Summary
Alnylam Pharmaceuticals, Inc. (ALNY) reported its 2022 financial and operational results in its Form 10-K filed on February 23, 2023. The company demonstrated significant growth in net product revenues, primarily driven by its ATTR amyloidosis franchise, with ONPATTRO and AMVUTTRA generating substantial revenue. The company is strategically advancing its pipeline with a focus on both rare and prevalent diseases, highlighted by progress in late-stage investigational programs. Financially, Alnylam ended 2022 with a strong cash position of $2.19 billion, supporting its operations and future development. The company also successfully raised $1.04 billion through convertible senior notes, with proceeds primarily used to repay existing debt. Alnylam remains committed to its P5x25 strategy, aiming to become a top-tier biotech company by 2025 through sustainable innovation and strong financial performance. Despite a reported net loss for the year, the company shows a positive trajectory with growing product revenues and a robust pipeline, positioning it for potential long-term value creation.
Financial Highlights
50 data points| Revenue | $1.04B |
| Cost of Revenue | $140.17M |
| Gross Profit | $897.24M |
| R&D Expenses | $883.01M |
| SG&A Expenses | $770.66M |
| Operating Expenses | $1.82B |
| Operating Income | -$785.07M |
| Interest Expense | $155.97M |
| Net Income | -$1.13B |
| EPS (Basic) | $-9.30 |
| EPS (Diluted) | $-9.30 |
| Shares Outstanding (Basic) | 121.69M |
| Shares Outstanding (Diluted) | 121.69M |
Key Highlights
- 1Strong growth in net product revenues, driven by ONPATTRO ($558M) and AMVUTTRA ($94M) for hATTR amyloidosis, and GIVLAARI ($173.1M) and OXLUMO ($69.8M) for rare hepatic diseases.
- 2Submitted supplemental New Drug Application (sNDA) for ONPATTRO for ATTR amyloidosis with cardiomyopathy, with FDA action date set for October 8, 2023.
- 3Received FDA approval for AMVUTTRA (vutrisiran) for the treatment of polyneuropathy of hATTR amyloidosis in adults.
- 4Advanced zilebesiran (ALN-AGT) for hypertension into Phase 2 clinical studies (KARDIA-1 and KARDIA-2), with topline results anticipated in mid-2023 and late 2023.
- 5Ended 2022 with $2.19 billion in cash, cash equivalents, and marketable securities, indicating a strong liquidity position.
- 6Issued $1.04 billion in convertible senior notes in September 2022 to strengthen the balance sheet and repay debt.
- 7Continued progress on the Alnylam P5x25 strategy, targeting over 0.5 million patients on its therapeutics, six or more marketed products, and over 20 clinical programs by the end of 2025.