Alnylam Pharmaceuticals Inc at Wells Fargo Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : And again, I think a lot of the debate is going to be around cardiomyopathy, I want to talk about profitability, some of the financials towards the end. But how has been the reception so far to the ESC detailed data. I know it's been only a couple of days. So let's be through what are some of the main takeaways?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : Got it. I think that's fair. And again, the key debate here is exactly how this is going to play out over the long run given there are no head-to-head trials, we're always cross-trial comparing, which we shouldn't, but we all do and physicians do as well. So I guess if you were to piece apart what are some of the market opportunities for (inaudible) in cardiomyopathy one is the page 4, let's say, a newly diagnosed patient, why would they potentially go into [Hut] instead of a stabilizer, for example, what piece of data or overall part of the package that you think would be most appealing to new patient starts in it? I want to have the same discussion on switches and combo, but let me start with new business.

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : Got it. No, that's perfect. I appreciate that extra color there. And one of the pushbacks we always got in our more conservative stance was, again, even if you were to assume the [answers] would be second line, either as monotherapy sequentially or combo, that would still be a massive market opportunity. So even in a worst-case scenario, our estimates were a little too low. So what data is there to suggest in terms of that dynamic, how quickly would patients progress on a stabilizer? How do you think you can capture that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2024 / 1:30PM, ALNY.OQ - Alnylam Pharmaceuticals Inc at Wells Fargo Healthcare Conference And one topic there I want to talk a little more is combo. I know we have emphasized mono as the key driver here, but is the problem going to be data? Or is it probably going to be pricing for a combo to become a real thing over a few years?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : Got it. And again, just thinking about what could potentially drive this into combo or early stage combo. It's seems like it's harder and harder to get outstanding data in the patient population, right? Patients are managed a little bit better, there's going to be more background therapy. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2024 / 1:30PM, ALNY.OQ - Alnylam Pharmaceuticals Inc at Wells Fargo Healthcare Conference So do you think it's going to require more data from a combo perspective to clearly establish the clinical benefit or is there enough and it might be just related to costs or just clinical experience over a few years?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : Got it. And again, just to check the box. Any meaningful gating steps right now into filing and potential approval because this sets you up for a Q2 '25 launch? Is that reasonable?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : Got it. And then another point of debate more on the near-term launch dynamics is reimbursement and the fact that Part B drugs versus Part D for tafamidis, what are some of the pros and cons. There are some consideration sets out of pocket, et cetera. Can you just untangle that a little bit? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2024 / 1:30PM, ALNY.OQ - Alnylam Pharmaceuticals Inc at Wells Fargo Healthcare Conference

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : And then just to wrap up the access, the at-home HCP, again, that seems to be an important driver in polyneuropathy how would that play out in cardiomyopathy, just in terms of more patients like is it their bottleneck and the system potentially for this? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2024 / 1:30PM, ALNY.OQ - Alnylam Pharmaceuticals Inc at Wells Fargo Healthcare Conference

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : And the question that everyone asked rightly, polyneuropathy supports a different pricing. There's a different model. You have tafamidis as a comp on the cardiomyopathy side. Do you think vutrisiran has established a differentiated enough profile where you could have a premium over standard of care from a pricing perspective?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : Got it. And perhaps just one final question on the competitive landscape related to [Astra] Ionis. I guess one of the questions we usually get is, again, they're running a larger trial. Can they actually generate differentiated claims. And again, it's tough to make that call right now, given how much placebo has changed across different trials in different periods of time. This is around the same time. But again, just very difficult to compare across trials. So let's leave that aside for now. But how should we think about the long-term competitiveness from [Route 3] versus other factors and how that play out longer term in your view?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : That's fair and you already mentioned for the October event, we're going to get some more details on reimbursement dynamic. What else should investors expect to see there? And probably a little bit too early, but do you have a sense of what metrics will in fact will able to follow semi real-time to track the launch?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : And again, you've been fairly successful self-commercializing in the rare disease space. Again, this is still relatively rare. It's a slightly different end market. But again, how should we think about that launch. I guess my key question here is just operating leverage into that launch? Like how much incremental investment are you going to have to do and what would that look like for the next few years potentially?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : Got it. And we are almost out of time, so I just want to touch a little bit perhaps on the overall pipeline. Just where do you think it's most overlooked right now? I think it's difficult to answer the question in the light of CM being such a big driver, but what should investors start to pay attention on the earlier stage?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : And on the buyer side?

Question: Tiago Fauth - Wells Fargo Securities, LLC - Analyst : And I guess with that, we can probably wrap up. Jeff, John, really appreciate you spending the time. Thank you so much.