Cambridge Aug 7, 2020 (Thomson StreetEvents) -- Edited Transcript of Alnylam Pharmaceuticals Inc earnings conference call or presentation Thursday, August 6, 2020 at 12:30:00pm GMT

* Akshay K. Vaishnaw

Alnylam Pharmaceuticals, Inc. - President of Research & Development

Alnylam Pharmaceuticals, Inc. - Senior VP & Head of U.S.

* Barry E. Greene

Alnylam Pharmaceuticals, Inc. - President

Alnylam Pharmaceuticals, Inc. - Senior VP of IR & Corporate Communications

* Jeffrey V. Poulton

Alnylam Pharmaceuticals, Inc. - Executive VP, CFO and Principal Financial & Accounting Officer

* John M. Maraganore

Alnylam Pharmaceuticals, Inc. - CEO & Executive Director

* Yvonne L. Greenstreet

Alnylam Pharmaceuticals, Inc. - COO

SVB Leerink LLC, Research Division - MD of Genetic Medicines & Senior Research Analyst

Stifel, Nicolaus & Company, Incorporated, Research Division - Co-Head of the Biotech Team, MD & Senior Analyst

UBS Investment Bank, Research Division - Associate Director and Research & Analysis Associate

Sanford C. Bernstein & Co., LLC., Research Division - VP

Ladies and gentlemen, thank you for standing by. Welcome to the Alnylam Pharmaceuticals Conference Call Second Quarter 2020. (Operator Instructions) Please be advised that this call is being taped at the company's request.

I would now like to turn the call over to the company. Please go ahead.

Christine Regan Lindenboom, Alnylam Pharmaceuticals, Inc. - Senior VP of IR & Corporate Communications [2]

Good morning. I'm Christine Lindenboom, Senior Vice President of Investor Relations and Corporate Communications at Alnylam. With me today on the phone are John Maraganore, Chief Executive Officer; Barry Greene, President; Akshay Vaishnaw, President of R&D; Jeff Poulton, Chief Financial Officer; and Yvonne Greenstreet, Chief Operating Officer. Andy Orth, Head of the U.S. Business, is also on the phone and available for Q&A. For those of you participating via conference call, the accompanying slides can be accessed by going to the Events section of the Investors page of our website, investors.alnylam.com/events.

During today's call as outlined in Slide 2, John will provide some introductory remarks and general context, Barry will provide an update on our commercial and medical affairs progress, Akshay will review recent clinical and preclinical updates, Jeff will review our financials and Yvonne will provide a brief summary of upcoming milestones before opening the call for your questions.

I would like to remind you that this call will contain remarks concerning Alnylam's future expectations, plans and prospects, which constitute forward-looking statements for the purpose of the safe harbor provision under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our most recent quarterly report on file with the SEC. In addition, any forward-looking statements represent our view only as of the date of this recording. It should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update such statements.

With that, I'd like to turn the call over to John.

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John M. Maraganore, Alnylam Pharmaceuticals, Inc. - CEO & Executive Director [3]

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Thanks, Christine, and thank you, everyone, for joining the call today. Let me start by expressing Alnylam's support for Black Lives Matter and our support for the efforts to end systemic racism in our country. At Alnylam, we stand against all forms of discrimination; and in our core, we believe, in justice, equity and inclusion. We stand in support of peaceful protest aimed at achieving real and sustainable change. Enough is enough, and it's time to finally cure the refractory scourge of hate.

I'd also like to comment briefly on the Trump administration's recent announcement on drug prices. While we fully support the need to reduce or even eliminate patient out-of-pocket costs for prescription drugs, the administration's proposal to potentially introduce a so-called Most Favored Nation executive order is both unfortunate and misguided. Importing foreign price controls will harm American innovation and hurt our patients. Even if this executive order is finalized, we don't believe it will stand.

With that, let's now turn to our business. As all of you know, the COVID-19 pandemic remains dynamic, uncertain and unpredictable. That said, we continue to view the situation in the same framework we discussed last quarter: a pandemic phase in Q2, a recovery phase in Q3 and a new normal starting in Q4. While the pandemic continues or even worsens in many states in the U.S., we believe Alnylam's business is benefiting from our broad global presence. In spite of the ebbs and flows, we are seeing health care systems now remaining open, and we don't currently expect a repeat shutdown of health care systems like what was seen in Q2, especially in the April-May time frame.

Our confidence in the second half is reflected in an upward revision in our ONPATTRO revenue guidance range. Overall, we're really proud of our field teams around the world and their ability to adapt quickly and safely to meet the needs of patients, embodying our challenge accepted mentality.

We are extremely pleased with global ONPATTRO and GIVLAARI top line performance in Q2, which Barry will elaborate on shortly. We're also proud of the significant progress we made across our pipeline in the quarter, as Akshay will discuss. Another highlight for the quarter was our landmark strategic financing collaboration and inclisiran royalty monetization we completed with Blackstone Life Sciences worth up to $2 billion. We believe this collaboration secures our bridge toward a self-sustainable financial profile without the need for any future equity financings.

Now before I share my -- before I close -- before I share my closing remarks, I want to take a moment to acknowledge the news we announced earlier this morning about Barry Greene's planned departure from Alnylam at the end of the quarter. Barry and I have been working side by side for over 20 years, first at Millennium and then for 17 years at Alnylam. And I know that I speak for everyone at Alnylam in thanking Barry for his exceptional contributions and dedication to the company. We all owe him tremendous gratitude for his outstanding leadership and track record that have contributed to the delivery of RNAi therapeutics as a whole new class of medicines for patients. I have no doubt Barry will continue to be a highly impactful leader in the life sciences. I'm grateful for his agreement to consult with Alnylam as needed for a 2-year period, and I wish him all the very best in his next endeavors.

We are also very pleased to share that Yvonne Greenstreet, our current Chief Operating Officer, will step into the expanded role of President and Chief Operating Officer on October 1. We believe Yvonne is uniquely suited for this opportunity given her strong command of our business, strategic leadership and proven ability to drive results.

We are initiating a search for a Chief Commercial Officer. And during the search, we anticipate no impact to our ongoing commercial execution. Please join me in wishing Barry well as he pursues the next chapter of a remarkable career and congratulating Yvonne on her expanded role at Alnylam.

I'd like to finish with my perspective on the big picture for the company. We continue to lead the advancement of RNAi therapeutics as a whole new class of medicines, and we remain on track to achieve and exceed our Alnylam 2020 goals, exiting 2020 as a multiproduct global commercial company with a deep clinical pipeline for future growth and a robust and organic product engine for sustainable innovation. Without a doubt, we're excited for the promising future that Alnylam is poised to deliver as a top-tier biopharmaceutical company focused on advancing medicines with transformative potential for patients around the world.

With that, I will now turn the call over to Barry -- for one last time, Barry, to review our commercial progress and medical affairs activities in more detail. Barry, take it away.

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Barry E. Greene, Alnylam Pharmaceuticals, Inc. - President [4]

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Thanks, John, and good morning, everyone. Before I provide the quarterly highlights, I'd like to make some brief remarks about my planned transition from Alnylam. First, congratulations again to Yvonne Greenstreet. She is a remarkable person and well deserves the President and COO role. I know that Yvonne will make sure that Alnylam continues to be a company doing the right things and focusing on patients, and I'm counting on it.

As for me, it's been a tremendous privilege to serve as President of Alnylam for such a long period of time. I'm very proud of what we've been able to accomplish during my 17 years, and we built a global fully integrated multiproduct company that is recognized for excellence in R&D and recently for our commercial strength as well. My decision to transition is based on the desire to pursue new leadership opportunity in the next chapter of my career. I'm fully confident Alnylam will achieve its ambitious goals with quality and excellence with the great team we have in place. I'll continue to support Alnylam throughout this transition and have no doubt about the company's future prospects as a top-tier biopharmaceutical company.

So let's now review our (inaudible). For ONPATTRO, we achieved $66.5 million in global net product revenues. As of June 30, over 1,050 patients were on commercial ONPATTRO treatment worldwide, representing an increase of over 100 patients from end of Q1, a very impressive accomplishment in the height of the global pandemic during Q2.

Let's start with some more color on the U.S. As anticipated, the COVID-19 pandemic had impact on our business in the second quarter, with patient demand decreasing due to reduced adherence as some patients skip doses or experience dose delays while moving to new care sites. Also as anticipated, we saw the pace of new patient initiating therapy slow in the U.s. during the quarter due to reduced genetic testing, diagnosis and patient flow through the health care systems. Finally, our U.S. business was also impacted by inventory destocking and an increase in cost in the second quarter. Jeff will provide more color on these details later in the call.

While our focus today is on Q2, as we enter Q3, we're now seeing what looks like a healthy return of genetic testing and patient flow through the U.S. health care system even in states where COVID-19 cases are rising. And in fact, our July, on our last numbers are near the January numbers we saw earlier in the year. A really good sign.

In the second quarter, we continue to see great progress in new prescribers. For the second quarter, 40% of submitted start forms came from new writers with an equal mix of neurologists and cardiologists. In the U.S., we saw continued concomitant use of ONPATTRO with TTR stabilizers in the quarter. We believe this trend will continue to grow as physicians see progression of polyneuropathy on stabilizers and treat the different manifestations of hATTR amyloidosis.

Now turning to the rest of the world. We made very positive progress with ONPATTRO in the second quarter. Rest of world sales for ONPATTRO were [$34.2 million] and relative to the U.S. benefited from continued geographic expansions with launches in Spain, Italy and other countries. In addition, we saw relative strength in our ex U.S. markets between Europe and Japan for their management of the pandemic. As John noted, this is a nice validation of the decision to build a global, fully integrated business.

With today's announcement of achieving pricing and reimbursement agreement in France, we're pleased to report that access has been secured in all priority markets in Western Europe. Notably, our team has secured pricing and reimbursement approval in all major European markets in under 2 years post-approval by the EMA. This is a much faster rate than most orphan medicines are able to achieve.

Japan was again a country of strength for ONPATTRO. Japan has now become our second-largest country after the U.S. for our ONPATTRO revenue, and we expect continued growth in new patient (inaudible) discussion on stabilizer therapy.

On the medical care side, our team remains committed to addressing the challenge of raising disease awareness and improving diagnosis of hATTR amyloidosis, including with Alnylam Act, our third-party genetic screening initiative in the U.S., Canada and Brazil. As of July, over 27,000 samples have been submitted, out of which over 1,600 have tested positive for pathogenic TTR mutation, which is tracking at a historic 6% to 8% positivity rate. These numbers show the testing slowdown in Q2 we mentioned on our last earnings call. The good news is that (inaudible), those numbers have picked up to near January levels.

Moving on to GIVLAARI. We are really pleased with the progress in our launch, most of which was done virtually. We achieved $11 million in global net product revenues. We received over 85 start forms in the U.S. with over 100 patients globally on commercial treatment from launch through June 30. As we have now begun to open ex U.S. territories and also because currently 25% to 30% of U.S. patients come from outside the start form channel, we'll discontinue providing start form metrics in future quarters as we did last year for ONPATTRO.

In the U.S., we observed a broad prescriber mix, including hepatologists, gastroenterologists and other specialties, both in preferred centers of excellence and in the community. Of note, 76% of our Q2 starts were from new writers.

Our progress with value-based agreements has been extremely strong with 7 VBAs completed with U.S. payers, and we now have confirmed access for over 75% of covered U.S. lives across commercial, Medicaid and other government payers. We've not experienced any care (inaudible) to date, pleased to see plans adopt medical policies, not more restrictive than our labeled indication.

ASMR III saw strong initial performance as well with the successful and as noted virtual launch in Germany as well as named patient sales in other countries, including French cohort ATU program.

We've been positively encouraged by the responsiveness of European payers despite the COVID-19 pandemic. Of note, GIVLAARI received an improvement of medical benefit or ASMR score of 2 in France, concluding that GIVLAARI offers significant additional therapeutic value. This is an enormous accomplishment. For context, only 2 new commercial medicines were granted with an ASMR rating of 2 for 2019.

Our medical affairs team is also focused on improving awareness and diagnosis with AHP. Through Alnylam Act, we can report 937 test submitted and 92 patients with positive AHP mutations as of mid-July, showing continued 10% positivity rate. A notable diagnosis trend emerging is the robust use of urinary PPG test informed diagnosis, and we expect patient identification efforts will be meaningfully enhanced by this nongenetic testing method.

Of course, we're now also preparing for the potential launch of lumasiran later this year. Importantly, we'll be leveraging our existing commercial infrastructure for this launch with small additions of resources for field-based teams. When we gain approval, we'll let (inaudible) specific commercialization (inaudible) support medicine (inaudible) therapeutic expected to market.

In conclusion, the second quarter was challenging due to the pandemic particularly in the United States, but was much better than the downside case we anticipated as we entered Q2. The credit goes to our teams around the world who face the obstacles head on to deliver the important medicines to our patients.

With that, I'll now turn the call over to Akshay to review our recent R&D and pipeline progress. Akshay?

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Akshay K. Vaishnaw, Alnylam Pharmaceuticals, Inc. - President of Research & Development [5]

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Good morning, everyone, and thank you, Barry. I should say thank you, Barry, for guiding me, for helping build our company and, most of all, for working so tirelessly to help all the patients we seek to serve.

So with that, I'll start with our efforts in ATTR amyloidosis where we're advancing our 2 product candidates: patisiran and vutrisiran. As ONPATTRO is currently approved in multiple markets around the world to treat polyneuropathy associated with hATTR amyloidosis, we're committed to expanding the product's label to include the treatment of cardiomyopathy in both hereditary and wild-type ATTR amyloidosis patients. To this end, we continue to enroll patients in APOLLO-B and continue to expect completion of enrollment in 2021.

We've seen enrollment pick up over the last month as clinical sites start to open up around the world. In addition, we're also advancing vutrisiran, an investigational RNAi therapeutic delivered by quarterly subcutaneous injection that's also in development for the treatment of ATTR amyloidosis. Here, we're conducting 2 Phase III studies. The first is HELIOS-A, which is evaluating vutrisiran in hATTR amyloidosis patients with polyneuropathy. Enrollment is complete in HELIOS-A, and we remain on track to report top line results early next year. The second Phase III study of vutrisiran is HELIOS-B, which is being conducted in in inherited and wild-type ATTR amyloidosis patients with cardiomyopathy. As with APOLLO-B, site activation enrollment in HELIOS-B are now picking up. If HELIOS-B is positive, it could allow for vutrisiran's entry into the very large wild-type ATTR amyloidosis market opportunity with the product label that includes cardiovascular outcomes.

Let's move to GIVLAARI, which is approved in the U.S., EU and now in Brazil to treat acute hepatic porphyria in adults. Of course, the highlight of GIVLAARI in the recent period was our Brazilian approval, and we're continuing our geographic expansion for this product with MAA submitted in Switzerland and Israel and plans for submission in Japan in the coming months. During the second quarter, we also presented a new 12-month interim data from the ENVISION Phase III study, demonstrating sustained efficacy and acceptable safety through 12 months of treatment, with evidence for potentially improved efficacy over time. In addition, we're proud to have published pivotal results from the ENVISION Phase III study in The New England Journal of Medicine. This is our ninth paper on RNAi therapeutics published in the journal.

I'll now turn to recent progress with lumasiran, an investigational RNAi therapeutic that we're developing for the treatment of primary hyperoxaluria type 1, or PH1. At the ERA-EDTA meeting in June, we reported the full set of positive results from ILLUMINATE-A, which demonstrated that lumasiran significantly reduced urinary oxalate levels, the cause of progressive kidney failure in PH1. In addition, lumasiran showed an encouraging safety profile. Our overall lumasiran program also includes our ILLUMINATE-B study in pediatric patients under 6 years of age. Enrollment is complete, and we remain on track to report top line results soon in mid-2020. The ILLUMINATE-C study in severe PH1 continues to enroll and has been proceeding well even during the pandemic. We completed our NDA and MAA submissions in the second quarter. The FDA granted priority review for the NDA and has set an action date of December 3, 2020. EMA has granted accelerated assessment of the MAA.

As you know, we have 2 additional late-stage programs that are in development with partners. This includes inclisiran in the development -- in development for hypercholesterolemia partnered with Novartis, which is currently under review for approval in the U.S. and EU. Both NDA and MAA filings have been accepted, and Novartis expects initial approval in the U.S. in late 2020. Novartis has indicated that they remain on track for approval this year with a December action date in the U.S.

Our late-stage pipeline also includes fitusiran in development for hemophilia A or B with or without inhibitors, partnered with Sanofi. Sanofi has recently disclosed that 2 of the 3 ATLAS Phase III studies have completed enrollment and that they remain on track to report top line ATLAS Phase III data in the first half of 2021. Sanofi also presented new positive results from an interim analysis of the Phase II OLE study of fitusiran, showing impressive reductions in the annualized bleeding rate with encouraging safety.

Now in addition to our late-stage clinical programs, we believe we've also been making great progress with our early and mid-stage programs. The highlights of the quarter was the positive top line results from our ALN-AGT Phase I study in patients with hypertension, specifically ALN-AGT demonstrated an over 90% knockdown of angiotensinogen and a greater than 10 millimeters mercury lowering systolic blood pressure with the durability that's caused a quarterly or even less frequent subcutaneous dosing regimen. We're also encouraged by the tolerability profile for ALN-AGT. We now look forward to presenting more complete data from the ongoing Phase I study at a scientific meeting in the second half, assuming abstract acceptance. We're very excited about the potential for ALN-AGT to reimagine the treatment of hypertension with tonic-controlled blood pressure that we believe could result in important benefit for patients.

Our next clinical program is ALN-HSD, an investigational RNAi therapeutic for the treatment of NASH, for which we recently filed a CTA. This program is being advanced in collaboration with Regeneron. We're also making strong progress on our many RNAi therapeutic opportunities beyond the liver.

For our COVID-19 RNAi therapeutic collaboration with Vir, we selected a development candidate, ALN-COV or VIR-2703, with potent and highly cross-reactive activity towards SARS-CoV-2, the virus that causes COVID-19. We continue to expect an IND filing around year-end 2020.

We're also pleased to announce today that Regeneron has elected to opt-in to the ALN-APP program. We aim to get an IND filed for ALN-APP in mid-2021, and this is expected to be our first CNS program to enter clinical development.

And with that, let me now turn it over to Jeff to review our financial results. Jeff?

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Jeffrey V. Poulton, Alnylam Pharmaceuticals, Inc. - Executive VP, CFO and Principal Financial & Accounting Officer [6]

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Thanks, Akshay, and good morning, everyone. I'm pleased to be presenting Alnylam's Q2 2020 results. As Barry has already highlighted, it was a very strong quarter of commercial execution, with outstanding results for both ONPATTRO and GIVLAARI.

Turning to our results first for ONPATTRO, generated $66.5 million in global net ONPATTRO revenue for the quarter, which was impacted by the pandemic, particularly in the U.S., with global growth being flat versus the first quarter of 2020 and a 74% increase compared with Q2 2019. U.S. growth decreased 13% during the quarter compared with Q1 and was primarily impacted by the following: a 4% decrease in demand from reduced patient adherence due to the COVID-19 pandemic, as Barry previously mentioned; an 8% reduction due to inventory destocking during the quarter with pending inventory now at 1.5 weeks in the distribution channel at the end of Q2; and a 1% decrease due to a modest increase in gross to net deductions in the quarter. We continue to expect gross to net deductions will remain in the mid-20s globally for ONPATTRO in 2020.

In our international markets, performance was very strong in spite of the pandemic, with growth of 16% versus Q1. Growth in Europe was highlighted by strength in recently launched markets in Italy and Spain. While in Asia, growth in Japan remains robust, with Japan now representing our second-largest market for ONPATTRO based on dollar sales, as Barry mentioned. First time this quarter, the contribution of our international markets to global ONPATTRO sales exceeded the U.S. contribution. We are pleased to have a strong and global brand, which we believe is beneficial to long-term growth.

Turning to our results for GIVLAARI. We had a strong second quarter, generating $11 million in global net revenue in the quarter, representing over 100% growth compared to the first quarter. This growth was driven by ongoing success of the U.S. launch where we did not experience reductions in patient adherence at the same level as ONPATTRO as well as an additional contribution from our international markets with a successful launch in Germany and named patient sales in other countries, including France. Our combined product sales for ONPATTRO and GIVLAARI were $77.5 million for the quarter, representing 6% growth versus Q1, a strong result given the challenges associated with COVID-19 in the quarter.

Turning now to a summary of our full P&L results for the quarter. Net revenue from collaborations for the second quarter was $26.4 million, a significant increase from last year primarily due to revenue recognized from our Regeneron and Vir collaborations. Gross margin as a percentage of total revenue was 81% for the quarter, down from 90% in Q2 2019 primarily due to the current utilization of ONPATTRO full cost inventory. Last year benefited from 0 cost ONPATTRO inventory as well as having a higher proportion of sales in the second quarter of 2020 coming from lower-margin international markets and a write-off of ONPATTRO inventory at our contract manufacturer.

Our R&D expenses decreased on a non-GAAP basis in the second quarter of 2020 compared to the same period in the prior year primarily due to nonrecurring expenses in 2019 from license fees related to the execution of our collaboration agreement with Regeneron as well as a decrease in expenses associated with material manufactured for clinical trials. Conversely, SG&A expenses increased modestly on a non-GAAP basis in the second quarter of 2020 compared to the same period in the prior year primarily due to increased investment in commercial and medical affairs activity to support the ongoing launches of ONPATTRO and GIVLAARI and initial launch preparation activities for lumasiran.

Importantly, our non-GAAP operating loss for the second quarter decreased by approximately $40 million compared with the same period in 2019 driven by a combination of strong top line growth and very moderate growth in operating expenses. We remain confident that 2019 represents our peak non-GAAP operating loss year as we expect the trend of strong top line growth and moderate growth in operating expenses will continue for the balance of the year.

We ended the quarter with cash and investments of $1.95 billion, which includes $600 million in proceeds received in the second quarter from the partial sale of future inclisiran royalties and issuance of common stock to Blackstone.

Finally, turning to our financial guidance. We believe our results for the second quarter demonstrate the strength of our commercial teams in challenging circumstances. As a result of the strong commercial performance for ONPATTRO that exceeded our initial expectations back in the earlier phase of the pandemic in May, we are further revising our full year revenue guidance for ONPATTRO, with an increase in the midpoint of our guidance as we narrow the range from $270 million to $300 million to $280 million to $300 million. Guidance range for combined non-GAAP R&D and SG&A expenses as well as our guidance for net revenue from collaborations remain unchanged. Please note that we have revised the midpoint of our GAAP combined R&D and SG&A operating expense guidance downward by $25 million, reflecting a reduction in expected stock-based compensation during the year.

Regarding cash, we believe our strategic financing collaboration with Blackstone, adding up to $2 billion in cash, secures Alnylam's bridge towards a self-sustainable financial profile without the need for future equity financings.

And with that, I'll now turn the call over to Yvonne to review our goals for the remainder of the year. Yvonne?

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Yvonne L. Greenstreet, Alnylam Pharmaceuticals, Inc. - COO [7]

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Thanks, Jeff, and hello, everyone. Looking ahead to the second half of 2020, we have a number of important milestones lined up. Of course, we plan to continue our global commercialization of both ONPATTRO and GIVLAARI, and we're looking forward to our GIVLAARI launch in Brazil and an upcoming NDA filing for GIVLAARI in Japan. We're also expecting 2 additional regulatory approvals by the end of the year for lumasiran and inclisiran. We plan to continue enrollment in our ATTR cardiomyopathy studies, specifically APOLLO-B with patisiran and HELIOS-B with vutrisiran. With lumasiran, we're on track to share top line results of the ILLUMINATE-B Phase III study in mid-2020. And of course, we'll also continue advancing the rest of our pipeline as well as exciting preclinical efforts, and we'll highlight these milestones throughout the year as they occur. Among these will be our presentation of additional clinical results from the ongoing Phase I trial of ALN-AGT in hypertension program we're very excited about. We also plan to initiate a Phase I trial of ALN-HSD for NASH, having now filed the CTA for that program. And our partner, Regeneron, plans to initiate a Phase I study of cemdisiran in combination with pozelimab, having now filed the CTA for that study. We also hope that you'll join us for our remaining RNAi roundtables focused on lumasiran, givosiran and our TTR programs later in August and September.

Let me now turn it back to Christine to coordinate our Q&A session. Christine?

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Christine Regan Lindenboom, Alnylam Pharmaceuticals, Inc. - Senior VP of IR & Corporate Communications [8]

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Thank you, Yvonne. I just wanted to quickly acknowledge, we found issue with Barry's prepared remarks. There are some storms that are rolling through his area that impacted the audio quality, and we will plan to have Barry rerecord his remarks for the replay of this call.

So operator, let's now open the call for questions. (Operator Instructions)

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Questions and Answers

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Edited Transcript of ALNY earnings conference call or presentation 6-Aug-20 12:30pm GMT - Yahoo Finance