Alnylam Stock Has Almost Doubled In 2025. But It Took A Hit On Earnings.

Core Insights - Alnylam Pharmaceuticals reported strong third-quarter results, driven by its leading drug Amvuttra, which significantly exceeded sales expectations and demonstrated robust growth in patient demand [3][10]. Financial Performance - Amvuttra generated $685 million in sales during the third quarter, surpassing the expected $622 million and more than doubling from $259 million in the same period last year [3]. - Total sales across all products reached $851 million, reflecting a 103% increase and beating forecasts of $791 million [10]. - The company anticipates total product sales for the year to be between $2.95 billion and $3.05 billion, marking a 10% increase at the midpoint compared to previous projections [10]. Product and Market Position - Amvuttra is the only approved treatment for transthyretin amyloidosis in patients with both polyneuropathy and cardiomyopathy, with only 20% of patients diagnosed [7]. - The drug competes with offerings from Pfizer, BridgeBio, and Ionis Pharmaceuticals, but Alnylam's targeted approach has positioned it favorably in the market [5][6]. Growth Drivers - The company identified 170 health systems that prescribe approximately 80% of TTR medicines, ensuring that 90% of patients can access Amvuttra treatment within a 10-mile radius [8]. - A significant portion of U.S. patients are receiving insurance coverage for Amvuttra, further supporting its market penetration [8]. Future Outlook - Alnylam is developing a next-generation drug, nucresiran, which aims to further reduce problematic TTR protein levels and could be administered every six months [11]. - The company expects to launch nucresiran for cardiomyopathy patients around 2030, depending on clinical trial outcomes [12].