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>Alcon exited 2025 with a stronger second half and a particularly solid fourth quarter, but management continued to frame the environment as improved rather than fully normalized.</li>
<li>Reported fourth quarter sales rose 7% to $2.7 billion, with Surgical up 6% and Vision Care up 7%.</li>
<li>The performance reflected momentum in equipment, dry eye, and select premium lens categories, while also highlighting competitive pressure in implantables and more uneven conditions outside the U.S. The 2026 outlook for 5% to 7% top-line growth was positioned as a disciplined starting point that largely assumes market growth holds near recent levels, with incremental contribution from a broad set of launches, but with enough variability in both demand and product trajectories to justify a wide range.</li>
</ul>


Alcon exited 2025 with a stronger second half and a particularly solid fourth quarter, but management continued to frame the environment as improved rather than fully normalized.
Reported fourth quarter sales rose 7% to $2.7 billion, with Surgical up 6% and Vision Care up 7%.
The performance reflected momentum in equipment, dry eye, and select premium lens categories, while also highlighting competitive pressure in implantables and more uneven conditions outside the U.S. The 2026 outlook for 5% to 7% top-line growth was positioned as a disciplined starting point that largely assumes market growth holds near recent levels, with incremental contribution from a broad set of launches, but with enough variability in both demand and product trajectories to justify a wide range.


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