Record Full-Year Product Revenue and Strong Growth
Total global net product revenues for 2025 were nearly $3.0 billion, representing 81% growth versus 2024, driven primarily by the Amvuttra ATTR cardiomyopathy launch.
Exceptional Q4 Performance
Q4 2025 combined net product revenues were $995 million, up 121% year-over-year and 17% sequentially; TTR franchise Q4 net revenues were $858 million (151% YoY, 18% QoQ).
Achieved GAAP and Non-GAAP Profitability
Alnylam achieved both GAAP and non-GAAP net income profitability in Q4 and for full year 2025; full-year non-GAAP operating income was $850 million, a $755 million increase versus prior year.
Robust Commercial Momentum in TTR and Rare Disease
The TTR franchise is the primary growth engine with strong U.S. Amvuttra uptake (approaching parity with tafamidis in new starts early post-launch); rare disease franchise delivered $136 million in Q4 (up 26% YoY) and GIVLAARI plus OXLUMO became a $500 million franchise in 2025.
Ambitious and Funded Long-Term Strategy (Alnylam 2030)
Management announced 2030 goals including >25% revenue CAGR through 2030 and a 30% non-GAAP operating margin across the period, plans to invest ~30% of revenues in non-GAAP R&D, and targets to expand to >40 clinical programs and delivery to 10 tissue types by 2030.
Pipeline and Clinical Progress
Initiated three Phase 3 trials in 2025 (ZENITH ~11,000 patients for zalesiran; TRITON-CM ~1,200 and TRITON-PN ~125 for nuceresiran) and expanded the clinical pipeline to over 25 active programs with four new Alnylam-led CTAs in 2025.
Platform & Manufacturing Innovation
Launched Cyrillis, an enzymatic ligation-based RNAi manufacturing platform intended to expand capacity and reduce cost of goods, supporting scale-up of RNAi therapeutics.
Solid Financial Position and Upside from Partnerships
Ended 2025 with $2.9 billion in cash, cash equivalents and marketable securities (up $200 million year-over-year); collaboration revenue grew to $553 million (+8% YoY) and royalty revenue increased to $104 million (+90% YoY), providing diversification of revenue streams.