Alnylam Pharmaceuticals Inc (ALNY) Q4 2025 Earnings Call Highlights: Record Revenue Growth and …

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Fri, February 13, 2026 at 6:06 AM GMT+9 5 min read

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**Total Revenue:** Nearly $3 billion in 2025, representing 81% growth compared to 2024.

**Q4 Net Product Revenue:** $995 million, a 121% increase year over year and 17% growth from the previous quarter.

**TTR Franchise Revenue:** $858 million in Q4, up 18% from the prior quarter and 151% year over year.

**Rare Disease Revenue:** $136 million in Q4, a 26% increase from the same period last year.

**Gross Margin on Product Sales:** 77% for the full year, a 4% decrease compared to 2024.

**Non-GAAP R&D Expenses:** Approximately $1.2 billion, a 17% increase from the previous year.

**Non-GAAP SG&A Expenses:** Approximately $1 billion, a 22% increase from the previous year.

**Non-GAAP Operating Income:** $850 million, a $755 million increase from the previous year.

**Cash and Equivalents:** $2.9 billion at the end of 2025, up from $2.7 billion at the end of 2024.

**2026 Revenue Guidance:** Expected combined net product sales of $4.9 to $5.3 billion, representing 71% growth at the midpoint.

**2026 TTR Revenue Guidance:** $4.4 to $4.7 billion, representing 83% growth at the midpoint.

**2026 R&D and SG&A Expense Guidance:** $2.7 to $2.8 billion, representing 26% growth versus 2025.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) achieved GAAP profitability for the full year 2025 and expects sustained profitability going forward.

The company reported nearly $3 billion in combined net product revenues for 2025, marking an 81% growth compared to 2024.

Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) successfully launched Amphotra for ATTR cardiomyopathy, contributing significantly to revenue growth.

The company has a high-yielding pipeline with over 25 programs in active clinical development and six Alnylam-invented medicines on the market.

Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) developed and launched a new RNAI manufacturing platform, Cyreli, to expand capacity and reduce costs.

Negative Points

Gross margin on product sales decreased by 4% compared to 2024, primarily due to increased royalties on Amphotra.

Non-GAAP R&D expenses increased by 17% compared to last year, driven by costs associated with the initiation of three phase 3 clinical studies.

Non-GAAP SG&A expenses increased by 22% compared to last year, primarily due to investments in support of the Amphotra ATTRCM launch.

The company expects a modest decrease in net price for Amphotra in 2026, forecasting a mid-single-digit net price decrease.

Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) anticipates a decrease in collaboration and royalty revenue in 2026 compared to 2025, due to a one-time milestone payment in 2025 that will not recur.

 






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Q & A Highlights

Q: Can you comment on the new patient additions and the mix of first-line treatments for Ambutra versus Teaminous switches in 2026? A: Yvonne Greenstreet, CEO, highlighted the strong launch of Ambutra, building towards a long-term franchise. Tolga Tanguler, Chief Commercial Officer, noted improved first-line access and strengthening physician and patient preference, with continued category growth driving confidence in their 2026 guidance.

Q: Can you discuss the confidence in the TTR franchise guidance for the year, considering the script volatility in Q1 and pricing dynamics? A: Tolga Tanguler, Chief Commercial Officer, stated they are well-positioned from an access standpoint, with most patients having first-line access without step edits. The 2026 guidance assumes a mid-single-digit net price decline, similar to 2025, and this dynamic is integrated into their outlook.

Q: Have you observed any seasonality in Q4, and could this be a tailwind for Q1 2026? A: Yvonne Greenstreet, CEO, and Tolga Tanguler, Chief Commercial Officer, noted that while quarterly growth has fluctuated, the long-term category trend has been robust. Q1 seasonality is typical in the industry, but it does not impact the underlying momentum in the category.

Q: Regarding the gross-to-net pattern in 2026, will it be a step-wise adjustment in Q1 or gradual throughout the year? A: Jeffrey Poulton, CFO, explained that the mid-single-digit net price decrease is expected to be gradual over the course of the year rather than all upfront. Tolga Tanguler added that it’s too soon to comment on 2027, but they are well-positioned to manage growth.

Q: Can you elaborate on the strategy for external innovation as part of the 30% revenue R&D spend? A: Yvonne Greenstreet, CEO, emphasized focusing on their rich internal pipeline while being open to select external innovation that complements their portfolio. They maintain a high scientific and financial bar for both internal and external opportunities.

Q: How should we think about the impact of Nrierran’s potential launch around 2030 on operating margins? A: Yvonne Greenstreet, CEO, expressed excitement about Nrierran’s potential best-in-class profile, which could lead to swift patient uptake and significant positive impact on margins post-2030, potentially driving margins to the mid-40s.

Q: What is the rationale for prioritizing the ACVR1C asset in obesity over other targets like Inhibi? A: Pushkal Garg, Chief R&D Officer, explained that ACVR1C appears to be the more potent target based on genetics and pre-clinical models. They see a tremendous opportunity in the obesity and diabetes space, aiming for unique patient segments and combinations.

Q: With competitive silencer data expected this year, how do you view its potential impact on Ambutra? A: Tolga Tanguler, Chief Commercial Officer, noted that while it’s difficult to assess without seeing data, additional entrants could drive diagnosis and treatment rates, benefiting patients and expanding the category. They feel well-positioned with Ambutra’s profile.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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