Alnylam Q4 Earnings Beat Estimates, Product Revenues Rise Y/Y

Core Viewpoint - Alnylam Pharmaceuticals reported a strong performance in Q4 2024, with adjusted earnings surpassing expectations and significant revenue growth driven by product sales and collaborations [1][2][15]. Financial Performance - Adjusted earnings for Q4 2024 were 6 cents per share, compared to a loss of 21 cents expected by analysts and a loss of 77 cents in the same quarter last year [1]. - Total revenues reached $593.2 million, exceeding the Zacks Consensus Estimate of $570 million and reflecting a 35% increase from $439.7 million in the prior year [2]. - Net product revenues were $450.8 million, a 30% increase year over year, driven by strong demand for Amvuttra, Givlaari, and Oxlumo [3]. Collaboration Revenues - Revenues from collaborators amounted to $106.9 million, a 40% increase from the previous year, primarily due to collaborations with Regeneron and Novartis [4]. Product Sales - Amvuttra generated sales of $286.5 million in Q4 2024, up 63% year over year, and exceeded the consensus estimate of $280 million [11]. - Givlaari recorded sales of $64.6 million, a 9% increase year over year, although it missed the consensus estimate of $69 million [12]. - Oxlumo achieved sales of $43.6 million, reflecting a 33% year-over-year increase, but fell short of the consensus estimate of $44.8 million [12]. Expenses - Adjusted R&D expenses rose 3% year over year to $259.5 million, driven by increased clinical study costs [13]. - Adjusted SG&A expenses increased 39% year over year to $244.3 million, mainly due to heightened marketing efforts for Onpattro and Amvuttra [13]. Cash Position - As of December 31, 2024, cash, cash equivalents, and marketable securities totaled $2.69 billion, down from $2.78 billion as of September 30, 2024 [14]. Full-Year Results - For the full year 2024, total revenues were $2.25 billion, up from $1.83 billion in 2023, and the company reported a loss of 2 cents per share, an improvement from a loss of $1.61 in 2023 [15]. 2025 Financial Guidance - Alnylam expects net product revenues for key products to be between $2.05 billion and $2.25 billion in 2025, with collaboration revenues projected between $650 million and $750 million [17]. Pipeline Updates - Alnylam is seeking label expansion for Amvuttra to treat ATTR amyloidosis with cardiomyopathy, with a decision from the FDA expected on March 23, 2025 [18].