Q3 2024 Alnylam Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Alnylam Pharmaceuticals Inc (ALNY) achieved 34% year-over-year growth in global net product revenue, generating $420 million across its four marketed products.
- The TTR franchise showed strong performance with $309 million in global net product revenues, marking a 34% increase compared to the third quarter of 2023.
- The company made significant progress with its TTR franchise, including sharing additional results from the HELIOS-B study and filing regulatory submissions in the US and EU.
- Alnylam Pharmaceuticals Inc (ALNY) initiated a Phase 1 study of ALN-HTT02 in Huntington's disease and announced encouraging initial results from the multi-dose portion of the Phase 1 study of mivelsiran in early onset Alzheimer's disease.
- The company ended the quarter with $2.8 billion in cash, cash equivalents, and marketable securities, reflecting improved operating performance.
- International TTR franchise growth decreased by 9% compared to the second quarter of 2024, driven by a gross to net adjustment in Portugal and large orders in partner markets in Q2.
- Net revenue from collaborations decreased by $370 million compared to the previous year, primarily due to the recognition of a $310 million upfront payment from Roche in Q3 2023.
- Non-GAAP R&D expenses increased by 12% compared to the same period last year, driven by increased costs associated with preclinical activities and clinical studies.
- Non-GAAP SG&A expenses increased by 19% compared to the same period in 2023, primarily due to higher marketing costs and preparations for the potential launch of AMVUTTRA for cardiomyopathy.
- The company decided to stop clinical development of ALN-KHK, an investigational RNAi therapeutic targeting ketohexokinase for type 2 diabetes mellitus, to optimize resource allocation.
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Good day, everyone, and welcome to today's Alnylam Pharmaceuticals Q3 2024 Earnings Conference Call. At this time, all participants are in a listen-only-mode. Later, you will have the opportunity to ask questions during the question-and-answer session. (Operator Instructions)
Please note this call is being recorded, and I will be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to the company.
Good morning. I'm Christine Lindenboom, Chief Corporate Communications Officer 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.
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