RNAi Therapies Will Ensure Worldwide Market Expansion

Alnylam’s modestly lower consensus price target to $421.20 reflects both strong near-term Amvuttra uptake in ATTR-CM and positive revenue outlook, tempered by mixed KARDIA-3 data for zilebesiran and resulting slight valuation adjustment.

Analyst Commentary

• Bullish analysts cited strong commercial performance and encouraging uptake for Amvuttra, particularly following its approval and launch in ATTR-CM (transthyretin amyloid cardiomyopathy), as a key driver for raising price targets.
• Upgrades reflected positive Q2 results, revenue guidance increases, and management reiteration of 2025 total product revenue outlook, boosting confidence in Alnylam’s near-term growth prospects.
• Several analysts increased forecasts for Amvuttra in the ATTR franchise through 2029 and anticipated further upward guidance updates, supporting long-term valuation upside.
• Reports highlighted promising—but not statistically significant—Phase 2 KARDIA-3 data for zilebesiran in uncontrolled hypertension, with analysts noting its intriguing clinical profile despite mixed efficacy signals.
• Some valuation adjustments incorporated more bullish sentiment after analyst meetings and investor tours, as well as increased conviction in the accuracy and sustainability of reported Amvuttra sales growth.

What's in the News

• Alnylam announced strong new data from its HELIOS-B Phase 3 study, demonstrating that AMVUTTRA (vutrisiran) significantly reduced risk of all-cause mortality and first cardiovascular event by 37% (p<0.001) and mortality alone by up to 39%, with favorable long-term safety and quality of life outcomes in adults with ATTR-CM (Key Developments).
• The HELIOS-B data supported recent regulatory approvals of AMVUTTRA for cardiomyopathy of ATTR amyloidosis in major global markets including the US, EU, Japan, Brazil, UAE, and UK, establishing it as the first RNAi therapeutic for both cardiomyopathy and polyneuropathy manifestations (Key Developments).
• Alnylam raised its full-year 2025 guidance, now expecting total net product revenues between $2.65 billion and $2.8 billion (up from previous $2.05–$2.25 billion) and collaboration/royalty revenues of $650–$750 million, reflecting higher demand and confidence in portfolio growth (Key Developments).
• On July 16, JPMorgan increased its price target on Alnylam to $348 from $338 and maintained an Overweight rating, citing improved forecasts for Amvuttra in transthyretin amyloid cardiomyopathy and expectations for higher TTR franchise guidance (Periodicals).
• As of late June, Alnylam was dropped from several Russell Value and Small Cap indices, reflecting changes in index composition despite the company's positive clinical and financial developments (Key Developments).

Valuation Changes

Summary of Valuation Changes for Alnylam Pharmaceuticals

• The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from $426.26 to $421.20.
• The Future P/E for Alnylam Pharmaceuticals remained effectively unchanged, moving only marginally from 37.81x to 37.36x.
• The Consensus Revenue Growth forecasts for Alnylam Pharmaceuticals remained effectively unchanged, moving only marginally from 41.8% per annum to 41.6% per annum.