Pharmaceuticals: How Are They Strengthening Phase III Drug Pipeline? - Major Drivers

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Although people acknowledged BeiGene's performance, it still makes us uneasy about a long-standing question: When will BeiGene be profitable?With current cost structure, there’s at least two years left until breakeven. </li>
<li>BeiGene’s internationalization only proves decent increase in revenue, but it doesn’t yet verify its profitability.SG&amp;A expense ratio completely deviates from the normal state of Biotech with over US$2 billion sales.</li>
<li>If BeiGene indeed has a plan to turn loss into profits, besides maintaining a high growth rate in sales, reasonable optimization in cost and expenses is the most basic “sincerity”.</li>
</ul>


Although people acknowledged BeiGene's performance, it still makes us uneasy about a long-standing question: When will BeiGene be profitable?With current cost structure, there’s at least two years left until breakeven. 
BeiGene’s internationalization only proves decent increase in revenue, but it doesn’t yet verify its profitability.SG&amp;A expense ratio completely deviates from the normal state of Biotech with over US$2 billion sales.
If BeiGene indeed has a plan to turn loss into profits, besides maintaining a high growth rate in sales, reasonable optimization in cost and expenses is the most basic “sincerity”.


BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

<ul><li>During Vertex Pharmaceuticals' Fourth Quarter 2023 Earnings Call, the company highlighted the achievements of the past year, including the strong financial results they achieved and the progress of their various drug development programs.</li><li>Vertex continued its impressive growth streak, achieving full year CF product revenues of $9.87 billion, which represents an 11% growth from 2022.</li><li>The company attributes this growth primarily to the increased number of CF patients being reached and the groundbreaking approvals of CASGEVY, the first-ever CRISPR/Cas9-based therapy.</li></ul>

During Vertex Pharmaceuticals' Fourth Quarter 2023 Earnings Call, the company highlighted the achievements of the past year, including the strong financial results they achieved and the progress of their various drug development programs.Vertex continued its impressive growth streak, achieving full year CF product revenues of $9.87 billion, which represents an 11% growth from 2022.The company attributes this growth primarily to the increased number of CF patients being reached and the groundbreaking approvals of CASGEVY, the first-ever CRISPR/Cas9-based therapy.

Vertex Pharmaceuticals: Commercial Launch of CASGEVY

<ul><li>Vertex Pharmaceuticals delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>In the third quarter, Vertex witnessed a commendable 6% growth in global product revenue compared to the previous year.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Vertex Pharmaceuticals delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.In the third quarter, Vertex witnessed a commendable 6% growth in global product revenue compared to the previous year.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Vertex Pharmaceuticals: Diversifying Beyond Cystic Fibrosis – The Next Big Leap? - Major Drivers

<ul><li>Vertex Pharmaceuticals delivered a solid result and managed an all-around beat last quarter.</li><li>The company's continued momentum in all aspects, particularly in the Cystic Fibrosis (CF) business, has led to solid growth in global product revenue.</li><li>Vertex has strategically invested in promising therapies for severe sickle cell disease, transfusion-dependent beta-thalassemia, acute pain relief, and CF treatments.</li></ul>

Vertex Pharmaceuticals delivered a solid result and managed an all-around beat last quarter.The company's continued momentum in all aspects, particularly in the Cystic Fibrosis (CF) business, has led to solid growth in global product revenue.Vertex has strategically invested in promising therapies for severe sickle cell disease, transfusion-dependent beta-thalassemia, acute pain relief, and CF treatments.

Vertex Pharmaceuticals: Exploring the Pipeline: From Pain Relief to Sickle Cell Miracles! - Major Drivers

United States

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves healthcare sector worldwide.

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Vertex Pharmaceuticals (VRTX UW)

Vertex Pharmaceuticals: How Are They Strengthening Phase III Drug Pipeline? - Major Drivers

Vertex Pharmaceuticals began 2024 with strong financial and operational results, driven by several key factors. Total revenue for the first...

Baptista Research

BeiGene (6160.HK/BGNE.US/688235.CH) - Pain Points Behind the High Growth

Due to quick pick-up of expenses, breakeven is more challenging. BeiGene hasn't proved its profitability. If it indeed has a plan to turn loss into...

Xinyao (Criss) Wang

Vertex Pharmaceuticals: Commercial Launch of CASGEVY

During Vertex Pharmaceuticals' Fourth Quarter 2023 Earnings Call, the company highlighted the achievements of the past year, including the strong...

Baptista Research

Vertex Pharmaceuticals: Diversifying Beyond Cystic Fibrosis – The Next Big Leap? - Major Drivers

Vertex Pharmaceuticals delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. In the third quarter,...

Baptista Research

Vertex Pharmaceuticals: Exploring the Pipeline: From Pain Relief to Sickle Cell Miracles! - Major Drivers

Vertex Pharmaceuticals delivered a solid result and managed an all-around beat last quarter. The company's continued momentum in all aspects,...

Baptista Research

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Market Cap (USDm)

P/E

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Vertex Pharmaceuticals: How Are They Strengthening Phase III Drug Pipeline? - Major Drivers

Vertex Pharmaceuticals began 2024 with strong financial and operational results, driven by several key factors. Total revenue for the first...

Baptista Research

BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

Due to quick pick-up of expenses, breakeven is more challenging. BeiGene hasn't proved its profitability. If it indeed has a plan to turn loss into...

Xinyao (Criss) Wang

Vertex Pharmaceuticals: Commercial Launch of CASGEVY

During Vertex Pharmaceuticals' Fourth Quarter 2023 Earnings Call, the company highlighted the achievements of the past year, including the strong...

Baptista Research

Vertex Pharmaceuticals: Diversifying Beyond Cystic Fibrosis – The Next Big Leap? - Major Drivers

Vertex Pharmaceuticals delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. In the third quarter,...

Baptista Research

Vertex Pharmaceuticals: Exploring the Pipeline: From Pain Relief to Sickle Cell Miracles! - Major Drivers

Vertex Pharmaceuticals delivered a solid result and managed an all-around beat last quarter. The company's continued momentum in all aspects,...

Baptista Research

BeiGene (6160.HK/BGNE.US/688235.CH) - Pain Points Behind the High Growth