Short answer
Alnylam Pharmaceuticals (ALNY) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $3.7B (+65.2% year over year) and net income of $314M.
- Top risk flagged: Regulatory risk from U.S. drug price control measures, Medicare/Medicaid reimbursement changes potentially reducing AMVUTTRA net price
FY2025 key financial metrics · XBRL
- Revenue
- $3.7B
- +65.2% YoY
- Net income
- $314M
- +212.8% YoY
- Operating margin
- 13.5%
- +21.4 pp YoY
- EPS (diluted)
- $2.33
- +206.9% YoY
- ROE
- 39.8%
- +454.4 pp YoY
- Operating cash flow
- $524M
- +6405.1% YoY
Source: XBRL data from the Alnylam Pharmaceuticals (ALNY) FY2025 10-K on SEC EDGAR. USD.
Alnylam Pharmaceuticals FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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