Alnylam Pharmaceuticals Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
Did ALNY Beat Earnings? Q3 2025 Results
Alnylam Pharmaceuticals delivered a standout third quarter, posting non-GAAP EPS of $2.90 against a consensus estimate of $1.75, a beat of 66.12%, while revenue of $1.25 billion topped expectations of $974.12 million by 28.22% and surged 149.3% year-over-year. The driving force behind the quarter was the rapid commercial uptake of AMVUTTRA in ATTR cardiomyopathy, where patient demand approximately doubled sequentially from Q2, lifting the broader TTR franchise to $724.38 million in net product revenues, up 135% from a year ago. A $300 million milestone payment from Roche, tied to the first patient dosed in the Phase 3 ZENITH cardiovascular outcomes trial of zilebesiran, further padded collaboration revenues. The strong momentum prompted management to raise full-year 2025 total net product revenue guidance to $2.95 billion to $3.05 billion, a roughly $275 million increase at the midpoint, with TTR revenues now expected between $2.48 billion and $2.52 billion; Truist Securities responded by lifting its price target on the stock to $535 from $459.
- AMVUTTRA ATTR-CM launch driving 165% YoY product revenue growth for AMVUTTRA
- ATTR-CM patient demand for AMVUTTRA approximately doubled in Q3 vs. Q2 2025
- Broad first-line use in new-to-treatment patients and continued adoption among patients progressing on stabilizers
- $300 million milestone revenue from Roche for first patient dosed in ZENITH Phase 3 trial
- Majority of AMVUTTRA patients paying $0 in out-of-pocket costs, enabling broad utilization
- Increased royalties from global net sales of Leqvio by Novartis
“Alnylam's impressive third quarter financial results underscore our ability to consistently deliver innovative medicines to patients around the world. While only in our second full quarter of the AMVUTTRA ATTR-CM launch, the TTR franchise saw remarkable year-over-year growth. AMVUTTRA's robust clinical profile, convenient quarterly administration, and broad payer coverage all continue to drive this encouraging pace of uptake and further position Alnylam as a leader in TTR. Based on the ATTR-CM launch trajectory, we are again raising our guidance and expect total net product revenues of $2.95 billion to $3.05 billion for 2025.”
Alnylam Pharmaceuticals CEO, on the earnings call
Forward Guidance & Outlook
Alnylam raised its full-year 2025 guidance: Total TTR net product revenues (AMVUTTRA + ONPATTRO) are now expected at $2,475 million to $2,525 million (up from $2,175–$2,275 million). Total Rare net product revenues (GIVLAARI + OXLUMO) guidance is reiterated at $475–$525 million. Total net product revenues are now expected at $2,950–$3,050 million (up from $2,650–$2,800 million), representing 79%–85% growth versus 2024 at current exchange rates. Net revenues from collaborations and royalties are expected at $650–$750 million (reiterated). GAAP R&D and SG&A expenses are guided to $2,495–$2,575 million. Non-GAAP R&D and SG&A expenses are guided to $2,150–$2,200 million. Non-GAAP operating income guidance is reiterated at achieving profitability. The company expects to initiate a Phase 2 trial of mivelsiran in Alzheimer's disease in Q4 2025.
ALNY YoY Financials
ALNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.