Alnylam Pharmaceuticals Inc

ALNY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$713.00	Lczxgp	Kwcxbkzy

Alnylam Earnings: Strong Commercial Execution Drives Growth; Pipeline Continues To Make Progress

Rachel Elfman

May 5, 2023

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.

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