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JAZZ

Jazz Pharmaceuticals

$140.89

1.045 (0.75%)

10:34
04/04/19
04/04
10:34
04/04/19
10:34

Jazz Pharmaceuticals announces civil settlement agreement with DOJ

Jazz Pharmaceuticals disclosed in a regulatory filing that the company and its subsidiaries Jazz Pharmaceuticals, Inc. and Jazz Pharmaceuticals Ireland Limited entered into a civil settlement agreement with the U.S. Department of Justice and the Office of Inspector General of the Department of Health and Human Services related to subpoenas that Jazz received from the DOJ in 2016 and 2017 requesting documents related to Jazz's support of charitable organizations that provide financial assistance to Medicare patients. Jazz previously announced an agreement in principle to resolve this matter. In accordance with the settlement agreement, the company will pay the U.S. Government the sum of $57M plus interest at a rate of 2.75% commencing from April 10, 2018 through the day before full payment is made, within ten business days. During 2018, the company recorded $58.2M related to this matter, including related interest, within accrued liabilities on its consolidated balance sheet with the related expense included in selling, general and administrative expenses on its consolidated statement of income. The U.S. Government will release the company from any civil or administrative monetary claim the U.S. Government has arising from allegations described in the settlement agreement relating to Jazz's conduct between 2011 and May 2014 in supporting a charitable foundation that provided financial assistance to Medicare patients. "The settlement agreement is not an admission of any wrongdoing or liability by Jazz but a settlement of the U.S. Government's claims," the company stated.

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JAZZ Jazz Pharmaceuticals
$140.89

1.045 (0.75%)

03/19/19
WELS
03/19/19
NO CHANGE
Target $162
WELS
Outperform
Wells Fargo boosts Jazz target to $162, sees 'several' 2019 catalysts
Wells Fargo analyst David Maris raised his 2019 earnings per share estimate for Jazz Pharmaceuticals to $14.58 from $13.81 and 2020 estimate to $16.59 from $16.35 to reflect the company's guidance and annual report. Maris also increased his price target for the shares to $162 from $154. The analyst sees "several catalysts" in 2019 for the stock, including Xyrem launch for pediatric indication in late Q1, JZP-258 topline results for Phase 3 study in narcolepsy in Spring 2019, and the Solriamfetol FDA action date of March 20. Further, investors are looking for a deal to diversify away from Xyrem, and at the end of 2018, Jazz had cash and investments of $825M as well as undrawn capacity on its revolver of $1.6B, Maris tells investors in a research note. He maintains an Outperform rating on the shares.
03/19/19
RHCO
03/19/19
INITIATION
Target $163
RHCO
Buy
Jazz Pharmaceuticals initiated with a Buy at SunTrust
SunTrust analyst Gregg Gilbert started Jazz Pharmaceuticals with a Buy rating and $163 price target. The analyst expects the company to deliver "continued strong" revenue and earnings growth over the next several years. Further, he believes the market may not fully appreciate the size and durability of Jazz's largest product Xyrem.
03/21/19
WELS
03/21/19
NO CHANGE
Target $154
WELS
Outperform
Jazz appoval expected but still 'nice win' for shares, says Wells Fargo
Wells Fargo analyst David Maris says FDA approval of solriamfetol for excessive sleepiness associated with narcolepsy or obstructive sleep apnea, while largely expected by investors, is still a "nice win" for shares of Jazz Pharmaceuticals. The analyst estimates sales for solriamfetol of approximately $12M in 2019, ramping to $371M by 2023. Maris reiterates an Outperform rating on Jazz with a $154 price target. Additional potential catalysts for the stock include the Xyrem launch for pediatric indication in late Q1, JZP258 topline results for a Phase 3 study in narcolepsy in Spring 2019, and any update on the business development front, Maris tells investors in a research note. Jazz in midday trading is up 3%, or $3.45, to $137.02.
03/27/19
MZHO
03/27/19
NO CHANGE
Target $147
MZHO
Buy
Jazz Pharmaceuticals price target raised to $147 from $137 at Mizuho
Mizuho analyst Irina Koffler raised her price target for Jazz Pharmaceuticals to $147 from $137 to reflect the recent approval of Sunosi and last night's positive data in the Phase III trial of JZP-258. However, both of these events were largely expected, Koffler tells investors in a research note. She reiterates a Neutral rating on Jazz Pharmaceuticals.

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