Alnylam Pharmaceuticals ALNY reported fourth-quarter 2024 adjusted earnings of 6 cents per share, in contrast with the Zacks Consensus Estimate of a loss of 21 cents. The company had incurred a loss of 77 cents per share in the year-ago quarter. The adjusted figure excluded items like stock-based compensation expenses and realized and unrealized loss on marketable equity securities.
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Alnylam recorded total revenues of $593.2 million in the quarter, which surpassed the Zacks Consensus Estimate of $570 million. In the year-ago quarter, total revenues were $439.7 million. The top line rose 35% year over year, mainly driven by increased product sales.
Net product revenues were $450.8 million, up 30% year over year on a reported basis and 29% at a constant exchange rate, driven by strong growth in patient demand for the newly approved drug, Amvuttra (vutrisiran), as well as for Givlaari (givosiran) and Oxlumo (lumasiran).
Net revenues from collaborators were $106.9 million, up 40% from the year-ago quarter, primarily driven by revenues recognized under Alnylam’s ongoing collaborations with Regeneron REGN and Novartis NVS. The company also recognizes collaboration revenues from Roche RHHBY.
In the past three months, shares of Alnylam have gained 12.5% compared with the industry’s growth of 7.7%.
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Alnylam, in collaboration with REGN, is advancing cemdisiran, an investigational RNAi therapeutic for the treatment of complement-mediated diseases. The agreement regarding cemdisiran underwent a modification. Per the modified agreement, Alnylam granted exclusive rights to Regeneron to develop cemdisiran as monotherapy and in combination with anti-C5 antibodies for complement-mediated indications.
Alnylam regained full global development and commercialization rights to mivelsiran in all indications in 2024, after Regeneron opted out of further co-development and co-commercialization of mivelsiran, in development for cerebral amyloid angiopathy and Alzheimer’s disease. However, Regeneron will be eligible to receive low double-digit royalties on sales of mivelsiran, if approved.
Alnylam has granted Novartis exclusive global rights to manufacture and commercialize RNAi therapeutics targeting PCSK9, including Leqvio (inclisiran), for hypercholesterolemia and other diseases. The FDA has approved Leqvio for earlier use in high-risk patients alongside diet and statins. As of January 2025, Leqvio is approved in over 100 countries, with ongoing late-stage studies for further label expansion.
