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Investing.com - Oppenheimer upgraded Alnylam Pharmaceuticals (NASDAQ:ALNY), now valued at nearly $55 billion, from Perform to Outperform and established a price target of $490.00, citing stronger-than-expected sales of the company’s Amvuttra drug. According to InvestingPro data, analysts maintain a bullish consensus on the stock, with price targets ranging from $236 to $550.
Amvuttra generated approximately $150 million in its first full quarter of sales for ATTR-CM (transthyretin amyloid cardiomyopathy), significantly exceeding both Oppenheimer’s estimate of $10 million and the consensus estimate of $17 million. The outperformance was attributed to Alnylam securing payer agreements faster than anticipated. The company maintains strong financial health with a current ratio of 2.8, indicating solid liquidity to support its commercial expansion.
Total (EPA:TTEF) Amvuttra sales reached $492 million, well above Oppenheimer’s forecast of $345 million and the consensus estimate of $351 million. The company reported favorable launch conditions including minimal payer headwinds, single-digit step-edits through oral stabilizers, and growing adoption as a first-line treatment.
Alnylam has raised its full-year TTR franchise sales guidance by approximately $560 million, representing a 34% increase. Oppenheimer characterized this guidance as "seemingly conservative" given Amvuttra’s initial trajectory and the upcoming expansion into European markets in the second half of the year.
Since reporting these results last Thursday, Alnylam shares have gained 18% compared to a flat performance in the XBI biotech index. Oppenheimer expects further outperformance as Amvuttra’s commercialization for ATTR-CM continues to impress and as analysts revise their estimates upward. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with 15+ additional investment insights available to subscribers. The company’s impressive 71% YTD return and strong growth prospects have caught the attention of institutional investors.
In other recent news, Alnylam Pharmaceuticals reported second-quarter earnings that significantly surpassed analyst expectations. The company posted adjusted earnings of $0.32 per share, a stark contrast to the anticipated loss of $0.59 per share. Revenue for the quarter reached $773.7 million, well above the $643.2 million forecasted by analysts. This impressive financial performance was largely driven by a 64% year-over-year increase in total net product revenues, with AMVUTTRA’s strong sales in ATTR cardiomyopathy playing a key role. These developments highlight a robust quarter for Alnylam Pharmaceuticals.
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