Alnylam's Amvuttra Launch Propels Company to $50B Market Cap

Alnylam Pharmaceuticals has surged past a $50 billion market capitalization, driven by the stellar launch of its rare heart disease medication Amvuttra. The RNA interference biotech's stock price jumped more than 15% following the release of its second-quarter financials, which significantly exceeded Wall Street expectations.

Amvuttra's Impressive Market Performance

Amvuttra, approved for transthyretin amyloidosis cardiomyopathy (ATTR-CM) in late March, has demonstrated remarkable early success. In its first full quarter on the market, the drug more than doubled its sales year-over-year, reaching $492 million and surpassing consensus expectations of $351 million.

Alnylam CEO Yvonne Greenstreet expressed optimism about the launch, stating, "The launch is off to a very strong start, and, whilst it's still early days, we're encouraged by the pace, and we're deeply focused on laying the groundwork for long-term leadership in TTR."

Chief Commercial Officer Tolga Tanguler revealed that approximately 1,400 ATTR-CM patients have initiated Amvuttra treatment since its FDA approval, generating roughly $150 million in revenue. The drug's utilization has been "broad and balanced" across various patient groups and healthcare settings.

Market Access and Financial Outlook

Alnylam has successfully secured market access for Amvuttra, with nearly all of the approximately 170 priority health systems targeted by the company adding the drug to their formularies. These networks cover about 80% of the ATTR-CM patient volume.

Buoyed by Amvuttra's performance, Alnylam has significantly increased its full-year TTR sales guidance by about 34% at the midpoint, to a new range of $2.175 billion to $2.275 billion. Some analysts suggest this estimate may still be conservative, especially considering potential upticks in ex-U.S. markets such as Japan and Europe in the second half of the year.

William Blair analysts have raised their near-term and peak sales estimates for Amvuttra, projecting the drug to reach $9 billion in sales by 2035 across ATTR-CM and ATTR-polyneuropathy indications. This forecast positions Amvuttra to potentially outperform Pfizer's tafamidis franchise, which is currently generating about $6 billion in annual sales.

As Alnylam continues to establish itself as a top-tier biotech company, CEO Greenstreet concluded, "Alnylam is firing on all cylinders, and we're swiftly establishing ourselves as a top-tier biotech company."