Alnylam Reports $3.71 Billion Revenue and Profitability for Fiscal Year 2025

**Alnylam Reports Profitable Year Driven by RNAi Therapeutics**

Alnylam Pharmaceuticals, Inc. (ALNY) reported a profitable fiscal year ending December 31, 2025, driven by strong revenue growth from its portfolio of RNAi-based therapeutics. Total revenues reached $3.71 billion, a 65% increase compared to $2.25 billion in the previous fiscal year. This growth was primarily fueled by net product revenues, which surged 81% to $2.99 billion from $1.65 billion in 2024, with significant contributions from AMVUTTRA, ONPATTRO, GIVLAARI, and OXLUMO. Royalty revenue also saw substantial growth, increasing by 90% to $174 million, primarily due to increased sales of Leqvio, commercialized by Novartis.

The company's operating costs and expenses totaled $3.21 billion, a 32% increase from $2.43 billion in the prior year. Research and development expenses increased by 17% to $1.32 billion, reflecting ongoing investments in clinical trials and pipeline expansion. Selling, general, and administrative expenses also rose by 24% to $1.21 billion, driven by increased headcount and marketing investments. Despite the increase in operating expenses, Alnylam achieved profitability, reporting income from operations of $501.6 million, compared to an operating loss of $176.9 million in the previous year. Net income for the year was $313.7 million, a significant turnaround from a net loss of $278.2 million in 2024.

Key operational developments included the FDA approval of AMVUTTRA for the treatment of cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis in adults, as well as the initiation of Phase 3 clinical trials for nucresiran in hATTR polyneuropathy and ATTR amyloidosis with cardiomyopathy, and for zilebesiran in hypertension. Alnylam also continued to advance its early-stage clinical development programs, including mivelsiran for cerebral amyloid angiopathy and Alzheimer's disease. In September 2025, the company issued $661.3 million in convertible senior notes due 2028 and used a portion of the proceeds to repurchase $672.2 million aggregate principal amount of its 2027 convertible notes.

Looking ahead, Alnylam is focused on executing its "Alnylam 2030" strategy, which includes building a durable TTR franchise, delivering transformative medicines beyond TTR, and scaling with discipline and agility to achieve exceptional financial results. The company anticipates continued revenue growth from its marketed products and expects to file three or more new investigational new drug applications or clinical trial applications in 2026. Alnylam also plans to continue building its global commercial infrastructure and advancing its extrahepatic delivery initiatives, with the goal of expanding to 10 tissue types by 2030.