Alnylam Pharmaceuticals Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
Did ALNY Beat Earnings? Q2 2025 Results
Alnylam Pharmaceuticals delivered a decisive earnings beat in Q2 2025, with non-GAAP diluted EPS of $0.32 clearing the $0.15 consensus estimate by 119.63% and total revenues of $773.69 million coming in 16.79% above expectations, up 17.3% year over year. The single biggest driver was AMVUTTRA's explosive growth in the ATTR-CM indication, with the therapy generating $491.95 million in quarterly sales, a 114% increase, pushing the combined TTR franchise to $544.49 million and lifting total net product revenues to $672.21 million, a 64% year-over-year gain. The ATTR-CM launch momentum also fueled a sharp analyst rerating, with consensus price targets climbing roughly 14% following the print. Looking ahead, management raised full-year total net product revenue guidance to $2.65 billion to $2.80 billion, a 27% midpoint increase from prior targets, implying 61% to 70% growth versus 2024, while reiterating its goal to achieve non-GAAP operating profitability for the full year as AMVUTTRA adoption continues to scale globally.
- AMVUTTRA launch in ATTR-CM drove 114% YoY growth to $492 million, with approximately 1,400 ATTR-CM patients on therapy as of June 30, 2025
- Total TTR franchise revenues grew 77% YoY to $544 million
- Total Rare franchise revenues grew 24% YoY to $128 million from increased patient demand for GIVLAARI and OXLUMO
- Total net product revenues grew 64% YoY to $672 million
- Collaboration revenues declined due to $185 million one-time Regeneron recognition in Q2 2024
“Our results during the second quarter highlight Alnylam's unique ability to quickly deliver and enable commercial access to innovative medicines for patients, while continuing to advance our high-value pipeline of investigational RNAi therapeutics. Our first full quarter of AMVUTTRA sales in ATTR-CM provided a significant inflection in our TTR franchise revenues, with total net product revenues growing 64% year-over-year. While still early in the launch, we are very encouraged by the initial pace of uptake, evidence of the clear need for a novel mechanism in ATTR-CM and the effectiveness of our broad patient access efforts. Based on the strong progress during the first half of 2025 and our confidence in the overall business for the rest of the year, we are raising our total net product revenue guidance range by 27% at the midpoint, driven by an upward revision to our TTR franchise revenue guidance.”
Alnylam Pharmaceuticals CEO, on the earnings call
Forward Guidance & Outlook
Alnylam raised its full-year 2025 financial guidance significantly. TTR franchise net product revenues (AMVUTTRA + ONPATTRO) are now expected at $2,175 million to $2,275 million (up from $1,600 million to $1,725 million). Total Rare net product revenues (GIVLAARI + OXLUMO) are guided at $475 million to $525 million (narrowed from $450 million to $525 million). Total net product revenues are now expected at $2,650 million to $2,800 million (up from $2,050 million to $2,250 million), representing a $575 million or 27% increase at the midpoint, with 61% to 70% growth versus 2024. Net product revenue growth at constant exchange rates is expected at 59% to 68%. Net revenues from collaborations and royalties guidance is reiterated. Updated GAAP R&D and SG&A expenses are expected at $2,445 million to $2,575 million. Non-GAAP R&D and SG&A guidance is reiterated at $2,100 million to $2,200 million. The company reiterates its goal to achieve non-GAAP operating profitability for the full year. Key expected catalysts in H2 2025 include KARDIA-3 Phase 2 results for zilebesiran at ESC Congress (August 30), initiation of Phase 3 cardiovascular outcomes trial for zilebesiran with Roche, TRITON-PN Phase 3 trial start for nucresiran, and Phase 2 trial initiation of mivelsiran in Alzheimer's disease.
ALNY YoY Financials
ALNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.