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>Viatris is accelerating its transition toward innovative medicines with its October 8, 2026 agreement to acquire Pacira BioSciences (NASDAQ:PCRX) for approximately $1.65 billion in cash, or $36.50 per share.</li><li>The offer represents a roughly 45% premium to Pacira’s previous closing price and would add two established non-opioid pain therapies, EXPAREL and ZILRETTA, to Viatris’ pharmaceutical portfolio.</li><li>Pacira generated approximately $746 million in revenue and $177 million in adjusted EBITDA during the twelve months ended June 2026, providing an existing earnings base rather than relying entirely on future drug launches.</li></ul>

Viatris is accelerating its transition toward innovative medicines with its October 8, 2026 agreement to acquire Pacira BioSciences (NASDAQ:PCRX) for approximately $1.65 billion in cash, or $36.50 per share.The offer represents a roughly 45% premium to Pacira’s previous closing price and would add two established non-opioid pain therapies, EXPAREL and ZILRETTA, to Viatris’ pharmaceutical portfolio.Pacira generated approximately $746 million in revenue and $177 million in adjusted EBITDA during the twelve months ended June 2026, providing an existing earnings base rather than relying entirely on future drug launches.

Viatris’ Pacira Acquisition: Could $50 Million In Synergies Unlock Bigger Gains?

<ul><li>Viatris reported second-quarter 2026 financial results reflecting continued operational revenue growth, strong profitability, and progress across its global product portfolio and pipeline.</li><li>Total revenues were $3.8 billion, representing a 3.5% operational increase year-over-year, driven primarily by growth in Greater China and solid performance in complex generics and branded products in North America.</li><li>Adjusted EBITDA was $1.2 billion, and adjusted EPS reached $0.69, both exceeding company expectations.</li></ul>

Viatris reported second-quarter 2026 financial results reflecting continued operational revenue growth, strong profitability, and progress across its global product portfolio and pipeline.Total revenues were $3.8 billion, representing a 3.5% operational increase year-over-year, driven primarily by growth in Greater China and solid performance in complex generics and branded products in North America.Adjusted EBITDA was $1.2 billion, and adjusted EPS reached $0.69, both exceeding company expectations.

Viatris’ $150 Million Headwind — Can Growth And Pipeline Momentum Offset Nashik?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.</li>
<li>Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.</li>
<li>Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.</li>
</ul>


Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.
Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.
Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.


U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

<ul><li>Viatris reported a solid first quarter of 2026, with total revenues reaching $3.5 billion, marking a 3% operational increase year-over-year.</li><li>Adjusted EBITDA came in at $1 billion, and adjusted earnings per share stood at $0.59, reflecting a continuation of the company’s growth trajectory.</li><li>The company highlighted three strategic imperatives underpinning its progress: strengthening its base business, advancing its innovative portfolio, and modernizing operations to foster sustainable growth.</li></ul>

Viatris reported a solid first quarter of 2026, with total revenues reaching $3.5 billion, marking a 3% operational increase year-over-year.Adjusted EBITDA came in at $1 billion, and adjusted earnings per share stood at $0.59, reflecting a continuation of the company’s growth trajectory.The company highlighted three strategic imperatives underpinning its progress: strengthening its base business, advancing its innovative portfolio, and modernizing operations to foster sustainable growth.

Viatris’ 18% China Surge: Is The Market Missing Its Regional Growth Engine?

<ul><li>Viatris has presented a summary of its financial performance and strategic initiatives for 2025 while outlining its expectations for 2026.</li><li>Positives of the results include a revenue growth of approximately 2% compared to the prior year, excluding the impact from their Indore facility issues.</li><li>The company reported $14.3 billion in total revenues for 2025 with an adjusted EBITDA of $4.2 billion.</li></ul>

Viatris has presented a summary of its financial performance and strategic initiatives for 2025 while outlining its expectations for 2026.Positives of the results include a revenue growth of approximately 2% compared to the prior year, excluding the impact from their Indore facility issues.The company reported $14.3 billion in total revenues for 2025 with an adjusted EBITDA of $4.2 billion.

Why Viatris Pipeline Progress Matters More Than The 2% Growth Outlook

United States

Viatris Inc. operates as a pharmaceutical company. The Company produces medicines for patients across broad range of major therapeutic areas spanning both noncommunicable and infectious diseases. Viatris serves clients worldwide.

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Viatris (VTRS US)

Viatris’ Pacira Acquisition: Could $50 Million In Synergies Unlock Bigger Gains?

Viatris is accelerating its transition toward innovative medicines with its October 8, 2026 agreement to acquire Pacira BioSciences (NASDAQ:PCRX)...

Baptista Research

Viatris’ $150 Million Headwind — Can Growth And Pipeline Momentum Offset Nashik?

Viatris reported second-quarter 2026 financial results reflecting continued operational revenue growth, strong profitability, and progress across...

Baptista Research

U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

U.S. Dollar $DXY Rolling Over; 10- and 30-Yr Treasury Yields Hit Major Resistance; Small-Caps to Follow Mid- and Large-Caps to New Highs $IWM $RTY...

Vermilion Research

Viatris’ 18% China Surge: Is The Market Missing Its Regional Growth Engine?

Viatris reported a solid first quarter of 2026, with total revenues reaching $3.5 billion, marking a 3% operational increase...

Baptista Research

Why Viatris Pipeline Progress Matters More Than The 2% Growth Outlook

Viatris has presented a summary of its financial performance and strategic initiatives for 2025 while outlining its expectations for...

Baptista Research

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