Core Insights - Alnylam has marked a significant milestone with the one-year anniversary of AMVUTTRA's approval in the U.S. for patients with ATTR cardiomyopathy, indicating a new era of growth for the company [2] - The introduction of ONPATTRO in 2018 established a new class of RNAi therapeutics, providing transformative options for patients with hereditary ATTR amyloidosis with polyneuropathy [2][3] - The company is experiencing strong adoption of AMVUTTRA, particularly in the ATTR cardiomyopathy population, which is more prevalent than hereditary ATTR polyneuropathy [3] Company Strategy - Alnylam is investing in advanced capabilities aimed at enabling earlier diagnosis, better coordinated care, and improved long-term outcomes for patients [4] - The strategic focus is to lead with scientific innovation, target untreated patients or those progressing on stabilizers, and deliver a durable impact [4] - The company is advancing its next-generation TTR therapy, nucresiran, which has the potential to enhance treatment outcomes further [3]

Alnylam Pharmaceuticals Conference Call Summary Company Overview - **Company**: Alnylam Pharmaceuticals (NasdaqGS:ALNY) - **Focus**: Development of transformative therapies for patients with ATTR amyloidosis, particularly through RNAi therapeutics Key Industry Insights - **Market Dynamics**: The ATTR-CM (cardiomyopathy) treatment category is significantly underserved, with an estimated 200,000 patients in the U.S., of which over 80% remain untreated [14][12] - **Growth Trajectory**: The U.S. treatment category grew 56% annually in 2023 and 2024, accelerating to 77% in 2025 with the introduction of AMVUTTRA [12][12] - **Future Projections**: By 2030, the company anticipates treating up to 75,000 patients in the U.S. for ATTR-CM, positioning AMVUTTRA as a revenue leader in the TTR market [48][54] Core Company Highlights - **Product Launches**: AMVUTTRA was launched in 2022 for hereditary ATTR amyloidosis and expanded to ATTR cardiomyopathy in 2025, marking a pivotal growth milestone [2][3] - **Revenue Growth**: The TTR franchise revenues more than doubled in 2025 compared to 2024, with guidance for 2026 indicating an 83% growth at the midpoint, projecting revenues between $4.4 billion and $4.7 billion [3][8] - **Patient Access**: Approximately 90% of patients have secured first-line access to AMVUTTRA, with most paying zero out-of-pocket costs [8][62] Competitive Landscape - **Market Share**: AMVUTTRA has maintained about 70% share of new starts and over 80% of the total market share in the TTR silencer class, despite competition [30][34] - **Combination Therapy**: The potential for dual mechanism treatment strategies is highlighted, especially with the anticipated genericization of stabilizers like tafamidis [39][36] Clinical Value Proposition - **Clinical Outcomes**: Vutrisiran, a next-generation therapy, has shown a nearly 40% reduction in all-cause mortality in the HELIOS-B trial, with significant improvements in quality of life and reduction of gastrointestinal symptoms [23][24][29] - **Dosing Convenience**: Vutrisiran's quarterly dosing schedule enhances patient adherence and persistence, achieving over 90% adherence over two years [27][29] Strategic Initiatives - **Awareness and Diagnosis**: The company is investing in AI-enabled diagnostic technologies and partnerships to improve early diagnosis and care coordination for ATTR-CM patients [44][45] - **Patient Engagement**: Direct-to-consumer efforts are driving interest, with AMVUTTRA becoming the most requested therapy among patients [43][49] Future Outlook - **Sustained Growth**: Alnylam aims to continue expanding its prescriber base and maximizing adherence, with a focus on driving category growth and improving patient outcomes [50][49] - **Long-term Vision**: The company is committed to establishing leadership in the ATTR-CM market, leveraging its differentiated therapy and strong physician preference [48][47] Additional Insights - **Untapped Market Potential**: The company estimates that nearly 200,000 ATTR-CM patients exist in the U.S., with significant opportunities for treatment expansion as awareness and diagnosis improve [12][19] - **Collaboration Efforts**: Strategic collaborations with organizations like Viz.ai aim to enhance diagnostic pathways and improve patient care [44][68] This summary encapsulates the key points from the Alnylam Pharmaceuticals conference call, highlighting the company's strategic direction, market opportunities, and clinical advancements in the treatment of ATTR amyloidosis.

Financial Position - As of December 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $91.5 million, a decrease from $122.6 million as of December 31, 2024 [6] - The company used $39.6 million in operating activities during 2025, which included one-time payments related to restructuring efforts [6] Revenue and Financial Performance - Total revenue for the year ended December 31, 2025, was $14.1 million, up from $6.2 million in 2024, primarily due to the recognition of previously deferred revenue from a partnership with Qilu Pharmaceutical [7] - The company reported a net loss of $33.5 million for 2025, compared to a net loss of $69.9 million in 2024, indicating improved financial performance [10] Operating Expenses - Research and development expenses decreased to $25.2 million in 2025 from $54.0 million in 2024, attributed to cost-saving measures and a focus on advancing clinical development [8] - General and administrative expenses also fell to $15.9 million in 2025 from $22.1 million in 2024, reflecting cost-cutting efforts [9] Clinical Developments - Two additional patients from Phase 2a clinical trials of imdusiran achieved functional cure for chronic hepatitis B (cHBV), bringing the total to ten patients [2][4] - Imdusiran is designed to reduce all hepatitis B viral proteins and antigens, with clinical trials showing it to be generally safe and well-tolerated [17] Legal and Settlement Updates - The company entered a settlement agreement with Moderna, resulting in a $950 million upfront payment and a potential additional $1.3 billion contingent payment [4] - The company is actively involved in ongoing litigation to protect its intellectual property related to lipid nanoparticle technology against Pfizer/BioNTech [4] Future Outlook - The company is evaluating a potential return of capital to shareholders in the third quarter of 2026, following the receipt of its portion of the noncontingent settlement payment from Moderna [5]

Alnylam Pharmaceuticals FY Conference Summary Company Overview - **Company**: Alnylam Pharmaceuticals (NasdaqGS:ALNY) - **Event**: FY Conference on March 02, 2026 Key Industry Insights - **Market Growth**: The treatment category for the disease is under-diagnosed and under-treated, with a current treatment rate of approximately 20%-25% [3][12]. The market has been growing at about 40% annually over the past few years, driven by the introduction of multiple therapies [3][10]. - **Access to Treatment**: Over 90% of patients currently have access to AMVUTTRA as a first-line therapy, indicating strong market access [13][31]. The company anticipates this access will remain stable through 2026 [13][21]. Core Product Insights - **AMVUTTRA**: - The product is positioned as the treatment of choice for a progressive fatal disease, with a focus on increasing its market share in the first-line treatment segment [14][21]. - Revenue guidance for the AMVUTTRA franchise is projected to be between $4.4 billion and $4.7 billion for 2026, representing an 83% growth at the midpoint [21][22]. - The company aims for a compound annual growth rate (CAGR) of 25% through 2030, driven primarily by the TTR franchise [21][22]. Competitive Landscape - **Market Competition**: The entry of additional competitors is seen as beneficial for overall market growth, as it raises awareness and treatment rates for the under-diagnosed population [58][59]. - **WAINUA Threat**: The company acknowledges the potential competitive threat from WAINUA but believes its advantages in treatment efficacy and administration frequency will help maintain its market position [58][61][70]. Pipeline and Future Developments - **Next-Gen Products**: The company is developing a next-generation product with a potential twice-a-year dosing schedule, aiming for deeper knockdown of TTR levels [90][94]. - **Huntington's Disease**: A phase 1B trial is underway, targeting exon 1 of the Huntington's gene, with expected data on safety and efficacy by the end of the year [171][174]. - **Cardiometabolic Franchise**: The pipeline includes products targeting blood pressure and diabetes, with phase 3 trials ongoing for zilebesiran and GRAB fourteen [134][136][138]. Financial Outlook - **Profitability Goals**: Alnylam aims for 30% operating margins through 2030, with a commitment to reinvest 30% of revenues into R&D [200][201]. The company is focused on balancing profitability with pipeline expansion [188][190]. - **Long-Term Strategy**: The company plans to diversify its business beyond TTR, with a goal of having at least two new therapies in the market by 2030 [205][206]. Additional Considerations - **Payer Policies**: The company has established 26 payer policies with no significant changes affecting access to AMVUTTRA, indicating a stable reimbursement environment [31][32]. - **Market Dynamics**: The majority of AMVUTTRA patients are Medicare beneficiaries, with a split between fee-for-service and Medicare Advantage plans [35][36]. This summary encapsulates the key points discussed during the conference, highlighting Alnylam Pharmaceuticals' strategic focus, market positioning, and future growth prospects.

Financial Data and Key Metrics Changes - Total global net product revenues for 2025 were nearly $3 billion, representing an 81% growth compared to 2024, driven by a more than doubling of revenue in the TTR franchise [25][26] - The company achieved GAAP profitability for the full year 2025 and expects to sustain profitability going forward [7][29] - Non-GAAP operating income for 2025 was $850 million, a $755 million increase compared to the previous year [28] Business Line Data and Key Metrics Changes - The TTR franchise generated $858 million in net revenues in Q4 2025, up 151% year-over-year [12] - The rare disease portfolio generated $136 million in net revenue in Q4, up 26% year-over-year [11] - GIVLAARI and OXLUMO together became a $500 million franchise in 2025, reflecting continued growth more than five years post-launch [11] Market Data and Key Metrics Changes - U.S. net revenues for the TTR franchise grew 20% compared to Q3 2025 and 222% compared to Q4 2024 [12] - International revenues grew 13% quarter-over-quarter and 47% year-over-year, indicating strong global momentum [14] - The company anticipates launching AMVUTTRA for ATTR cardiomyopathy in additional international markets throughout 2026 [14] Company Strategy and Development Direction - The company has set new five-year goals, Alnylam 2030, focusing on achieving global TTR leadership, sustainable innovation, and disciplined growth [8][9] - Plans include launching nucresiran in 2028 for polyneuropathy and 2030 for cardiomyopathy, with an aim for over 25% revenue CAGR through 2030 [10] - The company expects to invest approximately 30% of revenues in non-GAAP R&D to accelerate organic innovation and selectively access external innovation [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the size and growth of the ATTR-CM category, noting that the majority of patients remain untreated [15] - The early momentum of AMVUTTRA is encouraging, with strong customer demand and broad access expected to drive future growth [17] - Management highlighted the importance of improving diagnosis and treatment rates to expand the category further [18] Other Important Information - The company ended 2025 with cash, cash equivalents, and marketable securities of $2.9 billion, an increase from $2.7 billion at the end of 2024 [29] - Collaboration revenue for 2025 was $553 million, an 8% growth compared to 2024, including a significant milestone payment [26] Q&A Session Summary Question: Insights on new patient additions and first-line mix for patisiran versus tafamidis - Management expressed satisfaction with the AMVUTTRA launch and noted strong fundamentals supporting continued growth [41][43] Question: Addressing choppiness in scripts and pricing dynamics - Management indicated confidence in access and pricing, with a mid-single-digit net price decline expected in 2026 [49][61] Question: Seasonality effects in Q4 and potential tailwinds for Q1 2026 - Management acknowledged typical industry seasonality but emphasized that underlying momentum remains strong [53][54] Question: Gross to net pattern over 2026 - Management confirmed a gradual mid-single-digit net price decrease expected throughout the year [59][61] Question: External innovation strategy and potential partnerships - Management highlighted a focus on complementary technologies that enhance the existing portfolio and pipeline [66][98] Question: Impact of nucresiran on operating margins - Management anticipates significant positive margin impacts post-2030 if nucresiran demonstrates a best-in-class profile [70][71] Question: Updates on the Huntington's program and trial initiation - Management is optimistic about the Huntington's program and plans to accelerate it responsibly based on initial data [78][79] Question: Prioritization of ACVR1C asset in obesity pipeline - Management explained the prioritization based on preclinical data indicating ACVR1C's potential for greater efficacy compared to other targets [86][87]

Financial Data and Key Metrics Changes - Total global net product revenues for 2025 were nearly $3 billion, representing an 81% growth compared to 2024, driven by a more than doubling of revenue in the TTR franchise [25][26] - GAAP profitability was achieved for the full year 2025, with non-GAAP operating income of $850 million, a $755 million increase compared to last year [29] - Gross margin on product sales was 77% for the full year, a 4% decrease compared to 2024, primarily due to increased royalties on AMVUTTRA [27] Business Line Data and Key Metrics Changes - The TTR franchise generated $858 million in Q4, up 151% year-over-year, and $4.4-$4.7 billion in total TTR revenue guidance for 2026, representing an 83% growth at the midpoint [11][31] - The rare disease portfolio generated $136 million in Q4, up 26% year-over-year, with GIVLAARI and OXLUMO together becoming a $500 million franchise in 2025 [11][12] Market Data and Key Metrics Changes - U.S. TTR net revenues grew 20% compared to Q3 2025 and 222% compared to Q4 2024, while international revenues grew 13% quarter-over-quarter and 47% year-over-year [13][14] - The company anticipates a mid-single-digit net price decrease for AMVUTTRA in 2026, with international TTR revenue growth expected to be consistent with 2025 [31][32] Company Strategy and Development Direction - The company aims to achieve global TTR leadership and launch nucresiran in 2028 for polyneuropathy and 2030 for cardiomyopathy as part of its Alnylam 2030 goals [8][9] - The strategy includes investing approximately 30% of revenues in non-GAAP R&D to accelerate organic innovation and selectively access external innovation [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the TTR franchise, citing strong fundamentals and early momentum from the AMVUTTRA launch [41][44] - The company is focused on building a durable growth foundation through education, awareness, and diagnosis enablement to expand the ATTR-CM category [18][19] Other Important Information - The company initiated three Phase 3 studies in 2025 and expanded its clinical pipeline with four proprietary CTAs [19][20] - The proprietary enzymatic ligation manufacturing platform, Syrelis, was launched to enhance capacity and reduce costs [7][22] Q&A Session Summary Question: Insights on new patient adds and first-line mix for patisiran versus tafamidis - Management highlighted strong AMVUTTRA launch fundamentals and improved first-line access, supporting confidence in 2026 guidance [40][43] Question: Addressing choppiness in scripts and pricing dynamics - Management noted strong access for patients and a mid-single-digit net price decline integrated into the outlook [47][49] Question: Seasonality impact on Q1 and potential tailwind - Management acknowledged typical industry seasonality but emphasized that underlying momentum remains strong [52][54] Question: Gross to net pattern expectations for 2026 - Management expects a gradual mid-single-digit net price decrease throughout the year, with access discussions largely completed [59][61] Question: External innovation strategy and potential partnerships - Management indicated a focus on complementary technologies that enhance internal innovation, with a high bar for external opportunities [66][68] Question: Impact of nucresiran on operating margin - Management expressed high conviction in nucresiran's potential to drive margins to the mid-40s post-2030 due to its best-in-class profile [70][71] Question: Insights on Huntington's program and trial initiation - Management is optimistic about the Huntington's program and aims to accelerate it responsibly based on target engagement data [78][79] Question: Prioritization of ACVR1C asset in obesity pipeline - Management prioritized ACVR1C due to its potential for more potent effects compared to other targets, with results expected by year-end [86][87]

Financial Data and Key Metrics Changes - Total global net product revenues for 2025 were nearly $3 billion, representing an 81% growth compared to 2024, driven by a more than doubling of revenue in the TTR franchise [24][25] - The company achieved GAAP profitability for the full year 2025 and expects to sustain profitability going forward [5][27] - Non-GAAP operating income for the full year was $850 million, a $755 million increase compared to the previous year [26] Business Line Data and Key Metrics Changes - The TTR franchise generated $858 million in net revenues in Q4 2025, up 151% year-over-year [11] - The rare disease portfolio generated $136 million in net revenue in Q4, reflecting a 26% increase compared to the same period last year [10] - GIVLAARI and OXLUMO together became a $500 million franchise in 2025, showing continued growth more than five years post-launch [10] Market Data and Key Metrics Changes - U.S. net revenues for the TTR franchise grew 20% compared to Q3 2025 and 222% compared to Q4 2024 [11] - International revenues grew 13% quarter-over-quarter and 47% year-over-year, indicating strong global momentum [12] - The company anticipates launching AMVUTTRA for ATTR cardiomyopathy in additional international markets throughout 2026 [12] Company Strategy and Development Direction - The company has set new five-year goals, Alnylam 2030, focusing on achieving global TTR leadership, sustainable innovation, and disciplined growth [6][9] - Plans include launching nucresiran in 2028 for polyneuropathy and 2030 for cardiomyopathy, with aspirations to deliver RNAi to 10 tissue types and expand the pipeline to over 40 clinical programs by 2030 [7][8] - The company aims for over 25% revenue CAGR through 2030 and a non-GAAP operating margin of approximately 30% [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the size and growth of the ATTR-CM category, noting that the majority of patients remain untreated [14] - The early momentum of AMVUTTRA is encouraging, with strong customer demand and broad access expected to drive growth [16] - The company is focused on improving diagnosis and treatment rates to expand the category further [17] Other Important Information - The company initiated three Phase 3 studies in 2025 and expanded its clinical pipeline with four proprietary CTAs [18] - The proprietary enzymatic ligation manufacturing platform, Syrelis, was launched to enhance capacity and reduce costs [20] - The company ended 2025 with cash, cash equivalents, and marketable securities of $2.9 billion, an increase from $2.7 billion at the end of 2024 [27] Q&A Session Summary Question: Can you comment on new patient adds and the mix of first-line for patisiran versus tafamidis switches? - Management highlighted strong AMVUTTRA launch momentum and improved first-line access, supporting confidence in 2026 guidance [38][41] Question: Can you speak to the choppiness in scripts for the first quarter and pricing dynamics? - Management noted that the majority of patients have first-line access and expect a mid-single-digit net price decline in 2026, which is integrated into their outlook [44][47] Question: Have you seen any seasonality during the fourth quarter? - Management acknowledged typical industry seasonality but emphasized that underlying momentum remains strong [50][51] Question: What is the rationale for prioritizing the ACVR1C asset over others in your pipeline? - Management indicated that ACVR1C appears to be a more potent target based on preclinical work and emerging data [81][85] Question: How should we think about the impact of nucresiran on operating margins once available? - Management expects nucresiran to have a best-in-class profile, potentially driving margins to the mid-40s post-2030 [68][69]

© 2026 Alnylam Pharmaceuticals, Inc. 1 Agenda Fourth Quarter and Full Year 2025 Financial Results Welcome February 12, 2026 • Christine Akinc Chief Corporate Communications Officer Overview • Yvonne Greenstreet, M.D. Chief Executive Officer Commercial Highlights • Tolga Tanguler Chief Commercial Officer Pipeline • Pushkal Garg, M.D. Chief Research & Development Officer Financial Summary • Jeff Poulton Chief Financial Officer Q&A Session 2 Alnylam Forward-Looking Statements This presentation contains forward ...

Financial Data and Key Metrics Changes - Alnylam Pharmaceuticals reported total net product revenues of $851 million for Q3 2025, reflecting a 103% year-over-year growth [8][27] - The TTR franchise revenues reached $724 million, representing a 135% increase year-over-year and a 33% increase compared to the previous quarter [7][10] - The company increased its total net product revenue guidance for 2025 from a range of $2.65 billion to $2.8 billion to a revised range of $2.95 billion to $3.05 billion, indicating a 10% increase at the midpoint [8][30] Business Line Data and Key Metrics Changes - The rare disease portfolio achieved $127 million in sales, up 14% year-over-year, driven by ongoing patient demand [9][10] - U.S. net sales for the TTR franchise grew 42% quarter-over-quarter and 194% year-over-year, primarily due to the AMVUTTRA ATTR CM label expansion [11][14] - International revenues grew 13% quarter-over-quarter and 46% year-over-year, with strong performance in Japan and Germany [11][12] Market Data and Key Metrics Changes - The U.S. TTR franchise generated $543 million in net product revenues, reflecting a significant increase in patient demand [14][16] - The company noted that the international performance is benefiting from increased awareness and diagnosis in the hereditary ATTR polyneuropathy market [13] Company Strategy and Development Direction - Alnylam focuses on three core pillars: TTR leadership, growth through innovation, and strong financial performance [5][6] - The company is advancing its pipeline with new Phase 3 trials for zilebesiran and ALN-APP, targeting significant market opportunities [8][20] - The strategy includes expanding the AMVUTTRA ATTR CM launch globally, with expectations for further launches in 2026 [16][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity for AMVUTTRA, highlighting substantial growth potential in the TTR category [16][17] - The company is optimistic about the ongoing demand and adoption of its therapies, particularly in the U.S. market [10][14] - Management acknowledged the competitive landscape but emphasized their strong positioning and execution capabilities [11][13] Other Important Information - The gross margin on product sales was reported at 77%, down from 80% in the same quarter last year, primarily due to increased royalties on AMVUTTRA [27] - The company ended the quarter with cash, cash equivalents, and marketable securities of $2.7 billion [29] Q&A Session Summary Question: Momentum of AMVUTTRA in first line versus switch population - Management noted that patient demand for AMVUTTRA has doubled, with broad adoption across various settings, indicating strong momentum [34][35] Question: Confidence in continued patient additions - Management highlighted the strong launch and raised guidance twice, indicating confidence in sustained momentum despite a decline in ONPATTRO [38][40] Question: Payer dynamics and feedback - Management reported no significant payer headwinds and positive feedback regarding the value of AMVUTTRA, with ongoing negotiations for 2026 [45][48] Question: Inventory demand and expectations for Europe - Management explained that inventory growth was offset by increased gross to net deductions, with modest contributions expected from the ex-U.S. market in Q4 [52][56] Question: TTR franchise guidance update - Management indicated that the updated guidance reflects expectations for Q4 revenues, estimating total TTR global revenue of $850 million to $900 million [60][61] Question: Impact of reimbursement cuts on diagnostics and therapeutics - Management acknowledged the importance of reimbursement for growth and expressed confidence in managing potential changes as policies become clearer [66][68]

Financial Data and Key Metrics Changes - Total net product revenues for Q3 2025 were $851 million, representing a 103% increase year-over-year [7][28] - TTR franchise revenues reached $724 million, showing a 135% year-over-year growth, primarily driven by the AMVUTTRA ATTR CM launch in the U.S. [6][11] - The company increased its total net product revenue guidance for 2025 from a range of $2.65 billion to $2.8 billion to a revised range of $2.95 billion to $3.05 billion, reflecting a 10% increase at the midpoint [8][33] Business Line Data and Key Metrics Changes - The rare disease portfolio achieved $127 million in sales, up 14% compared to Q3 2024, driven by ongoing patient demand [10] - U.S. net sales for the TTR franchise grew 42% quarter-over-quarter and 194% year-over-year, reflecting strong adoption following the AMVUTTRA ATTR CM label expansion [12][14] - Outside the U.S., revenues grew 13% quarter-over-quarter and 46% year-over-year, indicating continued global momentum [12] Market Data and Key Metrics Changes - The U.S. TTR franchise delivered $543 million in net product revenues, representing an increase of approximately $160 million versus the prior quarter [14] - In Japan, the AMVUTTRA ATTR CM launch is progressing well, tracking in line with leading launch analogs [12] - The international performance reflects the strength of the hereditary ATTR polyneuropathy legacy business, which remains robust despite new competition [12] Company Strategy and Development Direction - The company focuses on three core pillars: TTR leadership, growth through innovation, and strong financial performance [5] - The company is committed to establishing long-term leadership in TTR and advancing its pipeline of RNAi therapeutics [5][6] - The company plans to expand its global reach with anticipated international AMVUTTRA ATTR CM launches in 2026 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the AMVUTTRA ATTR CM launch and the overall growth trajectory of the TTR franchise [8][11] - The management highlighted the importance of early treatment in ATTR cardiomyopathy and the positive reception from payers and physicians [62] - The company is optimistic about the potential of RNAi therapeutics to become the standard of care in TTR amyloidosis [19] Other Important Information - The company ended the quarter with cash, cash equivalents, and marketable securities of $2.7 billion [32] - Non-GAAP R&D expenses increased by 23% to $310 million, driven by costs associated with multiple Phase 3 clinical studies [31] - The company announced the initiation of a Phase 1 trial of ALN-5288 targeting Alzheimer's disease [26] Q&A Session Summary Question: Can you discuss the momentum of AMVUTTRA in first line versus switch population? - Management noted that patient demand for AMVUTTRA has doubled, with broad adoption across various settings, indicating healthy uptake [36][38] Question: What gives you confidence in continued patient additions next year? - Management highlighted the strong launch momentum and the raised guidance as indicators of confidence in sustained growth [53] Question: Can you provide insights on payer dynamics as you approach 2026? - Management reported no significant payer headwinds and positive feedback from payers regarding the value of AMVUTTRA [60][62] Question: How should we model inventory demand for AMVUTTRA? - Management explained that inventory growth was driven by increased demand, with expectations for continued growth in the fourth quarter [66][68] Question: What is the expected pricing strategy for AMVUTTRA in Europe? - Management indicated ongoing negotiations for pricing in Europe, with expectations for a gradual decline in net price over time [90][93]