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Alnylam Pharmaceuticals
Alnylam Pharmaceuticals (ALNY) investor relations material
Alnylam Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved $2,987M in global net product revenues for FY 2025, up 81% year-over-year, with Q4 revenues of $995M, up 121% year-over-year, driven by the blockbuster AMVUTTRA launch 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 five-year strategic goals targeting global TTR leadership, sustainable innovation, and disciplined scaling through 2030, including the "Alnylam 2030" strategy.
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% year-over-year and 17% sequentially.
Gross margin on product sales was 77% for 2025, with Q4 at 73%–76%, down from 2024 due to higher AMVUTTRA royalties.
Non-GAAP operating income for FY 2025 was $850M (23% margin), a $755M increase from 2024.
Non-GAAP net income for 2025 was $684M (EPS $5.22 basic), up from a loss of $3M in 2024.
Ended 2025 with $2.91B in cash, cash equivalents, and marketable securities.
Outlook and guidance
2026 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.
Collaboration and royalty revenue expected at $400M–$500M, down 38% due to a non-recurring 2025 milestone.
Combined non-GAAP R&D and SG&A expense guidance: $2.7B–$2.8B, up 26% year-over-year, excluding $300M–$400M in stock-based compensation.
Targeting >25% revenue CAGR and ~30% non-GAAP operating margin through 2030.
How does siRELIS impact Alnylam 2030 goals?
HELIOS-B data: How does it strengthen AMVUTTRA?
What drives 2026 collaboration/royalty revenue outlook?
Partial view of Summaries dataset, powered by Quartr API
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Next Alnylam Pharmaceuticals earnings date
Q1 202630 Apr, 2026
Alnylam Pharmaceuticals
Next Alnylam Pharmaceuticals earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
RNAi Pioneers
Alnylam Pharmaceuticals is a biopharmaceutical company at the forefront of RNA interference (RNAi) therapeutics. Founded in 2002, the company is headquartered in Cambridge, Massachusetts. Alnylam's primary focus lies in harnessing the potential of RNAi, a naturally occurring biological pathway within cells, to target and silence specific genes that cause diseases. Their innovative approach has led to the development of a range of treatments for rare genetic, cardio-metabolic, hepatic infectious, and central nervous system diseases. Alnylam conducts research in its field, striving to develop new treatment options for patients who have limited or inadequate alternatives.
Built on RNAi
RNA stands for ribonucleic acid, a nucleic acid present in all living cells. There are two different forms of RNA used in RNAi-processes: Small interfering RNA (siRNA) and microRNA (miRNA). RNA interference (RNAi) is like a security system for cells. Small RNA molecules latch onto a complex called RISC. They then target specific messages, known as mRNAs, stopping them from making proteins. This helps control which proteins are made and when. RNAi also gets rid of unneeded mRNAs. Besides controlling protein production, RNAi helps defend cells against viruses by targeting and destroying their RNA, preventing the virus from making harmful proteins.
A Relatively Young Company
Founded in 2002, Alnylam Pharmaceuticals was established with the clear goal of utilizing RNA interference to develop and eventually market various treatments. Recognizing the potential of RNAi to silence disease-causing genes, the company aimed to pioneer its therapeutic applications. In its early years, Alnylam focused on foundational research, gradually evolving its drug pipeline. Over its existence, Alnylam has formed partnerships and made strategies with various pharmaceutical entities, further solidifying its position as a leader in the RNAi therapeutics field. Being publicly traded is nothing unique in the pharmaceutical industry, and a list of notable companies in the same field includes Eli Lilly, Pfizer, Astra Zeneca, and many others.
FDA Approval
Even though RNAi had plenty of doubters in the early stages, faith remained high at Alnyam. The company ran at a loss for several years, but by 2018, the company achieved a significant milestone by securing FDA approval for its first RNAi therapeutic, Patisiran. This marked the beginning of a road to profitability for the company, as they were able to scale their operations with an approved product.
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