Alnylam's Amvuttra Makes Powerful Entrance, Eyes First-Line Dominance

Core Viewpoint - Alnylam Pharmaceuticals reported strong second-quarter earnings and raised its 2025 sales guidance, indicating positive momentum in its product launches and overall financial performance [1][3]. Financial Performance - The company reported adjusted earnings of 32 cents for Q2 2025, a decrease from 56 cents year-over-year, but significantly better than analysts' expectations of a loss of 79 cents [1]. - Quarterly sales reached $773.69 million, reflecting a 17% year-over-year increase and surpassing the consensus estimate of $638.55 million [1]. Product Revenue - Global net product revenues for Amvuttra and Onpattro were $492 million and $53 million, respectively, while Givlaari and Oxlumo generated $81 million and $47 million in revenue for the same quarter [2]. - The launch of Amvuttra for ATTR-CM has been particularly successful, with approximately 1,400 patients treated by June 30, 2025, contributing to an estimated $150 million increase in revenue [4]. Guidance and Analyst Outlook - Alnylam raised its fiscal 2025 sales guidance from $2.7 billion-$3 billion to $3.3 billion-$3.55 billion, exceeding the consensus of $2.89 billion [3]. - Analysts from Chardan Research and William Blair expressed positive outlooks, with Chardan highlighting the strong start of Amvuttra's launch [3][6]. Analyst Ratings and Price Forecasts - Various analysts have upgraded their price forecasts for Alnylam, with Chardan raising its target from $325 to $400, and UBS increasing its forecast from $403 to $550 [5][8]. - Morgan Stanley maintained an Equal-Weight rating while increasing its price forecast from $312 to $405, and Piper Sandler raised its target from $304 to $449 [7].