Jazz Pharmaceuticals (JAZZ): Reiterating Outperform After Management Meetings - BMO
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BMO Capital analyst, Gary Nachman, reiterated his Outperform rating on shares of Jazz Pharmaceuticals (NASDAQ: JAZZ) after hosting investor meetings with the IR team.
JAZZ addressed the pricing question, believes it has been a responsible price taker and should not be considered a bad citizen in this area. The analyst believes this dynamic has unfairly weighed on JAZZ's stock, although it may take getting through the election cycle for it to clear.
JAZZ is on track to achieve mid-to-high single digit volume growth for Xyrem for the full year. With 4% volume growth in 1H and relatively easy comps in 2H, it should be able to achieve high-single digit volume growth in 2H. JAZZ recently hired a reimbursement focused salesforce of five reps that will go to the physicians' offices to facilitate dealing with the PAs.
The Vyxeos rolling NDA was just initiated and it is possible to see an approval by 2Q17. JAZZ also plans to file Vyxeos in the EU in 1H17.
JZP-110 should help leverage the sleep franchise with Phase 3 data in OSA/narcolepsy on track for 1H17.
No change to the price target of $195.
Shares of Jazz Pharmaceuticals closed at $122.56 yesterday.
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