Alnylam Earnings: Strong Uptake of Amvuttra Drives Growth; Pipeline Continues to Make Progress

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.