Promising HERIZON-GEA Trial Results Drive Buy Rating for Jazz Pharmaceuticals' ZiiheraWe expect JAZZ to trade up meaningfully today following announcement of very positive results (LINK) from the HERIZON-GEA trial, as these results are even better than the upside scenario we highlighted in our preview note (LINK). Ziihera + chemotherapy delivered a statistically significant PFS benefit and a strong positive trend in OS versus the control arm, supporting an sNDA submission in 1H26. The Ziihera + tislelizumab + chemotherapy arm showed statistically significant improvements in both PFS and OS, in PD-L1–positive as well as PD-L1-negative subgroups, results that, in our view, strongly position Ziihera- based regimens to become the new standard of care in first-line HER2+ locally advanced unresectable or metastatic GEA. The next interim OS analysis for the Ziihera + chemo arm is expected in mid-2026.