Alnylam Pharmaceuticals exceeded Wall Street's expectations with strong revenue growth and significant commercial progress.Alnylam Pharmaceuticals (ALNY 0.17%), known for its innovative RNA interference (RNAi) therapeutics, released its fourth-quarter earnings on Feb. 13. The company's non-GAAP earnings per share (EPS) came in at $0.06, significantly better than analysts' consensus prediction for a loss of $0.60 per share. Revenue of $593.2 million also outpaced the expected $584 million. This quarter's str ...

Start Time: 08:30 January 1, 0000 9:28 AM ET Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) Q4 2024 Earnings Conference Call February 13, 2025, 08:30 AM ET Company Participants Yvonne Greenstreet - CEO Tolga Tanguler - Chief Commercial Officer Pushkal Garg - CMO Jeff Poulton - CFO Christine Lindenboom - Chief Corporate Communications Officer Conference Call Participants Tazeen Ahmad - Bank of America Kostas Biliouris - BMO Capital Markets Gena Wang - Barclays Maury Raycroft - Jefferies Ritu Baral - TD Cowen Te ...

Company Performance - Alnylam Pharmaceuticals reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of a loss of $0.21 per share, and showing improvement from a loss of $1.10 per share a year ago, resulting in an earnings surprise of 128.57% [1] - The company achieved revenues of $593.17 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 4.05%, compared to revenues of $439.72 million in the same quarter last year [2] - Over the last four quarters, Alnylam has surpassed consensus EPS estimates three times and has topped consensus revenue estimates three times as well [2] Stock Outlook - Alnylam shares have increased approximately 13% since the beginning of the year, outperforming the S&P 500's gain of 2.9% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.52 on revenues of $523.19 million, while for the current fiscal year, the estimate is $0.41 on revenues of $2.51 billion [7] - The estimate revisions trend for Alnylam is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - Alnylam operates within the Medical - Biomedical and Genetics industry, which is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Fourth Quarter and Full Year 2024 Financial Results February 13, 2025 © 2025 Alnylam Pharmaceuticals, Inc. 1 Agenda Welcome • Christine Lindenboom Chief Corporate Communications Officer Overview • Yvonne Greenstreet, MBChB, MBA Chief Executive Officer Commercial Highlights • Tolga Tanguler Chief Commercial Officer Pipeline • Pushkal Garg, M.D. Chief Medical Officer Financial Summary and Upcoming Milestones • Jeff Poulton Chief Financial Officer Q&A Session 2 Alnylam Forward Looking Statements This presentat ...

Financial Performance - Total revenues for 2024 reached $2,248,243, an increase of 23% compared to $1,828,292 in 2023, and a significant increase of 76% from $1,037,418 in 2022[491]. - Net product revenues increased to $1,646,228 in 2024, up 33% from $1,241,474 in 2023, driven primarily by sales of AMVUTTRA[492]. - The company reported a net loss of $278,157 for 2024, a decrease of 37% from a net loss of $440,242 in 2023[491]. - Total operating costs and expenses for 2024 were $2,425,128, reflecting a 15% increase from $2,110,467 in 2023[491]. - Net revenues from collaborations decreased to $510,221 in 2024, down 7% from $546,185 in 2023, primarily due to reduced revenue from the Roche collaboration[496]. - Royalty revenue increased significantly to $91,794 in 2024, a 126% increase from $40,633 in 2023, attributed to higher royalties from Leqvio sales by Novartis[496]. - The accumulated deficit as of December 31, 2024, was $7.29 billion, reflecting ongoing investments in research and development[488]. - The company anticipates achieving financial self-sustainability by the end of 2025, despite expected fluctuations in operating results[488]. Sales Performance - Sales of ONPATTRO decreased by 29% in 2024 compared to 2023, while AMVUTTRA sales surged by 74% during the same period[493]. - The company expects net revenues from collaborations to increase in 2025, driven by anticipated higher revenues under the Roche collaboration[498]. - AMVUTTRA sales in the United States surged to $630.6 million in 2024, compared to $411.2 million in 2023, reflecting a 53.3% growth[627]. Cost and Expenses - Cost of goods sold increased to $306.5 million in 2024, up 14% from $268.2 million in 2023, with a significant increase of 91% from $140.2 million in 2022[500]. - Cost of goods sold as a percentage of net product revenues decreased to 18.6% in 2024 from 21.6% in 2023, attributed to one-time charges in 2023 that did not recur[501]. - Research and development expenses rose to $1.1 billion in 2024, a 12% increase from $1.0 billion in 2023, and a 14% increase from $883.0 million in 2022[505]. - Selling, general and administrative expenses increased to $975.5 million in 2024, a 23% rise from $795.6 million in 2023, driven by marketing investments and higher employee compensation[507]. Cash Flow and Investments - Net cash used in operating activities was $(8.3) million in 2024, a decrease of $112.5 million compared to $104.2 million in 2023, primarily due to decreased cash received from collaborators[512]. - Net cash used in investing activities decreased to $(116.8) million in 2024 from $(336.4) million in 2023, mainly due to the timing of investments in marketable debt securities[514]. - Net cash provided by financing activities increased to $294.2 million in 2024, up $122.0 million from $172.1 million in 2023, primarily due to increased proceeds from stock options[515]. - Cash outflows for capital expenditures were $34.3 million in 2024, compared to $62.2 million in 2023, with expectations for an increase in 2025 to support manufacturing and production capacity needs[517]. Liabilities and Future Obligations - The liability related to the sale of future royalties totals approximately $1.02 billion, with no principal payments expected within the next 12 months[517]. - Payments to Blackstone associated with the liability related to the sale of future royalties were $57.0 million in 2024, with an estimated $131.8 million to be paid within the next 12 months[517]. - The company has established a development derivative liability of $486.9 million as of December 31, 2024[683]. Market Position and Strategy - The company aims to transition to a top-tier biotech company by the end of 2025 under its Alnylam P x25 strategy, focusing on sustainable innovation and exceptional financial performance[563]. - The company has five marketed products as of December 31, 2024, including one product commercialized by a collaborator[516]. - Alnylam has five marketed products as of December 31, 2024, generating worldwide product revenues primarily from ONPATTRO, AMVUTTRA, GIVLAARI, and OXLUMO[563]. Accounting and Revenue Recognition - The company recognizes revenue when control of promised goods or services is transferred to a customer, following a five-step model[8]. - Net product revenues are recognized net of variable consideration, with the expected value method used for estimating variable consideration related to product sales[11]. - The liability related to the sale of future royalties is accounted for as debt financing, with interest recognized using the effective interest rate method[14]. - The company does not capitalize any costs to obtain contracts as of December 31, 2024, and 2023[10]. Collaborations and Agreements - Roche made an upfront, non-refundable payment of $310.0 million as part of the collaboration agreement for the development of zilebesiran[637]. - The total transaction price under the Roche Agreement was determined to be $1.31 billion as of December 31, 2024, an increase of $457.5 million from the previous year[651]. - The Roche Agreement includes a $310.0 million upfront payment and $547.0 million in additional variable consideration related to development and manufacturing services[647]. - The company has earned $180.0 million in milestones from the collaboration with Novartis AG and is entitled to royalties ranging from 10% to 20% based on annual worldwide net sales[680].

Core Insights - The fourth-quarter earnings season for the biotech sector is currently underway, with several major companies reporting results, including Bristol Myers, Regeneron, and Amgen, all of which showed varying degrees of performance and outlooks for 2025 [1] Biotech Sector Performance - As of February 5, 39.3% of companies in the Medical sector reported quarterly earnings, with 87.5% beating earnings expectations and 83.3% exceeding revenue forecasts. Year-over-year earnings increased by 20.1%, while revenues grew by 9% [3] - The overall expectation for the Medical sector's fourth-quarter earnings is an increase of 11.1% year over year, with revenues projected to grow by 9% [3] Company-Specific Insights Bristol Myers - Reported better-than-expected fourth-quarter results but provided a lackluster guidance for 2025 [1] Regeneron - Beat fourth-quarter earnings and sales expectations and initiated a quarterly dividend [1] Amgen - Delivered decent fourth-quarter results, beating both earnings and sales expectations, but faced investor disappointment due to a regulatory setback for its obesity drug [1] Vertex Pharmaceuticals - Vertex has beaten earnings estimates in three of the last four quarters, with an average surprise of 3.26%. The company is expected to report fourth-quarter earnings on February 10, with consensus estimates of $2.77 billion in sales and $3.99 per share in earnings [5][6][7] Gilead Sciences - Gilead has also beaten earnings expectations in three of the last four quarters, with an average surprise of 15.46%. The consensus estimates for fourth-quarter sales and earnings are $7.06 billion and $1.66 per share, respectively. The company is set to report results on February 11 [8][9][10] Biogen - Biogen has beaten expectations in three of the last four quarters, with an average surprise of 9.99%. The consensus estimates for fourth-quarter sales and earnings are $2.42 billion and $3.42 per share, respectively. Biogen will report results on February 12 [11][12] Alnylam Pharmaceuticals - Alnylam has beaten estimates in three of the last four quarters, with an average surprise of 65.67%. The consensus estimates for sales and earnings are $570.1 million and a loss of $0.21 per share, respectively. Alnylam is set to report results on February 13 [13][14] Moderna - Moderna has consistently beaten earnings estimates, with an average surprise of 72.65%. The consensus estimates for fourth-quarter sales and earnings are $956.11 million and a loss of $2.65 per share, respectively. The company is expected to report results on February 14 [15][16]

In its upcoming report, Alnylam Pharmaceuticals (ALNY) is predicted by Wall Street analysts to post quarterly loss of $0.21 per share, reflecting an increase of 80.9% compared to the same period last year. Revenues are forecasted to be $570.11 million, representing a year-over-year increase of 29.7%.The consensus EPS estimate for the quarter has undergone an upward revision of 0.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed t ...

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