Summary
Alnylam Pharmaceuticals, Inc. (ALNY) reported a strong third quarter of 2025, showcasing significant revenue growth driven by its TTR franchise, particularly AMVUTTRA, and substantial increases in collaboration revenues, largely due to a significant milestone payment from Roche for the zilebesiran program. Total revenues more than doubled year-over-year for both the quarter and the nine-month period, indicating robust commercial execution and successful strategic partnerships. The company demonstrated substantial progress in its financial position, with a significant increase in cash and cash equivalents, largely due to proceeds from the issuance of new convertible senior notes and strong operating cash flow. Despite increased operating costs and expenses, including higher R&D and SG&A spending to support pipeline advancement and commercial expansion, Alnylam achieved operating income and net income for the quarter, a notable improvement from the prior year's loss. The company also strategically managed its debt by repurchasing a portion of its 2027 convertible notes and issuing new 2028 notes, alongside establishing a new revolving credit facility, enhancing its financial flexibility. Key developments in the pipeline include positive results and initiation of Phase 3 trials for nucresiran and zilebesiran, respectively, alongside continued progress in other key programs. The company's commercial products, particularly AMVUTTRA, are showing strong growth, and collaborations with partners like Roche and Regeneron are contributing significantly to revenue, underscoring Alnylam's strategy of building a multi-product, global biopharmaceutical company.
Financial Highlights
47 data points| Revenue | $1.25B |
| Cost of Revenue | $197.23M |
| Gross Profit | $1.05B |
| R&D Expenses | $358.81M |
| SG&A Expenses | $322.08M |
| Operating Expenses | $881.04M |
| Operating Income | $367.98M |
| Net Income | $251.08M |
| EPS (Basic) | $1.91 |
| EPS (Diluted) | $1.84 |
| Shares Outstanding (Basic) | 131.45M |
| Shares Outstanding (Diluted) | 137.35M |
Key Highlights
- 1Total revenues surged by 149% to $1.25 billion for the three months ended September 30, 2025, and by 58% to $2.62 billion for the nine months ended September 30, 2025, driven by strong net product revenues and significant collaboration revenues.
- 2Net product revenues nearly doubled year-over-year to $851.1 million in Q3 2025, primarily due to strong growth in AMVUTTRA sales, partially offset by a decline in ONPATTRO.
- 3Collaboration revenues saw a substantial increase, driven by a $300 million milestone payment from Roche related to the zilebesiran program.
- 4The company reported income from operations of $368 million and net income of $251.1 million for Q3 2025, a significant turnaround from the operational loss of $76.9 million and net loss of $111.6 million in Q3 2024.
- 5Cash, cash equivalents, and restricted cash increased significantly to $1.49 billion as of September 30, 2025, bolstered by net proceeds from convertible note issuance and operating cash flows.
- 6Alnylam issued $661.3 million in 0.00% convertible senior notes due 2028 and utilized net proceeds, along with cash on hand, to repurchase $637.8 million of its 1.00% convertible senior notes due 2027.
- 7A new $500 million revolving credit facility was established, providing additional financial flexibility and liquidity.