Alnylam Pharmaceuticals Reports Third Quarter 2025 Financial Results and Highlights Recent Period Progress

− Generated Q3 2025 Total Net Product Revenues of $851 Million (103% Growth Compared with Q3 2024), Driven Primarily by Total TTR Revenues of $724 Million (135% Growth Compared with Q3 2024) –

− Continued Broad Access and Balanced Utilization of AMVUTTRA Across All ATTR-CM Patient Segments –

− Presented New Data from the HELIOS-B Phase 3 Study at Major Congresses Demonstrating Vutrisiran’s Long-Term Cardiovascular Benefit and Lower Rates of Gastrointestinal Events in ATTR-CM –

− Advanced Multiple Pipeline Programs, Including Two New Phase 3 Trials, ZENITH for Zilebesiran in Hypertension, and TRITON-PN for Nucresiran in hATTR-PN –

− Raises 2025 Guidance for TTR Franchise Net Revenues to $2,475 Million to $2,525 Million; Total Net Product Revenues to $2,950 Million to $3,050 Million, Representing a $275 Million / 10% Increase at Midpoint –

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, today reported its consolidated financial results for the third quarter ended September 30, 2025 and reviewed recent business highlights.

“Alnylam’s impressive third quarter financial results underscore our ability to consistently deliver innovative medicines to patients around the world,” said Yvonne Greenstreet, M.D., Chief Executive Officer of Alnylam. “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.”

Dr. Greenstreet continued, “In addition to our commercial success, we also made significant progress advancing late-, mid-, and early-stage programs across our high-value pipeline of RNAi therapeutics. In the third quarter, we advanced two new Phase 3 trials, having started the ZENITH study for zilebesiran in hypertension, and the TRITON-PN study for nucresiran in hATTR-PN now initiating, as well as earlier stage trials in bleeding and neurologic disorders. As we near the end of our Alnylam P⁵x25 era, we couldn’t be more excited by the progress we’ve made establishing Alnylam as a top-tier profitable biotech company delivering transformational innovation to patients, and building a strong foundation for our next phase of growth.”

Third Quarter 2025 and Recent Significant Business Highlights

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

• Achieved global net product revenues for AMVUTTRA and ONPATTRO for the third quarter of $685 million and $39 million, respectively, representing $724 million in total TTR net product revenues and 135% total TTR growth compared to Q3 2024.
• ATTR-CM patient demand for AMVUTTRA approximately doubled in the third quarter compared to the second quarter of 2025, demonstrating sustained growth momentum.
  • Observed broad uptake, including first-line use in new-to-treatment patients, as well as continued adoption among patients progressing on stabilizers.
  • Broad utilization enabled by patient access, with the majority of patients paying $0 in out-of-pocket costs.
• Presented new analyses from the HELIOS-B Phase 3 trial of vutrisiran in patients with ATTR-CM.
  • Vutrisiran reduced the risk of composite of all-cause mortality or first cardiovascular event by 37% in the overall population and 42% in the monotherapy group, compared to placebo, through up to 48 months, including 12 months from the open-label extension (OLE) period (European Society of Cardiology Congress 2025).
  • Treatment with vutrisiran was associated with a lower rate of GI adverse events across the overall, vutrisiran monotherapy, and baseline tafamidis treatment groups, compared to placebo, a trend that was consistent in patients with both the wild-type and hereditary forms of the disease (Heart Failure Society of America Annual Scientific Meeting 2025).
• The Company announced today that initiation is underway in the TRITON-PN Phase 3 trial of nucresiran in patients with hATTR-PN.
  • TRITON-PN is an open-label Phase 3 trial of nucresiran dosed subcutaneously every six months. Patients are randomized 4:1 to nucresiran or a vutrisiran reference arm. The primary endpoint is the change from baseline in mNIS+7 at Month 9 in the nucresiran arm as compared to placebo-treated patients from the APOLLO Phase 3 trial of patisiran.
  • Topline results are expected in 2028.

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

• Achieved global net product revenues for GIVLAARI and OXLUMO for the third quarter of $74 million and $53 million, respectively, representing $127 million in total Rare net product revenue and 14% total Rare growth compared to Q3 2024.

Other Highlights

• Reported results from the Phase 2 KARDIA-3 trial and initiated the ZENITH Phase 3 cardiovascular outcomes trial of zilebesiran, an investigational RNAi therapeutic, in patients with hypertension.
  • KARDIA-3 trial results were presented at the European Society of Cardiology Congress and demonstrated clinically significant blood pressure lowering sustained out to six months with a single 300 mg dose in patients at high CV risk or with established CV disease on two or more antihypertensives, and informed the design of the ZENITH Phase 3 trial.
  • Alnylam and partner Roche plan to enroll approximately 11,000 patients in 35 countries in the ZENITH Phase 3 trial to evaluate zilebesiran (300 mg) administered every six months compared to placebo in patients with uncontrolled hypertension with either established CV disease or at high risk for CV disease despite the use of at least two or more antihypertensives.
  • The primary objective will be to assess the impact of zilebesiran on reducing the risk of CV death, nonfatal myocardial infarction, nonfatal stroke, or heart failure events, compared to placebo.
• Initiated a Phase 2 trial of ALN-6400, an investigational RNAi therapeutic targeting plasminogen for bleeding disorders, in patients with hereditary hemorrhagic telangiectasia (HHT).
• Initiated a Phase 1 trial of ALN-5288, an investigational RNAi therapeutic targeting microtubule-associated protein tau (MAPT) for Alzheimer’s disease and rare tauopathies.
• Alnylam’s partner, Regeneron Pharmaceuticals, Inc., announced positive results from the Phase 3 NIMBLE trial of cemdisiran, an investigational RNAi therapeutic, in generalized myasthenia gravis. Cemdisiran monotherapy, dosed subcutaneously every three months, met the primary and key secondary endpoints, showing a 2.3-point placebo-adjusted improvement in the Myasthenia Gravis Activities of Daily Living total score. Regeneron is planning a U.S. regulatory submission for cemdisiran monotherapy in the first quarter of 2026, pending discussions with the FDA.

Additional Business Updates

• Appointed Bryan Supran as Executive Vice President, Chief Legal Officer and Secretary.
• Issued $661 million in 0.00% convertible senior notes due 2028, with proceeds primarily used to partially repurchase Alnylam’s 1.00% convertible senior notes due 2027.
• Entered into a $500 million revolving credit facility providing flexible access to funds for general corporate purposes.
• Received a subpoena from the U.S. Attorney’s Office for the District of Massachusetts seeking documents pertaining to our government price reporting for AMVUTTRA, ONPATTRO, OXLUMO and GIVLAARI, including certain fee and discount arrangements with distributors.

Key Upcoming Events

Alnylam announces today that it will present new results from the HELIOS-B Phase 3 trial on the impact of vutrisiran on cardiac MRI in patients with ATTR-CM at the American Heart Association Scientific Sessions 2025, being held November 7-10, 2025 in New Orleans.

In the fourth quarter of 2025, Alnylam expects to:

• Initiate a Phase 2 trial of mivelsiran in patients with Alzheimer’s disease.

Financial Results for the Quarter Ended September 30, 2025

	Three Months Ended September 30,							% Change
(In thousands, except per share amounts and percentages)		2025			2024
Total revenues	$	1,249,026		$	500,919			149	%
GAAP Income (loss) from operations	$	367,982		$	(76,905	)		*
Non-GAAP Income (loss) from operations	$	476,193		$	(31,101	)		*
GAAP Net income (loss)	$	251,084		$	(111,570	)		*
Non-GAAP Net income (loss)	$	396,180		$	(64,199	)		*
GAAP Net income (loss) per common share — basic	$	1.91		$	(0.87	)		*
GAAP Net income (loss) per common share — diluted	$	1.84		$	(0.87	)		*
Non-GAAP Net income (loss) per common share — basic	$	3.01		$	(0.50	)		*
Non-GAAP Net income (loss) per common share — diluted	$	2.90		$	(0.50	)		*
* Not meaningful

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 September 30,						% Change			% Change at CER**
(In thousands, except percentages)		2025			2024
Net product revenues:
AMVUTTRA	$	685,303		$	258,590		165	%		162	%
ONPATTRO		39,075			50,293		(22	)%		(25	)%
Total TTR net product revenues		724,378			308,883		135	%		131	%
GIVLAARI		73,874			71,043		4	%		2	%
OXLUMO		52,830			40,220		31	%		27	%
Total Rare net product revenues		126,704			111,263		14	%		11	%
Total net product revenues		851,082			420,146		103	%		99	%
Net revenues from collaborations:
Roche		326,604			16,289		*			*
Regeneron Pharmaceuticals		22,542			37,948		(41	)%		(41	)%
Novartis AG		—			2,936		(100	)%		(100	)%
Other		2,596			214		*			*
Total net revenues from collaborations		351,742			57,387		*			*
Royalty revenue		46,202			23,386		98	%		98	%
Total revenues	$	1,249,026		$	500,919		149	%		147	%
* Indicates the percentage change period over period is greater than 500%
** Change at constant exchange rates, or CER, represents growth calculated as if exchange rates had remained unchanged from those used during the three months ended September 30, 2024. CER is a non-GAAP financial measure.

Total Net Product Revenues

• Total net product revenues increased 103% and 99% at actual currency and CER, respectively, during the three months ended September 30, 2025, as compared to the same period in 2024, primarily due to growth from AMVUTTRA driven by increased patient demand, mainly in patients with ATTR amyloidosis with cardiomyopathy in the U.S., which was partially offset by a decrease in ONPATTRO due to patient switches to AMVUTTRA, and due to growth from an increased number of patients on GIVLAARI and OXLUMO.

Net Revenues from Collaborations

• Net revenues from collaborations increased during the three months ended September 30, 2025, as compared to the same period in 2024, primarily driven by recognition of $300 million of milestone revenue under our collaboration with Roche in September 2025 associated with the dosing of the first patient in the ZENITH Phase 3 clinical trial of zilebesiran.

Royalty Revenue

• Royalty revenue increased during the three months ended September 30, 2025, as compared to the same period in 2024, due to increased volume and rate of royalties earned from global net sales of Leqvio by our collaborator, Novartis.

Operating Expense Summary

	Three Months Ended September 30,								% Change
(In thousands, except percentages)		2025				2024
Cost of goods sold	$	197,231			$	81,980			141	%
% of net product revenues		23.2	%			19.5	%
Cost of collaborations and royalties	$	2,923			$	3,925			(26	)%
GAAP Research and development expenses	$	358,814			$	270,926			32	%
Non-GAAP Research and development expenses	$	310,089			$	251,132			23	%
GAAP Selling, general and administrative expenses	$	322,076			$	220,993			46	%
Non-GAAP Selling, general and administrative expenses	$	262,590			$	194,983			35	%

Cost of Goods Sold

• Cost of goods sold, including cost of goods sold as a percentage of net product revenues, increased during the three months ended September 30, 2025, as compared to the same period in 2024, primarily as a result of increased sales of AMVUTTRA and an associated increase in royalties payable on net sales of AMVUTTRA.

Research & Development (R&D) Expenses

• GAAP and non-GAAP R&D expenses for the three months ended September 30, 2025 increased as compared to the same period in 2024, primarily due to increased clinical trial expenses for the ZENITH Phase 3 trial of zilebesiran and the TRITON-CM Phase 3 trial of nucresiran in patients with ATTR amyloidosis with cardiomyopathy. Additionally, GAAP R&D expenses increased due to higher stock-based compensation expenses.

Selling, General & Administrative (SG&A) Expenses

• GAAP and non-GAAP SG&A expenses for the three months ended September 30, 2025 increased as compared to the same period in 2024, primarily due to higher employee compensation costs, including stock-based compensation, mainly driven by higher headcount, and increased marketing investment associated with the AMVUTTRA launch in ATTR amyloidosis with cardiomyopathy. Additionally, GAAP SG&A expenses increased due to higher stock-based compensation expenses.

Other Financial Highlights

Interest expense

• Interest expense for the three months ended September 30, 2025 of $44 million included interest of $41 million attributed to the liability related to the sale of future Leqvio royalties.

Total other expense, net

• Total other expense, net for the three months ended September 30, 2025 of $129 million included a charge associated with the change in fair value of the development derivative liability of $65 million primarily driven by updates to estimated royalties due to Blackstone on net sales of AMVUTTRA and a loss related to convertible debt of $39 million, representing an inducement expense on the partial repurchase of the 1.00% convertible senior notes due 2027.

Benefit from income taxes

• During the three months ended September 30, 2025, we recorded a benefit from income taxes of $12 million primarily related to a reduction in the pre-tax loss in the U.S., partially offset by utilization of deferred tax assets due to income generated in Switzerland. We will utilize deferred tax assets in Switzerland to offset current cash tax liabilities and will continue to maintain a full valuation allowance against our net deferred tax assets in the U.S. and certain deferred tax assets in Switzerland.

Financial position

• Cash, cash equivalents and marketable securities were $2.7 billion as of September 30, 2025, as compared to $2.9 billion as of June 30, 2025, with the decrease primarily driven by the partial repurchase of the 1.00% convertible senior notes due 2027, offset in part by net proceeds from the issuance of 0.00% convertible senior notes due 2028 and net cash inflows from operating activities.
• Net cash provided by operating activities for the three months ended September 30, 2025 included $19 million of payments associated with the liability related to the sale of future Leqvio royalties recorded to interest expense, as well as $3 million of accrued interest paid upon the partial repurchase of the 1.00% convertible senior notes due 2027.
• Net cash used in financing activities for the three months ended September 30, 2025 included:
  • $1.1 billion paid to repurchase $638 million of the aggregate principal amount of the 1.00% convertible senior notes due 2027,
  • $35 million paid for the premiums of the capped call transactions entered into in connection with the pricing of the 0.00% convertible senior notes due 2028,
  • $32 million of payments to Blackstone associated with achieved development and regulatory approval milestones for the development derivative liability, as well as royalties on net sales of AMVUTTRA, and
  • $2 million of issuance costs paid for a $500 million revolving line of credit, including a $150 million sublimit for issuance of letters of credit.

Partially offset by:

• $646 million of net proceeds from issuance of 0.00% convertible senior notes due 2028, and
• $78 million of proceeds from exercise of employee stock options.

A reconciliation of our GAAP to non-GAAP financial results is included in the tables at the end of this press release.

2025 Financial Guidance

Full-year 2025 financial guidance is updated and consists of the following:

Item		Prior FY 2025 Guidance		Updated FY 2025 Guidance
Total TTR net product revenues (PN & CM) (AMVUTTRA, ONPATTRO)1		$2,175 million – $2,275 million		$2,475 million – $2,525 million
Total Rare net product revenues (GIVLAARI, OXLUMO)		$475 million – $525 million		Reiterate FY guidance
Total net product revenues		$2,650 million – $2,800 million		$2,950 million – $3,050 million
Net product revenues growth vs. 2024 at currency exchange rates as of September 30, 20251		61% to 70%		79% to 85%
Net product revenues growth vs. 2024 at constant exchange rates2		59% to 68%		78% to 84%
Net revenues from collaborations and royalties		$650 million – $750 million		Reiterate FY guidance
GAAP R&D and SG&A expenses		$2,445 million – $2,575 million		$2,495 million – $2,575 million
Non-GAAP R&D and SG&A expenses3		$2,100 million – $2,200 million		$2,150 million – $2,200 million
Non-GAAP Operating income3		Achieve profitability		Reiterate FY guidance
1 Full-year 2025 guidance utilizing currency exchange rates as of September 30, 2025: 1 EUR = 1.17 USD and 1 USD = 148 JPY
2Representing growth calculated as if the exchange rates had remained unchanged from those used in 2024, which is a non-GAAP financial measure
3Excludes $345 million – $375 million of stock-based compensation expense in both the prior and the updated FY 2025 guidance

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 third quarter 2025 results as well as expectations for the future via conference call on Thursday, October 30, 2025 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 in more than 15 countries for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis (hATTR-PN) in adults and is approved in the U.S., Brazil, the European Union, the United Kingdom, and Japan 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.

Contacts

Alnylam Pharmaceuticals, Inc.
Christine Akinc

(Investors and Media)

617-682-4340

 

Josh Brodsky

(Investors)

617-551-8276

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