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Alnylam (ALNY) Q3 Loss Narrower than Expected, Revenues Rise
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Alnylam Pharmaceuticals, Inc. (ALNY - Free Report) reported a loss of $1.32 per share in the fourth quarter of 2016, narrower than both the Zacks Consensus Estimate loss of $1.35 and the year-ago loss of $1.07.
Quarterly revenues rose 131.1% to $17.5 million. Additionally, revenues were also above the Zacks Consensus Estimate of $11.56 million. Revenues in the quarter included $14.8 million earned under the company's collaboration agreement with Sanofi’s (SNY - Free Report) subsidiary, Genzyme, as well as $2.6 million from the company’s alliance with The Medicines Company , and $0.1 million from other sources.
Alnylam’s share price has increased 8.2% year to date, while the Zacks classified Medical - Biomedical and Genetics industry gained 4%.
Quarter in Detail
Research and Development (R&D) expenses shot up 26.8% from the year-ago period to $105 millionprimarily due to higher expenses related to the company’s advancement of the Genetic Medicine pipeline as well as higher compensation and related expenses, and stock-based compensation expenses.
Likewise, general and administrative (G&A) expenses increased 61.8% to $27.9 million. The increase was primarily due to higher compensation and related expenses as well as stock-based compensation expenses. Further, consulting and professional services expenses also increased during the quarter.
Outlook
Alnylam expects that its cash, cash equivalents and marketable securities,(including restricted investments) will be greater than $700 million as of Dec 31, 2017.
2016 Results
For the full-year 2016, net loss came in at $4.79 per share compared with a loss of $3.45 in 2015 and narrower than the Zacks Consensus Estimate of $4.82 per share.
Nevertheless, revenues came in at $47.2 million for 2016 compared with $41.1 million in 2015 and also beat the Zacks Consensus Estimate of 40.62 million.
Pipeline
Alnylam has been making progress on the development of its candidates. The company reported positive clinical results with fitusiran for hemophilia, givosiran (ALN-AS1) for porphyria, and ALN-CC5 for complement-mediated diseases, during the reported quarter. Additionally, the company also reported positive interim clinical data with inclisiran for hypercholesterolemia.
Also in Oct 2016, Alnylam discontinued development of revusiran, an investigational RNAi therapeutic that was being developed for the treatment of cardiomyopathy due to hereditary ATTR (ATTR) amyloidosis.
In 2017, the company plans to report top-line results from the APOLLO phase III study of patisiran being developed for the treatment of ATTR amyloidosis in patients suffering from FAP. Alnylam Alnylam plans to submit regulatory application for patisiran both in the U.S. and the EU by 2017 end.
It also plans to present additional data from the phase II OLE study of fitusiran being developed for the treatment of hemophilia, and also from part C of the phase I study of givosiran which is being developed for the treatment of porphyria. Moreover, Alnylam’s partner Medicines Company plans to initiate the phase III program for inclisiran.
Our Take
Alnylam’s fourth-quarter results were strong with the company reporting a narrower-than-expected loss and revenues surpassing estimates. The alliance with Genzyme should continue driving the company’s top line in the coming quarters. With several pipeline-related events lined up for the upcoming quarters, we expect investor focus to remain on further updates by the company.
Enz Biochem’s loss estimates for 2017 narrowed 5.88% over the past 60 days. The company recorded a positive earnings surprise in three of the last four quarters, the average being 22.50%. Its share price was also up 47.6% in the past one year.
Alnylam Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
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Alnylam (ALNY) Q3 Loss Narrower than Expected, Revenues Rise
Alnylam Pharmaceuticals, Inc. (ALNY - Free Report) reported a loss of $1.32 per share in the fourth quarter of 2016, narrower than both the Zacks Consensus Estimate loss of $1.35 and the year-ago loss of $1.07.
Quarterly revenues rose 131.1% to $17.5 million. Additionally, revenues were also above the Zacks Consensus Estimate of $11.56 million. Revenues in the quarter included $14.8 million earned under the company's collaboration agreement with Sanofi’s (SNY - Free Report) subsidiary, Genzyme, as well as $2.6 million from the company’s alliance with The Medicines Company , and $0.1 million from other sources.
Alnylam’s share price has increased 8.2% year to date, while the Zacks classified Medical - Biomedical and Genetics industry gained 4%.
Quarter in Detail
Research and Development (R&D) expenses shot up 26.8% from the year-ago period to $105 millionprimarily due to higher expenses related to the company’s advancement of the Genetic Medicine pipeline as well as higher compensation and related expenses, and stock-based compensation expenses.
Likewise, general and administrative (G&A) expenses increased 61.8% to $27.9 million. The increase was primarily due to higher compensation and related expenses as well as stock-based compensation expenses. Further, consulting and professional services expenses also increased during the quarter.
Outlook
Alnylam expects that its cash, cash equivalents and marketable securities,(including restricted investments) will be greater than $700 million as of Dec 31, 2017.
2016 Results
For the full-year 2016, net loss came in at $4.79 per share compared with a loss of $3.45 in 2015 and narrower than the Zacks Consensus Estimate of $4.82 per share.
Nevertheless, revenues came in at $47.2 million for 2016 compared with $41.1 million in 2015 and also beat the Zacks Consensus Estimate of 40.62 million.
Pipeline
Alnylam has been making progress on the development of its candidates. The company reported positive clinical results with fitusiran for hemophilia, givosiran (ALN-AS1) for porphyria, and ALN-CC5 for complement-mediated diseases, during the reported quarter. Additionally, the company also reported positive interim clinical data with inclisiran for hypercholesterolemia.
Also in Oct 2016, Alnylam discontinued development of revusiran, an investigational RNAi therapeutic that was being developed for the treatment of cardiomyopathy due to hereditary ATTR (ATTR) amyloidosis.
In 2017, the company plans to report top-line results from the APOLLO phase III study of patisiran being developed for the treatment of ATTR amyloidosis in patients suffering from FAP. Alnylam Alnylam plans to submit regulatory application for patisiran both in the U.S. and the EU by 2017 end.
It also plans to present additional data from the phase II OLE study of fitusiran being developed for the treatment of hemophilia, and also from part C of the phase I study of givosiran which is being developed for the treatment of porphyria. Moreover, Alnylam’s partner Medicines Company plans to initiate the phase III program for inclisiran.
Our Take
Alnylam’s fourth-quarter results were strong with the company reporting a narrower-than-expected loss and revenues surpassing estimates. The alliance with Genzyme should continue driving the company’s top line in the coming quarters. With several pipeline-related events lined up for the upcoming quarters, we expect investor focus to remain on further updates by the company.
Zacks Rank & Key Picks
Alnylam carries a Zacks Rank #3 (Hold). Another better-ranked stocks in the health care sector include Enzo Biochem, Inc. (ENZ - Free Report) , which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Enz Biochem’s loss estimates for 2017 narrowed 5.88% over the past 60 days. The company recorded a positive earnings surprise in three of the last four quarters, the average being 22.50%. Its share price was also up 47.6% in the past one year.
Alnylam Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Alnylam Pharmaceuticals, Inc. Price, Consensus and EPS Surprise | Alnylam Pharmaceuticals, Inc. Quote
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>