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Sep 30
Alnylam Q3 2025 Earnings Report
Alnylam delivered strong Q3 2025 results with 103% growth in total net product revenue, driven by continued momentum in AMVUTTRA.
Key Takeaways
Alnylam Pharmaceuticals reported record-breaking Q3 2025 results with total net product revenue of $851.1 million, led by a significant 165% growth in AMVUTTRA. Net income turned positive at $251.1 million GAAP and $396.2 million non-GAAP. The company raised its full-year guidance for product revenues, reflecting strong commercial execution.
Total net product revenue reached $851.1 million, up 103% YoY.
AMVUTTRA delivered $685.3 million in revenue, up 165% YoY.
GAAP net income turned positive at $251.1 million; non-GAAP net income reached $396.2 million.
Raised full-year 2025 guidance for TTR franchise and total product revenue.
Alnylam
Alnylam
Alnylam Revenue by Segment
Revenue by Segment
AMVUTTRA Revenue
CapyFin.comONPATTRO Revenue
CapyFin.comGIVLAARI Revenue
CapyFin.comOXLUMO Revenue
CapyFin.com Forward Guidance
Alnylam raised its FY2025 guidance based on strong TTR franchise performance, increasing total net product revenue expectations by $275 million at midpoint.
Positive Outlook
- Raised total net product revenue guidance to $2.95–$3.05 billion.
- TTR franchise guidance increased to $2.475–$2.525 billion.
- Strong AMVUTTRA demand and launch trajectory.
- Initiated multiple new Phase 3 trials including ZENITH and TRITON-PN.
- Non-GAAP profitability expected to be achieved for FY2025.
Challenges Ahead
- Decreased ONPATTRO revenue due to patient switching to AMVUTTRA.
- Increased GAAP operating expenses driven by stock-based compensation.
- Losses related to convertible debt affected GAAP profitability.
- Higher cost of goods sold due to AMVUTTRA royalties.
- Ongoing DOJ subpoena related to government price reporting compliance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income