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, formerly known by the ticker VTRS, reported its Q1 2025 earnings, reflecting a careful balance of opportunities and challenges.</li><li>For this quarter, Viatris recorded $3.3 billion in total revenues, representing a marginal decline of 2% when adjusted for divestitures and operational changes.</li><li>This decline was largely attributed to continued issues at the Indore facility, which impacted revenues by approximately $140 million.</li></ul>

Viatris, formerly known by the ticker VTRS, reported its Q1 2025 earnings, reflecting a careful balance of opportunities and challenges.For this quarter, Viatris recorded $3.3 billion in total revenues, representing a marginal decline of 2% when adjusted for divestitures and operational changes.This decline was largely attributed to continued issues at the Indore facility, which impacted revenues by approximately $140 million.

Viatris Inc: Fast-Acting Meloxicam Development, A $650M Buyback Blitz, & Other Key Developments!

<ul><li>Viatris's latest financial disclosures highlight a mix of positive and negative developments, resulting in mixed implications for potential investors.</li><li>In examining Viatris's performance for 2024 and their outlook for 2025, there are notable strategic strengths and ongoing challenges to consider.</li><li>In 2024, Viatris reported a modest revenue growth of 2% on a divestiture-adjusted operational basis, reaching approximately $14.7 billion, consistent with their guidance.</li></ul>

Viatris's latest financial disclosures highlight a mix of positive and negative developments, resulting in mixed implications for potential investors.In examining Viatris's performance for 2024 and their outlook for 2025, there are notable strategic strengths and ongoing challenges to consider.In 2024, Viatris reported a modest revenue growth of 2% on a divestiture-adjusted operational basis, reaching approximately $14.7 billion, consistent with their guidance.

Viatris Inc.: Expanding Footprint in China To Change The Game!

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&amp;D expertise and a track record of successful high-value launches most prominently gRevlimid.</li>
<li>Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.</li>
<li>We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.</li>
</ul>


Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&amp;D expertise and a track record of successful high-value launches most prominently gRevlimid.
Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.
We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.


Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

<ul><li>Viatris's Q3 2024 results showcased key elements both bolstering and challenging its financial position.</li><li>Notably, the company delivered significant revenue growth, with total revenues reaching $3.8 billion, a 3% increase on an operational basis.</li><li>Additionally, Viatris achieved its sixth consecutive quarter of growth in terms of adjusted EBITDA and adjusted earnings per share (EPS).</li></ul>

Viatris's Q3 2024 results showcased key elements both bolstering and challenging its financial position.Notably, the company delivered significant revenue growth, with total revenues reaching $3.8 billion, a 3% increase on an operational basis.Additionally, Viatris achieved its sixth consecutive quarter of growth in terms of adjusted EBITDA and adjusted earnings per share (EPS).

Viatris Inc.: Expansion of Innovative Portfolio As A Vital Factor Driving Growth! - Major Drivers

<ul><li>Viatris has delivered a solid performance in the second quarter of 2024, marking the fifth consecutive quarter of operational revenue growth.</li><li>Under the leadership of CEO Scott Smith, the company, which was formed from the merging of Mylan and Upjohn, a division of Pfizer, has effectively integrated two global entities and streamlined its operations through strategic divestitures.</li><li>This strategic realignment has evidently positioned Viatris at a pivotal point for future growth, focusing strongly on expanding its innovative products alongside its stable base business.</li></ul>

Viatris has delivered a solid performance in the second quarter of 2024, marking the fifth consecutive quarter of operational revenue growth.Under the leadership of CEO Scott Smith, the company, which was formed from the merging of Mylan and Upjohn, a division of Pfizer, has effectively integrated two global entities and streamlined its operations through strategic divestitures.This strategic realignment has evidently positioned Viatris at a pivotal point for future growth, focusing strongly on expanding its innovative products alongside its stable base business.

Viatris Inc.: Unlocking The Dry Eye Disease Market With Tyrvaya! - Major Drivers

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 Inc: Fast-Acting Meloxicam Development, A $650M Buyback Blitz, & Other Key Developments!

Viatris, formerly known by the ticker VTRS, reported its Q1 2025 earnings, reflecting a careful balance of opportunities and challenges. For this...

Baptista Research

Viatris Inc.: Expanding Footprint in China To Change The Game!

Viatris's latest financial disclosures highlight a mix of positive and negative developments, resulting in mixed implications for potential...

Baptista Research

Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...

Himanshu Dugar

Viatris Inc.: Expansion of Innovative Portfolio As A Vital Factor Driving Growth! - Major Drivers

Viatris's Q3 2024 results showcased key elements both bolstering and challenging its financial position. Notably, the company delivered...

Baptista Research

Viatris Inc.: Unlocking The Dry Eye Disease Market With Tyrvaya! - Major Drivers

Viatris has delivered a solid performance in the second quarter of 2024, marking the fifth consecutive quarter of operational revenue...

Baptista Research

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Viatris Inc: Fast-Acting Meloxicam Development, A $650M Buyback Blitz, & Other Key Developments!

Viatris, formerly known by the ticker VTRS, reported its Q1 2025 earnings, reflecting a careful balance of opportunities and challenges. For this...

Baptista Research

Viatris Inc.: Expanding Footprint in China To Change The Game!

Viatris's latest financial disclosures highlight a mix of positive and negative developments, resulting in mixed implications for potential...

Baptista Research

Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

​Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...

Himanshu Dugar

Viatris Inc.: Expansion of Innovative Portfolio As A Vital Factor Driving Growth! - Major Drivers

Viatris's Q3 2024 results showcased key elements both bolstering and challenging its financial position. Notably, the company delivered...

Baptista Research

Viatris Inc.: Unlocking The Dry Eye Disease Market With Tyrvaya! - Major Drivers

Viatris has delivered a solid performance in the second quarter of 2024, marking the fifth consecutive quarter of operational revenue...

Baptista Research

Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...