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Alnylam Q1 Losses Up on Higher Expenses, Lower Revenues

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NEW YORK (GenomeWeb) – Alnylam Pharmaceuticals last week released its first-quarter financial results, posting a jump in its net loss amid lower revenues and higher expenses.

The company loss for the three-month period ended March 31 rose to $26.3 million or $0.39 a share, from $9 million, or $0.15 a share, in the year-ago quarter. This year's first quarter loss does not include a $224.7 million charge related to an in-process R&D expense tied to Alnylam's January acquisition of Merck's RNAi assets.

Revenues for the quarter dropped to $8.3 million from $18.6 million last year, primarily due to the recognition of deferred revenue in 2013 under a now-terminated collaboration with Cubist Pharmaceuticals in the area of respiratory syncytial virus.

R&D spending surged to $43.8 million from $22.2 million as Alnylam ramped up a number of drug programs. Meanwhile, general and administrative costs climbed to $8.9 million from $6.3 million amid increased business-development activities.

At the end of the first quarter, Alnylam had cash, cash equivalents, and marketable securities totaling $1 billion.

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