We present breather solutions of the quintic integrable equation of the Schrödinger hierarchy. This equation has terms describing fifth-order dispersion and matching nonlinear terms. Using a Darboux transformation, we derive first-order and second-order breather solutions. These include first- and second-order rogue-wave solutions. To some extent, these solutions are analogous with the corresponding nonlinear Schrödinger equation (NLSE) solutions. However, the presence of a free parameter in the equation results in specific solutions that have no analogues in the NLSE case. We analyze new features of these solutions.