Alnylam Q3 Loss In Line With Estimates, Revenues Miss, Stock Down

Zacks Equity Research
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Alnylam Pharmaceuticals ALNY reported third-quarter 2024 adjusted loss of 50 cents per share, which matched the Zacks Consensus Estimate. The company had recorded earnings of $1.74 per share in the year-ago quarter. The adjusted figure excluded items like stock-based compensation expenses and realized and unrealized loss on marketable equity securities.

Alnylam recorded total revenues of $500.9 million in the quarter, which missed the Zacks Consensus Estimate of $529 million. In the year-ago quarter, total revenues were $750.5 million. The top line declined 33% year over year due to significantly lesser collaboration revenues earned in the reported quarter. Alnylam shares lost 5.3% on Thursday after the company reported its third-quarter results.

Net product revenues were $420.1 million, up 34% year over year on a reported basis and 35% at a constant exchange rate, driven by strong growth in patient demand for the newly approved drug, Amvuttra (vutrisiran), as well as for Givlaari (givosiran) and Oxlumo (lumasiran).

Net revenues from collaborators were $57.4 million, down 87% from the year-ago quarter figure due to less revenues recognized under Alnylam’s ongoing collaborations with Roche RHHBY and Regeneron REGN.

Year to date, shares of Alnylam have soared 39.3% against the industry’s decline of 4.3%.

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Alnylam, in collaboration with REGN, is advancing cemdisiran, an investigational RNAi therapeutic for the treatment of complement-mediated diseases. The agreement regarding cemdisiran recently underwent a modification. Per the modified agreement, Alnylam granted exclusive rights to Regeneron to develop cemdisiran as monotherapy for complement-mediated indications.

Alnylam had earlier regained full global development and commercialization rights to mivelsiran in all indications, after Regeneron opted out of further co-development and co-commercialization of mivelsiran, in development for cerebral amyloid angiopathy and Alzheimer's disease. However, Regeneron will be eligible to receive low double-digit royalties on sales of mivelsiran, if approved.

Alnylam, in collaboration with Roche, is developing zilebesiran in a mid-stage study to treat hypertension.

ALNY also earns revenues under its ongoing collaboration agreementwith Novartis NVS. Per the agreement, Alnylam has granted Novartis exclusive and worldwide rights to manufacture and commercialize RNAi therapeutics targeting PCSK9 for treating hypercholesterolemia and other human diseases, including Leqvio (inclisiran). Novartis has also received FDA approval to expand Leqvio’s label to include earlier use in patients with elevated LDL-C who have an increased risk of heart disease as an adjunct to diet and statin therapy.

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