Investing.com -- Alnylam Pharmaceuticals , Inc. (Nasdaq: NASDAQ:ALNY) stock rose 5.5% as the company announced preliminary fourth quarter and full-year 2024 revenue figures that exceeded expectations and provided an optimistic revenue guidance for 2025, suggesting a move toward non-GAAP profitability.
The RNAi therapeutics leader reported preliminary global net product revenues for ONPATTRO, AMVUTTRA, GIVLAARI, and OXLUMO that reflected significant growth over the previous year. For the full year 2024, the company generated over $1.6 billion in net product revenues, a 33% increase compared to 2023, aligning with the high end of their revised guidance range. This performance was driven by the strength of its hATTR-PN and Rare businesses.
Looking ahead, Alnylam anticipates 2025 to be a pivotal year, with the potential launch of vutrisiran in ATTR-CM, which is expected to contribute substantially to top-line growth. The company provided a combined net product revenue guidance for 2025 ranging from $2,050 million to $2,250 million, marking a 31% increase at the midpoint compared to 2024. This guidance is broken down into $1,600 million to $1,725 million for the Total (EPA:TTEF) TTR franchise, indicating a 36% growth, and $450 million to $525 million for the Total Rare franchise, representing a 15% growth.
Alnylam's CEO, Yvonne Greenstreet, expressed confidence in the company's trajectory, stating, "We expect 2025 will represent an important inflection point for our TTR franchise, with the potential launch of vutrisiran in ATTR-CM delivering significant topline growth as reflected in our net product sales guidance announced today. If we are successful in meeting this product revenue guidance, we anticipate achieving non-GAAP profitability in 2025."
TD Cowen analyst Ritu Baral highlighted the strong performance and future prospects, stating, "ALNY preannounced 4Q24/FY24 Onpattro/Amvuttra revs of $56M/$287M and $253M/$970M, respectively, beating cons. Givlaari 4Q24/FY24 revenues of $65M/$256M slightly missed consensus; Oxlumo 4Q24/FY24 revenues of $44M/$167M were in line. All eyes remain on March 23 PDUFA for vutri in TTR-CM, with FY product guidance implying FY25 Amvuttra CM of roughly $380MM. We model non-GAAP profitability in 4Q25."
Investors are closely watching the upcoming PDUFA target action date of March 23, 2025, for the FDA approval of vutrisiran's supplemental New Drug Application for the treatment of adults with ATTR amyloidosis with cardiomyopathy. The company anticipates additional global approvals and reimbursement in Japan and the EU for this treatment in the second half of 2025.
Alnylam is set to discuss its preliminary 2024 net product revenues and 2025 goals and guidance during a webcast presentation at the 43rd Annual J.P. Morgan Healthcare Conference.
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