Alnylam Pharmaceuticals(US:ALNY) ZACKS·2025-10-31 16:20Core Insights - Alnylam Pharmaceuticals reported Q3 2025 earnings of $2.90 per share, exceeding the Zacks Consensus Estimate of $1.67, primarily due to increased revenues from Amvuttra sales [1][11] - Total revenues reached $1.25 billion, surpassing the Zacks Consensus Estimate of $1.02 billion, marking a 149% year-over-year increase [2][11] - Despite strong earnings and revenue growth, ALNY shares fell by 6.7% due to investor concerns over an external inquiry into commercial practices [3] Revenue Breakdown - Net product revenues were $851.1 million, a 103% increase year over year, driven by demand for Amvuttra, Givlaari, and Oxlumo [3][9] - Collaboration revenues totaled $351.7 million, boosted by a $300 million milestone payment from Roche related to the ZENITH phase III clinical study [4][11] - Royalty revenues increased by 98% year over year to $46.2 million [5] Product Performance - Amvuttra sales reached $685.3 million, a 165% increase, driven by demand from patients with ATTR amyloidosis and cardiomyopathy [8][11] - Onpattro sales were $39.1 million, down 22% year over year, missing estimates [6] - Givlaari recorded sales of $73.9 million, a 4% increase, but also missed estimates [9] Financial Guidance - Alnylam raised its 2025 net product revenue guidance to $2.95-$3.05 billion from $2.65-$2.80 billion [16] - Collaboration and royalty revenue guidance remains at $650-$750 million, while adjusted R&D and SG&A expenses are now expected to be $2.15-$2.20 billion [17] Research and Development - Adjusted R&D expenses rose 23% year over year to $310.1 million, driven by costs associated with the ZENITH study and other clinical trials [13] - Adjusted SG&A expenses increased 35% year over year to $262.6 million, primarily due to higher employee compensation and marketing investments for Amvuttra [14]