Alnylam Pharmaceuticals Reports 17% Revenue Growth to $773.7 Million in Q2 2025

Alnylam Pharmaceuticals, Inc. reported significant financial results for the second quarter of 2025, with total revenues reaching $773.7 million, a 17% increase from $659.8 million in the same period last year. The company's net product revenues surged by 64% to $672.2 million, driven primarily by strong sales of AMVUTTRA, which saw a 143% increase in the U.S. market. However, net revenues from collaborations fell sharply by 73% to $61.5 million, largely due to a substantial revenue recognition of $185 million from a collaboration with Regeneron in the prior year. The company also reported a net loss of $66.3 million for the quarter, compared to a loss of $16.9 million in the same quarter of 2024.

In terms of operational changes, Alnylam's total operating costs and expenses increased by 29% to $789.9 million, reflecting higher costs associated with research and development, as well as selling, general, and administrative expenses. The company’s research and development expenses rose by 10% to $323.6 million, attributed to increased clinical trial activities for its investigational products, including zilebesiran and nucresiran. Selling, general, and administrative expenses also increased by 30% to $323.3 million, driven by higher employee compensation and marketing investments related to AMVUTTRA.

Alnylam continues to expand its product offerings and market presence. As of June 30, 2025, the company has six marketed products, including AMVUTTRA, ONPATTRO, GIVLAARI, and OXLUMO, with ongoing regulatory reviews in additional territories. The company has also entered into strategic collaborations, such as the Roche Agreement for zilebesiran, which includes potential milestone payments and shared development costs. The collaboration with Regeneron has evolved, granting Regeneron exclusive rights to develop cemdisiran as a monotherapy, while Alnylam retains rights to other RNAi therapeutics.

Looking ahead, Alnylam anticipates continued growth in product revenues, particularly from AMVUTTRA, as it expands its market reach and launches new products. The company aims to achieve sustainable operating profitability by 2025, although it acknowledges the need for significant resources to support ongoing research and development efforts. Alnylam's cash, cash equivalents, and marketable securities totaled approximately $1.1 billion as of June 30, 2025, which the company believes will be sufficient to meet its near-term capital and operating needs. However, it remains cautious about potential fluctuations in operating results and the impact of ongoing development and regulatory efforts on future revenues.