BBIO - HELIOS-B Shines Bright And Gives Alnylam Pharmaceuticals Another Blockbuster

2024-06-24 11:37:31 ET

Summary

• HELIOS-B Phase III study of Amvuttra in patients with ATTR-CM succeeded across all metrics, showing significant benefits in both the combined study population and monotherapy groups.
• Amvuttra showed strong efficacy in reducing all-cause mortality and cardiovascular events, with positive results in secondary endpoints and a good safety profile.
• Results support the use of Amvuttra as monotherapy or in combination with stabilizers in people with ATTR-CM, potentially generating billions in incremental revenue for Alnylam.
• Investors should expect significant debate over when to use stabilizers like Pfizer's tafamidis and silencers like Amvuttra, and HELIOS-B results likely aren't strong enough to force a mass switchover from tafamidis to Amvuttra.
• The HELIOS-B results significantly upgrade Alnylam's revenue generation opportunities and boost my fair value to over $270/share.

“ Hail to you, lord! Freely bestow on me substance that cheers the heart.”

Homeric Hymn XXXI (to Helios)

Alnylam Pharmaceuticals ( ALNY ) investors got about all they could have hoped for, and maybe a little more, with the Monday announcement that the HELIOS-B Phase III study of Amvuttra in people with ATTR amyloidosis with cardiomyopathy (or ATTR-CM) succeeded across all metrics. Not only where the results statistically significant, the drug showed a meaningful benefit in patients across the board, including those on Pfizer ’s ( PFE ) Vyndamax/Vyndaqel (tafamidis)....

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