Alnylam Pharmaceuticals (NASDAQ: ALNY) reported a wider loss in the second quarter of 2019 due to higher costs and expenses. The bottom line was narrower than the analysts’ expectations, while the top line missed consensus estimates. Further, the company narrowed its adjusted R&D and SG&A expenses guidance for the full year 2019.
Net loss was $219.48 million or $2.02 per share, wider than a loss of $163.56 million or $1.63 per share in the previous year quarter. Adjusted loss per share steepened to $1.83 from $1.61 a year ago. Total revenue jumped by 50% to $44.71 million.
Looking ahead into the full year 2019, the company narrowed its adjusted R&D expenses outlook to the range of $550 million to $575 million from the previous range of $550 million to $590 million, and its adjusted SG&A expenses forecast to the range of $390 million to $400 million from the prior range of $390 million to $410 million.
The company expects its current cash, cash equivalents, and marketable debt securities will support company operations for multiple years based upon its current operating plan.
For the second quarter, the company achieved global Onpattro net product revenues of $38.2 million after having attained more than 500 patients worldwide on commercial Onpattro treatment as of June 30, 2019. The company received marketing authorization approvals for Onpattro in Japan and Canada. Apart from this, Alnylam continues progress with market access efforts across the Canada, Europe, Middle East, and Africa regions.
Also read: Vertex Pharmaceuticals Q2 earnings review
In the second half of 2019, Alnylam plans to initiate the Apollo-B phase 3 study of patisiran in ATTR amyloidosis patients with cardiomyopathy in mid-2019, and initiate the Helios-B phase 3 study of vutrisiran in ATTR amyloidosis patients with cardiomyopathy. Also, the company plans to start the Illuminate-C phase 3 study of lumasiran in PH1 patients with severe renal impairment, and launch Onpattro in Japan, England, Switzerland, and multiple other countries.
Shares of Alnylam ended Monday’s regular session down 3.47% at $71.41 on the Nasdaq. Following the earnings release, the stock declined over 4% in the premarket session.
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