The following is a summary of the Alnylam Pharmaceuticals, Inc. (ALNY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Alnylam Pharmaceuticals reported Q1 2024 product revenue of $365 million, representing a 32% year-on-year growth.
Gross margin on product sales for the quarter is 85%.
The company ended Q1 2024 with cash, cash equivalents, and marketable securities of $2.4 billion.
Revenues from collaborations for the quarter were $119 million, up by a significant 225% compared to Q1 2023.
They project their 2024 net product revenue guidance to reach between $1.4 billion and $1.5 billion.
Business Progress:
Alnylam experienced a robust 77% revenue increase year-over-year for OXLUMO due to increased demand and favorable gross-to-net adjustment.
TTR franchise made significant progress, moving towards reporting top line results from the HELIOS-B Phase 3 study of vutrisiran.
They were successful in the KARDIA-2 Phase 2 study of zilebesiran, an investigational RNAi therapy for hypertension.
FDA clearance was received to initiate the multiple dose portion of the Phase 1 study of novel drug, mivelsiran, in early-onset Alzheimer's disease.
Preparations for potential commercial launch of Vutrisiran or AMVUTTRA for cardiomyopathy applications are ongoing, pending positive HELIOS-B outcome results.
The company's Alzheimer's disease drug development program, ALN-APP, continues to make progress with a Phase 2 study expected to start soon.
More details: Alnylam Pharmaceuticals IR
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