Alnylam Pharmaceuticals (ALNY) Q4 2025 earnings summary

Executive summary

• Achieved $2,987M in net product revenues for FY 2025, up 81% year-over-year, with Q4 revenues of $995M, up 121% YoY and 17% sequentially, driven by AMVUTTRA's U.S. approval for ATTR-CM.

• Attained GAAP and non-GAAP profitability for the full year 2025, with expectations for sustained profitability and operating income growth.

• Expanded clinical pipeline to over 25 active programs and launched the Syrelis/siRELIS RNAi manufacturing platform.

• Set new strategic goals targeting global TTR leadership, sustainable innovation, and disciplined scaling through 2030.

• Announced 2026 pipeline goals: 4 clinical readouts, 3 pivotal studies, 3 Phase 2 initiations, and 3+ new IND filings.

Financial highlights

• 2025 global net product revenues reached $2,987M, exceeding guidance by over $800M, with Q4 revenues of $995M, up 121% YoY and 17% sequentially.

• Gross margin on product sales was 77% for FY 2025, with Q4 at 73%; cost of goods sold was 22.7% of net product revenues.

• Non-GAAP operating income for FY 2025 was $850M (23% margin); non-GAAP net income was $684M.

• Ended 2025 with $2.91B in cash, cash equivalents, and marketable securities.

• Q4 GAAP net income was $112M (EPS $0.84 basic); full-year GAAP net income was $314M (EPS $2.39 basic).

Outlook and guidance

• 2026 combined net product revenue guidance: $4.9B–$5.3B, representing up to 77% growth over 2025.

• TTR franchise guidance: $4.4B–$4.7B; Rare disease franchise: $500M–$600M.

• Non-GAAP R&D and SG&A expense guidance: $2.7B–$2.8B, up 26% year-over-year.

• Guidance assumes a mid-single-digit net price decrease for AMVUTTRA in 2026 and U.S. TTR category growth consistent with recent trends.

• Collaboration and royalty revenue guidance: $400M–$500M, down 38% due to non-recurring 2025 milestone.