Alnylam Pharmaceuticals Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.54%.
Did ALNY Beat Earnings? Q4 2025 Results
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
Forward Guidance & Outlook
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
ALNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.