Alnylam Pharmaceuticals reported fourth‑quarter 2025 results that included net product revenue of $995 million, a 121% year‑over‑year increase from $450.8 million in Q4 2024. GAAP net income rose to $111.5 million, and earnings per share reached $1.25, beating the consensus estimate of $1.19–$1.20 by $0.05–$0.11. The company’s revenue, however, fell short of the $1.15 billion consensus estimate, missing by roughly $50 million or 4.3%.
Full‑year 2025 figures were equally impressive: total net product revenue reached $2.987 billion, up 81% from $1.646 billion in 2024, and GAAP net income climbed to $313.7 million from a $278.2 million loss the previous year. These results marked a complete turnaround from the prior‑year loss and underscored the company’s growing profitability.
Segment performance highlighted the ATTR franchise as the primary growth engine. U.S. net product revenue for AMVUTTRA surged 250.1% year‑over‑year, while the broader TTR franchise grew 151% in Q4 2025. GIVLAARI sales increased 34% YoY, and the company’s rare‑disease portfolio continued to expand. The strong mix of high‑margin specialty products helped offset modest pricing pressure in other segments.
CEO Yvonne Greenstreet emphasized the significance of the quarter: "2025 was a year of key accomplishments for Alnylam, highlighted by the landmark approval of AMVUTTRA for ATTR‑CM in the U.S., which drove total net product revenues of nearly $3 billion, or 81% growth year‑over‑year, and propelled us to profitability." She also noted the company’s new five‑year strategy: "Further, we are excited to have recently unveiled our new set of five‑year aspirational goals, Alnylam 2030, under which we aim to achieve global TTR leadership with a durable franchise; grow through innovation by delivering therapies that prevent, halt, or reverse disease; and scale with financial discipline and agility."
Alnylam reiterated its 2026 guidance, projecting net product revenue between $4.9 billion and $5.3 billion. The guidance reflects confidence in continued demand for the ATTR franchise and the company’s expanding pipeline. Investors reacted cautiously, noting the revenue miss despite the EPS beat, but the robust guidance and strong segment performance suggest a positive trajectory for the business.
The earnings beat demonstrates effective cost control and a favorable product mix, while the revenue miss points to pricing headwinds in certain markets. Together, the results and guidance indicate that Alnylam is solidifying its leadership in the ATTR space, maintaining profitability, and positioning itself for sustained growth through its 2030 strategy.
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