A Rare Turnaround Story

Alnylam Pharmaceuticals, Inc. (ALNY) shares climbed Friday, capping off a remarkable run that's seen the stock jump 92.6% year-to-date and 58.7% over the past six months. While there wasn't a specific catalyst on Friday, the company has given investors plenty of reasons to be excited lately.

The biotech just delivered one of those earnings reports that makes you wonder if the analysts were even paying attention. Third-quarter adjusted earnings came in at $2.90 per share—a stunning reversal from a 50-cent loss a year ago, and nearly four times the analyst consensus of 75 cents. That's not just beating expectations; that's obliterating them.

Revenue Growth That Actually Matters

Quarterly sales hit $1.25 billion, up 149% year over year and well ahead of the $977.79 million consensus estimate. The star of the show? Amvuttra, which posted sales of $685.30 million, representing a 165% jump from the prior year.

The results were strong enough that Alnylam raised its full-year 2025 sales guidance from a range of $3.3 billion to $3.55 billion up to $3.6 billion to $3.8 billion. The Street had been expecting $3.53 billion, so this represents a meaningful beat even on the low end of the new range.

Why Amvuttra Matters for Heart Patients

Here's where things get medically interesting. ATTR-CM, or transthyretin amyloid cardiomyopathy, is a rare and often underdiagnosed form of heart failure. Think of it as a condition where abnormal protein deposits build up in the heart, causing progressive damage.

Earlier in November, Alnylam released results from new analyses of the HELIOS-B Phase 3 study of Amvuttra. The data was impressive: a mixed model analysis pooling 24- and 36-month results found that treatment with vutrisiran (Amvuttra's active ingredient) led to statistically significant improvements in multiple measures of cardiac structure and function compared to placebo.

We're talking about improvements in left and right ventricular ejection fractions, stroke volumes, and left ventricular mass. Treatment also reduced extracellular volume, which reflects amyloid buildup in the heart.

The most striking finding? At Year 3, amyloid regression was observed in 22% of patients treated with vutrisiran, while exactly zero patients who received placebo showed regression. Meanwhile, disease progression occurred in 63% of placebo patients compared to just 11% of those treated with vutrisiran. Those are the kinds of numbers that get cardiologists' attention.

Wall Street Weighs In

Analysts from Chardan Research and William Blair issued positive outlooks on Alnylam following the strong quarterly results. Chardan Research specifically noted that the launch of Amvuttra for ATTR-CM is off to an exceptionally strong start—which the revenue numbers certainly support.

Alnylam Pharmaceuticals shares were up 1.91% at $453.61 on Friday, adding to what's already been an exceptional year for shareholders.