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 reported second quarter 2026 results showcasing continued growth and advancement across its commercial and clinical portfolios.</li><li>Total revenue increased 12% year-over-year to $3.3 billion, supported by strong sales from its cystic fibrosis (CF) franchise, including ALYFTREK and TRIKAFTA, as well as growing contributions from newer products CASGEVY for sickle cell disease and beta-thalassemia, and JOURNAVX in moderate-to-severe acute pain.</li><li>The CF business remains a core driver, with global CF revenue growing 11% year-over-year.</li></ul>

Vertex Pharmaceuticals reported second quarter 2026 results showcasing continued growth and advancement across its commercial and clinical portfolios.Total revenue increased 12% year-over-year to $3.3 billion, supported by strong sales from its cystic fibrosis (CF) franchise, including ALYFTREK and TRIKAFTA, as well as growing contributions from newer products CASGEVY for sickle cell disease and beta-thalassemia, and JOURNAVX in moderate-to-severe acute pain.The CF business remains a core driver, with global CF revenue growing 11% year-over-year.

Vertex Pharmaceuticals’ Crinetics Acquisition — Could It Unlock A $5 Billion Growth Pillar?

<ul><li>Vertex Pharmaceuticals moved decisively into specialty endocrinology by agreeing to acquire Crinetics Pharmaceuticals (NASDAQ:CRNX) for $85 per share in cash, implying about $10 billion of equity value and roughly $8.8 billion net of estimated cash acquired.</li><li>The agreement, announced in early July 2026, comes as Vertex looks to broaden a business still heavily anchored in cystic fibrosis, where it generated most of its $12 billion 2025 revenue.</li><li>Crinetics brings PALSONIFY, an FDA-approved once-daily oral acromegaly therapy launched in October 2025, and Atumelnant, a once-daily oral ACTH receptor antagonist in Phase III for congenital adrenal hyperplasia and Phase II for ACTH-dependent Cushing’s syndrome.</li></ul>

Vertex Pharmaceuticals moved decisively into specialty endocrinology by agreeing to acquire Crinetics Pharmaceuticals (NASDAQ:CRNX) for $85 per share in cash, implying about $10 billion of equity value and roughly $8.8 billion net of estimated cash acquired.The agreement, announced in early July 2026, comes as Vertex looks to broaden a business still heavily anchored in cystic fibrosis, where it generated most of its $12 billion 2025 revenue.Crinetics brings PALSONIFY, an FDA-approved once-daily oral acromegaly therapy launched in October 2025, and Atumelnant, a once-daily oral ACTH receptor antagonist in Phase III for congenital adrenal hyperplasia and Phase II for ACTH-dependent Cushing’s syndrome.

Vertex Pharmaceuticals Acquisition Alert: The $10 Billion Crinetics Deal That Could Redefine Growth!

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.</li>
<li>In terms of quantity and quality of innovations <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>  and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a>  are best positioned. Among private companies Senda Biosciences screened well. </li>
<li>Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA's potential versatility, risks and the necessity for RNA related exposure.</li>
</ul>


In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.
In terms of quantity and quality of innovations Alnylam Pharmaceuticals (ALNY US)  and Moderna (MRNA US)  are best positioned. Among private companies Senda Biosciences screened well. 
Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA's potential versatility, risks and the necessity for RNA related exposure.


Who Are Leading the Charge in the RNAissance of Medicine

<ul><li>Vertex Pharmaceuticals reported first quarter 2026 total product revenue of $2.99 billion, marking an 8% year-over-year increase.</li><li>Growth was driven primarily by continued performance in its cystic fibrosis (CF) franchise, which saw 6% global revenue growth, aided by U.S. and international uptake of ALYFTREK and TRIKAFTA, including recent label expansions that increased patient eligibility to approximately 95% of CF individuals.</li><li>ALYFTREK exceeded $1 billion in cumulative revenue, and additional submissions for younger patient populations are underway.</li></ul>

Vertex Pharmaceuticals reported first quarter 2026 total product revenue of $2.99 billion, marking an 8% year-over-year increase.Growth was driven primarily by continued performance in its cystic fibrosis (CF) franchise, which saw 6% global revenue growth, aided by U.S. and international uptake of ALYFTREK and TRIKAFTA, including recent label expansions that increased patient eligibility to approximately 95% of CF individuals.ALYFTREK exceeded $1 billion in cumulative revenue, and additional submissions for younger patient populations are underway.

Vertex Pharmaceuticals: The Big Diversification Bet Beyond Cystic Fibrosis Taking Shape!

<ul><li>Vertex Pharmaceuticals demonstrated robust financial performance in 2025, marked by consistent revenue growth and strategic expansion efforts.</li><li>The company reported a 10% increase in fourth-quarter revenue compared to the previous year, with total annual revenue reaching $12 billion, representing a 9% increase from 2024.</li><li>The cystic fibrosis (CF) franchise remains a cornerstone, contributing significantly to Vertex’s financial health, with an 11% revenue rise in the United States driven by increased pediatric uptake and the launch of new CF therapies.</li></ul>

Vertex Pharmaceuticals demonstrated robust financial performance in 2025, marked by consistent revenue growth and strategic expansion efforts.The company reported a 10% increase in fourth-quarter revenue compared to the previous year, with total annual revenue reaching $12 billion, representing a 9% increase from 2024.The cystic fibrosis (CF) franchise remains a cornerstone, contributing significantly to Vertex’s financial health, with an 11% revenue rise in the United States driven by increased pediatric uptake and the launch of new CF therapies.

Vertex’s $4.9 Billion Alpine Immune Sciences Acquisition Is Suddenly Looking Brilliant

United States

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes novel, small molecule pharmaceuticals for the treatment of diseases for which there are currently limited or no effective treatments.  The Company develops drugs for the treatment of cystic fibrosis, autoimmune diseases, cancer, inflammatory bowel disease, and neurological disorders.

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Vertex Pharmaceuticals (VRTX US)

Vertex Pharmaceuticals’ Crinetics Acquisition — Could It Unlock A $5 Billion Growth Pillar?

Vertex Pharmaceuticals reported second quarter 2026 results showcasing continued growth and advancement across its commercial and clinical...

Baptista Research

Vertex Pharmaceuticals Acquisition Alert: The $10 Billion Crinetics Deal That Could Redefine Growth!

Vertex Pharmaceuticals moved decisively into specialty endocrinology by agreeing to acquire Crinetics Pharmaceuticals (NASDAQ:CRNX) for $85 per...

Baptista Research

Who Are Leading the Charge in the RNAissance of Medicine

RNA therapeutics: We analyze the field and spotlight top players driving this precision medicine, for tackling rare diseases with innovative solutions

Pyari Menon

Vertex Pharmaceuticals: The Big Diversification Bet Beyond Cystic Fibrosis Taking Shape!

Vertex Pharmaceuticals reported first quarter 2026 total product revenue of $2.99 billion, marking an 8% year-over-year increase. Growth was...

Baptista Research

Vertex’s $4.9 Billion Alpine Immune Sciences Acquisition Is Suddenly Looking Brilliant

Vertex Pharmaceuticals demonstrated robust financial performance in 2025, marked by consistent revenue growth and strategic expansion efforts. The...

Baptista Research

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