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Alnylam Pharmaceuticals Inc ALNY

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Stock XNAS Rating as of
$153.67 +3.59 (2.39%)
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Company Report

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Alnylam Earnings: Strong Demand for Amvuttra Drives Growth; Shares Undervalued

Rachel Elfman

Narrow-moat Alnylam's robust first-quarter results represent a 32% increase year over year, highlighted by $365 million in net product revenue. Strong demand for its ATTR amyloidosis therapy was the primary driver of this growth. Strong uptake of next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, accounting for $195 million of the quarter’s revenue. We forecast Alnylam will achieve net product sales of roughly $1.4 billion in 2024, representing a 15% increase from 2023. We maintain our fair value estimate of $199 per share, and we view shares as undervalued, currently trading in 4-star territory about 25% below our fair value estimate.

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Price vs Fair Value

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ALNY is trading at a 24% discount.
Price
$150.31
Fair Value
$186.00
Uncertainty
High
1-Star Price
$664.17
5-Star Price
$441.90
Economic Moat
Nqkhzkn
Capital Allocation
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Bulls Say, Bears Say

Bulls

Alnylam's Nobel-prize-winning technology and massive intellectual property in RNA interference helped the firm create an entirely new class of therapeutics for difficult to treat diseases.

Bears

Alnylam's valuation rests on its ability to maintain six-figure pricing and payers' willingness to continue reimbursement, which could be affected by shifts in healthcare drug policy.

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Trading Information

Previous Close Price
$150.08
Day Range
$152.27–155.20
52-Week Range
$142.02–218.86
Bid/Ask
$153.55 / $153.82
Market Cap
$19.41 Bil
Volume/Avg
137,423 / 834,655

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
10.25
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Alnylam Pharmaceuticals is a leader in the study of RNA interference (RNAi) therapeutics. RNAi is a naturally occurring biological pathway within cells for sequence-specific silencing and regulation of gene expression. Alnylam has five drugs on the market: Onpattro and Amvuttra for hATTR amyloidosis, Givlaari for acute hepatic porphyria, Oxlumo for primary hyperoxaluria type 1, and Leqvio for hypercholesterolemia. It also has several clinical programs across various therapeutic areas: genetic medicines; cardio-metabolic diseases; hepatic infectious diseases, and CNS/ocular diseases. Upfront fees from research partnerships have boosted Alnylam's cash levels, and the company stands to see additional milestones and royalties from drugs commercialized under collaboration partnerships.
Sector
Healthcare
Industry
Biotechnology
Stock Style Box
Mid Growth
Total Number of Employees
2,100
Website
https://www.alnylam.com

Competitors

Valuation

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Metric
ALNY
IONS
INCY
Price/Earnings (Normalized)
 ——14.00
Price/Book Value
 —16.052.21
Price/Sales
 10.257.823.19
Price/Cash Flow
 200.55—15.33
Price/Earnings
ALNY
IONS
INCY

Financial Strength

Metric
ALNY
IONS
INCY
Quick Ratio
 2.865.423.29
Current Ratio
 3.085.903.47
Interest Coverage
 −3.36−3.42333.13
Quick Ratio
ALNY
IONS
INCY

Profitability

Metric
ALNY
IONS
INCY
Return on Assets (Normalized)
 −2.47%−9.69%13.25%
Return on Equity (Normalized)
 —−63.31%17.32%
Return on Invested Capital (Normalized)
 −7.00%−11.68%14.51%
Return on Assets
ALNY
IONS
INCY
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