SNY - Alnylam Pharmaceuticals Flying High Despite Limited Near-Term Clinical Catalysts

• Alnylam reported second quarter results that included modest outperformance in product revenue, including 12% qoq growth in Onpattro.
• 2022 should be a big year for the ATTR-CM program, with APOLLO-B results and a possible early look at HELIOS-B.
• Intellia's NTLA-2001 showed encouraging results, but there's a long way left to go for this one-time gene editing approach to ATTR-PN.
• The hypertension opportunity for zilebesiran is looking more and more interesting, with solid Phase I efficacy and safety data and an $8B/year addressable market.
• Alnylam shares are now trading above my risk-adjusted fair value, but there are still opportunities for meaningful value-enhancing data releases over the next 12-18 months.

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