3:29 PM
Nov 07, 2018
 |  BC Extra  |  Company News

Earnings roundup: Alnylam off after first peek at Onpattro sales

Shares of at least three companies moved double digits on Wednesday after the companies provided 3Q18 financial results, with Alnylam Pharmaceuticals Inc. (NASDAQ:ALNY) sliding after reporting sales for newly launched amyloidosis drug Onpattro patisiran and discontinuation of a Phase II program for atypical hemolytic uremic syndrome (aHUS).

Alnylam lost $10.23 (12%) to $76.05 following the report, representing a market cap loss of just over $1 billion. Meanwhile, Jazz Pharmaceuticals plc (NASDAQ:JAZZ) was down $24 (15%) to $140.41 after reporting weaker than expected sales, while diagnostic company Genomic Health Inc. (NASDAQ:GHDX) touched an all-time intraday high of $92.18 after reporting its numbers.

Alnylam said Onpattro generated $0.5 million in 3Q18 sales following FDA's August approval; the Street had expected about $4 million according to two analyst notes. Alnylam said it received 125 U.S. patient start forms as of Sept. 30, which CEO John Maraganore during Wednesday's earnings call attributed to patients from the expanded access program (EAP). The numbers don't reflect a true run rate yet, he added.

President Barry Greene said it will take several quarters to work through the EAP and currently diagnosed patients. Alnylam is not providing guidance on Onpattro sales yet, and leadership cautioned that the launch's early stages will see a few months' delay between the start form and actual treatment starts.

Onpattro was the first RNAi drug to secure U.S. and EU approvals (see "Agreement to Differ").

Alnylam also revealed Wednesday that recruitment challenges prompted it to discontinue a Phase II trial of cemdisiran (ALN-CC5) for aHUS. It will focus on Phase II testing of the complement 5 (C5)-targeting RNAi therapeutic for IgA nephropathy.

Jazz’s total revenue for the quarter was $469.4 million, up 14% from $411.9 million in last year’s quarter but shy of the Street’s expectation of $482.7 million.

Vyxeos daunorubicin/cytarabine generated $21 million in 3Q18 sales. The drug, which was approved in August 2017 to treat acute myelogenous leukemia (AML), accounted for $28 million in sales in 2Q18; the Street was expecting 3Q18 sales of $32.1 million.

Sales of acute lymphoblastic leukemia (ALL) therapy Erwinaze/Erwinase asparaginase Erwinia chrysanthemi were $41.1 million, down from $49.2 million in 3Q17 and below the consensus estimate of $51.7 million. The biotech said there is a global supply outage for the drug, which it attributed to manufacturing challenges. Jazz expects further disruptions throughout 2018 and into next year.

3Q18 EPS grew 11% to $3.58, ahead of the consensus estimates of $3.32. R&D expense of $46.6 million was $8.5 million below Street expectations.

Genomic Health added $19.39 (27%) to $90.18 on Wednesday after reporting strong top-line figures for 3Q18 and raising its guidance.

3Q18 revenues grew 21% to $101.3 million, ahead of consensus estimates of $94.3 million. The number of Oncotype tests delivered in the quarter was 34,810, up 10% from 3Q17.

Genomic Health raised its FY18 revenue and non-GAAP EPS guidance to $389-$391 million from $366-$382 million and to $1.03-$1.08 from $0.39-$0.56, respectively.

The company reported 3Q18 EPS of $0.32, up from a loss per share of $0.06 in last year’s quarter.

Consensus figures provided by FactSet.

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