JAZZ - 'Till The Music Stops - Ziihera GEA PDUFA in Focus as Platform Broadens; Assume Coverage & Raise PT to $256

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JAZZ - 'Till The Music Stops - Ziihera GEA PDUFA in Focus as Platform Broadens; Assume Coverage & Raise PT to $256

Truist Securities

Equity Research Report June 9, 2026

HEALTHCARE: Biotech Jazz Pharmaceuticals plc (JAZZ)

JAZZ - 'Till The Music Stops - Ziihera GEA PDUFA in Focus as Gregory Renza, M.D.

212-419-4617 Platform Broadens; Assume Coverage & Raise PT to $256

Gregory.Renza@truist.com

Anish Nikhanj, Ph.D. We assume coverage of JAZZ with an unchanged Buy rating at a $256 PT (from $230).

212-326-3106 We see NT upside for JAZZ with Ziihera's 1L GEA PDUFA ahead, on August 25th as well

Anish.Nikhanj@truist.com as a growing onco base with Modeyso and Zepzelca with label-expansion optionality via

ACTION and LAGOON, respectively. Neuroscience anchors serviceable revenue for JAZZ,

Supawat Thongthip, Ph.D. with Epidiolex a blockbuster, and Xywav - though we model continued sleep-base erosion vs

212-401-4429 comps. To us, JAZZ remains committed to building a balanced, portfolio via BD, with a noted

Supawat.Thongthip@truist.com interest in rare disease. Net net, we see a favorable risk/reward into zani's GEA approval

decision and franchise build.

Stock Rating BUY Ziihera serves as a key growth lever to JAZZ's topline, with 1L GEA PDUFA ahead on

Unchanged August 25. We note growing product revenue from Ziihera, building through its 2L HER2+

BTC launch and an expanding reach beyond academic centers, offering a durable U.S.

Price Target $256.00 foundation in BTC. We also see a fairly high PoS (we est. ~70%) for a larger opportunity in

↑ 1L GEA, which could come following the slated August 25 PDUFA, and unlocking the bulk

from of our peak revenue opportunity; with ~90% prescribe overlap between BTC and GEA, we

$230.00 expect uptake to ramp quickly on approval.