海外小核酸行业动态跟踪Alnylam：业绩增长势头强劲，研发管线布局丰富

Investment Rating - The industry investment rating is "Outperform" compared to the market, indicating an expected performance greater than the CSI 300 index by more than 5% over the next six months [49]. Core Insights - Alnylam has shown strong revenue growth, with total revenue reaching $1.249 billion in Q3 2025, a year-over-year increase of 149%. Net product revenue was $851 million, up 103%, and revenue from collaborations and royalties surged by 393% to $398 million [2][7]. - The TTR product line is experiencing rapid growth, with Q3 2025 revenue of $724 million, a 135% increase year-over-year. The company has raised its full-year revenue guidance for TTR products to between $2.475 billion and $2.525 billion [16][29]. - Alnylam's research pipeline is robust, with seven drugs in Phase 3 clinical trials, including Nucresiran, which is expected to offer a better dosing regimen. The company is also exploring siRNA therapies in chronic disease areas [38][40]. Summary by Sections 1. Q3 2025 Performance Overview - In Q3 2025, Alnylam's total revenue was $1.249 billion, reflecting a 149% increase from the previous year. The net product revenue was $851 million, up 103%, while collaboration and royalty revenues reached $398 million, a 393% increase [2][7]. 2. Rapid Growth of TTR Products - The TTR product revenue for Q3 2025 was $724 million, marking a 135% year-over-year increase. The company has adjusted its full-year revenue guidance for TTR products to $2.475 billion to $2.525 billion, up from the previous estimate of $2.175 billion to $2.275 billion [16][29]. 3. Rich R&D Pipeline - Alnylam has a diverse R&D pipeline with seven drugs in Phase 3 trials. Nucresiran, a new generation TTR product, is expected to provide a more effective dosing schedule. The company is also advancing siRNA therapies in chronic disease management [38][40].