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' Q3 2025 financial results reflect a strategic direction focused on operational efficiency, pipeline advancement, and shareholder value enhancement.</li><li>The company reported total revenues of $3.76 billion, experiencing a slight decline of approximately 1% compared to the previous year.</li><li>However, when adjusting for the impact of the Indore facility, revenue on an operational basis indicated an approximate growth of 1%, showcasing resilient performance across different markets and product segments.</li></ul>

Viatris' Q3 2025 financial results reflect a strategic direction focused on operational efficiency, pipeline advancement, and shareholder value enhancement.The company reported total revenues of $3.76 billion, experiencing a slight decline of approximately 1% compared to the previous year.However, when adjusting for the impact of the Indore facility, revenue on an operational basis indicated an approximate growth of 1%, showcasing resilient performance across different markets and product segments.

Viatris Unlocks Growth Through Smart Partnerships & Regional Investments — But Will These Moves Pay Off in 2026 and Beyond?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma outlicensed XH-S004 to Expedition Therapeutics for $120M upfront and milestone payment. Remegen’s drug candidate met primary endpoint in Phase 3 trial for Sjögren's syndrome in China.</li>
<li>Astellas Pharma announced positive topline results from the Phase 3 trial evaluating Padcev in bladder cancer. Daewoong Pharmaceutical announced positive result for their self-developed semaglutide microneedle patch.</li>
<li>Zydus Lifesciences received FDA approval for chest pain drug Diltiazem Hydrochloride tablets. Lupin has partnered with Sandoz to market and commercialize Lupin’s biosimilar ranibizumab across multiple regions.</li>
</ul>


Fosun Pharma outlicensed XH-S004 to Expedition Therapeutics for $120M upfront and milestone payment. Remegen’s drug candidate met primary endpoint in Phase 3 trial for Sjögren's syndrome in China.
Astellas Pharma announced positive topline results from the Phase 3 trial evaluating Padcev in bladder cancer. Daewoong Pharmaceutical announced positive result for their self-developed semaglutide microneedle patch.
Zydus Lifesciences received FDA approval for chest pain drug Diltiazem Hydrochloride tablets. Lupin has partnered with Sandoz to market and commercialize Lupin’s biosimilar ranibizumab across multiple regions.


APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin

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

Health Care Select Sector SPDR / Technical Analysis

<ul>
<li>As the saying goes, "sector rotation is the lifeblood of a bull market." That appears to be exactly what is going on as we kick off 2024.</li>
<li>Leadership areas that have significantly outperformed since the October 2023 lows are starting to pull back rather hard -- and on above average volume (XLK, SMH, IGV, ARKK, IPO, BITQ)</li>
<li>Other Sectors are picking up the slack, namely Health Care (XLV), Staples (XLP), Utilities (XLU), Energy (XLE), Financials (XLF), and Real Estate (XLRE). Shift exposure toward value and defensives</li>
</ul>


As the saying goes, "sector rotation is the lifeblood of a bull market." That appears to be exactly what is going on as we kick off 2024.
Leadership areas that have significantly outperformed since the October 2023 lows are starting to pull back rather hard -- and on above average volume (XLK, SMH, IGV, ARKK, IPO, BITQ)
Other Sectors are picking up the slack, namely Health Care (XLV), Staples (XLP), Utilities (XLU), Energy (XLE), Financials (XLF), and Real Estate (XLRE). Shift exposure toward value and defensives


Upgrading Staples and Health Care to Market Weight; Shift to Value; Failed Breakouts for ARKK, IPO

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Solara Active Pharma Sciences / Equity Bottom-Up

Solara Active Pharma Sciences (SOLARA IN)

<ul>
<li>Solara's Q1 FY27 consolidated net profit rose 55% YoY to INR 16.3 crore on 19.5% revenue growth, its strongest quarterly EBITDA in 18 quarters.</li>
<li>Debt has fallen sharply on rights-issue proceeds and a CRISIL rating upgrade, just as management weighs strategic options, including a possible sale, for the loss-making Ibuprofen business.</li>
<li>How the base API and CRAMS franchise's structural margin recovery could change Solara's earnings trajectory through FY27, and where the risks still sit.</li>
</ul>


Solara's Q1 FY27 consolidated net profit rose 55% YoY to INR 16.3 crore on 19.5% revenue growth, its strongest quarterly EBITDA in 18 quarters.
Debt has fallen sharply on rights-issue proceeds and a CRISIL rating upgrade, just as management weighs strategic options, including a possible sale, for the loss-making Ibuprofen business.
How the base API and CRAMS franchise's structural margin recovery could change Solara's earnings trajectory through FY27, and where the risks still sit.


Solara Active Pharma: Carving Out Ibuprofen to Recapture Margin

<ul>
<li>Biocon, a global biopharmaceutical company, saw Mylan exit its entire 5.64% stake through a INR 3,680 crore block deal, removing a major ownership overhang.</li>
<li>The transaction is earnings-neutral but improves liquidity and price discovery, allowing investors to refocus on FY27 biosimilar launches, generics utilisation, deleveraging and Syngene recovery.</li>
<li>With integration largely done and deleveraging underway, FY27 is the year Biocon has to prove the biosimilars-insulin-GLP-1 bet actually pays for itself.</li>
</ul>


Biocon, a global biopharmaceutical company, saw Mylan exit its entire 5.64% stake through a INR 3,680 crore block deal, removing a major ownership overhang.
The transaction is earnings-neutral but improves liquidity and price discovery, allowing investors to refocus on FY27 biosimilar launches, generics utilisation, deleveraging and Syngene recovery.
With integration largely done and deleveraging underway, FY27 is the year Biocon has to prove the biosimilars-insulin-GLP-1 bet actually pays for itself.


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 Unlocks Growth Through Smart Partnerships & Regional Investments — But Will These Moves Pay Off in 2026 and Beyond?

Viatris' Q3 2025 financial results reflect a strategic direction focused on operational efficiency, pipeline advancement, and shareholder value...

Baptista Research

APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin

Astellas, Remegen, and Daewoong Pharma announced positive trial results for their respective drug candidates. Fosun Pharma stuck outlicensing deal....

Tina Banerjee

Upgrading Staples and Health Care to Market Weight; Shift to Value; Failed Breakouts for ARKK, IPO

Shifting exposure toward value and defensives. Upgrading Consumer Staples $XLP and Health Care $XLV to market weight. $ARKK and $IPO with bearish...

Vermilion Research

Solara Active Pharma: Carving Out Ibuprofen to Recapture Margin

Solara's Q1 FY27 net profit up 55% YoY to INR 16.3 crore, debt reduced, considering sale of loss-making Ibuprofen business, potential for margin...

Sudarshan Bhandari

Biocon: Can It Be Next Laurus Labs?

Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.

Sudarshan Bhandari

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Viatris Unlocks Growth Through Smart Partnerships & Regional Investments — But Will These Moves Pay Off in 2026 and Beyond?

Viatris' Q3 2025 financial results reflect a strategic direction focused on operational efficiency, pipeline advancement, and shareholder value...

Baptista Research

APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin

Astellas, Remegen, and Daewoong Pharma announced positive trial results for their respective drug candidates. Fosun Pharma stuck outlicensing deal....

Tina Banerjee

Upgrading Staples and Health Care to Market Weight; Shift to Value; Failed Breakouts for ARKK, IPO

Shifting exposure toward value and defensives. Upgrading Consumer Staples $XLP and Health Care $XLV to market weight. $ARKK and $IPO with bearish...

Vermilion Research

Solara Active Pharma: Carving Out Ibuprofen to Recapture Margin

​Solara's Q1 FY27 net profit up 55% YoY to INR 16.3 crore, debt reduced, considering sale of loss-making Ibuprofen business, potential for margin...

Sudarshan Bhandari

Biocon: Can It Be Next Laurus Labs?

​Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.

Sudarshan Bhandari

Solara's Q1 FY27 net profit up 55% YoY to INR 16.3 crore, debt reduced, considering sale of loss-making Ibuprofen business, potential for margin...

Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.