What does Jazz Pharma (JAZZ) Combined with GW Pharma (GWPH) Look Like?, PT Raised to $202 at Stifel
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The analyst reiterated a Buy rating, stating "We think the addition of GWPH’s Epidiolex for rare childhood epilepsies accelerates its diversification plan and offers another sizable avenue of growth through maximized penetration and geographic expansion. Several questions still linger regarding broad adoption and longevity,
and we highlight these topics within (with KOL/legal checks), but we think these are surmountable. Though Epidiolex dominates the story, JAZZ will continue to develop late-stage nabiximols (currently in 5 Ph.3 trials), with only one successful trial required to support an NDA (approved as Sativex in EU). Consolidated, we think JAZZ has a powerful growth engine, with a now well-diversified portfolio (65% new product contribution by 2022—including JZP-485/ALL-LBL, Xywav/IH approvals in 2021). Our integrated model, with accretion starting in 2022 of $18.48, growing to $20.71 by 2024—more conservative than our initial calculations."
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