Alnylam Pharmaceuticals (NASDAQ:ALNY) executives outlined the company’s 2030 financial targets, TTR franchise strategy and near-term pipeline priorities during a Goldman Sachs event hosted by analyst Salveen Richter.
Jeff Poulton, Alnylam’s chief financial officer, said the company’s “Alnylam 2030” plan is its fourth set of five-year goals and is intended to clarify priorities for both investors and employees. The plan calls for a 25% compound annual growth rate in total revenue, including product sales, collaboration revenue and royalty revenue, as well as a 30% non-GAAP operating margin across the period.
“For 2030, that’s primarily going to be AMVUTTRA,” Poulton said, referring to the company’s TTR revenue contribution. He added that nucresiran could become a more important growth and margin driver after 2030 if it achieves the profile Alnylam expects.
Margin Targets Reflect Royalty Burden and R&D Spending
Poulton said the company’s 30% non-GAAP operating margin target was below where market expectations had been, noting that consensus had been closer to 50% operating margins in 2030. He said the company’s gross margin profile is affected by the AMVUTTRA royalty burden, with market consensus around 75% gross margins.
Alnylam also plans to invest heavily in research and development to diversify beyond TTR. Poulton said the company is targeting R&D reinvestment of about 30% of revenue across the period, including capacity for business development.
Pushkal Garg, Alnylam’s head of development, said the company’s primary focus will remain its internal pipeline, which includes about 25 drugs in development and an expected three or four new investigational new drug applications each year. He said Alnylam will consider external opportunities, but only with a “very high bar,” emphasizing early-stage assets that advance delivery objectives or fit with the company’s commercial footprint.
AMVUTTRA Launch and TTR Market Expansion
Poulton said Alnylam’s revenue guidance for the year is $4.4 billion to $4.7 billion. He said first-quarter performance was affected by phasing issues in both the U.S. and international markets, including insurance reauthorization in January, fewer shipping Wednesdays compared with the fourth quarter and a German pricing adjustment tied to cardiomyopathy launch dynamics. He said those factors are not expected to affect the rest of the year.
In the U.S., Poulton said Alnylam has achieved more than 90% first-line patient access to AMVUTTRA from a payer perspective. He said the company is focused on expanding the prescriber base and improving diagnosis, including through a partnership with Viz.ai to use an artificial intelligence algorithm connected to electronic health records to review echocardiogram tests in five health networks.
Poulton said Alnylam estimates the TTR opportunity at 200,000 or more patients in the U.S. and 500,000 or more globally, with about 20% of the prevalent population currently treated. Garg said he expects the silencer class to become foundational therapy, beginning with AMVUTTRA and potentially followed by nucresiran, which he described as a twice-yearly drug targeting 95% knockdown.
Nucresiran and Combination Therapy
On nucresiran’s cardiomyopathy study, Garg said it is largely designed as a combination therapy trial, with many patients expected to be on background stabilizer therapy. He said Alnylam used patient-level data from HELIOS-B to understand event rates and trial design. Garg also said enrollment has been ahead of schedule and that patients appear somewhat milder than those in HELIOS-B, prompting the company to use a predefined option to increase sample size by 500 patients.
Poulton said Alnylam has seen some AMVUTTRA and tafamidis combination use, primarily in the Medicare fee-for-service market, where payer management is less restrictive. He said combination use is generally restricted in the commercial and Medicare Advantage segments. Poulton added that a larger opportunity for combination therapy could emerge when tafamidis becomes generic, which he said is expected in the middle of 2031 based on Pfizer’s recently announced settlements.
Near-Term Pipeline Readouts
Garg highlighted several programs expected to generate data in the near term. In metabolic disease, Alnylam’s ACVR1C, or ALK7, program targets adipose tissue and is intended to reduce visceral fat while preserving muscle mass. Garg said the obesity and overweight market is likely to segment over time, creating possible roles for the drug as monotherapy or in combination with other agents.
In Huntington’s disease, Garg said Alnylam’s program targets both full-length mutant huntingtin and the exon 1 fragment, which he said is viewed by many academics as important in the propagation of huntingtin aggregates. He said the company hopes to show high levels of knockdown, infrequent dosing and favorable safety data later this year, potentially supporting movement into pivotal trials.
Garg also discussed a plasminogen-targeting program that could act as a universal hemostatic agent by stabilizing clots without increasing thrombosis risk, based on genetic and preclinical data. Alnylam’s first indication is hereditary hemorrhagic telangiectasia, with bleed data expected later this year. The company has also initiated work in von Willebrand disease and heavy menstrual bleeding.
In central nervous system disease, Garg said mivelsiran targets amyloid precursor protein and is being studied in early-onset Alzheimer’s disease and cerebral amyloid angiopathy. He said enrollment completion in the CAA study is targeted for the second quarter, with data expected in late 2027 or early 2028. Alnylam is also advancing a tau-targeting siRNA in phase 1 development.
About Alnylam Pharmaceuticals (NASDAQ:ALNY)
Alnylam Pharmaceuticals, Inc (NASDAQ: ALNY) is a biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics. Founded to translate the scientific discovery of RNAi into new medicines, Alnylam applies small interfering RNA (siRNA) technology to silence disease-causing genes. The company develops therapies designed to provide durable disease modification by targeting underlying genetic drivers across a range of rare and more prevalent conditions.
Alnylam has advanced multiple siRNA-based products into commercialization, initially using lipid nanoparticle delivery and more recently employing GalNAc-conjugate chemistry to enable targeted delivery to the liver with subcutaneous dosing.
