Alnylam Pharmaceuticals (ALNY) Q2 2024 earnings summary

Executive summary

• Achieved Q2 2024 global net product revenues of $410M, 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 HELIOS-B Phase 3 results for vutrisiran in ATTR cardiomyopathy showed 35–36% mortality benefit and strong safety, positioning for regulatory submissions and a potential 2025 launch.

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

• Entered amended C5 License Agreement with Regeneron, granting them global rights to cemdisiran and regaining full rights to mivelsiran.

Financial highlights

• Q2 2024 net product revenues: $410M, up 34% year-over-year; total revenues: $660M, up 107% year-over-year, including $227M from collaborations and $22M in royalties.

• Gross margin on product sales improved to 84% from 75% in Q2 2023; cost of goods sold as a percentage of net product revenues decreased to 16.4% from 24.6%.

• Non-GAAP operating income was $138M, a $292M improvement year-over-year; GAAP net loss for Q2 2024 was $16.9M, a significant improvement from $276M loss in Q2 2023.

• Cash, cash equivalents, and marketable securities totaled $2.62B–$2.63B as of June 30, 2024, up from $2.44B at year-end 2023.

• Net revenues from collaborations surged to $227M, mainly due to Regeneron agreement modification.

Outlook and guidance

• 2024 net product revenue guidance raised to $1,575M–$1,650M, up 11% at the midpoint; collaboration and royalty revenue guidance increased to $575M–$650M.

• Combined non-GAAP R&D and SG&A expense guidance increased to $1,775M–$1,875M, reflecting higher R&D investment and launch preparations.

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

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