Why Alnylam Pharmaceuticals Stock Is Sinking Today

Core Insights - Alnylam Pharmaceuticals experienced a significant stock decline of 9.5% following the announcement of its Q4 and full-year 2023 results, with a peak drop of 12.6% earlier in the day [1] - The company reported Q4 total revenue of $439.7 million, reflecting a 31% year-over-year increase, but slightly below analysts' expectations of $442.9 million [1] - Alnylam posted a net loss of $137.9 million, or $1.10 per share, under GAAP, while the non-GAAP net loss was $96.6 million, or $0.77 per share, which was better than the consensus estimate of a $1.32 loss per share [1] Financial Performance - Q4 total revenue: $439.7 million, up 31% year-over-year [1] - Net loss in Q4: $137.9 million, or $1.10 per share (GAAP) [1] - Non-GAAP net loss: $96.6 million, or $0.77 per share [1] Investor Concerns - Investors were likely more troubled by the revised statistical analysis plan and timing for the Helios-B phase 3 study for vutrisiran, which included changes to outcome measures and secondary endpoints, extending the trial by up to three months [2] - Analyst Kostas Biliouris suggested that the changes might indicate a lack of management confidence in the Helios-B results [2] Market Outlook - Despite the small revenue miss, three of Alnylam's four approved products are showing strong sales growth, although Onpattro's sales are declining due to competition from Amvuttra [3] - Management's adjustments to the Helios-B study may reflect a cautious approach, but could also indicate a more confident outlook for the trial's success [3] - The stock is considered risky, with conservative investors advised to avoid it, while aggressive investors might see the current dip as a buying opportunity [3]