01—Abstract
Summary
Summary of the 10-Q filed May 1, 2025. Cited figures are marked; the original filing is the authoritative source.
Alnylam Pharmaceuticals, Inc. reported solid top-line growth for the first quarter of 2025, with total revenues increasing by 20% year-over-year to $594.2 milliona.
This growth was primarily driven by a significant 28% increase in net product revenues, reaching $468.5 millionb, largely due to strong performance from AMVUTTRA, which saw a 59% increase in total sales across regions. ONPATTRO's sales declined by 29%, attributed to patient switching to AMVUTTRA. While collaboration revenues decreased by 16% mainly due to a large milestone payment received in the prior year from the Roche collaboration, royalty revenue saw a substantial 149% increase, driven by higher royalties from Leqvio.
The company narrowed its net loss to $57.5 millionc from $65.9 million in the prior year's first quarter, indicating progress towards profitability, although significant R&D and SG&A expenses continue to weigh on the bottom line. The company ended the quarter with a robust cash and cash equivalents balance of over $1 billion, providing ample liquidity.
02—Key points
Key Highlights
- Total revenues grew 20% year-over-year to $594.2 million.
- Net product revenues increased 28% to $468.5 million, led by strong AMVUTTRA growth.
- AMVUTTRA sales surged 59%, while ONPATTRO sales decreased 29%.
- Royalty revenue saw a significant 149% increase, primarily from Leqvio sales.
- Net loss narrowed to $57.5 million from $65.9 million in the prior year's quarter.
- Cash and cash equivalents stood at $1.02 billion as of March 31, 2025, indicating strong liquidity.
- Research and development expenses increased 2% to $265.1 million, with SG&A expenses rising 14% to $240.0 million, reflecting continued investment in pipeline advancement and commercial infrastructure.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q1 FY2025, Alnylam Pharmaceuticals, Inc. lost $0.03.
- Revenue$594.2M100.0%
- Cost of revenue−$70.2M11.8%
- Gross profit$524.0M88.2%
- Operating costs−$505.9M85.1%
- Operating income$18.1M3.0%
- Interest, other & tax−$36.3M6.1%
- Net income−$18.3M3.1%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed May 1, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $594.19M$494.33M | +20.2% |
| Cost of Revenue | $70.18M$54.61M | +28.5% |
| Gross Profit | $524.01M$439.72M | +19.2% |
| R&D Expenses | $265.12M$261.00M | +1.6% |
| SG&A Expenses | $239.95M$210.80M | +13.8% |
| Operating Expenses | $576.11M$537.77M | +7.1% |
| Operating Income | $18.08M-$43.44M | +141.6% |
| Net Income | -$18.25M-$65.94M | +72.3% |
| EPS (Basic) | $-0.14$-0.52 | +73.1% |
| EPS (Diluted) | $-0.14$-0.52 | +73.1% |
| Shares Outstanding (Basic) | 129.68M126.14M | +2.8% |
| Shares Outstanding (Diluted) | 129.68M126.14M | +2.8% |
05—Questions
Frequently Asked Questions
What was the primary driver of revenue growth in the first quarter of 2025?
The primary driver of revenue growth was a significant 28% increase in net product revenues, reaching $468.5 million. This was largely fueled by strong performance from AMVUTTRA, which experienced a 59% increase in sales across all regions.
Why did collaboration revenues decrease year-over-year?
Collaboration revenues decreased by 16% primarily due to the recognition of a $65.0 million milestone payment in the first quarter of 2024 related to the zilebesiran KARDIA-3 clinical trial with Roche. This was partially offset by increased activity in the Regeneron collaboration and a payment received from the amendment to the Vir Biotechnology agreement.
What is the company's current liquidity position?
Alnylam Pharmaceuticals ended the first quarter of 2025 with a strong liquidity position, holding $1.02 billion in cash, cash equivalents, and restricted cash.
How did the company's profitability change compared to the prior year?
The company narrowed its net loss to $57.5 million in the first quarter of 2025, compared to a net loss of $65.9 million in the same period of 2024. This improvement reflects increased revenues and disciplined expense management, although substantial investments in R&D and SG&A continue.
06—Continue