Summary
Alnylam Pharmaceuticals, Inc. reported strong revenue growth in the third quarter and first nine months of 2021, driven by increasing net product revenues from its approved therapies ONPATTRO, GIVLAARI, and OXLUMO, alongside growth in collaboration revenues. Net product revenues increased by 68% year-over-year for the quarter and 86% for the nine-month period, reflecting successful commercial expansion and new product launches. Collaboration revenues saw a 51% increase for the nine months, primarily due to increased activity with Regeneron. Despite top-line growth, the company continues to incur significant operating losses, with a net loss of $204.5 million for the quarter and $594.4 million for the nine months. Research and development expenses remain substantial, increasing by 20% for the quarter to support a robust pipeline. The company ended the period with a solid cash position of approximately $2.33 billion, providing ample liquidity to advance its "Alnylam P5x25" strategy. The company is also progressing well with its late-stage clinical programs, notably vutrisiran, with positive topline results and ongoing submissions for regulatory approval.
Financial Highlights
50 data points| Revenue | $187.63M |
| Cost of Revenue | $28.09M |
| Gross Profit | $159.54M |
| R&D Expenses | $194.57M |
| SG&A Expenses | $142.07M |
| Operating Expenses | $369.31M |
| Operating Income | -$181.68M |
| Interest Expense | $40.27M |
| Net Income | -$204.51M |
| EPS (Basic) | $-1.72 |
| EPS (Diluted) | $-1.72 |
| Shares Outstanding (Basic) | 119.14M |
| Shares Outstanding (Diluted) | 119.14M |
Key Highlights
- 1Total revenues increased by 49% year-over-year to $187.6 million for Q3 2021 and 86% to $585.8 million for the first nine months of 2021.
- 2Net product revenues grew substantially, up 68% to $167.0 million in Q3 2021 and 83% to $463.6 million for the first nine months of 2021, driven by ONPATTRO, GIVLAARI, and the newly launched OXLUMO.
- 3Net revenues from collaborations increased by 51% for the nine months, primarily due to higher activity with Regeneron, though they decreased by 24% for the third quarter.
- 4Operating costs and expenses increased by 5% to $369.3 million for Q3 2021 and 14% to $1.1 billion for the first nine months, largely driven by increased R&D spending.
- 5The company reported a net loss of $204.5 million for Q3 2021, an improvement of 19% compared to the prior year's loss of $253.3 million, and a net loss of $594.4 million for the first nine months, a 3% improvement from the prior year.
- 6Cash, cash equivalents, and marketable securities stood at $2.33 billion as of September 30, 2021, providing a strong liquidity position.
- 7The company highlighted positive clinical trial updates for vutrisiran, including submission of marketing authorization applications in the EU and Brazil, and presented 18-month data from the HELIOS-A Phase 3 study.