Alnylam Pharmaceuticals’ (ALNY) interest income increased from $2.58 million in the second quarter of 2017 to $6.1 million in the second quarter of 2018.
Alnylam recorded a gain of $20.56 million from the settlement of its litigation with Dicerna Pharmaceuticals (DRNA) in April. The settlement included Dicerna common stock worth $10 million, an up-front cash payment of $2 million from Dicerna, and $13 million due from Dicerna by 2022.
Alnylam’s total other income increased from $2.05 million in the second quarter of 2017 to $28.87 million in the second quarter of 2018.
The company’s net income fell from -$118.42 million in the second quarter of 2017 to -$163.56 million in the second quarter of 2018, which translated to net EPS of -$1.63 in the second quarter compared to net EPS of -$1.34 in the second quarter of 2017.
Alnylam has collaboration agreements with Sanofi’s (SNY) specialty care global business unit, Sanofi Genzyme, Vir Biotechnology, and the Medicines Company (MDCO). Alnylam also joined a research consortium with UK Biobank, Regeneron Pharmaceuticals (REGN), and four other pharmaceutical companies in 2017. The consortium aims to generate 500,000 human exome sequences that are linked to medical records by the end of 2019. Alnylam believes that access to this database will augment its target identification and validation efforts.
Alnylam’s investigational candidate givosiran is being developed for the treatment of acute hepatic porphyrias. It has completed patient enrollment in the Envision Phase 3 study, which will include interim analysis for supporting a potential accelerated approval for givosiran. Alnylam expects to report its top line results from this analysis by the end of September.
We’ll discuss Alnylam Pharmaceuticals’ valuation metrics and analysts’ views on the stock in the next article.