Alnylam Earnings: Demand for Amvuttra Drives Sales; Vutrisiran Regulatory Application Submitted

Narrow-moat Alnylam reported robust third-quarter results highlighted by net product revenue of $420 million, representing 34% year-over-year growth, driven by strong demand for its ATTR amyloidosis franchise. Strong patient uptake of next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, accounting for $259 million of the quarter’s net product revenue, representing 62%. We continue to forecast Alnylam will achieve total revenue of roughly $2.24 billion in 2024, representing about 23% growth. We maintain our fair value estimate of $223 per share, and although we have a positive outlook for the firm, we view shares as currently overvalued, trading in 2-star territory about 20% above our fair value estimate.