Bernstein starts Jazz at Market Perform, says clock ticking on blockbuster drugs

Bernstein initiated coverage of Jazz Pharmaceuticals (JAZZ) with a Market Perform rating and $229 price target The firm believes investors should pass on Jazz because the current share price gives full credit for bullish outcomes regarding the company’s first big Oncology launch for Ziihera in biliary tract cancer and gastroesophageal cancer, positive outcome for Ziiherab’s high-risk EmpowHER-BC-303 Ph3 trial, and head-to-head competition vs Enhertu. The clock is ticking on Jazz’s blockbuster neurology drugs, which together accounted for 68% of FY25 product review, yet face significant near-term competitive risks, the analyst tells investors in a research note.