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Mar 31, 2025
Alnylam Q1 2025 Earnings Report
Alnylam reported strong Q1 performance with record product revenue growth and two FDA approvals.
Key Takeaways
Alnylam posted $594M in total revenue in Q1 2025, supported by robust growth in AMVUTTRA and new regulatory approvals. The company reported a narrower net loss and strong commercial momentum for its ATTR-CM therapy.
Achieved total revenue of $594.2M, driven by 28% growth in net product sales
FDA approved AMVUTTRA for ATTR-CM and Qfitlia for hemophilia, both launched in Q1
Net loss narrowed to $57.5M from $65.9M year-over-year
Reaffirmed 2025 guidance with $2.05B–$2.25B net product revenue outlook
Revenue by Segment
Forward Guidance
Alnylam reaffirmed its FY25 guidance, projecting continued momentum from recent drug approvals and product expansion in global markets.
Positive Outlook
- FY25 total net product revenues expected between $2.05B–$2.25B
- TTR franchise forecasted to deliver $1.6B–$1.725B
- Rare disease products expected to bring in $450M–$525M
- Anticipates up to $750M from collaborations and royalties
- Targeting non-GAAP profitability for the full year
Challenges Ahead
- Lower collaboration revenue YoY due to non-recurring milestone from Roche in 2024
- Net loss continues, albeit narrowed
- High R&D spend to support clinical expansion
- Ongoing cash burn with $118M used in operations in Q1
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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