Alnylam Pharmaceuticals, Inc. Q4 2025 Earnings Call Summary Moby Intelligence Fri, February 13, 2026 at 5:31 AM GMT+8 3 min read In this article: - ALNY +1.92%
Alnylam Pharmaceuticals, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Performance and Platform Evolution
-
Achieved full-year GAAP profitability in 2025, a landmark transition driven by 81% year-over-year growth in net product revenues.
-
The TTR franchise delivered $858 million in Q4, representing 151% growth year-over-year, primarily fueled by the U.S. launch of Amvuttra for ATTR cardiomyopathy.
-
Amvuttra has approached parity with tafamidis in share of new treatment starts by its second full quarter post-launch, signaling a shift in prescribing dynamics.
-
Launched Cyrillis, a proprietary enzymatic ligation-based manufacturing platform designed to expand capacity and reduce cost of goods for RNAi therapeutics.
-
Management attributes commercial success to broad first-line payer access, with over 90% of payers providing coverage without step-through requirements.
-
The Alnylam 2030 strategy aims for a 25% revenue CAGR and 30% non-GAAP operating margins, leveraging a pipeline of over 25 clinical programs.
2026 Guidance and Long-term Strategic Goals
-
2026 TTR revenue guidance of $4.4 billion to $4.7 billion assumes continued brisk category growth and a mid-single-digit net price decrease in the U.S.
-
Anticipate a Q1 2026 revenue headwind due to pricing alignment in Germany for the cardiomyopathy launch and annual U.S. insurance reauthorizations.
-
Expect to share clinical de-risking data in the second half of 2026 for Huntington’s disease (ALN-HTT02) and obesity (ACVR1C) programs.
-
The 2030 roadmap includes launching nuceresiran, which lacks royalty obligations and is expected to drive operating margins toward the mid-40s post-2030.
-
Planned R&D investment will remain at approximately 30% of revenues to accelerate organic innovation and selectively access external technologies.
Operational and Financial Risk Factors
-
Gross margin on product sales decreased to 77% in 2025 due to higher royalty tiers payable to Sanofi as Amvuttra revenues scaled.
-
International TTR revenue growth in 2026 is expected to be consistent with 2025, tempered by lower launch pricing for cardiomyopathy in European markets.
-
Collaboration revenue is projected to decline 38% in 2026 because a one-time $300 million milestone from the zalesiran program will not recur.
-
Management flagged potential near-term 'choppiness' in Q1 results due to fewer shipping weeks and seasonal insurance dynamics.
Q&A Session Insights
Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Competitive dynamics and pricing sustainability through 2027-
Management believes they are well-positioned to manage future competition due to established first-line access and a 25% CAGR goal that already accounts for market entrants.
-
Confirmed that value-based agreements have seen minimal utilization to date, supporting stable net pricing despite broader access.
-
The primary focus for upcoming data is safety and achieving over 50% knockdown of the huntingtin protein without the NfL increases seen in rival programs.
-
Management expressed willingness to accelerate to Phase 3 based on strong target engagement and safety data even if functional clinical data is still preliminary.
-
ACVR1C was prioritized because internal genetics and preclinical models suggest it is a more potent target for weight loss without muscle loss.
-
The strategy focuses on unique patient segments and combinations that address gaps left by current GLP-1 therapies.
One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.
Terms and Privacy Policy Privacy Dashboard More Info
