Jazz Pharmaceuticals upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Madhu Kumar upgraded Jazz Pharmaceuticals to Buy from Neutral with a price target of $190, down from $192. The analyst is citing his positive outlook on operating margin performance and the potential for multiple upside levers, including demand and ex-U.S. expansion of Rylaze, potential acceleration in the launch of Xywav in idiopathic hypersomnia, or IH, and the ex-U.S. launch of Epidiolex. For Rylaze, Kumar states that the asparaginase drug has shown "strong growth" as it is set to outpace prior Erwinaze peak sales with potential to expand ex-U.S. into Japan and the E.U. Regarding Xywav, the analyst notes that while the rate of active patient growth in narcolepsy has slowed, he is still positive on the launch in IH given the potential for an uptick in IH diagnosis.