Alnylam Pharmaceuticals Inc.
) fourth quarter 2012 loss of $1.20 per share was narrower than
the Zacks Consensus Estimate of a loss of $1.70. The loss was
however wider than the year-ago loss of 33 cents per share. The
wider year-over-year loss was primarily attributable to lower
In 2012, Alnylam reported a loss of $2.11 per share, wider
than the year-ago loss of $1.36 per share. The company's 2012
loss was narrower than the Zacks Consensus Estimate of a loss of
$2.61. In 2012, Alnylam's total revenue came in at $66.7 million,
down 24% year over year. The Zacks Consensus Estimate of $71
million was higher than the company's full year revenue.
Quarter in Detail
Revenues for the reported quarter fell 58.5% from the prior
year to $8.5 million. Revenues were also short of the Zacks
Consensus Estimate of $13 million. The sharp decline in revenues
during the quarter was primarily due to the absence of
collaborative revenue from its alliance with
), which ended in the third quarter of 2012.
Revenues in the final quarter of 2012 included $6.9 million
from the company's alliance with a couple of companies, in
addition to $1.6 million of expense reimbursement and
amortization revenues from
Cubist Pharmaceuticals Inc.
), among others.
Research and development (R&D) expenses fell approximately
8.5% to $21.7 million. The reduction was primarily due to lower
compensation expenses from the company's corporate restructuring
in January last year.
General and administrative (G&A) expenses in the reported
quarter decreased approximately 4.7% year over year to $10.2
million. The decrease in G&A expenses was primarily
attributable to lower consulting and professional services
expenses. Alnylam expects G&A expenses to decline
considerably in 2013.
Alnylam raised approximately $174 million from a public
offering of shares of its common stock last month. The company
intends to utilize the net proceeds from the transactions to
develop its pipeline.
2013 Cash Balance Projection
Alnylam expects to end 2013 with cash, cash equivalents and
total marketable securities in excess of $320 million.
The company is expecting several study results based on its
ribo nucleic acid interference (RNAi) therapeutic candidates in
the next two years. We expect investor focus to remain on the
successful development of the pipeline.
Alnylam carries a Zacks Rank #4 (Sell).
) is an example of a better positioned pharma stock. It carries a
Zacks Rank #1 (Strong Buy).
ALNYLAM PHARMA (ALNY): Free Stock Analysis
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