Equity Research Analyst - US Healthcare

Lazard is one of the world’s preeminent financial advisory and asset management firms. Our people and culture make the difference. While global in presence and reach, ours is a close, collaborativecommunity of just over 3,000 professionals. Lazard is a place of continuous knowledge sharing, skill development and relationship building, where professionals grow and succeed together. Our entrepreneurial culture, flat structure and embrace of individual differences, allow creative ideas, original concepts, and unique perspectives to drive our business forward — and for careers to take flight.

Many of the world’s leading investors — from individuals to institutions across the globe — have entrusted Lazard Asset Management. We pride ourselves on uncovering the best investment opportunities for our clients. The purpose of our asset management business is to help our clients invest for the future — whether it’s for retirement, to grow and preserve inter-generational wealth, or to benefit the organizations that make our world smarter, healthier and more sustainable.

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.

We’ll trust you to:

• 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.

You’ll need to have:

• 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.

  Preferred

• 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.

What we offer

We strive to enhance the total health and well-being of our employees through comprehensive, competitive benefits. Our goal is to offer a highly individualized employee experience that enables you to balance your commitments to career, family, and community. When you work for Lazard, you are working for an organization that cares about your unique talents and passions, and will continue to invest in the development of your career.

We expect the base salary range for this role to be approximately $200,000 - 250,000 USD. Various factors contribute to determining the actual base compensation offered, including but not limited to the applicant’s years of relevant experience, career tenure, qualifications, level of education attained, certifications or other professional licenses held, relevant skills for the role. Base salary is one component of Lazard Asset Management’s compensation package, which also includes comprehensive benefits and may include incentive compensation.

Does this sound like you?

Apply! We’ll get in touch on the next steps.