Alnylam at Canaccord Genuity: Strategic Growth and Innovation

On Tuesday, 12 August 2025, Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) presented at Canaccord Genuity’s 45th Annual Growth Conference, sharing a comprehensive overview of its strategic initiatives. The company highlighted its successful launch of Amvutra for ATTR cardiomyopathy, while also addressing the challenges of undiagnosed patients and competitive market dynamics.

Key Takeaways

• Alnylam’s Amvutra launch exceeded expectations with $492 million in first-quarter revenues.
• Approximately 80% of ATTR cardiomyopathy patients remain undiagnosed globally.
• Regulatory approvals secured in Europe, Brazil, and Japan, with international launches expected in 2026.
• Upcoming studies include zalbeceran for hypertension and melvisiran for Alzheimer’s disease.
• Focus on internal growth, with openness to external opportunities for capability enhancement.

Financial Results

• Amvutra Launch:

- Generated $492 million in first full quarter revenues, surpassing consensus estimates by 34%.

- Rapid formulary adoption by key healthcare systems drove early demand.

- Half of 170 priority health systems added Amvutra to their formularies in Q1.

Operational Updates

• ATTR Cardiomyopathy Market:

- Estimated 150,000 patients in the US and 300,000 globally affected.

- 80% of patients remain undiagnosed.

- 10,000 new-to-treatment patients annually in the US; 18,000 globally.

- 45,000 patients globally currently treated with a stabilizer.

• International Expansion:

- Regulatory approvals in Europe, Brazil, and Japan.

- Ex-US launches primarily expected in 2026.

• Pipeline Programs:

- Zalbeceran (Hypertension): CARDIA-3 phase two study results to be presented at ESC Congress. Cardiovascular outcomes trial planned for later this year.

- Melvisiran (CAA): Phase one trial ongoing, with potential phase two trial for Alzheimer’s by year-end.

- Cardiometabolic Programs: GRB14 program for type 2 diabetes ongoing; ARCB1 program for obesity to start before year-end.

Future Outlook

• Amvutra: Positioned as a first-line treatment option for ATTR cardiomyopathy.
• NuCrisiran: Next-generation RNA silencer with potential for significant TTR knockdown with biannual dosing.
• Innovation: Continued focus on internal R&D to develop new medicines.
• Pricing Policy: Monitoring Most Favored Nation pricing policy for potential impact on ex-US launches.

Q&A Highlights

• Differentiation: Emphasis on rapid TTR knockdown to improve outcomes, as demonstrated in the HELIOS B study.
• Competition: Establishing Amvutra as first-line treatment while focusing on robust clinical data.
• Combination Therapy: Expected to remain a monotherapy, with tafamidis exclusivity loss in 2028 potentially altering dynamics.
• External Opportunities: Primarily focused on internal growth, but open to opportunities enhancing existing capabilities.

In conclusion, for a detailed understanding, readers are encouraged to refer to the full transcript below.

Full transcript - Canaccord Genuity’s 45th Annual Growth Conference:

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Fifth Annual Growth Conference. My name is Whitney Ejem. I’m one of the biotech analysts here at Canaccord Genuity. And I’m very pleased to be joined this morning by John Kennedy, SVP Global Commercialization Lead for the TTR franchise, as well as John Vest, SVP of Clinical Research. Thank you both for being here.

John Kennedy, SVP Global Commercialization Lead, Alnylam: Thank you. Thank you.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: So we have a limited time and a lot to cover. I’m gonna dive right in. Please save any questions for the end. Hopefully, there’ll be some time. But if you do have questions as we go, just jot them down and maybe give me a nod and I’ll I’ll I’ll remember to call you at the end.

So just to start off, for any of any of those in the room who are not familiar with the company, can you please just kind of give a brief introduction on the background and kind of what Alnylam is all about?

John Vest, SVP of Clinical Research, Alnylam: Sure. Thanks. I can take that. So Alnylam, for those of you who are not familiar with the company, was founded in 02/2002, based on Nobel Prize winning science, and in the interim has become the global leader in RNA interference, which is truly a generational technology which has validated and enabled an entirely new class of medications. And our leadership in RNA interference cuts across many different dimensions, but the productivity of our research and development engine is chief among those, where we have developed one of the most robust pipelines in the industry and have yielded six approved medications.

20, we’ve been at this for over twenty years, but, but the past year has been truly, a watershed moment for, for the company. And we have established three pillars that we believe will drive long term growth and value generation. The first of those is leadership in transthyretin amyloidosis. With the approval recently of Ambutra for ATTR cardiomyopathy, we have what we believe will be a new standard of care in this very important disease. And given the outstanding clinical profile of Ambutra combined with this rapidly growing patient segment with high unmet need, we have what is a what we believe will be a true franchise for the company that will enable long term long term growth.

The second of these is growth through innovation. As I mentioned, we have, through our research and development, enabled what we believe is the most one of the most robust pipelines in the industry. And on top of this, we have a sustainable innovation engine and drug discovery platform that will enable us to continue to innovate, drive growth, and bring novel medications to patients in need around the world. The third pillar will be outstanding commercial performance, And that will be commercial execution, as well as disciplined capital allocation, which again, we believe and are highly confident will allow us to be sustainably profitable moving forward.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Excellent. Very helpful overview. And starting on the commercial side, as you mentioned, six approved products, four commercialized by Alnylam. We are unfortunately only going to have time to talk about one, but it is InVutra, as you mentioned, the recently approved product. And I can use this word.

You guys just reported a monster quarter, so I can say that. With $492,000,000 in revenues, that was 34% ahead of consensus. And it’s early in the launch obviously, but what do you think we were all missing on our side headed into that first quarter?

John Kennedy, SVP Global Commercialization Lead, Alnylam: I’ll take that. So for Amvutra, Amvutra had already been approved for the polyneuropathy of hereditary ATTR. And so what we recently had is the approval of cardiomyopathy for ATTR. And so we’re just in the first full quarter. And so it’s still early.

I definitely appreciate it’s still early and we have lots of work to do. But yes, the first full quarter of our launch went exceptionally well. And we look at multiple indicators of how we go through the launch, the things that were important to us to make sure we set up the conditions for a successful launch. And we’re generally tracking on or ahead of schedule on all those indicators. I think what I’d point out to most pronounced was the provider account setup.

So just to back up, we do know that about eighty percent of the patients that present with ATTR cardiomyopathy will present to one of about 170 priority healthcare systems. These are provider accounts. And Voucher is the first buy and bill product in the category. So we know that there’s a setup that tends to be required for a buy and bill product in a category like this. That’s routine, it’s customary, and it tends to take several months for these provider accounts to essentially do whatever process they do.

P and T committees to add a product to formulary so that it’s available for utilization for patients that flow through those systems. So we’ve known this. It’s a well established process, but it tends to take several months for that setup to happen. And so we expected that would take the majority of 2025 for that provider account setup to happen. What really surprised us favorable was that that happened much faster than we had anticipated.

So at Q1, we were about, what, five, six weeks into the launch. By then, already half of these priority accounts, health systems, had added Ambutra to formulary. And now, as of the Q2 earnings call, we shared that essentially that the market is broadly set And so that allowed us to realize demand much earlier than we had expected. Originally, we thought it was gonna be mostly a second half story because of that faster than expected setup, we saw more of that demand manifest earlier than we expected.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Excellent. Excellent. Okay. Perfect. And then another, excuse me, key discussion point, I guess, in the ATTR space is sort of diagnosis and treatment rate amongst these patients.

So where are we with both of those in The US and worldwide at the moment?

John Kennedy, SVP Global Commercialization Lead, Alnylam: Generally speaking, we’re still early. There’s been tremendous improvements over the last several years in terms of diagnosis and treatment rates, but we’re still early. So just to kind of back up, globally, we estimate that there are more than about three hundred thousand patients affected by ATTR cardiomyopathy. In The US, just a crude rule of thumb, call it about half. So one hundred and fifty thousand patients affected by the disease.

Globally, about eighty percent of these patients remain undiagnosed. And certainly, the vast majority of these patients are untreated. And so, there’s been some progress over the last several years because of better diagnostic or easier diagnostics and treatment choices, but we’re still early and there’s still significant amount of growth to be had and there’s so many patients that we can help.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Okay. So moving forward, the growth for you all will continue, with penetration into those existing patients but then, increasing the existing patient pool by increasing diagnosis rate, etcetera. Yes. Okay. And so as that rate increases, do you expect there to be a shift in the type of patients that are coming on to therapy?

If we’re looking harder for patients, are we gonna find earlier ones or less severe ones, or how do you think about that?

John Kennedy, SVP Global Commercialization Lead, Alnylam: Yeah. Generally, we we think of a couple different segments of patients where there’s there’s opportunity. There are these new to treatment patients. They’re on an annual basis, more of these patients presenting to a physician for that very first treatment choice, that first line treatment. That’s one patient segment, the new to treatment patient.

In The US, we assume that there’s about ten thousand of those patients coming in on an annual basis, so globally about eighteen thousand of these new to treatment patients. A second segment are stabilizer progressors. So patients who have been treating with a stabilizer, regrettably, some of those we see estimates in the literature anywhere thirty to fifty percent of those patients may continue to progress and may be available for an alternate treatment option. And then there’s the remainder of those patients that are still undiagnosed and will continue to flow in. So with regards to what we’re seeing, there has been a shift.

I mean, there’s still so much more to do to improve on diagnosis. So it’s not like we’re catching these patients uber early. I think there’s still more that we can do. But you think about the patients that were studied in the first clinical trial in this space, compared to what we’re seeing as those first line treatments today, these patients are generally a little bit earlier in the disease and and are generally on substantial background treatments. I say that because if you look at the HELIOS B patient population, that is the patient population that we studied.

Patients that are generally earlier in the disease and also with substantial background treatments. And so, there’s a question, can these patients benefit from early and aggressive treatment? Healings B says resoundingly, yes. There’s absolutely a tremendous amount of benefit for treatment early with Amvutra in this patient population.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Got it. Okay. And just one follow-up on that. For the stabilizer progressors, those are the patients that are on the oral approved stabilizers but still progressing as as aptly named. Are those patients coming off the stabilizers and moving over to Ambutra?

Are they doing combo therapy or what does that look like?

John Kennedy, SVP Global Commercialization Lead, Alnylam: Yeah. Just to kinda quantify it, globally, we think there are about forty five thousand patients that are actively treating on a stabilizer. So, rule of thumb, US call it about half of that. In the literature, we’ve seen somewhere in the ballpark of thirty to fifty percent of patients on the common historical stabilizer have experienced progression. We are the first and only alternate treatment option in terms of the mechanism of action and orthogonal option, and so it’s really just an obvious option for these patients that have been progressing on a stabilizer.

In terms of utilization patterns, look, we’re we’re one quarter in, so I think it’s a little early. We see some, examples of of combination therapy, but I would say, generally speaking, we expect this is gonna be a monotherapy treatment market, for the foreseeable future. I think what could change dynamics is when you have tafamidis loss of exclusivity, which Pfizer has said they expect at the 2028. That could be kind of an unlocking event in terms of more combination therapy, but I think until then, we’ll likely see more monotherapy. Got it.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Got it. Okay. And given this competitive dynamic, as you mentioned, with the kind of existing oral stabilizers, what is your pitch to docs? Like, when a salesperson shows up to the doctor’s office, how are they presenting Invutra? And I guess that’s relative to the stabilizers, but then is there also anything you’re doing in the near term relative to the potential future availability of a related silencer called Plonterson?

John Kennedy, SVP Global Commercialization Lead, Alnylam: Yeah. So I think we’re in a unique position. So we are the first RNAi silencer that’s approved for ATR cardiomyopathy in The US. The first and only treatment that’s approved for both polyneuropathy of hereditary ATR, as well as cardiomyopathy of ATR. So we’re the first and only that’s approved for both manifestations.

So we’re in a really unique position. What we hear from customers, physicians, and patients alike is it makes intuitive sense. If you know the disease causing protein, to rapidly knock down protein essentially working upstream or at the source, that intuitively makes sense. Now if you ask what is the implication of rapid knockdown of TTR, we know the results. That’s what we showed in HELIOS B.

And what we saw in that study was profound impact on outcomes. And in particular, it’s noteworthy we had all cause mortality, a profound impact on all cause mortality as a pre specified standalone statistically significant finding. And then on top of that, to be able to demonstrate preservation of functional capacity and quality of life, and then delivered with four subcutaneous doses per year. So, altogether, that’s a value proposition that resonates, and physicians will tell us it’s peace of mind to know that the patient is receiving the treatment as intended. So, it’s a very compelling first line value proposition.

Now, in terms of a future competitor, I think it remains to be seen if and when they come to market with what data package, and so I don’t want to be presumptuous and speculate, but I do feel like what we’re doing right now is establishing Ambucha as a first line treatment option. That’s the best thing that we can do. We have a wonderful data package that we can continue to educate on with some lead time. If I were to look at hereditary polyneuropathy, we have been competing against another silencer for now well over a year. And what we see in that space is that more voices expands treatment options or diagnosis, and so we’ve seen an expansion of that category that’s a net positive for patients, and we have retained a resounding lead in first line treatment choice in hereditary ATTR polyneuropathy, even in the context of competition.

So we feel good. We’ve got a lot of work to do, but we can establish ambusha as that first line treatment choice. Mhmm.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Perfect. And sticking with that competitive dynamic question, you spoke about the oral stabilizers, and kind of where they are now. And what are you hearing from both doctors and physicians, I guess, particularly in that frontline setting on the appetite for, yes, an oral stabilizer versus subcutaneous injection, or versus maybe some of the next next gen, kind of one and done gene editing approaches.

John Kennedy, SVP Global Commercialization Lead, Alnylam: Yeah. So just unpack that a little bit. I I think in terms of just the the choices that are available today, it’s really this is a condition where it’s rapidly progressing, devastating. And so it is it’s an efficacy driven decision. And we can go through the the HELIOS B data set, but again, I think we have a really, really compelling and robust clinical data package coupled with a treatment regimen, this quarterly dosing that aligns with when most patients will see their physician, gives that peace of mind that the patient is actually receiving the medicine as intended.

And what we’ve seen with daily oral treatments in this category and others is that daily oral treatment is not perfect in terms of adherence and persistence. So it’s all part of the value proposition that is relevant. Again, with regards to future competitors, even gene editing, I would say fast forward, don’t forget that we’re continuing to drive innovation. That involves evidence generation for Amphutra today, but also advancing our next generation RNA silencer, Neuquesiran. And so by the time there may be a gene editing competitor, it’s likely in the time frame when we would have NuCrisiran available to market as well, if all goes to plan.

NuCrisiran has the potential to deliver 95% knockdown of TTR with incredible durability, about two doses per year. And so I think it really the question is, what’s being brought to market by the competitor that we’re not already providing Mhmm. For patients.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Yep. Fair enough. Fair enough. Okay. Perfect.

And then you are also getting your ex US launches off the ground, and this wouldn’t be a a contemporaneous panel if we didn’t ask about MFN. So to what extent is MFN a concern, or how are you thinking about that as you as you look to the ex US?

John Kennedy, SVP Global Commercialization Lead, Alnylam: Yeah. So first, really excited. We have regulatory approval in Europe, in Brazil, Japan, and so, you know, international launches will continue afoot. So, most of in almost all countries outside The US, there is a pricing reimbursement process we go through, which is after the regulatory approval. So that’s still a process to work through.

In many countries, that can be a little bit of a protracted process. For that reason, the ex US launches is really a 2026 story for the most part. And so that’s still work in front of us. Now, as regards to most favorite nation, m m fan, I think it’s really, really hard to speculate. There’s so much uncertainty around what that policy may be, how it may play out, and so it it’s very difficult to to try and lead read the tea leaves in terms of where it’s going.

And so we’ll just use the latest information as we go forward with those ex US launches. Now, again, I’ll say most of those decisions in terms of pricing reimbursement and launch are still in front of us. So we retain degrees of freedom while we learn as much as we possibly can about MFN. But, again, it’s it’s really hard to speculate with so much uncertainty.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Yes. Definitely. But you’re not actively slowing down any launch processes ex US?

John Kennedy, SVP Global Commercialization Lead, Alnylam: We continue to move forward.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Okay. Excellent. Excellent. Perfect. And then tariffs, guess.

Is there anything that we should ask about or be thinking about

John Kennedy, SVP Global Commercialization Lead, Alnylam: Nothing particularly noteworthy. I think, you know, it’s been talked about, and I I don’t know that I have much more to add.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Excellent. Excellent. Okay. Perfect. Alright.

I could ask a bunch more questions on the commercial side, but I will move to the pipeline now. So sticking with cardio, the cardio side of things, zalbeceran. Can you talk about the current unmet need in high blood pressure and kind of what’s the TPP?

John Vest, SVP of Clinical Research, Alnylam: Yeah. So the zalbeceran program is, just as a cardiologist is incredibly exciting and, you know, we believe has the potential, to truly, redefine the treatment of this very important disease. So unmet need. Hypertension, despite the numerous available therapies, remains the leading, reversible or reversible cause of cardiovascular morbidity and mortality. And it’s estimated, that that up to eighty percent of patients, who are on therapy are not meeting their are not meeting their blood pressure targets.

So there is a huge, huge unmet need for one of the most common problems that we encounter in in in medicine. But in addition to just lowering blood pressure, there are a number of factors that that that feed into the the morbidity and mortality that go along with with hypertension. One is adherence to medication. That’s a huge problem. There’s variability in blood pressure control where patients may be controlled one day, not the next, controlled for part of the day, but not for the second half of the day, in particular, loss of blood pressure control in in in the during the nighttime hours.

So these are these are major problems that factor, and that’s when when we look at this, we see a real need for something that could be have tonic control of blood pressure, very infrequent dosing, two doses a year, twenty four hours a day, seven days a week, three hundred and sixty five days a year, tonic control of blood pressure, and address many of these deficiencies, potentially improve adherence as well. Those feed into what we’re looking for, in the profile of this drug.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Okay. Perfect. So if I forget to take my blood pressure meds I won’t have to. It’s only twice a year. That’s the idea.

Yes. Okay. And so you, as mentioned, you have another approved product that is commercialized by Novartis, inclisiran, that was developed for another kind of larger cardiovascular indication. So from a clinical development and maybe kind of early commercial experience with inclisiran, what were the learnings there as you looked to kind of design the plan for for Ezebel’s trial?

John Vest, SVP of Clinical Research, Alnylam: Yeah. So I think the fundamental learning there’s that inclisiran launched in, as you’re pointing out, a very common indication, for, for control of, of lipids without outcomes data. And I think that, I think that that Novartis learned from those you know, from that early experience in the launch. And, certainly, as we thought about going into this, other very prevalent common indication of hypertension, we and our partners at Roche felt that it was critically important that we bring this to the market with outcomes data, and that’s what we’re and that’s what we’re planning on, starting a cardiovascular outcomes trial, that we intend to start later this year.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Okay. Perfect. And in terms of the clinical development plan, what are the other key questions? There’s several studies ongoing, I guess. So can you talk about what are the kind of key questions or key data points you’re looking to generate with the the various studies?

John Vest, SVP of Clinical Research, Alnylam: Yeah. So we’ll be, at the ESC congress, in Madrid in just a couple weeks here. We will be releasing the results of our CARDIA-three study. This is a phase two study of zolbecerin in patients at high cardiovascular risk on a background, of two to four, background antihypertensive medications. And there will be very important learnings from that study.

Certainly, will inform us, and it will confirm the dose that we want to take forward into the phase three study. It will inform details around inclusion exclusion criteria, and will confirm power and size of the cardiovascular outcomes trial. So really exciting, important data that we’re looking forward to sharing in just a few weeks here.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Okay. Perfect. And then remind me, the cardiovascular outcome study is on track to start before the end of the year? Yes. Right.

Yes. Okay. Perfect. Excellent. Alright.

Again, I could ask more here, but in the interest of time, I’ll move on. Everything we’ve been talking about so far is cardio, kind of liver targeted. Moving over to CNS on the CAA program. Can you talk a little bit about CAA as a disease, the mechanism, kind of the the tissue target sort of differential route of administration there?

John Vest, SVP of Clinical Research, Alnylam: Yeah. So, this has to do with our our Melvisiran program, which is targeting APP or amyloid precursor protein. And as the the name suggests, this is a fundamental part of amyloid that deposits in the brain and has been genetically validated in two different very important diseases. One is Alzheimer’s disease, which has to do with deposition of the amyloid precursor protein in the parenchyma of the brain. And the other is CAA, which is the point of your question, is cerebral amyloid angiopathy where there’s deposition of the same amyloid precursor protein in the blood vessels of the brain.

Again, it’s this it’s genetically validated target, and we do have program going on in Alzheimer’s disease, ongoing in Alzheimer’s disease as well. But the CAA, this is a real highly underserved. This is one of the leading causes of, intracerebral hemorrhage or stroke, in in play where there are currently no approved therapies. And these are patients, that that that live with a very, very high once they’ve had an intracerebral hemorrhage, their chance of a second or then multiple bleeds is extremely high, about six times as high, as it would be with other causes of intracerebral hemorrhage. So a real, real unmet need here.

We have an ongoing, we have an ongoing phase one trial, CAPRICORN, where we’re looking at two different populations. One is a sporadic, population. These are, these are patients who tend to be a little bit older, in their sixties, seventies, who developed intercerebral hemorrhages due to this mechanism. And the other is a genetic population of Dutch cerebral amyloid angiopathy. This is this is much rarer, but this is a more severe form of the disease and one that happens much earlier in life.

So these are patients who may who will start experiencing bleeds. This is a genetically defined population in their forties or fifties. So you can imagine, if you or somebody who carries the genetic risk for this, maybe have a young family living every day with the with the the knowledge that today could be the day that you have stroke. So really a horrible disease with, with no good treatment options, and, we’re we’re really, really excited about this opportunity moving forward.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Okay. And when will we get the next, update there? And then for Alzheimer’s as well.

John Vest, SVP of Clinical Research, Alnylam: Yeah. We have not, we have not we have not, said anything, disclosed anything about when we’ll update Okay. On the CAA program. With the, with the Alzheimer’s program, we will be, we will be starting, we hope a phase we’re tending to start a phase two trial by the end of the year.

John Kennedy, SVP Global Commercialization Lead, Alnylam: Perfect.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Okay. So, yes, very clear unmet need and maybe more straightforward on the commercial side in the CAA space relative to Alzheimer’s, but Alzheimer’s obviously a huge, huge opportunity and also a huge unmet need. So we’re gonna stick with that sort of huge huge opportunity and move over to the metabolic side and talk about MASH, where you have a phase two program. So can you talk a little bit about the target and mechanism there? Again, kinda TPP and, and when we’ll get the next update.

John Vest, SVP of Clinical Research, Alnylam: Yeah. I can’t MASH is is has out licensed to Regeneron. I’m not we’re not permitted to answer questions about that. What I can speak to is, the rest that we have other very, very exciting programs in our cardiometabolic, profile targeting, both type two diabetes as well as obesity. In type two diabetes, we have, an ongoing, study, with the g r b 14.

This is a novel, this is novel insulin sensitizer, something that hasn’t been developed in this space in in in decades, and one that we believe has a, you know, a differentiated profile that avoids the weight loss or, excuse me, weight gain that’s associated with other, with other insulin sensitizers. It’s something where we see real opportunity. In obesity, we’re planning by the by the before the end of the year to start a study with ARCB one, which is will be our first adipose. So this is not a hepatic target. This will be an adipose target where we think we have a differentiated potential to, not only focus on the quantity, of weight loss, but also on the quality of weight loss with preservation of lean mass and in the area where we believe we can add to and improve on what what’s currently being achieved with incretins.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Got it. Got it. Okay. In the last thirty seconds, everything at Alnylam is homegrown at this point, as you mentioned, a robust kind of technology platform to generate new medicines. But is there any appetite to look externally to either add capabilities, technology, or or new programs?

John Vest, SVP of Clinical Research, Alnylam: In twenty seconds. In short, we really are focused on on on growing the business and investing in our in our in internal efforts and our internal, pipeline and our internal, r and d engine. Certainly, we will always survey the the landscape and look for any any opportunities that we might have to to build on what we’re doing. But our focus is on build growing, growing in us.

Whitney Ejem, Biotech Analyst, Canaccord Genuity: Perfect. Excellent. Perfect timing. Thank you so much.

John Kennedy, SVP Global Commercialization Lead, Alnylam: Thank you. Appreciate it. Thanks.

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