Although I hadn’t planned writing two articles on Alnylam Pharmaceuticals (ALNY) in close succession, the early approval
of Givlaari and the subsequent R&D meeting both argued for a
write-up, as both are significant to the long-term investment story.
Alnylam’s Nov 22 R&D Day
was perhaps more evolutionary than revolutionary, but it confirmed what
I believe are some key points to the story – management is attentive to
the need to become a profitable enterprise, the company’s ongoing
investments in basic chemistry continue to pay dividends, and the
company has established a strong R&D platform that could produce
multiple new drug candidates every year.
With
expanded information on a handful of early-stage programs, I’ve raised
my fair value estimate by a small amount, but the key drivers remain the
commercial uptake of Onpattro, the success of trials that could enable
Onpattro and vitusiran to compete in the larger AATR cardiomyopathy and
mixed phenotype markets, the launch of Givlaari, and path to
commercialization for lumasiran, inclisiran, and fitusiran.
Continue reading here:
Alnylam Pharmaceuticals Sheds Some Light On Its Expanding Early-Stage Opportunities
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