Alnylam Posts Largely in Line Q1 Results Amid Macro Headwinds; FVE $158, Shares Fairly Valued

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.