SNY - Alnylam Pharmaceuticals Stumbles From A High Perch

Summary

• Alnylam's fourth quarter results were consistent with recently updated guidance, while guidance for FY'23 was modestly weaker for product revenue and more significantly weaker for collaboration revenue.
• The FDA will conduct an advisory panel meeting for the company's application for Onpattro in ATTR-CM, and I expect pointed questions/commentary about the endpoints and the breadth of the label.
• ALN-APP results are coming, and not only is Alzheimer's disease significant, this is an important milestone in extending Alnylam's addressable markets beyond liver-mediated diseases.
• A 15% or so pullback puts ALNY shares in a more favorable risk/reward position.

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