Goldman Sachs Upgrades Alnylam Pharmaceuticals (ALNY) to Buy

Goldman Sachs analyst Salveen Richter upgraded Alnylam Pharmaceuticals (NASDAQ: ALNY) from Neutral to Buy with a price target of $370.00.

The analyst comments "We upgrade ALNY from Neutral to Buy with a $370 12-month price target where, acknowledging the recent outperformance, we look to a fundamental re-rating driven by key asset Amvuttra in ATTR-cardiomyopathy (CM) and recognition of platform value/pipeline levers. Post the positive Ph3 HELIOS-B topline release, we expect detailed data at the European Society of Cardiology meeting (ESC; August 30) including mortality/outcomes curves for the overall, monotherapy and combination (with standard-of-care PFE's tafamidis) populations will solidify Amvuttra's profile - while there could be volatility as investors debate the competitiveness of the results (i.e., timing and magnitude of separation of the mortality curves; and readthrough to the label), we note there is demand on the sidelines and expect shares to trade higher post on ALNY's strong fundamentals and outlook. Our diligence and KOL discussions suggest a strong revenue trajectory (GSe peak sales of ~$5.3bn in 2035 assuming a 2Q25 CM launch) given: (1) enthusiasm for the data/distinct mechanism, supporting use in frontline, tafamidis-progressors and in combination post tafamidis' 2028 loss-of-exclusivity; (2) our estimates seem achievable in the context of the significant market growth potential (~10% penetrated); and (3) favorable reimbursement dynamics where Amvuttra, as a Medicare Part B drug, may be insulated from potential headwinds affecting competitor Part D drugs from the increased payor liability under the redesign. Beyond our DCF, we see upside from ALNY's lifecycle management strategy (next-generation ALN-TTRsc04 could improve the margin profile; we expect details on Ph3 design by YE, noting a TTR Investor Day on October 9) and efforts in obesity and central nervous system disorders - with a path to non-GAAP profitability in 4Q25 per our model."

For an analyst ratings summary and ratings history on Alnylam Pharmaceuticals click here. For more ratings news on Alnylam Pharmaceuticals click here.

Shares of Alnylam Pharmaceuticals closed at $262.70 yesterday.

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