01—Abstract
Summary
Summary of the 8-K filed January 12, 2026. Cited figures are marked; the original filing is the authoritative source.
On January 11, 2026, Alnylam Pharmaceuticals (ALNY) announced its new five-year strategy, "Alnylam 2030," alongside preliminary unaudited fourth-quarter and full-year 2025 global net product revenues of approximately $995 milliona and $2,987 million, respectively (full-year up 81% year over year).
Growth was driven primarily by the Total TTR franchise (AMVUTTRA and ONPATTRO), which generated preliminary full-year 2025 revenues of approximately $2,487 millionb, up 103%. The Total Rare franchise (GIVLAARI and OXLUMO) contributed about $499 million for the year, up 18%, with Q4 Rare revenue growing 26%. The headline forward-looking item is 2026 combined net product revenue guidance of $4,900 million to $5,300 million, implying roughly 71% growth at the midpoint.
Total TTR guidance is $4,400 million to $4,700 millionc (about 83% growth at the midpoint), while Total Rare guidance of $500 million to $600 million implies only about 10% growth. Alnylam 2030 targets include leading the TTR market in revenue by 2030, launching the next-generation silencer nucresiran in polyneuropathy by 2028 and cardiomyopathy by 2030, a 25%+ total revenue CAGR through 2030, and roughly 30% non-GAAP operating margin. Investors should note that the revenue figures are preliminary, unaudited, and subject to adjustment, with full results due in February 2026.
Collaboration and royalty revenue and operating expense guidance were not provided and are expected with the full-year 2025 earnings release. The information in Item 2.02 and Exhibit 99.1 is furnished rather than filed, and the forward-looking statements carry the usual risks, including execution on the 2030 strategy, clinical trial outcomes, and regulatory and reimbursement risk.
02—Key points
Key Highlights
- Preliminary FY2025 global net product revenues of $2,987 million, up 81% year over year, with Q4 2025 at approximately $995 million.
- Total TTR revenue (AMVUTTRA and ONPATTRO) of approximately $2,487 million for FY2025, up 103%, with AMVUTTRA contributing about $2,314 million in FY2025 and $827 million in Q4.
- Total Rare revenue (GIVLAARI and OXLUMO) of approximately $499 million for FY2025, up 18%, with Q4 Rare growth of 26%.
- 2026 combined net product revenue guidance of $4,900 million to $5,300 million, implying about 71% growth at the midpoint, led by Total TTR guidance of $4,400 million to $4,700 million.
- Launch of the five-year "Alnylam 2030" strategy, including a 25%+ total revenue CAGR through 2030 and roughly 30% non-GAAP operating margin.
- Pipeline goals for 2026 include Phase 3 advancement of nucresiran, a Phase 2 start for mivelsiran in Alzheimer's disease, Phase 1 data for ALN-6400 and ALN-HTT02, and plans for three to four new IND filings by year-end.
- Revenue figures are preliminary and unaudited, with full results and additional guidance (collaboration revenue and operating expenses) expected in February 2026.
03—Questions
Frequently Asked Questions
How strong was Alnylam's 2025 commercial performance?
Preliminary full-year 2025 global net product revenues were approximately $2,987 million, up 81% from 2024. The growth was driven mainly by the TTR franchise, which reached about $2,487 million, up 103%, with AMVUTTRA as the main contributor.
What revenue growth does Alnylam expect in 2026?
The company guided to combined net product revenue of $4,900 million to $5,300 million for 2026, about 71% growth at the midpoint. Total TTR is guided to $4,400 million to $4,700 million, while Total Rare is guided to $500 million to $600 million, roughly 10% growth at the midpoint.
What is the Alnylam 2030 strategy?
Alnylam 2030 is a five-year plan to lead the TTR market in revenue by 2030, deliver two or more transformative non-TTR medicines, expand to 10 tissue types and more than 40 clinical programs, invest about 30% of revenue in non-GAAP R&D, and achieve a 25%+ total revenue CAGR and about 30% non-GAAP operating margin through 2030.
Are these 2025 figures final?
No. The figures are preliminary, unaudited, and subject to adjustment. Complete fourth-quarter and full-year 2025 results are scheduled for release in February 2026, when the company will also provide collaboration revenue and operating expense guidance.
What key pipeline catalysts are expected in 2026?
Expected 2026 milestones include advancing the nucresiran Phase 3 TRITON-CM and TRITON-PN trials, advancing the zilebesiran ZENITH Phase 3 outcomes trial, completing enrollment in the mivelsiran cAPPricorn-1 Phase 2 trial and starting an Alzheimer's Phase 2 trial in the first half, reporting ALN-6400 Phase 1 and clinical proof-of-concept data in the second half, and reporting ALN-HTT02 and ALN-2232 Phase 1 data in the second half.
04—Continue