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>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

Global Healthcare Analyst

Tina Banerjee

CRISPR Therapeutics AG / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crispr-therapeutics-ag" target="_blank" data-smartkarma-citation="entities:23652:1" rel="noopener">CRISPR Therapeutics AG (CRSP US)</a> completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.</li>
<li>According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.</li>
<li>As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.</li>
</ul>



CRISPR Therapeutics AG (CRSP US) completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.
According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.
As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.


CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

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: 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

CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval

CRISPR completed regulatory submissions for exa-cel (world’s first CRISPR gene editing drug) in US and awaits FDA action date. Exa-cel has the...

Tina Banerjee

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

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