Summary
Alnylam Pharmaceuticals, Inc. (ALNY) reported its 2023 financial and operational results, showcasing significant revenue growth driven by its expanding portfolio of RNAi therapeutics. The company's net product revenues reached $1.24 billion, up 39% year-over-year, primarily due to the strong performance of AMVUTTRA and continued growth in GIVLAARI and OXLUMO, partially offset by a decline in ONPATTRO sales as patients transitioned to AMVUTTRA. Collaboration revenues also saw a substantial increase, largely from the new agreement with Roche for zilebesiran and increased royalties from Novartis on Leqvio. Alnylam continues to invest heavily in research and development, with expenses increasing by 14% to $1.0 billion, reflecting progress in its pipeline, including the development of zilebesiran for hypertension and ALN-APP for Alzheimer's disease. The company ended the year with $2.44 billion in cash, cash equivalents, and marketable securities, providing a solid liquidity position. Despite a net loss of $440 million, Alnylam is progressing towards its P5x25 strategic goals, aiming for profitability and a leading biotech profile by the end of 2025.
Financial Highlights
49 data points| Revenue | $1.83B |
| Cost of Revenue | $268.22M |
| Gross Profit | $1.56B |
| R&D Expenses | $1.00B |
| SG&A Expenses | $795.65M |
| Operating Expenses | $2.11B |
| Operating Income | -$282.18M |
| Interest Expense | $121.22M |
| Net Income | -$440.24M |
| EPS (Basic) | $-3.52 |
| EPS (Diluted) | $-3.52 |
| Shares Outstanding (Basic) | 124.91M |
| Shares Outstanding (Diluted) | 124.91M |
Key Highlights
- 1Total revenues increased by 76% to $1.83 billion in 2023, driven by a 39% rise in net product revenues to $1.24 billion and a significant increase in collaboration revenues to $546 million.
- 2AMVUTTRA sales grew substantially to $558 million, while ONPATTRO sales declined to $355 million, indicating a product franchise shift.
- 3GIVLAARI and OXLUMO demonstrated solid growth, with revenues reaching $219 million and $110 million, respectively.
- 4Research and development expenses increased by 14% to $1.0 billion, reflecting continued investment in pipeline advancement, particularly for zilebesiran and ALN-APP.
- 5The company ended 2023 with $2.44 billion in cash, cash equivalents, and marketable securities, providing a strong liquidity foundation.
- 6Alnylam advanced its key pipeline programs, including reporting positive topline results for zilebesiran's KARDIA-1 Phase 2 study and positive interim results for ALN-APP's Phase 1 study.
- 7The FDA issued a Complete Response Letter (CRL) for ONPATTRO's sNDA for ATTR amyloidosis with cardiomyopathy, indicating that clinical meaningfulness was not established for this indication.