Alnylam Pharmaceuticals Reports Fourth Quarter and Full Year 2023 Financial Results and Highlights Recent Period Activity

Core Insights - Alnylam Pharmaceuticals reported strong financial performance in 2023, achieving $1.24 billion in global net product revenues and treating over 5,000 patients with its commercial medicines [2][10][12] - The company demonstrated leadership in RNAi therapeutics with significant clinical advancements, including the first gene silencing in the human brain [2][5] - Looking ahead, Alnylam anticipates important milestones in 2024, including results from key clinical studies and the initiation of several new studies [2][9] Financial Performance - For Q4 2023, Alnylam's total net product revenues reached $346.3 million, a 32% increase compared to Q4 2022, while full-year revenues were $1.24 billion, up 39% year-over-year [10][12] - The company reported a GAAP net loss of $137.9 million for Q4 2023, compared to a loss of $207.5 million in Q4 2022, and a full-year net loss of $440.2 million [10][40] - Cash, cash equivalents, and marketable securities increased to $2.44 billion as of December 31, 2023, primarily due to significant upfront payments from partnerships [17] Product Revenue Highlights - Alnylam's TTR therapies, ONPATTRO and AMVUTTRA, generated Q4 revenues of $79 million and $175 million, respectively, with annual growth of 40% compared to 2022 [3][11] - The Ultra-Rare disease therapies, GIVLAARI and OXLUMO, achieved Q4 revenues of $59 million and $33 million, respectively, reflecting a 35% annual growth [4][11] Research and Development Updates - Alnylam announced updates to the HELIOS-B Phase 3 study of vutrisiran, with topline results expected in late June or early July 2024 [5][9] - Positive initial results from the KARDIA-1 Phase 2 study of zilebesiran were presented, and the FDA has cleared the initiation of the multiple-dose part of the ALN-APP Phase 1 study [6][7] Future Guidance - For 2024, Alnylam projects combined net product revenues for its key therapies to be between $1.4 billion and $1.5 billion, representing a growth of 13% to 21% compared to 2023 [19][20] - The company expects net revenues from collaborations and royalties to range from $325 million to $425 million [19]