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Alnylam Pharmaceuticals Inc ALNY

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Alnylam Reports Positive Vutrisiran Data; Maintaining Our $150 Fair Value Estimate

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

Alnylam Pharmaceuticals announced positive top-line results from the Helios-A phase 3 study of vutrisiran for treatment of transthyretin-mediated (ATTR) amyloidosis with polyneuropathy and indicated its intent to submit a new drug application with the U.S. Food and Drug Administration in the first half of 2021. Although full nine-month results and top-line 18-month results will not be read out until later this year, we think the firm is in a good position for filing, with an eventual launch in 2022. We're maintaining our fair value estimate of $150 per share, as our model already factors in additional polyneuropathy-related vutrisiran sales with our Onpattro assumptions. We are also maintaining our no-moat rating for this developing company.

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Company Profile

Business Description

Alnylam Pharmaceuticals is a leader in the study of RNA interference and is attempting to harness this mechanism to create a new class of drugs. In addition to FDA-approved patisiran (Onpattro) for amyloidosis and givosiran (Givlaari) for acute hepatic porphyria, Alnylam has several partnered several pipeline candidates in rare genetic diseases, liver diseases, and other indications as well. Up-front fees from research partnerships with firms such as Regeneron, Sanofi, and The Medicines Company have boosted Alnylam's cash levels, and the company stands to see additional milestones and royalties from drugs commercialized under collaboration partnerships.

675 West Kendall Street, Henri A. Termeer Square
Cambridge, MA, 02142
T +1 617 551-8200
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 1,323