Thursday, February 22, 2018

2018 Brings New Challenges And Opportunities For Alnylam Pharmaceuticals

By any reasonable set of standards, 2017 was a successful year for Alnylam (ALNY), as this biotech reported excellent data from the pivotal study of its lead drug patisiran and advanced other compounds further into development as well. This year will bring a new set of challenges, including the commercialization of patisiran and its transition to a product revenue-generating biotech company. Although I believe patisiran's strong data will lead to it claiming the lion's share of its market, commercialization offers a different set of challenges. What's more, while Alnylam should be looking at multiple commercializations in the next few years, recharging the pipeline may start to become a bigger talking point later this year.

I continue to believe that Alnylam is risky but attractively-priced. Patisiran makes up over 60% of my fair value estimate on the shares, but there are opportunities for additional clinical data on/from givosiran and lumasiran to add more value over the next 12 months.

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2018 Brings New Challenges And Opportunities For Alnylam Pharmaceuticals

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