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Alnylam Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results and Highlights Recent Period Progress

− Achieved Fourth Quarter and Full Year 2025 Global Net Product Revenues of $995 Million and $2,987 Million, Respectively, Representing 121% and 81% Growth Compared to Same Periods in 2024 –

− Attained GAAP and non-GAAP Profitability for Full Year 2025, with Sustainable Growth in Operating Income Expected –

− Launched Alnylam 2030 Strategy Focused on Scaling Alnylam through Durable ATTR Leadership, Long-Term Sustainable Innovation, and Exceptional Financial Results –

− Announced 2026 Pipeline Goals, Including 4 Clinical Readouts, 3 Ongoing Pivotal Studies, 3 Phase 2 Study Initiations, and 3+ New IND Filings –

− Reiterates Net Product Sales Guidance and Provides Additional 2026 Financial Guidance –

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, today reported its consolidated financial results for the fourth quarter and full year ended December 31, 2025 and reviewed recent business highlights.


“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,” said Yvonne Greenstreet, M.D., Chief Executive Officer of Alnylam. “Further, we are excited to have recently unveiled our new set of five-year aspirational goals, Alnylam 2030, under which we aim to achieve global TTR leadership with a durable franchise; grow through innovation by delivering therapies that prevent, halt, or reverse disease; and scale with financial discipline and agility. By pursuing these ambitious goals, we believe Alnylam will drive substantial patient impact by addressing serious unmet medical needs around the world and create substantial long-term shareholder value.”

Fourth Quarter 2025 and Recent Significant Business Highlights

Total TTR: AMVUTTRA® (vutrisiran) & ONPATTRO® (patisiran)

Total Rare: GIVLAARI® (givosiran) & OXLUMO® (lumasiran)

Other Highlights

Additional Business Updates

Key Upcoming Events

The Company will host an investor webinar marking the one-year anniversary of the FDA approval of AMVUTTRA in ATTR-CM on March 24, 2026. The Company will highlight progress in delivering for ATTR-CM patients and the long-term growth and durability of its flagship TTR franchise.

In the first half of 2026, Alnylam expects to:

In the second half of 2026, Alnylam expects to announce clinical de-risking data from several pipeline programs, including:

Financial Results for the Fourth Quarter and Full Year 2025

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

(In thousands, except per share amounts)

2025

 

2024

 

2025

 

2024

Total revenues

$

1,097,033

 

$

593,166

 

 

$

3,713,937

 

$

2,248,243

 

GAAP Income (loss) from operations

$

131,718

 

$

(105,159

)

 

$

501,578

 

$

(176,885

)

Non-GAAP Income (loss) from operations

$

203,350

 

$

(13,514

)

 

$

849,813

 

$

95,199

 

GAAP Net income (loss)

$

111,543

 

$

(83,763

)

 

$

313,747

 

$

(278,157

)

Non-GAAP Net income (loss)

$

169,753

 

$

8,048

 

 

$

683,644

 

$

(3,051

)

GAAP Net income (loss) per common share — basic

$

0.84

 

$

(0.65

)

 

$

2.39

 

$

(2.18

)

GAAP Net income (loss) per common share — diluted

$

0.82

 

$

(0.65

)

 

$

2.33

 

$

(2.18

)

Non-GAAP Net income (loss) per common share — basic

$

1.28

 

$

0.06

 

 

$

5.22

 

$

(0.02

)

Non-GAAP Net income (loss) per share — diluted

$

1.25

 

$

0.06

 

 

$

5.08

 

$

(0.02

)

For an explanation of our use of non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure, see the tables at the end of this press release.

Revenue Summary

 

 

Three Months Ended December 31,

 

 

 

 

(In thousands, except percentages)

2025

 

2024

 

% Change

 

At CER*

Net product revenues:

 

 

 

 

 

 

 

AMVUTTRA

$

826,588

 

$

286,510

 

189

%

 

187

%

ONPATTRO

 

31,687

 

 

56,103

 

(44

)%

 

(45

)%

Total TTR net product revenues

 

858,275

 

 

342,613

 

151

%

 

149

%

GIVLAARI

 

86,796

 

 

64,645

 

34

%

 

32

%

OXLUMO

 

49,646

 

 

43,573

 

14

%

 

10

%

Total Rare net product revenues

 

136,442

 

 

108,218

 

26

%

 

23

%

Total net product revenues

 

994,717

 

 

450,831

 

121

%

 

119

%

Net revenues from collaborations:

 

 

 

 

 

 

 

Roche

 

32,954

 

 

12,014

 

174

%

 

174

%

Regeneron Pharmaceuticals

 

7,834

 

 

30,657

 

(74

)%

 

(74

)%

Novartis AG

 

 

 

60,003

 

(100

)%

 

(100

)%

Other

 

155

 

 

4,274

 

(96

)%

 

(96

)%

Total net revenues from collaborations

 

40,943

 

 

106,948

 

(62

)%

 

(62

)%

Royalty revenue

 

61,373

 

 

35,387

 

73

%

 

73

%

Total revenues

$

1,097,033

 

$

593,166

 

85

%

 

83

%

 

* Change at constant exchange rates, or CER, represents percent change calculated as if exchange rates had remained unchanged from those used during the three months ended December 31, 2024. CER is a non-GAAP financial measure.

 

Twelve Months Ended December 31,

 

 

(In thousands, except percentages)

2025

 

2024

 

% Change

 

At CER*

Net product revenues:

 

 

 

 

 

 

 

AMVUTTRA

$

2,313,836

 

$

970,450

 

138

%

 

137

%

ONPATTRO

 

172,789

 

 

252,857

 

(32

)%

 

(32

)%

Total TTR net product revenues

 

2,486,625

 

 

1,223,307

 

103

%

 

102

%

GIVLAARI

 

308,487

 

 

255,871

 

21

%

 

20

%

OXLUMO

 

191,437

 

 

167,050

 

15

%

 

13

%

Total Rare net product revenues

 

499,924

 

 

422,921

 

18

%

 

17

%

Total net product revenues

 

2,986,549

 

 

1,646,228

 

81

%

 

80

%

Net revenues from collaborations:

 

 

 

 

 

 

 

Roche

 

394,881

 

 

119,489

 

230

%

 

230

%

Regeneron Pharmaceuticals

 

113,957

 

 

302,798

 

(62

)%

 

(62

)%

Novartis AG

 

 

 

79,759

 

(100

)%

 

(100

)%

Other

 

44,528

 

 

8,175

 

445

%

 

445

%

Total net revenues from collaborations

 

553,366

 

 

510,221

 

8

%

 

8

%

Royalty revenue

 

174,022

 

 

91,794

 

90

%

 

90

%

Total revenues

$

3,713,937

 

$

2,248,243

 

65

%

 

64

%

 

* Change at constant exchange rates, or CER, represents growth calculated as if exchange rates had remained unchanged from those used during the twelve months ended December 31, 2024. CER is a non-GAAP financial measure.

Total Net Product Revenues

Net Revenues from Collaborations

Royalty Revenue

Operating Expense Summary

 

 

Three Months Ended December 31,

 

 

 

Twelve Months Ended December 31,

 

 

(In thousands, except percentages)

2025

 

2024

 

% Change

 

2025

 

2024

 

% Change

Cost of goods sold

$

267,723

 

 

$

102,649

 

 

161

%

 

$

677,166

 

 

$

306,513

 

 

121

%

% of net product revenues

 

26.9

%

 

 

22.8

%

 

 

 

 

22.7

%

 

 

18.6

%

 

 

Cost of collaborations and royalties

$

 

 

$

168

 

 

(100

)%

 

$

4,705

 

 

$

16,857

 

 

(72

)%

GAAP Research and development expenses

$

372,218

 

 

$

300,169

 

 

24

%

 

$

1,319,775

 

 

$

1,126,232

 

 

17

%

Non-GAAP Research and development expenses

$

340,898

 

 

$

259,544

 

 

31

%

 

$

1,166,380

 

 

$

998,483

 

 

17

%

GAAP Selling, general and administrative expenses

$

325,374

 

 

$

295,339

 

 

10

%

 

$

1,210,713

 

 

$

975,526

 

 

24

%

Non-GAAP Selling, general and administrative expenses

$

285,062

 

 

$

244,319

 

 

17

%

 

$

1,015,873

 

 

$

831,191

 

 

22

%

Cost of Goods Sold

Research & Development (R&D) Expenses

Selling, General & Administrative (SG&A) Expenses

Other Financial Highlights

Interest expense

Benefit from (provision for) income taxes

Financial position

A reconciliation of our GAAP to non-GAAP results for the three and twelve months ended December 31, 2025 and 2024, is included in the tables at the end of this press release.

2026 Financial Guidance

Full-year 2026 financial guidance is summarized below:

 

Total TTR net product revenues (AMVUTTRA, ONPATTRO)1

$4,400 million – $4,700 million

Total Rare net product revenues (GIVLAARI, OXLUMO)1

$500 million – $600 million

Total net product revenues1

$4,900 million – $5,300 million

Net product revenues growth vs. 2025 at currency exchange rates as of December 31, 20252

64% – 77%

Net product revenues growth vs. 2025 at constant exchange rates2

64% – 77%

Net revenues from collaborations and royalties

$400 million – $500 million

Non-GAAP R&D and SG&A expenses3

$2,700 million – $2,800 million

 

 

1 Full-year 2026 guidance utilizing currency exchange rates as of December 31, 2025: 1 EUR = 1.17 USD and 1 USD = 157 JPY

2 Representing growth calculated as if the exchange rates had remained unchanged from those used in 2025, which is a non-GAAP financial measure

3 Excludes $300 million – $400 million of stock-based compensation expense from estimated GAAP R&D and SG&A expenses

Use of Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including expenses adjusted to exclude certain non-cash expenses and non-recurring gains or losses outside the ordinary course of the Company’s business. These measures are not in accordance with, or an alternative to, GAAP, and may be different from non-GAAP financial measures used by other companies.

The items included in GAAP presentations but excluded for purposes of determining non-GAAP financial measures for the periods presented in this press release are stock-based compensation expenses, loss related to convertible debt, and realized and unrealized gains or losses on marketable equity securities. The Company has excluded the impact of stock-based compensation expense, which may fluctuate from period to period based on factors including the variability associated with performance-based grants for stock options and restricted stock units and changes in the Company’s stock price, which impacts the fair value of these awards. The Company has excluded the loss related to convertible debt because the Company believes the item is a non-recurring transaction outside the ordinary course of the Company’s business. The Company has excluded the impact of the realized and unrealized gains or losses on marketable equity securities because the Company does not believe these adjustments accurately reflect the performance of the Company’s ongoing operations for the period in which such gains or losses are reported, as their sole purpose is to adjust amounts on the balance sheet.

Percentage changes in revenue growth at CER are presented excluding the impact of changes in foreign currency exchange rates for investors to understand the underlying business performance. The current period’s foreign currency revenue values are converted into U.S. dollars using the average exchange rates from the prior period.

The Company believes the presentation of non-GAAP financial measures provides useful information to management and investors regarding the Company’s financial condition and results of operations. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company’s ongoing operating performance and are better able to compare the Company’s performance between periods. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating performance, allocating resources and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. A reconciliation between GAAP and non-GAAP measures is provided later in this press release.

Conference Call Information

Management will provide an update on the Company and discuss fourth quarter and full year 2025 results as well as expectations for the future via conference call on Thursday, February 12, 2026 at 8:30 am ET. A live audio webcast of the call will be available on the Investors section of the Company’s website at www.alnylam.com/events. An archived webcast will be available on the Alnylam website approximately two hours after the event.

About AMVUTTRA® (vutrisiran)

AMVUTTRA® (vutrisiran) is an RNAi therapeutic that delivers rapid knockdown of transthyretin (TTR), addressing the underlying cause of transthyretin (ATTR) amyloidosis. Administered quarterly via subcutaneous injection by a healthcare professional, AMVUTTRA is approved and marketed for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis (hATTR-PN) in adults and for the treatment of the cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular mortality, cardiovascular hospitalizations and urgent heart failure visits. For more information about AMVUTTRA, including the full U.S. Prescribing Information, visit AMVUTTRA.com.

About ONPATTRO® (patisiran)

ONPATTRO is an RNAi therapeutic that is approved in the United States and Canada for the treatment of adults with hATTR amyloidosis with polyneuropathy. ONPATTRO is also approved in the European Union, Switzerland and Brazil for the treatment of hATTR amyloidosis in adults with Stage 1 or Stage 2 polyneuropathy, and in Japan for the treatment of hATTR amyloidosis with polyneuropathy. ONPATTRO is an intravenously administered RNAi therapeutic targeting transthyretin (TTR). It is designed to target and silence TTR messenger RNA, thereby reducing the production of TTR protein before it is made. Reducing the pathogenic protein leads to a reduction in amyloid deposits in tissues. For more information about ONPATTRO, including full Prescribing Information, visit ONPATTRO.com.

About GIVLAARI® (givosiran)

GIVLAARI (givosiran) is an RNAi therapeutic targeting aminolevulinic acid synthase 1 (ALAS1) approved in the United States and Brazil for the treatment of adults with acute hepatic porphyria (AHP). GIVLAARI is also approved in the European Union for the treatment of AHP in adults and adolescents aged 12 years and older. In the pivotal trial, GIVLAARI was shown to significantly reduce the rate of porphyria attacks that required hospitalizations, urgent healthcare visits or intravenous hemin administration at home compared to placebo. GIVLAARI is Alnylam’s first commercially available therapeutic based on its Enhanced Stabilization Chemistry ESC-GalNAc conjugate technology to increase potency and durability. GIVLAARI is administered via subcutaneous injection once monthly at a dose based on actual body weight and should be administered by a healthcare professional. GIVLAARI works by specifically reducing elevated levels of ALAS1 messenger RNA (mRNA), leading to reduction of toxins associated with attacks and other disease manifestations of AHP. For more information about GIVLAARI, including the full U.S. Prescribing Information, visit GIVLAARI.com.

About OXLUMO® (lumasiran)

OXLUMO (lumasiran) is an RNAi therapeutic targeting hydroxyacid oxidase 1 (HAO1). HAO1 encodes glycolate oxidase (GO). Thus, by silencing HAO1 and depleting the GO enzyme, OXLUMO inhibits production of oxalate – the metabolite that directly contributes to the pathophysiology of PH1. OXLUMO utilizes Alnylam’s Enhanced Stabilization Chemistry (ESC)-GalNAc-conjugate technology, which enables subcutaneous dosing with increased potency and durability and a wide therapeutic index.

Contacts

Alnylam Pharmaceuticals, Inc.


Christine Akinc

(Investors and Media)

617-682-4340

Josh Brodsky

(Investors)

617-551-8276

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