Alnylam Pharmaceuticals' Q1 2025: Unraveling Key Contradictions in AMVUTTRA's Launch and Market Strategy

Uptake and formulary access of AMVUTTRA, pricing and reimbursement dynamics of AMVUTTRA, reimbursement strategy and formulary access, AMVUTTRA launch and market dynamics, commercial strategy and market position are the key contradictions discussed in Alnylam Pharmaceuticals' latest 2025Q1 earnings call.



Strong Financial Performance:
- Alnylam Pharmaceuticals reported combined net product revenues of $469 million in Q1 2025, reflecting a 28% year-over-year increase.
- The growth was primarily driven by the 45% year-over-year increase in their U.S. TTR franchise, particularly from their primary product, ONPATTRO.
- This growth is supported by the recent FDA approval of AMVUTTRA for ATTR cardiomyopathy, expanding their market presence.

TTR Franchise Growth:
- The TTR franchise generated $359 million in global net revenues, reflecting a 36% increase compared with the first quarter of 2024.
- The growth was driven by increased demand for AMVUTTRA, particularly in the U.S. market, where sales increased 45% year-over-year.
- The U.S. market remains robust, with AMVUTTRA maintaining approximately 70% of new patient starts, despite new competition.

R&D and Pipeline Advancements:
- Alnylam's R&D efforts led to expanded indications and pipeline advancements, notably the approval of AMVUTTRA for ATTR cardiomyopathy in multiple regions.
- Recent data from the HELIOS-B study supports the drug's significant benefits in cardiac outcomes, further enhancing its clinical value.
- The company continues to advance its pipeline with new programs like ALN-4324 and delivery solutions, aiming to deliver RNAi therapeutics to diverse tissues by 2030.

Strategic Launch of AMVUTTRA in ATTR-CM:
- The initial launch of AMVUTTRA in ATTR-CM is progressing well, with positive patient and physician feedback.
- Early launch indicators show broad use of AMVUTTRA in both first-line and switch patients, demonstrating its value in the market.
- The company's focus on securing broad access, driving awareness, and supporting treatment initiation is paying off, positioning AMVUTTRA strongly in the market.