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

<ul><li>Merck’s $10 billion acquisition of Verona Pharma marks another pivotal move in its broader strategy to offset the looming revenue hit from Keytruda’s patent expiration in late 2028.</li><li>The company is navigating an era of transformation, with nearly 20 launches planned over the next few years, including key assets in cardiometabolic, immunology, HIV, and oncology.</li><li>While Keytruda generated $29.5 billion in 2024 revenue and remains Merck’s crown jewel, its approaching loss of exclusivity is expected to erode annual revenues by $18 billion, prompting Merck to aggressively expand and diversify its pipeline.</li></ul>

Merck’s $10 billion acquisition of Verona Pharma marks another pivotal move in its broader strategy to offset the looming revenue hit from Keytruda’s patent expiration in late 2028.The company is navigating an era of transformation, with nearly 20 launches planned over the next few years, including key assets in cardiometabolic, immunology, HIV, and oncology.While Keytruda generated $29.5 billion in 2024 revenue and remains Merck’s crown jewel, its approaching loss of exclusivity is expected to erode annual revenues by $18 billion, prompting Merck to aggressively expand and diversify its pipeline.

Merck’s $10 Billion Verona Buyout: Smart Bet or Scramble Before the Keytruda Cliff?

Merck & Co

Merck’s $10 Billion Verona Buyout: Smart Bet or Scramble Before the Keytruda Cliff?