Alnylam Pharmaceuticals (ALNY) Q4 2025 Earnings
How Did ALNY Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −1.54%.
Did ALNY Beat Earnings? Q4 2025 Results
No. Alnylam Pharmaceuticals reported Q4 2025 earnings of $1.25 a share on Feb 12, 2026, missing the $1.50 consensus estimate by 16.5%. Revenue was $1.1B against a $1.2B estimate.
Alnylam Pharmaceuticals delivered a mixed but broadly compelling Q4 2025, posting a narrow earnings beat alongside a revenue miss that did little to obscure the company's broader transformation. Non-GAAP diluted EPS came in at $1.25, edging past the $1.24 consensus estimate by 0.81%, while quarterly revenue of $1.10 billion fell 5.22% short of the $1.16 billion Wall Street had expected, even as it surged 85.0% year-over-year. The engine behind that growth was unmistakable: AMVUTTRA net product revenues exploded 189% to $826.59 million in the quarter, driven by accelerating patient demand following its landmark U.S. approval for ATTR cardiomyopathy, a launch that also helped Alnylam achieve full-year GAAP profitability for the first time. The company's FDA approval of additional pipeline assets has further reinforced its standing as a leader in RNAi therapeutics. Looking ahead, Alnylam guided 2026 total net product revenues of $4.90 billion to $5.30 billion, representing growth of 64% to 77%, anchored by TTR franchise revenues projected at $4.40 billion to $4.70 billion.
- Landmark U.S. approval of AMVUTTRA for ATTR-CM driving 189% Q4 AMVUTTRA revenue growth
- Rapidly increasing patient demand for AMVUTTRA, mainly in ATTR-CM in the U.S.
- Total TTR franchise revenue growth of 151% in Q4 and 103% for the full year
- Continued growth in GIVLAARI and OXLUMO patient bases
- Royalty revenue growth of 73% in Q4 and 90% full year driven by increasing Leqvio sales by Novartis
- Achievement of both GAAP and non-GAAP full-year profitability
“2025 was a year of key accomplishments for Alnylam, highlighted by the landmark approval of AMVUTTRA for ATTR-CM in the U.S., which drove total net product revenues of nearly $3 billion, or 81% growth year-over-year, and propelled us to profitability. We also achieved great progress across our portfolio, initiating three Phase 3 studies, expanding our pipeline with four proprietary CTAs, and launching a potential best-in-class enzymatic ligation-based RNAi manufacturing platform.”
Alnylam Pharmaceuticals CEO, on the earnings call
What Was Alnylam Pharmaceuticals's Outlook in Q4 2025?
For full year 2026, Alnylam guides total TTR net product revenues (AMVUTTRA, ONPATTRO) of $4,400 million to $4,700 million, total Rare net product revenues (GIVLAARI, OXLUMO) of $500 million to $600 million, total net product revenues of $4,900 million to $5,300 million (representing 64%-77% growth vs. 2025 at both actual and constant exchange rates), net revenues from collaborations and royalties of $400 million to $500 million, and non-GAAP R&D and SG&A expenses of $2,700 million to $2,800 million (excluding $300 million to $400 million of stock-based compensation). The company expects sustainable growth in operating income going forward.
ALNY YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $1.1B | $593.2M | +85.0% |
| Gross Profit | $727.0M | $490.4M | +48.3% |
| Operating Income | $131.7M | $40.5M | +225.3% |
| Net Income | $111.5M | $33.5M | +233.2% |
ALNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.