Summary
Alnylam Pharmaceuticals, Inc. reported strong year-over-year growth in net product revenues for the third quarter and first nine months of 2022, driven by increased patient uptake of its key products ONPATTRO, GIVLAARI, OXLUMO, and AMVUTTRA. Total revenues increased by 41% and 20% for the respective periods. However, the company also experienced a significant increase in its net loss, primarily due to a substantial loss on the extinguishment of debt, increased R&D and SG&A expenses, and a marked increase in the fair value of its development derivative liability. The company has successfully issued $1.04 billion in convertible senior notes to bolster its financial position. Despite the widening net loss, Alnylam believes its current cash and cash equivalents are sufficient to fund operations for at least the next 12 months, supported by ongoing product sales and alliance revenues.
Financial Highlights
48 data points| Revenue | $264.31M |
| Cost of Revenue | $36.51M |
| Gross Profit | $227.80M |
| R&D Expenses | $245.37M |
| SG&A Expenses | $235.86M |
| Operating Expenses | $522.35M |
| Operating Income | -$258.04M |
| Interest Expense | $41.08M |
| Net Income | -$405.92M |
| EPS (Basic) | $-3.32 |
| EPS (Diluted) | $-3.32 |
| Shares Outstanding (Basic) | 122.17M |
| Shares Outstanding (Diluted) | 122.17M |
Key Highlights
- 1Net product revenues increased by 39% year-over-year to $232.3 million for the three months ended September 30, 2022, and by 36% to $632.7 million for the nine months ended September 30, 2022.
- 2Total revenues grew to $264.3 million for the third quarter of 2022, a 41% increase compared to the prior year period.
- 3The company reported a net loss of $405.9 million for the third quarter of 2022, a significant increase from the $204.5 million net loss in the same period of 2021.
- 4Alnylam issued $1.04 billion in aggregate principal amount of 1% Convertible Senior Notes due 2027, with proceeds intended for general corporate purposes.
- 5A significant factor contributing to the increased net loss was a $76.6 million loss on the extinguishment of debt related to the repayment of its credit agreement.
- 6Research and development expenses increased by 26% to $245.4 million for the third quarter, largely due to higher stock-based compensation and increased headcount for development studies.
- 7Selling, general, and administrative expenses rose by 66% to $235.9 million for the third quarter, driven by increased stock-based compensation, headcount, and consulting expenses.