Company Reports

Narrow-moat Alnylam's robust first-quarter results represent a 32% increase year over year, highlighted by $365 million in net product revenue. Strong demand for its ATTR amyloidosis therapy was the primary driver of this growth. Strong uptake of next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, accounting for $195 million of the quarter’s revenue. We forecast Alnylam will achieve net product sales of roughly $1.4 billion in 2024, representing a 15% increase from 2023. We maintain our fair value estimate of $199 per share, and we view shares as undervalued, currently trading in 4-star territory about 25% below our fair value estimate.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult- to-treat diseases caused by genetic mutations.

Narrow-moat Alnylam reported strong year-end results highlighted by $1.2 billion in net product revenues, representing a 39% increase year over year. Strong demand for next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, comprising 45% of product revenue in 2023. We forecast Alnylam will achieve 2024 net product sales of roughly $1.44 billion, representing a 16% increase from 2023. We maintain our fair value estimate of $199 per share, and we view shares as undervalued, currently trading in 4-star territory.

Alnylam reported solid third-quarter results highlighted by $313 million in net product revenue, representing a 35% year-over-year increase. Alnylam’s results are largely tracking our expectations, and we maintain our fair value estimate of $199 per share. We view shares as undervalued, currently trading about 15% below our fair value estimate.

Alnylam reported strong second-quarter results highlighted by $306 million in net product revenue, representing a 43% increase year over year. Amvuttra (for hATTR amyloidosis with polyneuropathy), is continuing its strong launch since it received U.S. Food and Drug Administration approval in June 2022 and accounted for 43% of the quarter’s net product sales. We forecast about $1.24 billion in net product revenue for 2023, representing 38% growth from the prior year. Alnylam’s results are tracking our expectations, and we maintain our fair value estimate of $199 per share. We view shares as fairly valued, and the stock is currently trading in 3-star territory.

Alnylam reported strong first-quarter results highlighted by $276 million in net product revenue, representing 48% year-over-year growth. Amvuttra, which received FDA approval in June 2022 for hATTR amyloidosis with polyneuropathy, is continuing its strong launch with over $102 million in sales, accounting for 27% of the quarter’s sales. Alnylam’s results are largely tracking our forecasts, and we maintain our fair value estimate of $199 per share. We view shares as fairly valued, and the stock is trading in 3-star territory. We maintain our narrow economic moat rating and positive moat trend.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult to treat diseases caused by genetic mutations.

Alnylam Pharmaceuticals reported solid fourth-quarter and full-year results highlighted by $894 million in global net product revenue in 2022, representing 35% growth over 2021. Alnylam’s results are largely tracking our forecasts, and we maintain our $199 fair value estimate. The stock is currently trading in 3-star territory, about 5% below our fair value estimate. We maintain our narrow economic moat rating and positive moat trend rating as well.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult to treat diseases caused by genetic mutations.

Alnylam reported solid third-quarter results in line with our expectations. Global net product revenue for its four approved drugs totaled $232 million, representing growth of 39% from the prior-year period. We forecast Alnylam will achieve 2022 net product revenue of roughly $900 million. Alnylam’s results are largely tracking our forecasts, and we maintain our fair value estimate of $199 per share. We view the stock as fairly valued, and we maintain our narrow moat rating and positive moat trend.

Narrow-moat Alnylam announced positive top-line results from the APOLLO-B Phase 3 study of its investigational RNAi therapeutic candidate, patisiran, to treat patients with ATTR amyloidosis with cardiomyopathy. Investors reacted quite favorably to the good news and sent the stock up over 49%. We’ve updated our model to reflect an improved outlook based on the positive results, and we’ve raised our fair value estimate to $199 per share from $158. We view shares as fairly valued, currently trading in 3-star territory. We maintain our narrow economic moat rating and positive trend.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult to treat diseases caused by genetic mutations.

Alnylam reported first-quarter results highlighted by a 9% increase in patients on the company’s RNAi-based therapies. Quarterly net product revenue of $187 million represented a 38% increase from the prior-year period. Despite the increase in patients, first-quarter revenue decreased 6% compared with the fourth quarter of 2021, since the fourth quarter benefited from a variety of nonrecurring stocking and gross to net benefits. Alnylam also faced COVID-19 headwinds during the omicron surge due to reduced patient compliance. Nevertheless, product sales and pipeline developments are largely tracking our expectations and our long-term forecasts remain unchanged. We maintain our $158 per share fair value estimate, our narrow moat, and positive trend ratings. We view shares as fairly valued, currently trading in 3-star territory.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult to treat diseases caused by genetic mutations.

Alnylam reported solid fourth-quarter results largely within our expectations. 2021 net product revenue was $662 million, representing an 83% increase from the prior year as the company continues to expand its commercialization efforts globally. We maintain our $158 fair value estimate and view shares as currently fairly valued.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult to treat diseases caused by genetic mutations.

Investors reacted negatively as Alnylam’s third-quarter results missed FactSet consensus estimates. During the quarter, Alnylam lost $1.72 per share, lower than FactSet consensus of a $1.59 loss per share. Nevertheless, Alnylam’s loss narrowed from negative $2.18 in the prior-year period. While sales grew 49% year over year to nearly $188 million, this was also behind FactSet estimates ($217 million). Additionally, management announced that its founding CEO, Dr. John Maraganore, will retire at the end of this year and transition CEO leadership to Alnylam’s current president and COO, Dr. Yvonne Greenstreet.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult to treat diseases caused by genetic mutations.

Alnylam is a leader in the study of RNA interference, or RNAi, therapeutics. After taking a fresh look at the company, we’ve upgraded our economic moat rating to narrow from none based on Alnylam’s intangible assets and improved competitive advantage. We’ve also raised our fair value estimate to $158 from $150 per share due to an increased probability of approval for vutrisiran and a stronger outlook for Givlaari.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult to treat diseases caused by genetic mutations.