Alnylam Pharmaceuticals develops RNA-interference medicines that reduce production of disease-associated proteins. It directly markets AMVUTTRA, ONPATTRO, GIVLAARI and OXLUMO, while partners commercialize Leqvio and Qfitlia. Revenue combines product sales, collaboration payments and royalties. Alnylam reports one operating segment.
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A snapshot of what ALNYLAM PHARMACEUTICALS, INC. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001178670-24-000008 | Feb 15, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001178670-25-000026 | Feb 13, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-007497 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Alnylam became profitable in 2025 as AMVUTTRA’s expansion into ATTR cardiomyopathy substantially increased product sales. That commercial progress continued through June 2026, supported by stronger operating cash generation. However, growth carries an increasing royalty burden, collaboration revenue includes milestone and licensing effects, and development-financing accounting changed materially in 2025. The latest supplied outlook, issued July 30, 2026, lowered product guidance because second-line AMVUTTRA demand normalized after initial pent-up demand; higher collaboration-and-royalty guidance partly offset the reduction. Cash and investments provide substantial resources, but convertible notes, sold-royalty obligations and development-success payments remain important claims on future cash. The principal uncertainties are sustained diagnosis and treatment growth, reimbursement, clinical outcomes, manufacturing dependence and regulatory matters. This view reflects supplied disclosures through July 30, not subsequently verified outcomes.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
Alnylam’s medicines silence messenger RNA to reduce disease-associated proteins. AMVUTTRA and ONPATTRO address transthyretin amyloidosis; GIVLAARI treats acute hepatic porphyria and OXLUMO primary hyperoxaluria type 1. AMVUTTRA’s quarterly subcutaneous administration differs from ONPATTRO’s intravenous delivery. Approvals and eligible populations vary by country. Novartis’s Leqvio and Sanofi’s Qfitlia generate partner economics rather than Alnylam direct-product sales. TTR and Rare are commercial groupings within one operating segment, not separately disclosed profit centers. Growth increasingly depends on AMVUTTRA, making diagnosis, physician adoption, reimbursement and supply continuity particularly consequential.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the year ended December 31, 2025, revenue reached $3.714 billion, GAAP operating income $501.578 million and net income $313.747 million—the first profitable fiscal year. Product revenue was $2.987 billion. Management attributed the increase principally to AMVUTTRA patient demand after U.S. ATTR-cardiomyopathy approval in March and EU approval in June. Falling ONPATTRO sales partly offset that expansion. Profit also benefited from a $300 million Roche milestone and $30 million Vir amendment payment. Those events are not recurring product demand, and revenue recognition alone does not establish contemporaneous cash collection.
Product economics weakened despite higher sales: cost of goods sold increased from 18.6% to 22.7% of product revenue, principally because AMVUTTRA’s sales mix and escalating royalties increased its blended royalty burden. R&D and commercial spending also rose. A separate accounting change replaced development-funding derivative remeasurement with debt-like accretion from January 1, 2025. Its $271.477 million opening equity credit was neither profit nor cash; 2023 and 2024 annual results retain the previous accounting. These differences prevent a simple interpretation of the earnings turnaround as entirely recurring operating improvement.
Sources: 10-K · 2025-12-31
2025 operating cash flow was $524.080 million, compared with an $8.312 million outflow in 2024, while cash capital expenditure was $58.697 million. Stronger product collections helped, although receivables absorbed $359.963 million. First-half 2026 operating cash flow subsequently reached $397.228 million and cash capital expenditure $56.513 million. At June 30, cash and equivalents were $1.708 billion, separately classified marketable debt securities $1.600 billion, and convertible-debt carrying value $1.011 billion. Additional royalty and development-funding liabilities were $258.570 million current and $1.462 billion noncurrent. The $500 million secured revolver had no borrowings and $17.5 million of letters of credit outstanding; its commitment is not cash.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The July 30, 2026 disclosures reported second-quarter revenue of $1.291 billion and GAAP net income of $164.494 million; first-half net income was $370.485 million. Nevertheless, management reduced 2026 TTR guidance to $4.2–$4.5 billion from $4.4–$4.7 billion, citing normalized U.S. second-line AMVUTTRA demand after pent-up demand was satisfied. Total product guidance became $4.7–$5.1 billion. Collaboration-and-royalty guidance increased to $575–$625 million from $400–$500 million, without a disclosed bridge identifying the incremental drivers. Non-GAAP R&D plus SG&A guidance remained $2.7–$2.8 billion. Forecast exchange rates also changed, so the guidance revisions are not on an identical currency basis.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
AMVUTTRA competes with oral treatments that the company says have lower U.S. list prices. Market expansion requires diagnosis and reimbursement, not merely a large estimated patient population. Supplier concentration, partner decisions and substantial Phase 3 spending add execution risk. Mivelsiran retains a partial U.S. clinical hold at certain doses or frequencies, despite encouraging early findings. Government price-reporting inquiries and a separate 2026 FDA website-promotion matter remained unresolved in the latest supplied quarterly disclosure. No material legal-loss accrual does not mean no exposure. Nucresiran launch goals and Alnylam 2030 targets remain conditional on clinical, regulatory and commercial success.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 3.713937 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.713937 bn | 65.2% |
| 2024 | USD 2.248243 bn | 23.0% |
| 2023 | USD 1.828292 bn | — |
GAAP net product revenue plus net collaboration revenue and royalty revenue.
Sources: 10-K · 2025-12-31
USD 313.747 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 313.747 m | — |
Consolidated GAAP income or loss after income taxes; 2025 reflects adoption of ASU 2025-07, while earlier annual comparatives were not restated for that adoption.
Sources: 10-K · 2025-12-31
USD -278.157 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD -278.157 m | Loss narrowed |
| 2023 | USD -440.242 m | — |
Consolidated GAAP income or loss after income taxes; includes development-funding derivative remeasurement under the pre-2025 accounting basis.
Sources: 10-K · 2025-12-31
USD 524.08 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 524.08 m | — |
Signed GAAP operating cash flow, not profit; 2025 reflects debt-financing treatment of development-funding payments.
Sources: 10-K · 2025-12-31
USD -8.312 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD -8.312 m | Turned negative |
| 2023 | USD 104.156 m | — |
Signed GAAP operating cash flow, not profit; reported before the 2025 development-funding accounting change.
Sources: 10-K · 2025-12-31
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