Alnylam Pharmaceuticals (ALNY) generated collaboration revenue of $29.91 million in the second quarter compared to $15.93 million in the second quarter of 2017. This revenue rise was attributable to the $50 million milestone payment achieved by Alnylam in the first quarter upon dosing its first patient in the Atlas Phase 3 program for fitusiran.
For the remainder of 2018, Alnylam expects its collaboration revenue to fall compared to the same period in 2017 due to the significant completion of its transition of the fitusiran program to Sanofi Genzyme in the third quarter.
In 2018 and 2019, the company is expected to generate revenue of $108.48 million and $258 million, respectively, compared to revenue of $89.91 million in 2017.
The general and administrative expenses incurred by Alnylam Pharmaceuticals increased from $45.78 million in the second quarter of 2017 to $84.68 million in the second quarter of 2018 due to an increase in the commercial and medical affairs head count and preparations for the potential launch of patisiran.
The company’s research and development expenses also increased from $90.63 million in the second quarter of 2017 to $137.58 million in the second quarter of 2018 due to higher manufacturing expenses related to Alnylam’s late-stage research programs and higher compensation expenses due to an increased head count.
Alnylam’s total operating expenses increased from $136.41 million in the second quarter of 2017 to $222.26 million in the second quarter of 2018. Despite the surge in its revenue, the increase in Alnylam’s costs resulted in its operating loss widening from $120.47 million in the second quarter of 2017 to $192.35 million in the second quarter of 2018.
We’ll take a look at Alnylam Pharmaceuticals’ bottom line and research pipeline in the next article.