Onpattro Sales Pick Up the Pace for No-Moat Alnylam; Shares Look Attractive
There were no major surprises in Alnylam's first-quarter results, and we are maintaining our fair value estimate of $108 per share. First-quarter revenue of $33 million met our expectations, with Onpattro contributing $26 million. More than 400 patients are now on Onpattro treatment for polyneuropathy caused by hATTR amyloidosis since its launch in mid-2018. We believe that Onpattro sales could surpass $1 billion in the next five years given the high unmet need in this fatal rare disease, which ...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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