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Dec 31, 2025
Alnylam Q4 2025 Earnings Report
Alnylam reported strong revenue growth and achieved profitability in Q4 2025, driven by increased product sales and strategic advancements.
Key Takeaways
Alnylam Pharmaceuticals reported a significant increase in total revenues for the fourth quarter of 2025, reaching $1.097 billion, an 85% increase from the previous year. The company achieved GAAP net income of $111.5 million and non-GAAP net income of $169.8 million, marking a shift to profitability. This growth was primarily fueled by strong performance in AMVUTTRA sales and overall TTR net product revenues.
Total revenues for Q4 2025 reached $1.097 billion, an 85% increase compared to Q4 2024.
Achieved GAAP net income of $111.5 million ($0.84 per share) and non-GAAP net income of $169.8 million ($1.28 per share) for Q4 2025.
AMVUTTRA and ONPATTRO net product revenues combined for $858.3 million, representing 151% growth over Q4 2024.
Initiated Phase 2 clinical trials for ALN-4324 (type 2 diabetes mellitus) and ALN-2232 (obesity and weight management), expanding the pipeline.
Revenue by Segment
Forward Guidance
Alnylam Pharmaceuticals provided full-year 2026 financial guidance, projecting strong growth in net product revenues and continued investment in R&D and SG&A.
Positive Outlook
- Total TTR net product revenues are expected to be between $4.4 billion and $4.7 billion.
- Total Rare net product revenues are projected to be between $500 million and $600 million.
- Total net product revenues are anticipated to be between $4.9 billion and $5.3 billion.
- Net product revenues growth vs. 2025 is expected to be 64% - 77% at both actual and constant exchange rates.
- Net revenues from collaborations and royalties are guided to be between $400 million and $500 million.
Challenges Ahead
- Non-GAAP R&D and SG&A expenses are projected to be between $2.7 billion and $2.8 billion, indicating continued high operational costs.
- The guidance excludes $300 million - $400 million of stock-based compensation expense from estimated GAAP R&D and SG&A expenses, which will impact GAAP profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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