Full Press Release Details
Alnylam Pharmaceuticals Reports Third Quarter 2019 Financial Results and Highlights Recent Period Activity
Achieved Third Quarter 2019 ONPATTRO Global Net Product Revenues of $46.1 Million, Including Initial Sales in Japan, with Over 600 Patients on Commercial Product
Initiated APOLLO-B Phase 3 Study of Patisiran for the Treatment of Hereditary and Wild-Type ATTR Amyloidosis with Cardiomyopathy -
- Advanced Additional Late-Stage Clinical Programs; On Track to Report Topline ILLUMINATE-A Phase 3 Results with Lumasiran by Year-End -
Alnylam's Partner, The Medicines Company, Announced Positive Phase 3 Results with Inclisiran, in Development for the Treatment of Hypercholesterolemia -
Maintained Strong Balance Sheet with $1.74 Billion in Cash and Investments -
CAMBRIDGE, Mass.--(BUSINESS WIRE)--October 31, 2019--Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, today reported its consolidated financial results for the third quarter 2019 and reviewed recent business
"In the third quarter of 2019 and recent period we saw strong execution on the global commercialization of ONPATTRO. For the rest of the year and beyond, we expect steady and continued growth in patients on ONPATTRO therapy through improved
disease awareness, new patient finding, expansion in global markets - such as our recent launch in Japan and NDA filing in Brazil - and the potential for future label expansion in hereditary and wild-type ATTR cardiomyopathy through our recently
initiated APOLLO-B Phase 3 study. We're also pleased to have received a Priority Review and Accelerated Assessment for givosiran from the FDA and EMA, respectively, and we are preparing for the potential launch of our second RNAi therapeutic in
the coming months, assuming positive regulatory reviews," said John Maraganore, Ph.D., Chief Executive Officer of Alnylam. "While executing on our commercial objectives, we also made excellent progress on our late stage pipeline, including
positive Phase 3 results for inclisiran announced by our partner, The Medicines Company, representing what we believe is a landmark event for Alnylam and for the entire field of RNAi therapeutics. In the final months of 2019, we aim to extend
this encouraging track record with pivotal data from our lumasiran program, continued enrollment in our HELIOS-A Phase 3 trial and initiation of the HELIOS-B Phase 3 study with vutrisiran. Each of these anticipated milestones will bring us closer
to achieving our Alnylam 2020 goals of building a multi-product, global biopharma company with a deep clinical pipeline to fuel future growth and a robust product engine for sustainable and organic innovation, a profile rarely achieved in our
Third Quarter 2019 and Recent Significant Corporate Highlights
Commercial Performance in Third Quarter 2019
Achieved global net product revenues for the third quarter of 2019 of $46.1 million for ONPATTRO.
Attained over 600 patients worldwide on commercial ONPATTRO treatment since launch.
Continued global expansion with receipt of regulatory approval for ONPATTRO in Switzerland, and initiation of commercial launches in Japan and Canada.
Continued progress with market access efforts across the CEMEA region (Canada, Europe, Middle East, and Africa).
Following favorable ratings from health technology assessment agencies, achieved reimbursement approvals in the United Kingdom, Belgium, and Germany.
Received recognition for ONPATTRO as an innovative biotechnology medicine through award of the prestigious Prix Galien in The Netherlands and Italy and nominations for the Prix Galien in additional countries, including France, Germany, and
Late Stage R&D Highlights
Advanced patisiran (the non-proprietary name for ONPATTRO), an intravenously administered investigational RNAi therapeutic in development for the treatment of ATTR amyloidosis.
Initiated the APOLLO-B Phase 3 study in ATTR amyloidosis patients with cardiomyopathy.
Filed a marketing authorization application with the Brazilian Health Regulatory Agency (ANVISA) for the treatment of hereditary ATTR amyloidosis with polyneuropathy.
Advanced vutrisiran, a subcutaneously administered investigational RNAi therapeutic in development for the treatment of ATTR amyloidosis.
Continued enrollment in the HELIOS-A Phase 3 study in hereditary ATTR amyloidosis patients with polyneuropathy.
Aligned with regulatory agencies on the design of the HELIOS-B Phase 3 study in patients with hereditary or wild-type ATTR amyloidosis with cardiomyopathy, and are on track to initiate the study in late 2019.
Advanced givosiran, an investigational RNAi therapeutic in development for the treatment of acute hepatic porphyria (AHP).
Received Priority Review from the U.S. Food and Drug Administration (FDA) for the givosiran New Drug Application (NDA). The FDA set an action date of February 4, 2020 under the Prescription Drug User Fee Act (PDUFA), and the agency has
indicated that it is not currently planning an advisory committee meeting as part of the NDA review.
Completed submission of a Marketing Authorization Application (MAA) under an Accelerated Assessment to the European Medicines Agency (EMA).
Presented new clinical results at the 2019 International Congress on Porphyrins and Porphyrias.
Advanced lumasiran, an investigational RNAi therapeutic in development for the treatment of primary hyperoxaluria type 1 (PH1).
The Company remains on track to report topline results from the ILLUMINATE-A Phase 3 study in late 2019.
Continued enrollment in ILLUMINATE-B, a global Phase 3 pediatric study of lumasiran in PH1 patients under six years of age.
Presented new clinical results on the pediatric cohort of patients from the Phase 1/2 study at the International Pediatric Nephrology Association (IPNA) 2019 Annual Meeting.
Alnylam's partner, The Medicines Company, reported positive results from Phase 3 studies with inclisiran, an investigational RNAi therapeutic in development for the treatment of hypercholesterolemia, including:
Positive complete results from the ORION-11 Phase 3 study in patients with atherosclerotic cardiovascular disease (ASCVD) (ex-U.S.), presented at the European Society of Cardiology's ESC Congress 2019.
Positive topline results from the ORION-9 Phase 3 study in patients with heterozygous familial hypercholesterolemia (HeFH).
Positive topline results from the ORION-10 Phase 3 study in patients with ASCVD (U.S.-based).
Additional Business Updates
Received recognition as the world's #1 biopharma employer from Science magazine based on more than 7,500 responses to its annual survey of the biotech and pharmaceutical industry.
Entered into a U.S. gastroenterologist disease education and post-approval promotional agreement with Ironwood Pharmaceuticals for the investigational RNAi therapeutic givosiran, to augment Alnylam's broader education and commercial
Announced the +myFamily program as part of the existing collaboration with 23andMe to offer free 23andMe Health + Ancestry kits to first-degree family members of 23andMe customers with a detected TTR variant.
Announced the appointment of Jeff Poulton as Executive Vice President, Chief Financial Officer.
In late 2019, Alnylam intends to:
Continue global expansion of ONPATTRO.
Prepare for the potential launch of givosiran in the U.S. and Europe, assuming regulatory approvals.
Initiate the HELIOS-B Phase 3 study of vutrisiran in hereditary and wild-type ATTR amyloidosis patients with cardiomyopathy.
Report topline results from the ILLUMINATE-A Phase 3 study of lumasiran.
Initiate the ILLUMINATE-C Phase 3 study of lumasiran in PH1 patients with severe renal impairment.
Present a review of its R&D and commercial activities at the Company's R&D Day on November 22 in New York City.
In addition, The Medicines Company plans to report complete results from the ORION-9 and 10 Phase 3 studies of inclisiran at the American Heart Association Scientific Sessions 2019, taking place November 16 - 18 in Philadelphia. The Medicines
Company also plans to file an NDA for inclisiran by year-end 2019.
Financial Results for the Quarter Ended September 30, 2019
"Having recently joined Alnylam as CFO, I have been very impressed by the strong commercial execution of the organization, building on the Company's heritage of scientific excellence and R&D success. Notably, we finished the third quarter
with over 600 patients on commercial ONPATTRO and generated $46.1 million in global net product revenues with strong growth contributions from both our U.S. and international markets," said Jeff Poulton, Chief Financial Officer of Alnylam. "As we
look towards 2020 and beyond, our balance sheet remains strong, supporting further investment in both commercial and R&D programs to drive near- and long-term growth, which we believe will bring us closer to achieving a self-sustainable
financial profile for the future."
Cash and Investments
At September 30, 2019, Alnylam had cash, cash equivalents and marketable debt securities, and restricted investments, excluding equity securities, of $1.74 billion, as compared to $1.13 billion at December 31, 2018.
GAAP and Non-GAAP Net Loss
The net loss according to accounting principles generally accepted in the U.S. (GAAP) for the third quarter of 2019 was $208.5 million, or $1.92 per share on both a basic and diluted basis, as compared to a net loss of $245.3 million, or
$2.43 per share on both a basic and diluted basis, for the same period in the previous year.
The non-GAAP net loss for the third quarter of 2019 was $162.5 million, or $1.50 per share on both a basic and diluted basis, as compared to a non-GAAP net loss of $157.3 million, or $1.56 per share on both a basic and diluted basis, for the
same period in the previous year.
Reconciling items between GAAP and non-GAAP net loss for the third quarter of 2019 and 2018 include stock-based compensation expense. See "Use of Non-GAAP Financial Measures" below for a description of non-GAAP financial measures and a
reconciliation between GAAP and non-GAAP net loss appearing later in this press release.
ONPATTRO Revenues, Net
Net product revenues from sales of ONPATTRO were $46.1 million in the third quarter of 2019, as compared to net product revenues of $0.5 million for the same period in the previous year.
Net Revenues from Collaborators
Net revenues from collaborators were $24.0 million in the third quarter of 2019, primarily related to $15.3 million in revenue from the Regeneron collaboration, as compared to $1.6 million in the third quarter of 2018.
GAAP and Non-GAAP Research and Development Expenses
GAAP research and development (R&D) expenses were $160.8 million in the third quarter of 2019, as compared to $139.9 million in the third quarter of 2018.
Non-GAAP R&D expenses were $138.1 million in the third quarter of 2019, as compared to $94.2 million in the third quarter of 2018. Non-GAAP R&D expenses exclude stock-based compensation expense. A reconciliation between GAAP and
non-GAAP R&D expenses appears later in this press release.
GAAP and Non-GAAP Selling, General and Administrative Expenses
GAAP selling, general and administrative (SG&A) expenses were $120.4 million in the third quarter of 2019, as compared to $116.5 million in the third quarter of 2018.
Non-GAAP SG&A expenses were $97.1 million in the third quarter of 2019, as compared to $74.4 million in the third quarter of 2018. Non-GAAP SG&A expenses exclude stock-based compensation expense. A reconciliation between GAAP and
non-GAAP SG&A expenses appears later in this press release.
2019 Financial Guidance
Alnylam reiterates its expectations for 2019 non-GAAP R&D expenses to be in the range of $550 to $575 million and non-GAAP SG&A expenses to be in the range of $390 to $400 million. Both non-GAAP R&D and non-GAAP SG&A expenses
exclude stock-based compensation expenses.
The Company expects its current cash, cash equivalents, and marketable debt securities will support company operations for multiple years based upon its current operating plan.
Use of Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, including expenses adjusted to exclude certain non-cash expenses and non-recurring gains outside the ordinary course of the Company's business. These measures are not in accordance
with, or an alternative to, GAAP, and may be different from non-GAAP financial measures used by other companies.
The items included in GAAP presentations but excluded for purposes of determining non-GAAP financial measures for the periods presented in the press release are stock-based compensation expense, a gain on the change in fair value of a liability
obligation, and a gain on litigation settlement. The Company has excluded the impact of stock-based compensation expense, which may fluctuate from period to period based on factors including the variability associated with performance-based
grants for stock options and restricted stock units and changes in the Company's stock price, which impacts the fair value of these awards. The Company has excluded the impact of a gain on the change in fair value of a liability obligation and
the gain on litigation settlement because the Company believes these items are one-time events occurring outside the ordinary course of the Company's business.
The Company believes the presentation of non-GAAP financial measures provides useful information to management and investors regarding the Company's financial condition and results of operations. When GAAP financial measures are viewed in
conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company's ongoing operating performance and are better able to compare the Company's performance between periods. In addition, these
non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating performance, allocating resources and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in
isolation or as a substitute for GAAP financial measures. A reconciliation between GAAP and non-GAAP measures is provided later in this press release.
The Company does not provide in this press release a reconciliation of its estimated 2019 non-GAAP R&D and non-GAAP SG&A expense guidance to the comparable GAAP measures because it is not able to estimate 2019 stock-based compensation
expense without unreasonable efforts. The Company's stock-based compensation expense is subject to significant fluctuations from period to period due to variability in the probability of performance-based vesting events for stock options and
restricted stock units and changes in the Company's stock price which materially impact the recognition, timing of expense and fair value of these awards. In addition, the Company believes such reconciliations for its 2019 financial guidance