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Alnylam plunges as earnings deliver ‘one-two punch’
['Ben Fidler', 'Jacob Bell', 'Lead Editor', 'Lead Reporter']
BioPharma Dive - Latest News
The RNA-focused biotechnology company had previously predicted those drugs, the transthyretin amyloidosis medications Amvuttra and Onpattro, would bring in $4.4 billion to $4.7 billion.
But in an earnings report Thursday, it dropped that estimate to between $4.2 billion and $4.5 billion, revealing that Amvuttra’s early launch spike benefitted from “pent-up demand” that’s since “normalized.”
Amvuttra sales totaled $1.01 billion for the quarter, or 3% below the average analyst estimate of $1.05 billion, according to Biliouris.
Alnylam shares traded around $200 apiece by late Thursday afternoon, down from a $286 close the previous day.
The earnings miss and guidance cut invites “major” questions on the outlook of Alnylam’s TTR business, wrote Jefferies analyst Faisal Khurshid.