Alnylam Pharmaceuticals: A TTRansformative Turn for Amvuttra?

研报英文原文证据摘录

Alnylam Pharmaceuticals: A TTRansformative Turn for Amvuttra?

J P M O R G A N North America Equity Research

09 July 2026

Alnylam Pharmaceuticals Overweight

ALNY, ALNY US

A TTRansformative Turn for Amvuttra? Price (08 Jul 26):$323.50

Biotechnology - Large Cap

With today’s update on AZN/IONS’s CARDIO-TTRansform study, we wanted to Jessica Fye AC

provide our readthrough to ALNY and how we see this impacting the ATTR-CM (1-212) 622-4165

market. IONS reported that the CARDIO-TTRansform trial did not meet the jessica.m.fye@jpmorgan.com

primary efficacy endpoint and based on this update, we don’t expect eplontersen Adam Ferrari, Ph.D.

to play a role in the ATTR-CM market. With that, we wanted to outline what we (1-212) 622-1717

adam.ferrari@jpmorgan.com

see as the pros and cons for ALNY. Based on our investor conversations, we expect

Jose Lora, Ph.D.

the Street to view this as a positive surprise for ALNY. Stepping back on the stock, (1-212) 270-4831

we see ALNY broadening its position in the gene silencing space to pursue other jose.n.lora@jpmorgan.com

tissue types and expand the overall opportunity set, and we see progressive upside Silvia Luo

as this plays out while ALNY simultaneously grows increasingly profitable. (1-212) 622-0000

silvia.luo@jpmorgan.com

• On the positive side: 1) We now see a lack of near-term silencer competition Abdul Tahlil

in the ATTR-CM space, i.e., no need to divvy up near-term market share, which (1-212) 270-9644

could argue for upside to sales estimates; 2) to the extent the Street was worried abdul.tahlil@jpmorgan.com

J.P. Morgan Securities LLC

about pricing pressure from increased competition in the silencer class, we see

that in part alleviated by this update.

• As for the cons: 1) Much in the way we would have seen success in CARDIO-