Cantor Fitzgerald calls attention to Alnylam’s Amvuttra’s 30% royalty burden

Cantor Fitzgerald said that while the firm “congratulates” Alnylam Pharmaceuticals (ALNY) on last week’s Amvuttra approval, with the stock approaching $300, Cantor is struggling with valuation, even if Amvuttra hits $8B in peak sales, the analyst tells investors in a research note. Cantor, which has a Neutral rating and $250 price target on Alnylam shares, notes that the company owes Sanofi (SNY) a 30% global royalty on all Amvuttra sales, across indications.