01—Abstract
Summary
Summary of the 10-Q filed August 1, 2024. Cited figures are marked; the original filing is the authoritative source.
Alnylam Pharmaceuticals, Inc. reported robust top-line growth in its second quarter of 2024, with total revenues increasing by 107% year-over-year to $659.8 milliona.
This surge was primarily driven by a significant increase in net product revenues, which rose by 34% to $410.1 millionb, led by strong performance from AMVUTTRA. Collaboration revenues also saw a substantial increase, growing from $5.8 million in the prior year period to $227.3 million, largely due to the amended collaboration agreement with Regeneron Pharmaceuticals and milestone achievements with Roche. Despite the strong revenue growth, the company reported a net loss of $16.9 million for the quarter, an improvement from the $276.0 million net loss in the second quarter of 2023.
This improved net loss reflects the significant increase in revenue and a more favorable cost of goods sold as a percentage of net product revenues. Research and development expenses increased by 18% year-over-year, reflecting ongoing investments in pipeline expansion, particularly for zilebesiran and mivelsiran. The company maintains a strong liquidity position with $971.2 millionc in cash, cash equivalents, and restricted cash as of June 30, 2024, which management believes is sufficient to meet operating needs for at least the next 12 months.
02—Key points
Key Highlights
- Total revenues increased by 107% year-over-year to $659.8 million in Q2 2024.
- Net product revenues grew 34% to $410.1 million, driven by AMVUTTRA.
- Collaboration revenues surged by over 3700% to $227.3 million, primarily due to Regeneron and Roche agreements.
- Net loss improved significantly to $16.9 million from $276.0 million in the prior year period.
- Research and development expenses increased by 18% to $294.1 million, indicating continued investment in pipeline development.
- Cash, cash equivalents, and restricted cash stood at $971.2 million as of June 30, 2024, providing ample liquidity.
- Positive topline results were reported for the HELIOS-B Phase 3 study of vutrisiran and the KARDIA-2 Phase 2 study of zilebesiran.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q2 FY2024, Alnylam Pharmaceuticals, Inc. lost $0.03.
- Revenue$659.8M100.0%
- Cost of revenue−$67.3M10.2%
- Gross profit$592.6M89.8%
- Operating costs−$543.9M82.4%
- Operating income$48.6M7.4%
- Interest, other & tax−$65.5M9.9%
- Net income−$16.9M2.6%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2024filed August 1, 2024Financial Statements
Q2 FY2024 against Q2 FY2023
| Line item | Q2 FY2024Q2 FY2023 | Change |
|---|---|---|
| Revenue | $659.83M$318.75M | +107.0% |
| Cost of Revenue | $67.27M$75.34M | −10.7% |
| Gross Profit | $592.55M$243.42M | +143.4% |
| R&D Expenses | $294.14M$248.53M | +18.4% |
| SG&A Expenses | $248.40M$214.69M | +15.7% |
| Operating Expenses | $611.21M$548.59M | +11.4% |
| Operating Income | $48.61M-$229.83M | +121.2% |
| Net Income | -$16.89M-$276.02M | +93.9% |
| EPS (Basic) | $-0.13$-2.21 | +94.1% |
| EPS (Diluted) | $-0.13$-2.21 | +94.1% |
| Shares Outstanding (Basic) | 126.73M124.66M | +1.7% |
| Shares Outstanding (Diluted) | 126.73M124.66M | +1.7% |
05—Questions
Frequently Asked Questions
What drove the significant increase in Alnylam's total revenues in the second quarter of 2024?
Alnylam's total revenues increased by 107% year-over-year to $659.8 million, primarily driven by a 34% increase in net product revenues to $410.1 million, led by strong performance from AMVUTTRA. Additionally, collaboration revenues saw a substantial jump from $5.8 million to $227.3 million, largely due to revenue recognized from the amended Regeneron collaboration and milestone achievements with Roche.
How did Alnylam's profitability change compared to the prior year?
Alnylam reported an improved net loss of $16.9 million for the second quarter of 2024, compared to a net loss of $276.0 million in the same period of 2023. This improvement is attributed to the significant revenue growth and a more favorable cost of goods sold as a percentage of net product revenues.
What is the company's current liquidity position and outlook?
As of June 30, 2024, Alnylam had $971.2 million in cash, cash equivalents, and restricted cash. Management believes this liquidity is sufficient to meet its operating needs for at least the next 12 months. The company continues to invest in research and development, with R&D expenses increasing by 18% year-over-year.
Are there any significant clinical development updates from the quarter?
Yes, Alnylam reported positive topline results from the HELIOS-B Phase 3 study of vutrisiran for ATTR amyloidosis with cardiomyopathy and positive results from the KARDIA-2 Phase 2 study of zilebesiran for hypertension. Additionally, their collaborator Sanofi submitted regulatory filings for fitusiran in hemophilia.
06—Continue