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Mar 31, 2023
Alnylam Q1 2023 Earnings Report
Alnylam experienced strong commercial execution and pipeline advancements.
Key Takeaways
Alnylam Pharmaceuticals reported a 48% year-over-year increase in global net product revenues, reaching $276 million in Q1 2023, driven by the launch of AMVUTTRA and growth in GIVLAARI and OXLUMO therapies. The company also reported positive first-in-human results for an RNAi therapeutic in the CNS.
Achieved Q1 2023 global net product revenues of $276 million, a 48% increase year-over-year.
Total TTR product revenues (ONPATTRO & AMVUTTRA) reached $204.3 million, representing 49% year-over-year growth.
Total Ultra-Rare product revenues (GIVLAARI & OXLUMO) reached $72.1 million, representing 45% year-over-year growth.
Reported positive interim Phase 1 clinical data on ALN-APP for Alzheimer’s Disease, establishing first-ever human translation of RNAi therapeutics in CNS.
Revenue by Segment
Forward Guidance
Alnylam reiterated its full year 2023 financial guidance.
Positive Outlook
- Combined net product revenues for ONPATTRO, AMVUTTRA, GIVLAARI and OXLUMO $1,200 million – $1,285 million
- Net Product Revenue Growth vs. 2022 at reported Fx rates 34% to 44%
- Net Product Revenue Growth vs. 2022 at constant exchange rates 34% to 44%
- Net revenues from collaborations and royalties $100 million – $175 million
- Assumes U.S. sNDA approval of patisiran for ATTR amyloidosis with cardiomyopathy by the PDUFA date on October 8, 2023
Challenges Ahead
- GAAP R&D and SG&A expenses $1,790 million – $1,885 million
- Non-GAAP R&D and SG&A expenses $1,575 million – $1,650 million
- Excludes $215-$235 million of stock-based compensation expense from estimated GAAP R&D and SG&A expenses
- Full year 2023 financial guidance uses December 31, 2022 Fx rates including: 1 EUR = 1.07 USD and 1 USD = 131 JPY
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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