Can Alnylam Rely on Amvuttra to Sustain Its Rapid Sales Momentum?

Alnylam Pharmaceuticals ALNY is a commercial-stage company that currently markets four drugs. The company first received regulatory approval in 2018 for Onpattro to treat adult patients with hereditary transthyretin-mediated (hATTR) amyloidosis. Subsequently, ALNY received approval for Givlaari (acute hepatic porphyria), Oxlumo (primary hyperoxaluria type 1) and Amvuttra (polyneuropathy of hATTR amyloidosis).

Currently, Amvuttra (vutrisiran), its newest drug, is Alnylam’s primary top-line driver. The drug generated $801.9 million in global sales in the first half of 2025, representing a staggering 89% year-over-year growth. The drug’s solid uptake has been driven by new patients starting treatment as well as several patients switching from Onpattro.

In the first half of 2025, Alnylam received approval in the United States and the EU for the label expansion of Amvuttra to treat ATTR amyloidosis with cardiomyopathy (ATTR-CM) in adults to reduce cardiovascular mortality, cardiovascular hospitalizations and urgent heart failure visits. The latest nods make Amvuttra the first and only RNAi therapeutic approved in the United States and the EU for both ATTR-CM and hATTR-PN in adults, marking a significant milestone achievement.

This label expansion likely aided sales of the drug in the first half of 2025 and is expected to continue boosting uptake in the second half. Alnylam also expects approvals for Amvuttra for the ATTR-CM indication in several other geographies this year. This will expand the eligible patient population for the drug, driving substantial growth for the company in the future.

ALNY’s Competition in the Market for ATTR Treatments

Alnylam’s Amvuttra faces notable competition in the ATTR-CM market from Pfizer’s PFE Vyndaqel/Vyndamax (tafamidis) and BridgeBio’s BBIO Attruby (acoramidis), both of which are already approved for this indication. While Amvuttra is positioned with a differentiated clinical profile, Pfizer’s and BridgeBio’s therapies carry the advantage of oral administration and comparatively lower list prices in the United States. These factors could influence prescribing decisions and pose challenges to Alnylam’s competitive positioning in this space.

Vyndaqel is one of the key in-line products that has driven improvement in Pfizer’s revenues in the first half of 2025. Global Vyndaqel family revenues of $3.1 billion rose 27% year over year in the first half of 2025, driven by continued demand growth due to increases in diagnosis and treatment rates, primarily in the United States and developed Europe. Pfizer’s Vyndaqel family includes global revenues from Vyndaqel as well as revenues for Vyndamax in the United States and Vynmac in Japan.

Approved in late 2024, Attruby is BridgeBio’s only marketed product. The drug generated sales worth $108.2 million in the first half of 2025, driven by solid uptake. BBIO reported that as of Aug. 1, 2025, 3,751 unique patient prescriptions for Attruby have been written by 1,074 unique healthcare providers since approval. BridgeBio is also currently evaluating acoramidis for the prevention of early-stage variant transthyretin amyloidosis in a late-stage study.

ALNY’s Stock Price, Valuation and Estimates

Shares of Alnylam have surged 93% so far this year compared with the industry’s 3.2% growth. The stock has also outperformed the sector and the S&P 500 index during the same time frame, as seen in the chart below.

ALNY Stock Price Movement

From a valuation standpoint, Alnylam stock is expensive. Going by the price/sales ratio, the company’s shares currently trade at 24.10 trailing 12-month sales per share, much higher than 2.12 for the industry. The stock is also trading above its five-year mean of 20.96.

ALNY Stock Valuation

Estimates for Alnylam’s 2025 earnings have improved from 93 cents to $3.39 per share in the past 60 days, and estimates for 2026 earnings have improved from $3.58 to $8.75 over the same timeframe.

ALNY Estimate Movement

Alnylam currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research