Alnylam Pharmaceuticals (ALNY) Q4 2025 earnings summary

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.