Alnylam Pharmaceuticals (ALNY -1.87%), a leader in RNA interference (RNAi) therapeutics, released its first-quarter earnings on May 2, revealing substantial year-over-year growth and pipeline advancements. Revenue well outpaced analysts' consensus estimates as the company showcased robust financial and operational progress.
| Metric | Q1 2024 | Q1 2024 Estimate | Q1 2023 | % Change |
|---|---|---|---|---|
| GAAP EPS | ($0.52) | ($1.12) | ($1.40) | N/A |
| Non-GAAP EPS | ($0.16) | N/A | ($1.06) | N/A |
| Revenue | $494 million | $428 million | $319 million | 54.8% |
| Net product revenue | $365 million | N/A | $276 million | 32.1% |
| GAAP net earnings | ($66 million) | N/A | ($174 million) | N/A |
Data source: Company results from company. Analyst estimates from FactSet.
What Alnylam does
Alnylam's therapies target genetic diseases and other conditions using RNA interference -- a cutting-edge approach to silencing and regulating the genes implicated in various diseases. With products approved in over 60 markets worldwide, Alnylam focuses on treating rare diseases for which other effective options are limited.
The company continues to enhance its commercial operations and pipeline to support growth and expand its market penetration globally.
Quarterly highlights
In Q1, the company achieved remarkable year-over-year revenue growth of 54.8% to $494 million -- a result that topped analysts' expectations by 15.5%.
Alnylam also reported significant achievements in its product pipeline, notably with Zilebesiran and Vutrisiran. The positive results from the phase 2 study of Zilebesiran in hypertension marked a leap forward. Furthermore, anticipation for the results of the HELIOS-B phase 3 study of Vutrisiran (sold under the brand name Amvuttra) highlights Alnylam's commitment to leadership in the treatment of ATTR amyloidosis.
Looking ahead
In the Q1 report, management reaffirmed its full-year guidance for revenue between $1.4 billion and $1.5 million, projecting continued robust revenue growth.
Alnylam also emphasized its strategic initiatives aimed at broadening its commercial footprint and accelerating pipeline development. Investors should pay particular attention to the upcoming HELIOS-B Phase 3 study results, as the opportunity for Amvuttra to gain an additional label expansion in ATTR amyloidosis could significantly impact the company's growth.
