Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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

Madrigal Pharmaceuticals Inc / Equity Bottom-Up

<ul><li>Madrigal Pharmaceuticals reported net sales of $311.3 million for the first quarter of 2026, reflecting a year-over-year increase of 127%, driven primarily by the performance of its liver-directed therapy, Rezdiffra.</li><li>The therapy has reached blockbuster status with over $1.1 billion in net sales over the past 12 months and more than 42,250 active patients by quarter-end, marking a 2.5-fold increase compared to the same period in 2025.</li><li>The company highlights the early-stage nature of the MASH (metabolic dysfunction-associated steatohepatitis) market, which has expanded nearly 50% to 460,000 diagnosed F2/F3 patients under specialist care in the U.S. Despite these gains, diagnosis and penetration rates remain relatively low at approximately 10%, suggesting further market growth potential.</li></ul>

Madrigal Pharmaceuticals reported net sales of $311.3 million for the first quarter of 2026, reflecting a year-over-year increase of 127%, driven primarily by the performance of its liver-directed therapy, Rezdiffra.The therapy has reached blockbuster status with over $1.1 billion in net sales over the past 12 months and more than 42,250 active patients by quarter-end, marking a 2.5-fold increase compared to the same period in 2025.The company highlights the early-stage nature of the MASH (metabolic dysfunction-associated steatohepatitis) market, which has expanded nearly 50% to 460,000 diagnosed F2/F3 patients under specialist care in the U.S. Despite these gains, diagnosis and penetration rates remain relatively low at approximately 10%, suggesting further market growth potential.

Madrigal Pharmaceuticals’ $1.1 Billion Rezdiffra Run: Can MASH Penetration Accelerate?