Alnylam Pharmaceuticals shares rose 10% Friday after the company nabbed FDA approval to sell its drug Amvuttra to a larger population of patients with a genetic heart condition.
The FDA cleared the drug after the close on Thursday, allowing Alnylam to compete against Pfizer and BridgeBio to treat patients with the disease. Amvuttra sales are expected to top $1 billion next year, and reach $5.8 billion in 2030, according to analysts polled by FactSet.
Alnylam has long been a favorite among biotech investors, but the company hasn't yet shown it can transition from being a R&D innovator to a sustainable business. "We really are within touching distance of achieving sustainable profitability," said Chief Executive Yvonne Greenstreet in an interview. "Particularly in the current ecosystem, we feel that we're in rarefied air."
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(END) Dow Jones Newswires
March 21, 2025 13:21 ET (17:21 GMT)
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