Alnylam Pharmaceuticals (ALNY) FY2025 10-K Annual Report
Alnylam Pharmaceuticals (ALNY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Alnylam Pharmaceuticals FY2025 10-K Analysis
Business Overview
- • Achieved first profitability in 2025 with net product revenues approx. $3.0B, primarily from TTR franchise growth
- • Initiated Phase 3 trials in 2025 for nucresiran (next-gen TTR silencer) and zilebesiran (hypertension), emphasizing late-stage pipeline expansion
- • Strategic focus on Alnylam 2030: 10 tissue types, 40+ clinical programs, 30% revenues in R&D, 25%+ CAGR, targeting two blockbusters beyond TTR
- • Net product revenues up 81% YoY to $2.99B driven by AMVUTTRA growth (+138% to $2.31B), offset by ONPATTRO decline (-32% to $173M)
- • Paid $1.15B to repurchase convertible notes in 2025; raised $645.7M from 0.00% Convertible Senior Notes due 2028 issuance
Risk Factors
- • Regulatory risk from U.S. drug price control measures, Medicare/Medicaid reimbursement changes potentially reducing AMVUTTRA net price
- • Geopolitical exposure to foreign currency fluctuations in Japanese yen, Euro, and British pound affecting revenues and expenses
- • Operational reliance on third-party manufacturing and clinical trial partners to supply and develop AMVUTTRA and other products
- • Market disruption risk from generic competition and emerging therapies targeting ATTR-CM and hATTR-PN indications
- • Financial risk tied to royalty sale of Leqvio with $1.00B sales threshold by 12/31/2029 impacting future royalty retention percentages
Alnylam Pharmaceuticals FY2025 Key Financial MetricsXBRL
Revenue
$3.7B
▲ +65.2% YoY
Net Income
$314M
▲ +212.8% YoY
Operating Margin
13.5%
▲ +2137bp YoY
Net Margin
8.4%
▲ +2082bp YoY
ROE
39.8%
▲ +45437bp YoY
Total Assets
$5.0B
▲ +17.1% YoY
EPS (Diluted)
$2.33
▲ +206.9% YoY
Operating Cash Flow
$524M
▲ +6405.1% YoY
Source: XBRL data from Alnylam Pharmaceuticals FY2025 10-K filing on SEC EDGAR. All figures in USD.
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