Alnylam Pharmaceuticals(US:ALNY)2026-02-12 13:05Financial Performance - Achieved global net product revenues of $995 million for Q4 2025 and $2,987 million for the full year 2025, representing 121% and 81% growth compared to the same periods in 2024[1] - Total TTR revenues for Q4 2025 reached $859 million, a 151% increase compared to Q4 2024, with AMVUTTRA contributing $827 million[3] - Full year 2025 total TTR revenues were $2,487 million, reflecting a 103% growth year-over-year[15] - Total revenues for the year ended December 31, 2025, were $3.71 billion, up 65% from $2.25 billion in 2024[47] - The company reported a net income of $111.5 million for Q4 2025, compared to a net loss of $83.8 million in Q4 2024[47] - Non-GAAP net income for full year 2025 was $683.6 million, compared to a loss of $3.1 million in 2024[13] - Non-GAAP net income for the twelve months ended December 31, 2025, was $683,644,000, compared to a loss of $3,051,000 in 2024[48] - GAAP net income for Q4 2025 was $111,543,000, compared to a loss of $83,763,000 in Q4 2024[48] Revenue Growth - GIVLAARI and OXLUMO generated Q4 2025 revenues of $87 million and $50 million, respectively, marking a 26% total Rare growth compared to Q4 2024[4] - Royalty revenue increased by 90% for the full year 2025, attributed to higher royalties from global net sales of Leqvio by Novartis[18] - AMVUTTRA net product revenue growth was reported at 189% for Q4 2025, with a constant currency growth of 187%[49] - Total TTR net product revenue growth was 151% for Q4 2025, with a constant currency growth of 149%[49] - ONPATTRO net product revenue growth decreased by 44% in Q4 2025, with a constant currency decline of 45%[49] - GIVLAARI net product revenue growth was 34% for Q4 2025, with a constant currency growth of 32%[49] - Total net product revenue growth was reported at 121% for Q4 2025, with a constant currency growth of 119%[49] - Total revenue growth for the twelve months ended December 31, 2025, was reported at 85%, with a constant currency growth of 83%[49] Expenses and Costs - Cost of goods sold increased by 161% to $267,723 thousand for the three months ended December 31, 2025, compared to $102,649 thousand in 2024, and by 121% to $677,166 thousand for the twelve months ended December 31, 2025, compared to $306,513 thousand in 2024[20] - GAAP research and development expenses rose by 24% to $372,218 thousand for the three months ended December 31, 2025, and by 17% to $1,319,775 thousand for the twelve months ended December 31, 2025, compared to the same periods in 2024[22] - GAAP selling, general and administrative expenses increased by 10% to $325,374 thousand for the three months ended December 31, 2025, and by 24% to $1,210,713 thousand for the twelve months ended December 31, 2025, compared to the same periods in 2024[23] - Interest expense for the three months ended December 31, 2025, was $65 million, including $38 million related to future Leqvio royalties, and for the twelve months, it was $253 million, including $150 million for the same[24] Strategic Initiatives - Launched "Alnylam 2030" strategy aimed at achieving global TTR leadership and sustainable innovation[2] - Announced plans to invest $250 million in a new siRNA enzymatic-ligation manufacturing facility to enhance production capacity[10] - The planned $250 million investment in the expansion of Alnylam's manufacturing facility aims to enhance production capacity and reduce costs[42] - Expected to initiate three Phase 2 clinical trials and announce clinical de-risking data from several pipeline programs in 2026[8] - The company is focused on expanding its pipeline with ongoing clinical trials for zilebesiran and nucresiran, contributing to increased R&D expenses[22] - The company has a strategic focus on addressing unmet medical needs globally, aiming for long-term sustainable innovation[42] Cash and Assets - Cash, cash equivalents, and marketable securities increased to $2.91 billion as of December 31, 2025, from $2.69 billion as of December 31, 2024, due to improved operating performance and proceeds from stock options[26] - Alnylam's cash and cash equivalents increased to $1.66 billion as of December 31, 2025, up from $966.4 million in 2024[45] - Alnylam's total assets grew to $4.97 billion in 2025, compared to $4.24 billion in 2024[45] - Alnylam's accumulated deficit decreased to $6.70 billion in 2025 from $7.29 billion in 2024[45] Future Guidance - Full-year 2026 financial guidance for total net product revenues is projected to be between $4,900 million and $5,300 million, representing a growth of 64% to 77% compared to 2025[28] - Non-GAAP R&D and SG&A expenses for 2026 are expected to be between $2,700 million and $2,800 million, excluding $300 million to $400 million of stock-based compensation expense[28] - The company expects TTR net product revenues to contribute significantly to its financial performance in 2026[42]