Alnylam Pharmaceuticals Inc.
) fourth quarter 2013 loss of 51 cents per share was wider than
the Zacks Consensus Estimate of a loss of 48 cents and the
year-ago loss of 24 cents per share. The wider loss was primarily
due to higher research and development expenses.
Revenues for the reported quarter were up 27.7% to $10.8 million.
Revenues in the quarter benefited from higher collaboration
revenues. The top line was also above the Zacks Consensus
Estimate of $9 million.
Alnylam's 2013 loss of $1.43 per share was wider than the Zacks
Consensus Estimate of a loss of $1.35 and the year-ago loss of
$1.05 per share. Revenues for the year were down 29.3% from the
prior year to $47.2 million. Revenues were however above the
Zacks Consensus Estimate of $46 million.
Quarter in Detail
Revenues in the fourth quarter of 2013 included $5.5 million from
its collaboration with
Takeda Pharmaceutical Company Limited
), in addition to $2.7 million from the company's alliance with a
couple of other companies. Alnylam also recognised $2.6 million
revenues from other sources.
Research and development (R&D) expenses went up approximately
48.2% to $32.1 million. The increase in R&D expenses was
primarily due to an increase in license fees related to the
initiation of the phase III study of patisiran (familial
General and administrative (G&A) expenses in the reported
quarter decreased approximately 18.0% year over year to $8.3
million. The decrease in G&A expenses was primarily
attributable to lower consulting and professional services
Alnylam expects its R&D expenses to increase significantly in
2014 from the 2013 figure of $113 million. G&A expenses are
also expected to increase slightly from $27.2 million in 2012.
Alnylam expects to end 2014 with cash, cash equivalents and total
marketable securities in excess of $825 million.
Alnylam is evaluating patisiran in the phase III APOLLO study in
transthyretin-mediated amyloidosis (ATTR) patients suffering from
familial amyloidotic polyneuropathy (FAP). The primary objective
of the study is to measure the difference in the change in mNIS+7
score from baseline between patients under patisiran treatment
and those under placebo. The candidate enjoys Fast Track
designation in the U.S.
Alnylam also initiated a phase II study on ALN-TTRsc in patients
suffering from familial amyloidotic cardiomyopathy last year.
ALN-TTRsc is a ribo nucleic acid interference (RNAi) therapeutic
targeting the TTR gene that is being developed for the treatment
Apart from these candidates Alnylam also has ALN-AT3
(hemophilia), ALN-AS1 (hepatic porphyrias) and ALN-PCSsc
(hypercholesterolemia) in its pipeline.
We are impressed by Alnylam's efforts to develop its pipeline.
The company also has multiple pipeline related activities in the
coming quarters. We expect investor focus to remain on the
development of the pipeline.
We are also encouraged by Alnylam's deal with
) which will allow the latter to use Alnylam's technology.
Moreover the deal ensures continued pipeline progress apart from
boosting Alnylam's balance sheet.
Alnylam, a biopharmaceutical company, presently carries a Zacks
Rank #2 (Buy). A better-ranked stock in the same sector is
Alexion Pharmaceuticals, Inc.
). Alexion holds a Zacks Rank #1 (Strong Buy).
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