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).

In 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. Following the label expansion, Amvuttra became 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.

Currently, Amvuttra (vutrisiran), its newest drug, is Alnylam’s primary top-line driver. The drug generated $889.9 million in global sales in the first quarter of 2026, representing 187% year-over-year growth. The figure accounted for 76% of Alnylam’s total revenues generated in the quarter. The drug’s solid uptake has been driven by increased patient demand, mainly in ATTR-CM patients in the United States, as well as several patients switching from Onpattro.

This label expansion is expected to continue boosting Amvuttra sales in the quarters ahead. Alnylam also expects approvals for Amvuttra for the ATTR-CM indication in 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 quarter of 2026. Global Vyndaqel family revenues of $1.6 billion rose 8% year over year in the quarter, primarily driven by international growth on the back of higher demand due to increases in diagnosis and treatment rates. 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 $180.6 million in the first quarter of 2026, up significantly year over year, driven by solid uptake. 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 plunged 27.3% so far this year compared with the industry’s 4% decline. The stock has also underperformed the sector and the S&P 500 index during the same time frame, as seen in the chart below.

ALNY Stock Price Movement

Image Source: Zacks Investment Research

From a valuation standpoint, Alnylam stock is expensive. Going by the price/sales ratio, the company’s shares currently trade at 9.33 trailing 12-month sales per share, higher than 2.25 for the industry. However, the stock is also trading much below its five-year mean of 18.40.

ALNY Stock Valuation

Image Source: Zacks Investment Research

Estimates for Alnylam’s 2026 earnings have improved from $9.13 to $9.22 per share in the past 60 days, while the estimates for 2027 earnings have deteriorated from $14.59 to $13.68 over the same timeframe.

ALNY Estimate Movement

Image Source: Zacks Investment Research

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

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

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