Alnylam Pharmaceuticals Stock Earnings Reports

Alnylam reported strong Q3 2025 performance driven by the AMVUTTRA ATTR‑CM U.S. launch and continued momentum in its TTR franchise. Total net product revenues were $851M (up 103% YoY), with TTR revenues of $724M (135% YoY). The company raised 2025 net product revenue guidance to $2.95–3.05B (a $275M / ~10% increase at the midpoint), reflecting confidence in the AMVUTTRA ATTR‑CM launch. Key commercial takeaways: U.S. AMVUTTRA ATTR‑CM demand roughly doubled QoQ in Q3, health‑system onboarding is effectively complete for priority centers, payer access is broad with most patients having $0 out‑of‑pocket, and international launches (notably Japan and Germany) will contribute progressively in 2026. Pipeline and R&D highlights: initiation of two new Phase III programs (ZENITH cardiovascular outcomes trial for zilebesiran and TRITON‑PN for nucresiran), ZENITH planned as an ~11,000‑patient outcomes trial, advancement of ALN‑6400 into Phase II for hereditary hemorrhagic telangiectasia, and a Phase I of ALN‑5288 (tau/MAPT) for Alzheimer's. Financials: collaboration revenue rose significantly (including a $300M Roche milestone tied to ZENITH), gross margin on product sales was 77% (down from 80% YoY) with expected further royalty‑driven margin pressure in Q4, non‑GAAP operating expenses increased driven by Phase III initiations and launch investments, cash and equivalents were $2.7B, and Alnylam completed financing activity (new convertible notes, repurchase of 2027 notes, $500M revolver). Management reiterated focus on TTR leadership, innovation growth opportunities, and disciplined financial performance with an eye toward sustained profitability.