Q4 2025 Alnylam Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Alnylam Pharmaceuticals Inc (ALNY) achieved GAAP profitability for the full year 2025 and expects sustained profitability going forward.
- The company reported nearly $3 billion in combined net product revenues for 2025, marking an 81% growth compared to 2024.
- Alnylam Pharmaceuticals Inc (ALNY) successfully launched Amphotra for ATTR cardiomyopathy, contributing significantly to revenue growth.
- The company has a high-yielding pipeline with over 25 programs in active clinical development and six Alnylam-invented medicines on the market.
- Alnylam Pharmaceuticals Inc (ALNY) developed and launched a new RNAI manufacturing platform, Cyreli, to expand capacity and reduce costs.
- Gross margin on product sales decreased by 4% compared to 2024, primarily due to increased royalties on Amphotra.
- Non-GAAP R&D expenses increased by 17% compared to last year, driven by costs associated with the initiation of three phase 3 clinical studies.
- Non-GAAP SG&A expenses increased by 22% compared to last year, primarily due to investments in support of the Amphotra ATTRCM launch.
- The company expects a modest decrease in net price for Amphotra in 2026, forecasting a mid-single-digit net price decrease.
- Alnylam Pharmaceuticals Inc (ALNY) anticipates a decrease in collaboration and royalty revenue in 2026 compared to 2025, due to a one-time milestone payment in 2025 that will not recur.
Good morning ladies and gentlemen, and welcome to the Alnylam Pharmaceuticals Q4 in full year 2025 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session.
If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded on Thursday, February 12, 2026. I would now like to turn the conference over to Christina Kent. Please go ahead.
Good morning. I'm Christina Kinch, chief corporate communications Officer at Ellen Isam. With me today are Yvonne Greenstreet, Chief Executive Officer, Tolga Tananggular, Chief Commercial Officer, Push Bulgar, Chief Research and Development Officer, and Jeff Poulton, Chief Financial Officer. For those of you participating via conference call, the accompanying slides can be accessed by going to the events section of the investors page of our website, investors.alnilo.com/events.
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