Alnylam: Buy Rating Reaffirmed as Long-Term TTR Growth and Strategic Update Offset Near-Term Amvuttra Launch Concerns

Analyst William Pickering from Bernstein maintained a Buy rating on Alnylam Pharma and decreased the price target to $491.00 from $525.00.

William Pickering has given his Buy rating due to a combination of factors that, in his view, still support an attractive long‑term risk/reward profile for Alnylam despite near‑term launch concerns. While he acknowledges that recent third‑party prescription data suggest a deceleration in the ATTR‑CM launch for Amvuttra and has therefore reduced his near‑term sales forecasts, he continues to model robust product growth and expects the company’s TTR franchise to exceed market expectations over time. His updated projections still imply solid year‑over‑year and sequential revenue expansion, with TTR sales in 2026 slightly above consensus and quarterly growth that remains sufficient for Alnylam to meet or beat Street numbers if execution stays on track.
At the same time, Pickering views the forthcoming five‑year strategic update as a potential positive catalyst, anticipating that management will articulate ambitious, quantifiable growth objectives that reinforce the durability of the company’s revenue trajectory. Even after trimming his assumptions, he maintains an Outperform rating and a materially higher price target than the current share price, supported by a premium EV/revenue multiple applied to his outer‑year forecasts. In his analysis, the recent share pullback following softer launch data appears more reflective of short‑term sentiment than of a structural impairment to Alnylam’s long‑term earnings power, which underpins his continued Buy recommendation.