ALNY - Alnylam Q2 misses estimates but product revenue soars 33% Y/Y; reaffirms FY22 outlook

Alnylam Pharmaceuticals ( NASDAQ: ALNY ) stock is trading in the green July 28 despite Q2 results missing street estimates, but the RNAi therapy maker has reiterated its FY22 outlook.

Non-GAAP net loss widened to -$245.83M, compared to -$153.05M in Q1 2021.

Total revenue grew ~2% to $224.82M Y/Y.

"We're pleased with our second quarter results which delivered strong growth in both patient demand and product revenues. A notable achievement in the quarter was the recent approval of AMVUTTRA, which becomes our fifth RNAi therapeutic approved in under four years, and marks our continued progress in building a multi-product TTR franchise," said Alnylam CEO Yvonne Greenstreet.

Net product revenues grew +33% Y/Y to $213.52M. Sales of Onpattro (patisiran) rose +12% Y/Y to $153M.

Onpattro  and Amvuttra (vutrisiran), which was approved in in the U.S. in June, are part of the company's TTR Franchise: to treat polyneuropathy in patients with hereditary transthyretin-mediated (hATTR) amyloidosis.

The company added that it expects to report data from a phase 3 trial, dubbed APOLLO-B, of Onpattro in patients with ATTR amyloidosis with cardiomyopathy within the next three weeks.

Porphyria therapy Givosiran sales in Q2 grew +28% Y/Y to $45M.

The company said net revenue from collaborations declined -85% Y/Y to $9.03M mainly due to a decrease in revenue from its  collaboration with Regeneron due to timing of reimbursable activities.

Royalty revenue increased +556% Y/Y to $2.28M.

Outlook :

The company reiterated its FY22 outlook noting that Combined Net Product Revenues is expected to be between $870-$930M. The company had decreased the revenue guidance in April its Q1 earnings release from $900M – $1B to $870M – $930M.

Meanwhile, Net revenues from collaborations and royalties is expected between $175M and $225M.

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