Alnylam Pharmaceuticals (ALNY) Q2 2024 earnings summary

Executive summary

• Achieved Q2 2024 net product revenues of $410.1M, up 34% year-over-year, led by 37% growth in the TTR business and strong AMVUTTRA, GIVLAARI, and OXLUMO performance.

• Total Q2 2024 revenues reached $660M, up 107% year-over-year, driven by product sales and a significant increase in collaboration revenues.

• Positive topline results from the HELIOS-B Phase 3 study of vutrisiran in ATTR cardiomyopathy, showing significant cardiovascular and mortality benefits.

• Updated 2024 net product revenue guidance to $1,575M–$1,650M, reflecting strong commercial momentum and positive clinical results.

• Preparing for global regulatory submissions and a potential 2025 launch in ATTR cardiomyopathy, leveraging established commercial infrastructure.

Financial highlights

• Q2 2024 net product revenues: $410.1M, up 34% year-over-year; total revenues: $660M, up 107% year-over-year.

• Collaboration revenues surged to $227.3M, mainly due to Regeneron agreement modification; royalty revenue reached $22.4M.

• Gross margin on product sales improved to 84% from 75% year-over-year; cost of goods sold as % of net product revenues decreased to 16.4%.

• Non-GAAP operating income was $138M, a significant improvement from a loss of $154M in Q2 2023; GAAP net loss narrowed to $16.9M.

• Cash, cash equivalents, and marketable securities totaled $2.62B–$2.63B as of June 30, 2024.

Outlook and guidance

• 2024 net product revenue guidance raised to $1,575M–$1,650M; collaboration and royalty revenue guidance at $575M–$650M.

• Combined non-GAAP R&D and SG&A expense guidance increased to $1.775B–$1.875B; GAAP R&D and SG&A forecasted at $2.0B–$2.15B.

• Cash and marketable securities expected to fund operations for at least the next 12 months.

• Confident in achieving ≥40% CAGR in total revenues and sustainable non-GAAP operating income by 2025.

• Preparing for global regulatory filings for vutrisiran in ATTR cardiomyopathy in 2024.