Q2 2024 Alnylam Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Alnylam Pharmaceuticals Inc (ALNY) achieved 34% year-over-year growth in global net product revenues, generating $410 million in net product revenues.
- The company raised its revenue guidance for the year by 11% at the midpoint.
- Positive top-line results from the Helios Phase III study of vutrisiran in ATTR cardiomyopathy, showing a 35% to 36% mortality benefit compared to placebo.
- Strong growth in the TTR franchise, with $307 million in global net product revenues, representing a 37% increase compared with the second quarter of 2023.
- Alnylam Pharmaceuticals Inc (ALNY) ended the second quarter with cash, cash equivalents, and marketable securities of $2.6 billion, up from $2.4 billion as of December 31, 2023.
- Non-GAAP R&D expenses increased by 14% in the second quarter compared to the same period in the prior year.
- Non-GAAP SG&A expenses increased by 21% in the second quarter compared to the same period in the prior year.
- Gross margin on product sales is expected to be lower for the balance of the year due to higher royalties paid on vutrisiran.
- The opt-out of mybelt soran by Regeneron will result in increased R&D investment as the program is now wholly owned by Alnylam Pharmaceuticals Inc (ALNY).
- The company is increasing its planned ATTR cardiomyopathy launch prep efforts, which will drive up expenses.
Okay. Thank you for standing by and welcome to the Alnylam Pharmaceuticals Second Quarter 2020 for a conference call. At this time, all participants are in a listen-only mode and after the speakers' presentation, there will be a Q&A session. Please be advised that today's conference is being recorded. I would now like to turn 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 dot alnylam.com/events during today's call, as outlined on slide 2 of and will offer
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