Equity Research Analyst - US Healthcare

Lazard • New York, NY

2d • $200,000 - $250,000 • Onsite

About The Position

Lazard Asset Management is hiring an experienced US Healthcare Equity Research Analyst. Backed by a 175-year heritage of independent, research-driven investing, Lazard offers analysts a rare combination: the resources and global reach of a scaled platform with the intellectual latitude and collaborative culture of a boutique. For researchers who want their ideas to matter at scale — and to help shape a platform building its next chapter of growth — there has never been a more compelling moment to build a career here.

Requirements

• 10+ years research experience covering pharmaceuticals, biotechnology, or broader healthcare,
• 5 or more years of track record committing capital on the buy side.
• Genuine command of drug development and commercialization — clinical trial design and endpoints, FDA pathways, IP and exclusivity, and US payer and pricing dynamics.
• Strong fundamental modeling and valuation skills, including DCF, sum-of-the-parts/asset-level valuation, and scenario analysis.
• A long-only, quality investing orientation: focused on business durability, competitive moats, financial productivity, and multi-year compounding rather than short-term trading.
• Evidence of an idea-generation track record you can walk through — theses, outcomes, and lessons from the misses.
• Clear, concise written and verbal communication; able to state a thesis, the variant view, and the risk in a few sentences.
• Bachelor's degree in life sciences, finance, economics, or a related field.

Nice To Haves

• Prior experience in a collaborative research platform serving multiple portfolio strategies.
• Practical fluency with AI-assisted research workflows, alternative data (prescription, claims, clinical trial databases), or Python/SQL for analysis.
• Advanced degree (MD, PhD, PharmD, MBA) or CFA charter.
• Exposure to global healthcare beyond the US, or to medtech, life science tools, and managed care as adjacent coverage.

Responsibilities

• Own the sector. Build and maintain a differentiated view on US pharma and biotech, including pipeline economics, patent cliffs and LOE exposure, launch trajectories, pricing and reimbursement policy, and M&A/BD capital allocation.
• Generate investable ideas. Source, underwrite, and defend long ideas with a multi-year horizon, framing the durability of growth, returns on invested capital, and the gap between market expectations and your own.
• Debate rigorously. Engage PMs and fellow analysts directly — pressure-test your thesis, challenge theirs, and update views as evidence changes. Intellectual honesty on what you got wrong matters as much as conviction on what you got right.
• Monitor positions actively. Track catalysts (clinical readouts, FDA actions, policy shifts, earnings) and communicate thesis-changing developments quickly and unambiguously.
• Maintain an expert network. Develop relationships with management teams, KOLs, physicians, payers, regulatory and policy experts, and industry consultants to source information ahead of consensus.
• Advance the toolkit. Apply AI and modern research tooling to accelerate information synthesis and expand coverage depth, freeing more time for high-value judgment and portfolio construction.
• Contribute to the platform. Share frameworks and sector read-throughs that make adjacent analysts and PMs better.

Benefits

• Comprehensive, competitive benefits
• Highly individualized employee experience that enables you to balance your commitments to career, family, and community.
• Investment in the development of your career.
• Base salary range for this role to be approximately $200,000 - 250,000 USD.
• Comprehensive benefits and may include incentive compensation.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior