Alnylam Pharmaceuticals Inc Q1 2025 Earnings Call Summary

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

Question: Tazeen Ahmad - BofA Global Research - Analyst : Thanks for taking my question. I'm sorry if I missed this on the prepared remarks, but I just wanted to get a little bit of additional color of the initial patients that are starting treatments. Who are the prescriber based? Are they people that have already had previous experience with AMVUTTRA, or are you seeing a mix of doctors that are also completely new to the drugs?

Question: Gena Wang - Barclays - Analyst : So I think we saw first full-quarter revenue from, I think, [$79 million] for (inaudible) and the $37 million for (inaudible) ATTR cardiomyopathy. So which one do you think it's a good benchmark for AMVUTTRA first-quarter revenue and also my quick calculation for your ATTR franchise this quarter versus the last quarter of roughly [$17 million] quarter-over-quarter growth, any revenue was contributed from ATTR cardiomyopathy revenue.

Question: Gena Wang - Barclays - Analyst : Sorry, yeah, so I think that -- yeah, sure. Can you hear me better now? Okay, so yeah, the second question is regarding the -- this quarter number, quarter-over-quarter growth, when we look at the ATTR franchise, it's about [$17 million]. Just wondering any revenue contribution from the ATTR cardiomyopathy.

Question: Theresa Vitale - Scotiabank - Analyst : This is [Theresa Vitale] on for Greg Harrison. Congrats on all of the progress this quarter and thanks for taking our question. Curious to hear how you're leveraging your commercial expertise and maybe what additional strategic efforts are you making on the commercial front to be competitive in capturing the (inaudible).

Question: Eliana Merle - UBS - Analyst : Thanks for taking the question and congrats on the early launch progress. Just in terms of AMVUTTRA, I guess what do you expect or what are you seeing in terms of the use of the first injection free versus those going straight to paid drug, maybe assuming that more would go straight to paid drug considering your comments on the formulary access. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 01, 2025 / 12:30PM, ALNY.OQ - Q1 2025 Alnylam Pharmaceuticals Inc Earnings Call And then just a follow up on your commentary on formulary access, I guess since you're already on formulary and more than half of these, 170 priority centers, are you seeing any change to the price used for polyneuropathy from these centers and just your latest expectation on how this pricing will play out between polyneuropathy versus cardiomyopathy?

Question: Gary Nachman - Raymond James - Analyst : Thanks for taking the question and congrats on the progress. So with the TruB in the early launch phase and getting some traction, is that creating a headwind for AMVUTTRA's launch in CM or is it helping create more noise for the entire category? So what's the early read on position receptivity to a new sound serve versus a new stabilizer out there? And then just, maybe specifically on the reimbursement side, how are the dynamics playing out as a Part D drug versus the stabilizers that are Part D drugs.

Question: Jessica Fye - JPMorgan - Analyst : Thanks for taking my questions. You mentioned providing additional launch indicators with Q2 results. Can you just touch on what those will be? And then of those 170 priority health systems, I think you mentioned more than half already have AMVUTTRA on formulary. Can you just speak to your goal of where you want that number to stand maybe next quarter and by year end?

Question: Ritu Baral - TD Cowen - Analyst : You mentioned that you're seeing first line use already. Tolga, can you speak a little to the type of patient or profile of patient that is making up that first line use, and the next, kind of clarification on formulary inclusion. When you have formulary inclusion, is that where any prior authorization requirements sort of get set for use in the health system as well? And if so, how should we be thinking about what you're seeing for prior auths in formulary inclusion?

Question: Kostas Biliouris - BMO Capital Markets - Analyst : Thanks for taking our question and congrats on the progress. One question from us on AMVUTTRA, I'll try to push my luck here a little bit for some more granularity. [BridgeBio] recently mentioned that they saw an impact from AMVUTTRA loans on the number of (inaudible), and this impact was particularly from Swiss patients. So that said, I wonder whether you see the majority of the early AMVUTTRA [take] coming from Swiss patients or new patients. Any quantitative or directional color there would be very helpful.

Question: Luca Issi - RBC Capital Markets - Analyst : Thanks so much for taking my question. Congrats on the progress. Maybe, Tolga, quick one here on access, at least based on our checks, it sounds like step edits are likely going to be implemented for commercial patients but are much, much less likely on the Medicare fee for service patients. One, is that a fair characterizations; and two, if so, how should we think about the Medicare Advantage patients, the one kind of in between the two buckets? Are they conceptually closer to commercial patients where [step edits] are likely, or are they closer to fee for service patients where step edits are less likely? Any thoughts there are much appreciated.

Question: Paul Matteis - Stifel - Analyst : Paul from Stifel. I appreciate you taking the time. As it relates to uptake so far, Tolga, when we had dinner five weeks ago, you talked about how there are certain physicians who they actually can use the drug without going through a [P&C] committee. Any metrics there like what percent of the prescriber base is that and what have you seen from that population? And then as it relates to Medicare fee for service patients, given the ease of access, is this the kind of thing where over time you think a patient who has -- who's insured who's covered by Medicare fee for service could actually get drug -- the first dose of drug the same day that it's prescribed?

Question: Michael Ulz - Morgan Stanley - Analyst : Thanks for taking the question. Maybe just another one in cardiomyopathy. I wonder if you can talk about the rate of diagnosis and maybe if you've noticed a shift since the beginning of the year now that there's two additional products on the market. And then maybe just secondly, with about 20% of patients currently diagnosed, what do you think that could look like at the end of the year?