Alnylam: Near-Term Amvuttra Shortfall Outweighed by Robust TTR Growth Outlook and Strengthened Long-Term Leadership Position

Ritu Baral, an analyst from TD Cowen, maintained the Buy rating on Alnylam Pharma. The associated price target remains the same with $482.00.

Ritu Baral has given his Buy rating due to a combination of factors that outweigh the modest fourth-quarter shortfall in Amvuttra revenue versus expectations. While Amvuttra sales came in at the lower end of guidance, they still showed strong sequential and year-over-year growth, and the total transthyretin (TTR) franchise, including Onpattro, broadly tracked company targets. More importantly, management’s 2026 revenue outlook for the TTR portfolio, at $4.4–$4.7 billion, is materially higher than both Baral’s previous forecast and what she views as prevailing buy-side assumptions, signaling robust confidence in medium-term growth. That outlook is underpinned by expanding uptake in TTR-cardiomyopathy (TTR-CM), supported by rising patient demand, favorable adherence trends, and broader international penetration.
Baral also highlights Alnylam’s strengthened longer-term positioning in TTR disease, with plans that reinforce the company’s ambition to solidify global leadership across both polyneuropathy (PN) and cardiomyopathy, including targeted timelines for next-generation product launches. She sees the anticipated growth in TTR-CM revenues, particularly from Amvuttra, as the primary engine driving the franchise to the high end of management’s guidance range. In her view, the near-term revenue miss is more than offset by the magnitude and credibility of the multiyear growth targets, supported by a growing base of treated patients and continued market expansion. Taken together, these elements support a favorable risk–reward profile and justify maintaining a Buy rating on Alnylam shares.

In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $570.00 price target.