ATTR earnings recap & tafamidis resolution...ALNY BBIO stock review

研报英文原文证据摘录

ATTR earnings recap & tafamidis resolution...ALNY BBIO stock review

Biotechnology - Immunology

Genetic Medicines - Market Weight

ATTR earnings recap & tafamidis resolution...ALNY BBIO May 14, 2026

stock review

The Wolfe Byte

The risk profiles of these ATTR stocks changed in the past month through (i) Q1 earnings (ii) tafamidis patent

resolution (iii) approval of Wainua in the Part B channel. Overall, there are several positives, but mostly negatives

concerning both ALNY BBIO

Q1 Earnings Alnylam appeared to have gained further in PN offset by a minor slowdown in CM, while Wainua

underperformed consensus in Q1. It is unclear to us why the Q1 dynamic would abnormally affect Wainua more than

Amvuttra. To us, benefit reverification affects both companies, but Med Adv OOP would normally hit Amvuttra harder

than Wainua. These may represent signals of a lower ceiling for both CM and PN. This would be a negative for ALNY

and more negative for IONS (−ALNY, −−IONS, note we revised down Wainua royalty in a separate report on IONS).

Notably, much of the ALNY earnings call was focused on CARDIO-TTRansform, and buyside is now clearly positioned

oppositely between IONS ALNY (i.e. a good Wainua result would not be good for Amvuttra). As for the recent Wainua

approval in the Part B channel, sellside publicly questioned Alnylam on the implications. Our assessment is that most

of buyside is ignoring this, suggesting that there would be more of an upside surprise as Wainua eventually launches

as a product in CM while straddling both B and D (−ALNY, +IONS).

Tafamidis patent resolution. On the eve of patent resolution, in-stock expectation of the settlement date on ALNY was

2028 and BBIO was 2032E. The settlement for June 2031 caused both stocks to trade down on Apr 28 (ALNY −2.1%,