Can Alnylam's Broader Portfolio Ease Its Dependence on Amvuttra?

Core Insights - Alnylam Pharmaceuticals' primary revenue driver is its newest drug, Amvuttra, approved for treating hATTR amyloidosis and ATTR-CM, with strong uptake from new patients and switches from Onpattro [1][10] Product Portfolio - Alnylam markets several products in rare disease and cardiovascular markets, contributing incremental revenues to the top line [2] - Givlaari is approved for acute hepatic porphyria in adults and adolescents, with strong uptake and plans for regulatory submissions in additional regions through 2025 [3] - Oxlumo is approved for primary hyperoxaluria type 1, with an expanded label for lowering urinary and plasma oxalate levels, enhancing its growth potential [4] - Leqvio, in collaboration with Novartis, treats hypercholesterolemia and has an expanded label for high-risk cardiovascular patients, generating royalties for Alnylam [5] Financial Performance - In the first half of 2025, Alnylam generated $236.8 million in net product revenues from its rare disease portfolio, reflecting a 16% year-over-year increase, with expectations for sustained growth and diversified revenue streams [6][10] Competitive Landscape - Amvuttra faces increasing competition in the ATTR-CM market from therapies like Pfizer's Vyndaqel/Vyndamax and BridgeBio's Attruby, which are already approved and competing for market share [7] - Pfizer's Vyndaqel family generated $3.1 billion in revenues in the first half of 2025, a 27% increase year-over-year, driven by rising diagnosis and treatment rates [8] - BridgeBio's Attruby, approved in late 2024, generated $108.2 million in sales in the first half of 2025, with significant uptake reported [9]