Q1 2024 Alnylam Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Alnylam Pharmaceuticals Inc (ALNY) reported a robust 32% year-over-year growth in product revenue, reaching $365 million in Q1 2024.
- The TTR franchise of Alnylam Pharmaceuticals Inc (ALNY) showed significant growth, with a 29% increase year-over-year, driven by strong uptake of AMVUTTRA.
- Alnylam Pharmaceuticals Inc (ALNY) presented positive results from the KARDIA-2 Phase II study of zilebesiran, enhancing its potential in the hypertension treatment market.
- The company is on track to report top line results from the HELIOS-B Phase III study, which could support a supplemental New Drug Application (sNDA) filing by the end of the year.
- Alnylam Pharmaceuticals Inc (ALNY) demonstrated strong commercial performance internationally, with TTR franchise growth of 23% year-over-year.
- Despite overall growth, inventory dynamics decreased reported growth by approximately 4% as inventory for ONPATTRO and AMVUTTRA decreased in Q1.
- Pricing pressures in international markets, particularly in Germany, affected revenue growth due to the end of the initial 6-month free pricing period for AMVUTTRA.
- There is a significant portion of the patient population (approximately 80% of 25,000 to 30,000 global patients) that remains undiagnosed or untreated, posing a challenge for broader market penetration.
- Alnylam Pharmaceuticals Inc (ALNY) anticipates a reduction in global sales for OXLUMO in Q2 due to the nature and magnitude of Q1 gross to net and partner market timing benefits.
- The company faces the need for increased investment in marketing and infrastructure to support potential new launches and existing product growth, which could impact financial resources.
Good day, and thank you for standing by. Welcome to the Alnylam Pharmaceuticals Quarter 1 2024 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to the company for their remarks. Please go ahead.
Good morning. I'm Christine Lindenboom, Senior Vice President of Investor Relations and Corporate Communications at Alnylam. With me today are Yvonne Greenstreet, Chief Executive Officer; Tolga Tanguler, Chief Commercial Officer; Pushkal Garg, Chief Medical Officer; and Jeff Poulton, Chief Financial Officer.
For those of you participating via conference call, the accompanying slides can be accessed by going to the Events section of the Investors page of our website, investors.alnylam.com/events.
During today's call, as outlined on Slide 2, Yvonne will offer introductory remarks and provide some general context. Tolga will provide an update
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