Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) on Thursday reported a first-quarter 2025 adjusted EPS loss of 1 cent, beating the consensus loss of $(1.03).

The company reported quarterly sales of $594.2 million, up 20% year over year, beating the consensus of $585.8 million.

• Net product revenues increased 28% and 30% at actual currency and CER, respectively, due to growth from Amvuttra driven by increased patient demand, partially offset by a decrease in Onpattro due to patient switches to Amvuttra, and an increased number patients on Givlaari.
• Amvuttra and Onpattro sales for the first quarter reached $310 million and $49 million, respectively, representing 36% growth compared to Q1 2024.
• Givlaari and Oxlumo sales reached $67 million and $42 million, respectively, representing 8% growth.

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Guidance: Alnylam affirmed fiscal 2025 sales guidance of $2.70 billion-$3 billion compared to the consensus of $2.91 billion, including:

• Total TTR net product revenues (Amvuttra and Onpattro) of $1.6 billion-$1.725 billion.
• Total rare net product revenues (Givlaari and Oxlumo) of $450 million – $525 million.

On Monday, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion recommending approval of Alnylam’s vutrisiran for wild type or hereditary transthyretin amyloidosis in adult patients with cardiomyopathy (ATTR-CM). European Commission decision is expected in June 2025.

“Commercially, we believe that the totality of the data leaves Amvuttra well positioned to achieve significant market share as 1st line therapy, and we are encouraged by the launch activities discussed on the conference call,” Chardan analyst Keay Nakae writes.

Nakae maintains the Buy rating with a price target of $325.

William Blair analyst Myles R. Minter writes, “On the ongoing Section 232 review of potential pharmaceutical tariffs, management highlighted minimal predicted exposure given that the majority of manufacturing processes and IP are housed within the U.S.”

Minter writes, “We continue to see Amvuttra as well positioned and differentiated in the lucrative TTR-CM market and would be buyers of Alnylam stock ahead of future quarters. Despite intraday volatility in trading, in part due to investor questions over why TTR-CM launch metrics like patient or script volume numbers were not provided when they are for BridgeBio Inc’s (NASDAQ:BBIO) Attruby, we believe management remains confident about Amvuttra’s potential and early access/reimbursement metrics provided appear favorable for a product in the infancy of a launch.”

Price Action: ALNY stock was up 1.67% at $259.39 on Friday.

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