Q2 2025 Alnylam Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Alnylam Pharmaceuticals Inc (ALNY) reported a strong Q2 2025 with $672 million in total net product revenues, marking a 64% year-over-year growth.
- The TTR franchise achieved $544 million in global net product revenues, representing a 77% increase compared to the second quarter of 2024.
- The launch of AMVUTTRA for ATTR-cardiomyopathy in the US has been successful, with approximately 1,400 patients on therapy, contributing an estimated $150 million in revenue.
- The company increased its total net product revenues guidance for 2025 from a range of $2.05 to $2.25 billion to a revised range of $2.65 billion to $2.8 billion.
- Alnylam Pharmaceuticals Inc (ALNY) continues to advance its pipeline with the initiation of the TRITON-CM Phase 3 study for nucresiran and the FDA granting fast-track designation for ATTR-CM.
- Collaboration revenue for the quarter was $61 million, representing a $166 million decrease compared to last year, primarily due to the modification of the cemdisiran collaboration agreement with Regeneron.
- Gross margin on product sales decreased to 79% from 84% in the second quarter of 2024, driven by increased royalties on AMVUTTRA.
- Non-GAAP operating income for the quarter was $95 million, representing a $42 million decrease compared with last year.
- The company expects gross margin on product sales to decrease further as AMVUTTRA royalty rates increase.
- Non-GAAP R&D expenses increased by 11%, and SG&A expenses increased by 26% compared to last year, driven by increased headcount and investments in support of the AMVUTTRA launch.
Good morning. Ladies and gentlemen, and welcome to the Alnylam Q2 2025 conference call. (Operator Instructions)
This call is being recorded on Thursday, July 31, 2025. I would now like to turn the conference over to the company. Please go ahead.
Good morning. I'm Christina Kinch, Chief Corporate Communications Officer at Alnylam. With me today are Yvonne Greenstreet, Chief Executive Officer; Tolga Tanguler, Chief Commercial Officer; Pushkal Garg, 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.alnylam.com/events.
During today's call, as outlined in slide 2, Yvonne will offer introductory remarks and provide some general context. Tolga will provide an update on our global commercial progress. Pushkal will review pipeline updates and clinical
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