Alnylam at Goldman Sachs Healthcare Conference: Strategic Growth Insights

On Monday, 09 June 2025, Alnylam Pharmaceuticals (NASDAQ:ALNY) presented at the Goldman Sachs 46th Annual Global Healthcare Conference. The company highlighted its recent European approval for Amvutra in cardiomyopathy, progress on its "p5x25" strategy, and future growth drivers beyond its TTR franchise. The presentation underscored Alnylam’s strong financial position and innovation, while also addressing challenges such as Most Favored Nation pricing impacts.

Key Takeaways

• Alnylam secured European approval for Amvutra in cardiomyopathy and plans to launch in Japan and Germany later this year.
• The company is on track to achieve non-GAAP profitability by the end of 2025, with TTR franchise revenue guidance set at $1.6 billion to $1.725 billion.
• Alnylam is focused on pipeline expansion, targeting conditions like Huntington’s disease, hypertension, and Alzheimer’s disease.
• The company plans to deliver 2 to 4 new Investigational New Drugs (INDs) annually.
• Alnylam’s patient support programs aim to ensure broad access to treatments with minimal out-of-pocket costs for patients.

Financial Results

• TTR franchise revenue guidance for the year is set between $1.6 billion and $1.725 billion, representing a 36% year-over-year growth at the midpoint.
• The polyneuropathy business has shown consistent growth of 28% to 34% quarterly year-on-year.
• Alnylam expects to meet or exceed its revenue guidance.

Operational Updates

• Amvutra has been approved in Europe for cardiomyopathy, with plans to launch in Japan and Germany in the second half of the year.
• Over 50% of priority health systems have the drug on formulary, treating about 80% of patients.
• Alnylam aims to double its sites of care to 2,000, ensuring 90% of patients are within 10 miles of an infusion center.
• The majority of patients incur no out-of-pocket costs, with broad utilization across different payer types.

Pipeline Development

• A Phase 3 study (TritonCM) for niprisiran in TTR cardiomyopathy has been initiated ahead of schedule.
• The Zarbisiran CARDIA-three study, assessing blood pressure reduction, is expected to release data in the second half of the year.
• The company is advancing its clinical pipeline with programs targeting obesity, diabetes, and early onset Alzheimer’s disease.

Future Outlook

• Alnylam aims to continue its leadership in the TTR market and grow through disciplined innovation.
• The company plans to share data from the CARDIA-three study later this year and expects additional launches through 2026.
• Strategic goals include scaling the company and maintaining strong financial performance.

Q&A Highlights

• The impact of Most Favored Nation pricing is uncertain, but orphan drug designation offers some protection.
• Alnylam anticipates modest adjustments to Ambutra pricing over time.

In conclusion, Alnylam’s presentation at the Goldman Sachs conference highlighted its robust pipeline and strategic focus on innovation and patient access. For more details, please refer to the full transcript below.

Full transcript - Goldman Sachs 46th Annual Global Healthcare Conference:

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Great. Good morning, everyone. Thank you so much for joining us. I’m Salveen Richter, biotechnology analyst at Goldman Sachs. We’re really pleased to be joined by the Alnylam team.

With me, we have Yvonne Greenstreet, CEO, and John Kennedy, head of the TTR franchise. So Yvonne, before we even start, you know, you announced some news this morning, so maybe this is a perfect time point to maybe speak to the European approval that came today and the strategy that you hope to take in in Europe with TTR.

Yvonne Greenstreet, CEO, Alnylam: Yes. So hot off the press this morning. Well, first of all, good morning, everybody. Hot off the press this morning is that we managed to secure approval in Europe for Ambutra for cardiomyopathy. This is big news for us.

It means that we can move forward with our plans to take Ambutra to patients with TTR cardiomyopathy in Europe. I have to do a shout out to our regulatory team because we were able to file global submissions, achieve, approval in The US March Twentieth, EU today, and planning to launch, you know, in Japan and Germany Second Half Of this year. So we really have now got some momentum, global momentum behind our TTR franchise. So very exciting.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Great. So maybe jumping back here, big picture. In 2021, you launched your p five times 25 strategy outlining goals for Alnylam by year end ’25, including non GAAP profitability, and everything’s been either achieved or appears to be on track to meet. How do you think about the five year vision for Alnylam from here?

Yvonne Greenstreet, CEO, Alnylam: Yeah. That’s a fantastic question. So you’re absolutely right. In 2021, we launched, what was some pretty ambitious goals actually back in 2021, really laying out, you know, the, five years, trajectory for the company. And as you said, I’m pleased to say that we’re absolutely on track to meeting all of them, including, achieve achieving sustainable non GAAP profitability by the end of this year.

We haven’t quite delivered them yet, so I’m gonna wait until we get to the end of the year, hopefully declare victory, and then we’ll be in a position to present to you, our next set of five year goals. You know, having said that, I think when you look at Alnylam as a company, it really is a unique biotechnology company where we’ve got, you know, robust and growing revenues primarily driven by our TTR franchise. We’ve got this incredible pipeline that is spring loaded for growth. We have a sustainable innovation engine that continues to deliver new programs into the clinic and, you know, a very robust financial position. So in a really unique position as a company in biotech.

When you think about, you know, what we need to do to, continue to grow the company going forward, We clearly need to make sure that we’re leaders in TTR. I think we’re on you know, we’re really pleased with the progress with our launch with Amvutra thus far, but we really need to make sure that we achieve leadership in TTR. And need to continue to grow through innovation and continue to maintain this incredible high yielding pipeline with probability success that are, you know, multiples of what are achieved in the industry. And, obviously, we need to continue to scale and build the company in a very disciplined way and continue to deliver financial performance. So those are the sort of these, like, the three pillars, that are important in terms of how we think about growing the company going forward.

And, hopefully, we are able to declare victory with respect to p suffix by ’25 at JPMorgan next year, we will share more detail around our specific five year goals.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Great. I want to jump in jump in further into TTR. But before we do that, you hosted an R and D Day this year. And you really laid out a broad Surna platform pipeline off the base of your technology. Could you walk us through what you see as the growth levers beyond TTR?

Yvonne Greenstreet, CEO, Alnylam: Yeah. No. That’s an important question, because we believe we’re the leading RNAi company, and, we think we’ll deliver significant, revenue growth with TTR franchise. But it’s important to keep the pipeline behind that going, and I think we’re making incredible progress. Most of you have heard about Zarbisiran for hypertension, but I just want to highlight a couple of areas which are probably underappreciated.

When we think about our CNS, pipeline, I’m particularly excited by our program for Huntington’s disease. Huntington’s, as all of you know, is a very, very debilitating condition. You know, patients continue to suffer from a wide array of symptoms as being described by having Parkinson’s and and, you know, Alzheimer’s all in one. And we have what we think is a unique approach for helping to meet the needs of these patients, an approach that not only focuses on the mutant huntingtin protein, but also the exon one fragment. And we believe that this is gonna have a meaningful impact on these patients.

And the second program that I’d like to highlight, so ARN sixty four hundred targets plasminogen. I don’t think many folk have really picked up on how exciting this could be. Essentially, we believe that this has the, possibility by targeting plasminogen of being a vessel hemphatic agent without the problems that you see with thrombosis. And if we’re right, AI n sixty four hundred could be a little bit like Weigard’s been for argenx and really be a pipeline in an injection. So two very exciting programs which have the opportunity actually of moving forward pretty expeditiously.

Could you

Salveen Richter, Biotechnology Analyst, Goldman Sachs: also speak just overall, from a pricing dynamic with regard to most favored nation pricing? And if that were to be implemented, how that factors into your plan for the ex US launch for Butra in cardiomyopathy? And help us understand this in the context of what’s playing out with polyneuropathy currently.

Yvonne Greenstreet, CEO, Alnylam: Yeah. Look, I think it’s really difficult for anybody to speak with any degree of knowledge, with respect to what’s going to happen with MFN. There’s just so much, uncertainty at the moment that I think it’s quite difficult for us to really predict specifically what the impact on our business is going to be. I think one of the advantages that we have at Alnylam is all of our products are for rare diseases. They have, orphan drug designation.

And so when it’s, come to negotiations like the IRA, that orphan status has actually helped position Alnylam relatively well. But we’ll see how things unfold with MFN.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: On the TTR front, specifically in ATTR cardiomyopathy, On your 1Q earnings call, you outlined that greater than fifty percent of the 170 priority health systems that treat about eighty percent of these patients have the drug on formulary, of which over seventy five percent have begun treating patients. And so one could assume you’ve treated over sixty five to seventy five patients at this point. Could you discuss the drivers behind this rapid progress within the first five weeks post approval and how we should think about that on the forward?

Yvonne Greenstreet, CEO, Alnylam: I think it’s really helped having medicine out there with Ambutra treating patients with polyneuropathy. And actually, forty five percent of patients with polyneuropathy are actually diagnosed by cardiologists. We’re able to get off to a running start, if you like, with Ambutra in cardiomyopathy. I think the reasons for our great progress are probably twofold. Think one is actually just the strength of the data that we generated with HELIOS B.

I think it’s a very compelling, value proposition across the board for payers, for physicians, for patients. And I think, you know, the the the profile that we have with Ambutra has really resonated, you know, within the ecosystem. So we’re delighted, with that. And I I think it’s also testament to our very strong commercial team with John sitting next to me here who’ve done, I think, a tremendous job, really, building the commercial footprint that we need to deliver success.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: And how are you thinking about the cadence of P and T committee meetings and patients starting treatment into year end?

Yvonne Greenstreet, CEO, Alnylam: Yeah. We haven’t given specific details around that. But John, perhaps you want to say a few words about how we’re thinking about that.

John Kennedy, Head of the TTR Franchise, Alnylam: Yes. One of the things that we have said pretty consistently is that this is a buy and build product, so there’s an initial setup that we have taken very seriously. We’ve been laser focused on that. And so I think that what we saw with the first quarter earnings is a reflection of how focused we’ve been to make sure that we have that proper setup that really unlocks that momentum in the second half. So in terms of the cadence, we obviously haven’t really committed to any kind of velocity kind of What we have confirmed is our expectations for revenue.

And so we fully expect that we’re going to be able to meet or exceed guidance. That’s what we aspire to do. I think it’s very encouraging that you had so much progress as of that first quarter earnings call. So that is certainly in track, if not a little bit ahead of our expectations for that initial setup. That allows the demand to actually fall through.

And we do know that there’s demand in the market.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: And on that guidance front, you provided guidance this year for TTR of 1,600,000,000.0 to $1,725,000,000 which is roughly 36% year over year growth at the midpoint. Given that the polyneuropathy segment is still growing, can you help us understand, A, whether this guide is conservative in the context of what you provided, but, B, where the growth on the polyneuropathy still lies?

Yvonne Greenstreet, CEO, Alnylam: Yeah. No, that’s a tremendous question. We’re delighted with the performance of our business in PN. I think it speaks for a number of things. As I said, the profile of Butra and strength of our commercial team, but the fact that there are actually a lot of patients out there and the market is continuing to grow even with even with competition.

Now, we’ve been growing the PN business between 2834%, on a quarterly basis year on year. So that’s actually robust growth, and we expect to see obviously growth over and above that with cardiomyopathy. One thing we won’t be able to do is to split out, polyneuropathy and cardiomyopathy sales directly because we sell to distributors, and we can’t actually provide that granularity. But given that we understand the growth rates that we’re seeing with, polyneuropathy, I think it’s not going to be too difficult when we, share, our progress, with our TTF franchise and our next earnings call to get a sense of actually what the growth ramp is going to be for cardiomyopathy. But John, do you want say anything about the polyneuropathy business and why you think that remains so strong?

John Kennedy, Head of the TTR Franchise, Alnylam: Yes. Think in polyneuropathy, there are some similarities to cardiomyopathy. This is still a rare disease, generally underserved. So there’s a lot of growth to be had in polyneuropathy. We see that.

And I think one of the things that we’re seeing with competition, that’s just more voices. That helps diagnosis. So it’s actually been a category expanding event. I you’ll see very similar dynamics in cardiomyopathy. The majority of patients, globally about eighty percent of these patients, are untreated.

So it’s a category expansion opportunity. The fact that there are now multiple treatments, more voices in the market, I think, is helpful. So if you look at the guidance, it is an acceleration of the growth, But there’s a lot of opportunity to be had.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Is there any granularity you can give us in terms of the breakout between treatment naive and progressors for the patients who are starting treatment here?

Yvonne Greenstreet, CEO, Alnylam: So right now, I think what’s really encouraging about the launch is just the broad utilization across patient types, both patients starting treatment for the first time and those that are already on treatment. I think there’s breadth of the prescriber base in terms of, you know, community physicians and in academic centers. And so we’re really encouraged, actually, by the broad uptake that we’re seeing, thus far with Butra.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: And apart from sales numbers that will be provided on the 2Q and 3Q calls, are there any other metrics that you’ll provide that’ll help us understand?

Yvonne Greenstreet, CEO, Alnylam: Absolutely. By the time we get to q two call, we’ll have had a little bit longer with the Ambutra launch under our belt, and we’ll be able to find some more specifics. Clearly, I think Revutra is going to be the most kind of critical number for, you know, many folks that, you know, kind of watch the space. But I think we’ll provide some granularity on some of the things that I’ve just shared in terms of, you know, the nature of prescribers, the nature of patients. So I think there’ll be, you know, quite a lot more that we’ll be able to share in our q two, earnings call.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: And you’ve spoken about your efforts of expanding alternative, sites of care and overall providing optionality to where patients can be dosed, including miles from injection site and home. Just walk us through how that’s playing out right now.

Yvonne Greenstreet, CEO, Alnylam: I’ll start, and John may have some additional points to make. So at our last earnings call, we said we had a thousand sites set up for patients, and the plan is to double that. And we’ll double that, and we intend to make sure that ninety percent of patients are within 10 miles of an infusion center. And obviously, also patients can also receive the administration at home, which I think is really helpful to patients that want that. I also think that the quarterly subcutaneous regimen is a real actual advantage for Amvutra in that it aligns pretty well with physician visits, but also physicians can be sure that the patients actually receive the treatment with oral therapies.

Are major compliance issues and for progressive severe condition like TTR cardiomyopathy, you’re only gonna get the benefit of a treatment if you actually take the treatments. And we’ve been really pleased with our adherence rates in the polyneuropathy setting in excess of ninety five percent, and we expect to see exactly the same thing with cardiomyopathy. Do you want anything to add?

John Kennedy, Head of the TTR Franchise, Alnylam: I think you covered it. Yeah.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Speak to the reimbursement front here. So you’ve initiated treatment across payer mixes without step edits. Are you seeing a difference in access for patients on Medicare Advantage where cross management with stabilizers has been a point of debate?

Yvonne Greenstreet, CEO, Alnylam: Yeah. No. I think I’ll I’ll start, and then we’ll hand it to to John. I think what encouraging about this launch is that we’re seeing initiations across all payer types, so fee for service, Medicare Advantage, and commercial. There’ve been no barriers to access.

John, any What I’d add to

John Kennedy, Head of the TTR Franchise, Alnylam: that is in addition to seeing utilization across all payer segments, the majority of patients are paying $0 and out of pocket cost. So if you remember, we’re really informed by the experience that we’ve already had in polyneuropathy, where ninety nine percent of patients have access to Invutra, and the majority of those patients have zero out of pocket costs. The payer mix is very, very similar to cardiomyopathy. So it’s incredibly encouraging. So far, we’re seeing utilization across all of those payers, whether it’s Medicare fee for service, Advantage, or commercial.

And again, the majority are paying $0 out of pocket costs. So it’s very encouraging.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: And how are you overlaying the free drug program on top of all of this?

Yvonne Greenstreet, CEO, Alnylam: I think that’s one for you because I think this is an important point to clarify. I think, again, there’s a little bit of confusion around exactly how our program operates. I’ll just start off by saying that we provide a very holistic service to support patients. And this is just one this quick what we call the Quick Start program is just one component of that.

John Kennedy, Head of the TTR Franchise, Alnylam: John? Yeah. I’ll talk more broadly about our patient services organization. So it is fully owned. It’s a part of our organization.

And that’s relatively unique in the industry, certainly in this category. So it’s an important part of how we support this community. We’ve had a patient service organization for a long time, a range of support services or offerings. Quick Start is one of those. So we’ve had this for years.

It is not a new initiative, but we continue to maintain it here to support this launch. What I would say is if you look at the polyneuropathy business, there’s generally been limited utilization of it because there hasn’t been a need for it. So essentially, the way it works is if a patient has challenges getting initial access, we’ll provide that first dose With quarterly dosing, that gives a three month lead time to work through that. And so again, we’ve had this offering for a long time, generally have had limited utilization. So far in cardiomyopathy, it’s a very similar situation.

We provide that offering, but it’s been limited utilization. And it hasn’t been an issue because we’re seeing that utilization come through.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: And maybe provide color on the cadence at which you’ll manage Ambutra’s net price over time and how this will be accomplished? Because you have always had this ability to kind of adjust based on policies.

Yvonne Greenstreet, CEO, Alnylam: That’s right. So we’ve indicated that we will see some modest adjustment to Ambutra pricing over time. But we haven’t gone into specifics of that at this point in time. I think it’s way too premature. But as you said, we have endeavours to manage this in the marketplace.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: You touched on this earlier with the first question, but speak to the timing and expectations for your first ex U. S. Launch, but also strategically being the first drug approved across the spectrum in Europe.

John Kennedy, Head of the TTR Franchise, Alnylam: Yeah. I mean, we’re obviously very that we’ve got a product that is unique in having a regulatory approval in multiple countries, U. S. Included, across both hereditary polyneuropathy and cardiomyopathy. So our goal generally is make Ambutra available as broadly as we can, as quickly as we possibly can.

What we’ve talked about so far in the second half of this year is that we expect to launch in Germany and Japan. There will be other launches to follow likely throughout 2026, which is a function of both the regulatory review in certain countries but also that pricing reimbursement process that does exist in many countries.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: And one last question here. But you presented some data and analyses at the Heart Failure Conference this year. Can you speak to the key takeaways that played out here and how that factored in physician education efforts or how it is factoring in physician education efforts?

Yvonne Greenstreet, CEO, Alnylam: So the key takeaway from my perspective is that with HELIOS B, we have a very rich dataset, which we will continue to interrogate. And the more we interrogate the dataset, the more it becomes clear to us that Butra has a significant magnitude of impact as well as consistency of impact across all patient types. So we continue to provide more information because I think that helps to educate physicians and give them a greater understanding of what they can expect to see as their patients take Ambutra. But there are a few key, I think, additional data sets that we’ve shared. So do you want to touch on ones that you find most exciting?

John Kennedy, Head of the TTR Franchise, Alnylam: Yeah. What we showed from the primary analysis, first and foremost, is this was a very rigorous trial. I mean, these were patients generally earlier in the disease progression with substantial background treatments in active and placebo arm. So it was a robust test of effectiveness. And in that, we did see a magnitude of outcome impact that was profound, including that thirty six percent reduction in all cause mortality as a standalone prespecified endpoint in addition to that preservation of function and quality of life with quarterly dosing.

So what we’re now seeing with additional analyses just reinforces a lot of the same themes. So we’ve seen additional outcomes that have reported out. For example, in addition thirty three percent reduction in CV mortality. More recently, we saw that there was a forty six percent reduction in urgent heart failure visits. So again, magnitude and consistency of those outcomes coupled with that preservation of function.

So we’ve seen remarkable biomarker data, some imaging data, for example, echo parameters like diastolic function, which suggests not just an improvement versus placebo, but in some of these parameters, improvement versus baseline. So it just reinforces the value proposition that we’ve seen, and it just gets richer and richer with more data analyses.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Moving over to the pipeline here, and I’ll start with nucicerone. So you plan to initiate a phase III study in the second quarter this year. Speak to us about how you’re thinking about the overall trial design in order to elucidate the benefit that you see with this drug, not just from potentially dosing dynamic, and then also how you manage for concomitant medications that could impact these trials in the future.

Yvonne Greenstreet, CEO, Alnylam: So hot off the press, we’ve actually now initiated TritonCM, so little bit ahead of schedule. So, yes, we’re really delighted to have kicked this program off because we do see niprisiran bringing additional benefits to patients with TTR cardiomyopathy. It’s also a testament to Alnylam’s commitment to these patients to commit to continue to innovate for these patients with, a program that has the opportunity not just for increased convenience with, biannual dosing, but also much greater TTR knockdown. So we couldn’t be more excited about the study. I think one thing to note about the study is that it’s a it’s a events driven study.

So, you know, we’ll continue the study until we have a high degree of confidence that we have a result. And, you know, it’s, you know, it’s an outcomes study, so we will be following these patients for at least twenty four months. Because we think that as we consider the evolving treatment of patients with TTR cardiomyopathy, it’s really important for us to bring nucreseuran to patients with the most compelling profile that that we can deliver. We’re also going to be kicking off our study in polyneuropathy with nuclease ran second half of this year. And that gives us an opportunity to bring nuclease ran to patients in a much shorter time frame.

So we couldn’t be more excited about an inclisiran. And the opportunity that provides Alnylam as a company is really for kind of durable revenues out of the 2040s in what is, as John has said, a large and growing market. So a really important part of the TTR strategy.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Can you lay out for us from a data perspective or event perspective what you’re most focused on from the pipeline over the next twelve months?

Yvonne Greenstreet, CEO, Alnylam: Wow. I mean, there’s a lot that’s happening in the pipeline. Zarbisiran, I think we’re really excited about Zarbisiran. We will be sharing data from what we call our CARDIA-three study. We’re assessing zalbusiran on top of patients who are taking two to four antihypertensives who are at high risk of cardiovascular disease.

And that study will, is powered to show six millimeter, of mercury reduction in systolic blood pressure. Actually, it’s been demonstrated if you’re actually able to reduce blood pressure by five millimeters of mercury, you actually have a significant impact on cardiovascular outcomes. But not only does, Zalbuteran reduce blood pressure, but it also provides continuous control. And we believe it’s going to have a lot of ancillary benefits that are also going to drive improvements in outcomes. So we hope to be able to share the CARDIO three data with you second half of this year, and then we will be kicking off a cardiovascular outcomes study.

So I think that’s pretty exciting. We continue to progress Mivelsiran. It’s a phase one study ongoing in patients with early onset Alzheimer’s disease. We continue to get more information from the multidose portion of our study as we go through the year. Very excited about that program.

We’ve already kicked off the program with malvisiran in patients with cerebral amyloid angiopathy. I think that’s an indication, again, that people should pay attention to. It’s it’s it’s under recognized. Diagnosis is growing as patients have more and more, MRIs, you know, with the introduction of antibodies for Alzheimer’s. And, you know, we believe it’s got a really kind of, you know, strong, probability of succeeding in this patient group.

So we’re pretty excited about about that. And what I continue to be really excited about for the company is actually the innovation engine that we have that, you know, continues to deliver two to four new INDs per year. And we’re now able to deliver to the liver, the CNS, muscle, heart, adipose tissue. Really, one of our goals is actually to deliver our siRNA technology to every single major tissue in the body. So, again, you know, Alnylam is very now when we think about the trajectory of revenues for TTR.

Very exciting when we think about the clinical pipeline. But I think what we’re building here really is a company that is really just getting started.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Could you touch on your strategy in obesity and diabetes and when those programs could enter the clinic?

Yvonne Greenstreet, CEO, Alnylam: Yeah. I think, look, our platform is actually really well suited to addressing the needs of patients with metabolic disorders and obesity just given clamped PD, the fact that, you know, you can give infrequent administration. And so we believe that, you know, we we we we we should be able to provide benefits to patients, in these two disease states. And we’ve started to share some of the progress that we’re making with our programs. One program is GRAB fourteen for patients with diabetes.

The real opportunity here is actually to provide an insulin sensitizer without any weight gain. So we’re pretty excited about moving that forward. And I told you, now in adipose tissues, we’ve got another program that’s actually targeting ACBR one c, which I think is going to have a really unique approach to treating patients with obesity. So there’s quite a lot going on in that metabolic obesity pipeline. It’s a really exciting space.

Salveen Richter, Biotechnology Analyst, Goldman Sachs: Could you talk to capital allocation and BD strategy here? Do you feel I mean, you clearly have a lot going on. But do you feel a need to use your cash here and look at external options to bring in?

Yvonne Greenstreet, CEO, Alnylam: I think, as you pointed out, we have a very rich pipeline. And our first order of business is to progress the pipeline that we have. We believe that there’s some really transformative medicines that have the opportunity to be multibillion opportunities in the medium term. So we really must make sure that we focus on those and move those through. And again, continue to, invest in our platform.

You know, we continue to make platform enhancements, thought about getting to different tissues. So there’s a lot that we, believe we can we can do it online to create substantial value for for many, many years to come. But, you know, we are in an ecosystem where it continues to be innovation that gets driven by other companies, and we keep a close eye on what’s happening in the landscape. But I think it’s gonna be a pretty high bar, at least at this point in time, for us to to do any significant BD. Great.

Well,

Salveen Richter, Biotechnology Analyst, Goldman Sachs: with that, thank you so much. Really appreciate the time today.

John Kennedy, Head of the TTR Franchise, Alnylam: Thank you.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.