Alnylam's 2024 Revenue Surges, 2025 Guidance Impressive: P5x25 Strategy on Track

Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, has announced preliminary fourth quarter and full-year 2024 global net product revenues, along with 2025 combined net product revenue guidance and pipeline goals. The company's strong performance and ambitious plans have investors optimistic about its future prospects.

Alnylam reported global net product revenues of $420 million for the third quarter of 2024, representing a 34% year-over-year growth compared to Q3 2023. This growth was primarily driven by the continued momentum of the TTR business, which delivered 37% annual growth. The TTR business, consisting of ONPATTRO and AMVUTTRA, contributed significantly to this growth, with total TTR revenues reaching $307 million in the second quarter of 2024, compared to $225 million in the second quarter of 2023. The Rare business, which includes GIVLAARI and OXLUMO, also performed well, with a 25% annual growth in 2024 compared to 2023.

The company's strong performance in 2024 has led to an upward revision of its combined net product revenue guidance for the year. Alnylam now expects combined net product revenues of $1,575 million to $1,650 million for 2024, compared to the previous guidance of $1,400 million to $1,500 million. This revised guidance reflects the company's robust commercial execution and the positive impact of the vutrisiran label expansion for the treatment of ATTR cardiomyopathy.

Alnylam's 2025 combined net product revenue guidance is even more impressive, with the company expecting revenues of $2,050 million to $2,250 million. This guidance implies a 31% growth at the mid-point compared to the preliminary full-year 2024 revenue of $1,646 million. The TTR franchise, which includes ONPATTRO and AMVUTTRA, is expected to generate $1.6-1.725 billion in 2025, representing a 36% growth compared to the preliminary full-year 2024 revenue of $1.223 billion. This growth is primarily driven by the anticipated ATTR-CM label expansion for vutrisiran, which will expand the addressable market for the company's TTR therapies.

Alnylam's P5x25 strategy, which aims to become a top-tier biotech company by achieving five key goals by 2025, is well on track. The company's strong commercial performance, robust pipeline, and ambitious plans for growth indicate that it is poised to achieve its strategic objectives. The planned Phase 3 studies for nucresiran and zilebesiran further contribute to the company's long-term growth potential by expanding its pipeline and addressing new indications with significant market opportunities.

In conclusion, Alnylam's strong performance in 2024 and ambitious 2025 guidance have investors optimistic about the company's future prospects. The company's P5x25 strategy is well on track, and its planned Phase 3 studies for nucresiran and zilebesiran further contribute to its long-term growth potential. As Alnylam continues to execute on its strategic goals, investors can expect the company to deliver significant value in the coming years.