HRMY - Jazz Pharmaceuticals: Narcolepsy Franchise Concerns Weigh On Investor Sentiment

• Shares of Jazz Pharmaceuticals have been under pressure in the last few months on what appears to be investor concern about the durability of the company’s narcolepsy franchise.
• The threats are real - new narcolepsy drugs and primarily Xyrem going generic in 2023, and the high debt burden is a related problem.
• However, the threats appear addressable to some extent through Xywav.
• There are growth opportunities outside of narcolepsy that can make up for lost narcolepsy sales and that could drive long-term growth.

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