The case for & against
Bull & Bear analysis
Alnylam Pharmaceuticals (NASDAQ: ALNY) is a leading biotechnology company that specializes in RNA interference (RNAi) therapeutics, targeting severe genetic diseases, particularly transthyretin (TTR) amyloidosis. The company has gained a substantial foothold in the pharmaceutical sector following the successful launch of its flagship product, Amvuttra, for the treatment of ATTR cardiomyopathy, which shows promising growth potential in a rapidly evolving market. With an expansive pipeline of innovative therapies, Alnylam is well-positioned as a leader in RNAi technology, aiming to address significant unmet medical needs across several therapeutic areas.
Bull says
- ↑Q1 2026 revenue $1.0B, up 121% YoY with $910M from TTR
- ↑Amvuttra holds ~80% of new TTR prescriptions and 90% patient adherence
- ↑2026 TTR revenue guidance of $4.7B–$5.1B backed by first-line momentum
- ↑$3B cash supports ongoing R&D without dilution
- ↑Pipeline includes Phase III Nucresiran plus early-stage ALN-6400 and ALN-2232
- ↑Competitor trial failure boosts Amvuttra’s market share
Bear says
- ↓Valuation implies high expectations, risking downside if growth slows
- ↓Gross margin slid to 75% from 80% on pricing pressure
- ↓R&D spend rose 39% YoY, straining profitability if trials falter
- ↓Net pricing may drop mid-single digits amid higher royalties
- ↓U.S. Attorney General subpoena adds regulatory uncertainty
- ↓Competing TTR therapies (acoramidis, Ionis’s Wainua) threaten share
Investment themes with ALNY
Genetic and drug innovations driving medical breakthroughs
Earnings Call · Q2 2025 · Mgmt. Guidance
Transcript signals
Bull points
- our 9M is firing on all cylinders. And we're swiftly establishing ourselves as a top-tier biotech company.
- the launch is off to a very strong start. And whilst it's still early days, we're encouraged by the pace.
- TTR franchise revenues of $544 million, 77% year-over-year growth, with growth largely attributable to the Amfutra CM launch.
Bear points
- I would expect mid-single-digit reduction in net price for Ambutra for the year.
- we had an opposite movement, so a headwind that roughly offset the benefit that we had in inventory,
- Bush will review pipeline updates and clinical progress, and Jeff will review our financials and guidance, followed by a summary of upcoming milestones before we open the call to your questions.