Alnylam Shares Drop Nearly 30% After Earnings Report and Guidance Cut
Alnylam Pharmaceuticals saw its stock price fall nearly 30%, or about $12 billion in market value, following an earnings report that included a downward revision of financial forecasts for two key drugs. The RNA-focused biotech company lowered the projected revenue range from $4.4 billion to $4.7 billion to between $4.2 billion and $4.5 billion due to normalization after initial pent-up demand for Amvuttra. The guidance cut came amid a competitive landscape in the TTR cardiomyopathy market, with rivals like Pfizer's Vyndamax and BridgeBio’s Attrvyx challenging Alnylam's position. Analysts noted that this move represents a significant setback following earlier concerns over eplontersen study results from AstraZeneca and Ionis Pharmaceuticals. The earnings miss and revised guidance have raised major questions about the future of Alnylam's TTR business, with analysts suggesting uncertainty may persist until further data is presented in late August.