Can Alnylam Rely on Amvuttra to Sustain Its Rapid Sales Momentum?

Core Insights - Alnylam Pharmaceuticals is a commercial-stage company with four marketed drugs, including Amvuttra, which is its primary revenue driver, generating $801.9 million in sales in the first half of 2025, reflecting an 89% year-over-year growth [2][10] - Amvuttra received label expansion approvals in the U.S. and EU for treating ATTR amyloidosis with cardiomyopathy, marking it as the first RNAi therapeutic approved for both ATTR-CM and hATTR-PN in adults [3][4] - Alnylam's stock has surged 93% in 2025, outperforming the industry and S&P 500, although the stock is considered expensive with a price/sales ratio of 24.10 compared to the industry average of 2.12 [8][12] Drug Performance - Amvuttra's sales growth is attributed to new patient starts and patients switching from Onpattro, with expectations for continued growth following the recent label expansion [2][4] - The label expansion is anticipated to further boost Amvuttra's uptake in the second half of 2025, with additional approvals expected in other regions [4] Competitive Landscape - Amvuttra faces competition from Pfizer's Vyndaqel/Vyndamax and BridgeBio's Attruby, which are already approved for ATTR-CM and offer advantages such as oral administration and lower list prices [5] - Pfizer's Vyndaqel family generated $3.1 billion in global revenues in the first half of 2025, a 27% increase year-over-year, indicating strong market demand [6] Financial Estimates - Alnylam's earnings estimates for 2025 have improved significantly, with projections rising from 93 cents to $3.39 per share, and for 2026 from $3.58 to $8.75 [15]