Alnylam Pharmaceuticals Inc
Q4 2023 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.73%.
Did ALNY Beat Earnings? Q4 2023 Results
Alnylam Pharmaceuticals closed out 2023 with a stronger-than-expected fourth quarter, posting a non-GAAP loss of $0.77 per share against a consensus estimate of $-1.32, a beat of 41.67% that reflected meaningfully tighter losses than analysts had anticipated. Revenue of $439.72 million, up 31.3% year-over-year, came in fractionally below the $440.15 million consensus estimate, a miss of just 0.10% that did little to overshadow the broader momentum. The primary engine behind that top-line growth was AMVUTTRA, which generated $175.25 million in Q4 net product revenues as the RNAi therapy continued to gain traction in the hATTR amyloidosis with polyneuropathy market, helping push full-year global net product revenues to $1.24 billion. Looking ahead, management guided 2024 combined net product revenues of $1.40 billion to $1.50 billion, representing 13% to 21% growth, with investors closely watching for HELIOS-B Phase 3 topline results for vutrisiran in ATTR cardiomyopathy, expected in late June or early July.
- Strong AMVUTTRA uptake driving TTR franchise growth of 33% YoY in Q4
- Increased patient enrollment across all four commercial medicines, surpassing 5,000 patients globally
- Collaboration revenue growth of 305% for full year driven by Roche partnership and Regeneron milestone
- Total net product revenue growth of 32% in Q4 and 39% for full year 2023
“2023 was a year of strong execution at Alnylam. We delivered robust product revenue growth across our four wholly-owned commercial medicines, with $1.24 billion in global net product revenues, and achieved over 5,000 patients now being treated with an Alnylam commercial medicine. We also extended our leadership in RNAi with the first clinical demonstration of gene silencing in the human brain using an RNAi therapeutic, strengthened our business for the future through a landmark partnership with Roche and delivered solid financial performance.”
Alnylam Pharmaceuticals CEO, on the earnings call
Forward Guidance & Outlook
For full year 2024, Alnylam guided combined net product revenues (AMVUTTRA, ONPATTRO, GIVLAARI, OXLUMO) of $1,400 million to $1,500 million, representing 13%–21% growth versus 2023 at both reported and constant exchange rates. Net revenues from collaborations and royalties are expected to be $325 million to $425 million. GAAP R&D and SG&A expenses are projected at $1,900 million to $2,050 million, while non-GAAP R&D and SG&A expenses are expected at $1,675 million to $1,775 million, primarily excluding $225–$275 million of stock-based compensation. Key catalysts include HELIOS-B Phase 3 topline results for vutrisiran in ATTR cardiomyopathy in late June or early July, KARDIA-2 Phase 2 results for zilebesiran in April, and six planned clinical study starts.
ALNY YoY Financials
ALNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.