Alnylam shares fell 25.1% after earnings, with investors likely focused on management’s admission that underlying AMVUTTRA demand growth is not yet satisfactory and on the resulting full-year outlook. Revenue grew sharply, but U.S. sequential TTR revenue growth included an inventory benefit and one-time gross-to-net adjustments, while expanded enrollment in the TRITON-CM study adds execution risk.
- Q3 net product revenue was $1.29 billion, up 52% year over year and 10% sequentially.
- TTR revenue reached $1.15 billion, up 59% year over year. U.S. TTR revenue rose about $100 million sequentially, including $81 million from demand and a $17 million inventory benefit; net price also included about $10 million of one-time gross-to-net adjustments.
- Management said it is not satisfied with underlying demand growth and that expanded sales-force engagement is taking time to translate into patient starts; the company said this is reflected in its full-year outlook.
- Alnylam plans to expand TRITON-CM enrollment to approximately 2,250 patients, while saying the change does not alter the expected 2030 launch timing, subject to positive results and regulatory approval.
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