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 delivered a mixed set of results as it failed to meet the revenue expectations of Wall Street but managed an earnings beat.</li><li>They dealt with intense competition for important products like Wixela and the loss of exclusivity for Miacalcin and Perforomist.</li><li>In addition, they acquired Oyster Point Pharma and Famy Life Sciences in January to create their new Viatris Eye Care division.</li></ul>

Viatris delivered a mixed set of results as it failed to meet the revenue expectations of Wall Street but managed an earnings beat.They dealt with intense competition for important products like Wixela and the loss of exclusivity for Miacalcin and Perforomist.In addition, they acquired Oyster Point Pharma and Famy Life Sciences in January to create their new Viatris Eye Care division.

Credit

<ul><li>Viatris is a well-known global healthcare major with operations spread across North America, Europe, China, and other markets.</li><li>The company’s financial performance has been in recovery mode and has been impacted by numerous industry headwinds, especially inflationary pressures.</li><li>It had an interesting set of developments which included a strategic agreement to sell off their biosimilars business to Biocon Biologics.</li></ul>

Viatris is a well-known global healthcare major with operations spread across North America, Europe, China, and other markets.The company’s financial performance has been in recovery mode and has been impacted by numerous industry headwinds, especially inflationary pressures.It had an interesting set of developments which included a strategic agreement to sell off their biosimilars business to Biocon Biologics.

Viatris Inc: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on global healthcare giant, Viatris.</li><li>The company had an interesting set of developments which included a strategic agreement to sell off their biosimilars business to Biocon Biologics.</li><li>Due to the Famy Life Sciences acquisition, five more front-of-the-eye programs in diverse indications that are in Phase III or are ready for Phase III will be added.</li></ul>

This is our first report on global healthcare giant, Viatris.The company had an interesting set of developments which included a strategic agreement to sell off their biosimilars business to Biocon Biologics.Due to the Famy Life Sciences acquisition, five more front-of-the-eye programs in diverse indications that are in Phase III or are ready for Phase III will be added.

Viatris Inc: Initiation of Coverage – Recent Acquisitions & Other Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has recently received FDA approval for Vegzelma, a biosimilar to the reference product Avastin (bevacizumab), for the treatment of multiple types of cancer.</li>
<li>Apart from Celltrion, FDA has already approved three Avastin biosimilars. With increasing competition, ASP for the market leader Mvasi in the U.S. declined 39% y/y and 21% q/q in 2Q22.</li>
<li>Despite being present in the U.S. oncology biosimilar market for quite a long time, Celltrion has not been able to gain dominant market share for its existing products.</li>
</ul>



Celltrion Inc (068270 KS) has recently received FDA approval for Vegzelma, a biosimilar to the reference product Avastin (bevacizumab), for the treatment of multiple types of cancer.
Apart from Celltrion, FDA has already approved three Avastin biosimilars. With increasing competition, ASP for the market leader Mvasi in the U.S. declined 39% y/y and 21% q/q in 2Q22.
Despite being present in the U.S. oncology biosimilar market for quite a long time, Celltrion has not been able to gain dominant market share for its existing products.


Celltrion (068270 KS): Competition Makes US Approval of New Oncology Biosimilar Unappealing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biocon-ltd" target="_blank" data-smartkarma-citation="entities:398:1" rel="noopener">Biocon Ltd (BIOS IN)</a> divested 5.4% stake in <a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a> and raised INR12.2B. The proceed will be used to finance Biocon’s acquisition of biologics business of Viatris.</li>
<li>Biocon is still working on the equity-debt split of Viatris deal, and a final decision on the same will be announced soon.</li>
<li>The strategic deal with Viatris will transform Biocon Biologics into a leading vertically integrated global biologics company, with one of the broadest and deepest commercialized biosimilars portfolio in the industry.</li>
</ul>



Biocon Ltd (BIOS IN) divested 5.4% stake in Syngene International Ltd (SYNG IN) and raised INR12.2B. The proceed will be used to finance Biocon’s acquisition of biologics business of Viatris.
Biocon is still working on the equity-debt split of Viatris deal, and a final decision on the same will be announced soon.
The strategic deal with Viatris will transform Biocon Biologics into a leading vertically integrated global biologics company, with one of the broadest and deepest commercialized biosimilars portfolio in the industry.


Biocon Ltd (BIOS IN): Stake Sale in Subsidiary Is a Step in Right Direction

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)

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Viatris is a well-known global healthcare major with operations spread across North America, Europe, China, and other markets. The company’s...

Baptista Research

Viatris Inc: Initiation of Coverage – Recent Acquisitions & Other Drivers

This is our first report on global healthcare giant, Viatris. The company had an interesting set of developments which included a strategic...

Baptista Research

Celltrion (068270 KS): Competition Makes US Approval of New Oncology Biosimilar Unappealing

Celltrion got FDA approval for its oncology biosimilar Vegzelma. However, increasing competition and price erosion in the US market, lessen...

Tina Banerjee

Biocon Ltd (BIOS IN): Stake Sale in Subsidiary Is a Step in Right Direction

Biocon divested 5.4% stake in Syngene for INR12.2B to partly fund Viatris acquisition. Stake sell in Biocon Biologics and final decision on Viatris...

Tina Banerjee

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