Alnylam's Onpattro Slow to Launch; Lowering FVE to $108 but Shares Still Undervalued
Alnylam's Onpattro (patisiran) for polyneuropathy in hATTR amyloidosis received FDA approval in August and contributed to Alnylam's top line for the first time after its U.S. launch on Aug. 13. The company reported $0.46 million in Onpattro sales, which was slightly below our expectations. We slightly lowered our near-term expectations and adjusted costs throughout our explicit forecast period, which resulted in a fair value decrease to $108 from $117, but we are maintaining our long-term outloo...Alnylam Pharmaceuticals is a commercial-stage biopharmaceutical company developing therapeutics based on RNA interference (RNAi). RNAi is a biological pathway within cells for sequence-specific silencing and regulation of gene expression. The company has two RNAi-based medicines, ONPATTRO? (patisiran) and GIVLAARI? (givosiran). ONPATTRO is approved by the United States Food and Drug Administration (FDA) for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults and has also been approved in the European Union, Japan, Canada and Switzerland. GIVLAARI is approved by FDA for the treatment of adults with acute hepatic porphyria.
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