Wells Fargo analyst Jacob Hughes raised his price target for Jazz Pharmaceuticals to $186 from $168 and maintained an Outperform rating post-Q3 results, noting that shares are up approximately 18% since reporting results in November. Hughes tells investors in a research note that he believes the stock is undervalued based on the Xyrem momentum and underappreciated pipeline and expects near-term earnings beats to continue.

Sees 2024 revenue $4.0B-$4.2B, consensus $4.1B.

Reports Q1 revenue $901.98M, consensus $953.9M. "In Q1, we delivered combined double-digit year-over-year growth from our key growth drivers: Xywav, Epidiolex and Rylaze. We also significantly advanced our zanidatamab program with the completion of the BLA for 2L BTC," said CEO Bruce Cozadd. "We believe the robust growth in patients benefitting from Xywav underscores the appreciation physicians and patients have for the long-term health benefits of reducing sodium and expect Xywav to remain the oxybate of choice. We see continued demand for Rylaze as the only non-E. coli asparaginase regimen that provides sustained activity throughout the course of treatment, and we expect continued growth of Epidiolex to be driven by geographic expansion, optimized dosing and data demonstrating its beyond-seizure benefits. Growing and durable revenues from Xywav, Epidiolex and Rylaze, coupled with our pipeline progress, drive our confidence in delivering on our guidance and objectives for 2024."