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

Core Viewpoint - Alnylam Pharmaceuticals reported a significant decline in total revenues and adjusted loss per share for Q3 2024, primarily due to reduced collaboration revenues, despite strong growth in net product revenues driven by new drug demand. Financial Performance - Adjusted loss of 50 cents per share, matching Zacks Consensus Estimate, compared to earnings of $1.74 per share in the same quarter last year [1] - Total revenues of $500.9 million, missing the Zacks Consensus Estimate of $529 million, and down 33% year over year from $750.5 million [2] - Net product revenues increased to $420.1 million, up 34% year over year, driven by strong demand for Amvuttra, Givlaari, and Oxlumo [3] Collaboration and Royalties - Net revenues from collaborators fell to $57.4 million, down 87% from the previous year due to reduced revenues from collaborations with Roche and Regeneron [3] - Royalty revenues increased to $23.4 million, up from $9.9 million in the year-ago quarter, driven by higher sales of Leqvio by Novartis [7] Product Performance - Amvuttra generated sales of $258.6 million, up 74% year over year, exceeding estimates [9] - Givlaari sales reached $71 million, reflecting a 31% increase year over year, also surpassing estimates [10] - Oxlumo recorded revenues of $40.2 million, a 40% increase year over year, but missed estimates [10] - Onpattro sales were $50.3 million, down 38% year over year, missing estimates [8] Expenses and Cash Position - Adjusted R&D expenses rose 12% year over year to $251.1 million, while SG&A expenses increased 19% to $195 million [11] - Cash, cash equivalents, and marketable securities amounted to $2.78 billion as of September 30, 2024, up from $2.62 billion as of June 30, 2024 [12] Guidance and Pipeline Updates - The company expects combined net product revenues for 2024 to be between $1.575 billion and $1.650 billion, with collaboration and royalty revenues anticipated in the range of $575 million to $650 million [13] - Regulatory applications for Amvuttra's label expansion to treat ATTR amyloidosis with cardiomyopathy have been submitted in the U.S. and EU [14]