Alnylam Pharmaceuticals Unveils “Alnylam 2030” as Amvuttra Drives Breakout Growth at JPMorgan Conf.

Core Insights - Alnylam Pharmaceuticals is projecting combined product sales of $4.9 billion to $5.3 billion for 2026, primarily driven by the TTR franchise, which is expected to generate $4.4 billion to $4.7 billion, indicating an 83% growth at the midpoint [1] - The company reported nearly $3 billion in combined net product revenue for 2025, reflecting an 81% year-over-year growth, largely attributed to the successful launch of Amvuttra for ATTR cardiomyopathy [2][5] - Alnylam's long-term strategy, termed "Alnylam 2030," aims for global leadership in TTR revenue by 2030, with a target of over $10 billion in annual revenues supported by multiple blockbuster products [5][16] Financial Performance - The TTR franchise generated approximately $2.5 billion in 2025, doubling from the previous year and exceeding original guidance by over $800 million [1] - The company anticipates a total revenue compound annual growth rate (CAGR) of 25% or greater through 2030, with a target of approximately 30% non-GAAP operating margin [5][7] Product Pipeline and Innovation - Alnylam is expanding its pipeline with over 25 clinical programs, including the next-generation TTR silencer, nucresiran, which aims for rapid TTR knockdown with biannual dosing [4][12] - The company plans to deliver two or more new transformative medicines beyond TTR and expand its pipeline to over 40 clinical programs [7][14] Market Dynamics - Amvuttra is achieving parity with tafamidis in new starts and has broad payer access, with most patients paying $0 out-of-pocket [4][9] - The company is focusing on expanding its market presence, particularly in ex-U.S. markets, despite potential challenges from generic competition for tafamidis expected in 2028 [10][11] Strategic Framework - The "Alnylam 2030" framework is built around three strategic pillars aimed at accelerating innovation and scaling impact, emphasizing internal focus and accountability [6] - Management highlighted the importance of access and affordability metrics, ensuring that 90% of patients can receive treatment within 10 miles of home [9]