Alnylam Earnings: Strong Patient Uptake Drives Growth; Anticipating Approval of Amvuttra for ATTR-CM

Narrow-moat Alnylam Pharmaceuticals reported robust 2024 results highlighted by net product revenue of $1.65 billion, representing 33% growth compared with 2023, thanks to demand for its ATTR amyloidosis franchise. Strong patient uptake of Amvuttra (for hereditary ATTR amyloidosis with polyneuropathy) accounted for 59% of the year’s net product revenue. We forecast Alnylam will achieve net product revenue of $2.15 billion in 2025, representing 30% growth. We maintain our $223 fair value estimate and forecast strong performance amounting to a 25% five-year compound annual growth rate. Alnylam’s results have been supported by strong patient uptake, expansion into international markets, a developing pipeline, and upcoming regulatory approvals. However, we view the shares as currently overvalued.