Alnylam Pharmaceuticals Reports Third Quarter 2024 Financial Results
Cambridge, Mass. - Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY), a leading RNAi therapeutics company, announced its financial results for the third quarter ended September 30, 2024.
Key Financial Metrics:
| Metric | Q3 2024 | Q3 2023 | YoY Change |
|---|---|---|---|
| Total Revenue | $420 Million | $313.43 Million | +34% |
Interpretation: Alnylam achieved a 34% year-over-year increase in total revenues for the third quarter of 2024. Despite this growth, the revenues missed the Wall Street consensus estimate of $533.1 million. Earnings per share data for the period were not made available in the report.
Revenue Performance by Segment:
| Segment | Q3 2024 Revenue | Year-over-Year Change | Commentary |
|---|---|---|---|
| TTR (ONPATTRO & AMVUTTRA) | $309 Million | +34% | Strong growth driven by AMVUTTRA. |
| Rare (GIVLAARI & OXLUMO) | $111 Million | +34% | Consistent growth across the portfolio. |
Segment Analysis: Both major segments, TTR and Rare, experienced healthy year-over-year revenue increases, attributed greatly to the expansion of the AMVUTTRA and consistent market penetration of GIVLAARI and OXLUMO.
Operational Highlights:
- Submitted regulatory applications for AMVUTTRA in the U.S. and EU for transthyretin amyloidosis with cardiomyopathy.
- Announced positive initial results from a Phase 1 study on mivelsiran in Alzheimer's disease patients.
- Initiated a Phase 1 study of ALN-HTT02 for Huntington's disease.
Executive Commentary: Yvonne Greenstreet, CEO, remarked on the robust growth mainly driven by TTR business, with significant progress in clinical developments such as vutrisiran. Greenstreet also highlighted ongoing pipeline advancements including promising findings from mivelsiran's Phase 1 study.
Forward Guidance: Alnylam reiterated its 2024 financial guidance, expecting combined net product revenues to range between $1,575 million to $1,650 million.
Stock Price Movement: Following the earnings release, Alnylam's stock experienced a slight decrease of 1.12%.
Overall, Alnylam showcased strong year-over-year revenue growth, attributed largely to its TTR portfolio and continued investment in its clinical pipelines. The company’s reaffirmation of guidance reflects its confidence in ongoing product performance and strategic initiatives.
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