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ALNY Q4 Earnings Beat, Sales Miss Despite Y/Y Growth, Stock Down
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Key Takeaways
ALNY beat Q4 EPS estimates but missed on revenues despite 85% Y/Y growth, sending shares down 4.1%.
Amvuttra sales surged 189% on strong demand and label expansion, though slightly below estimates.
ALNY guided 2026 net product revenues of $4.9B-$5.3B, implying 64-77% Y/Y growth at CER.
Alnylam Pharmaceuticals (ALNY - Free Report) reported fourth-quarter 2025 adjusted earnings of $1.25 per share, beating the Zacks Consensus Estimate of $1.16. The company had reported adjusted earnings of 6 cents in the year-ago quarter.
Alnylam recorded total revenues of $1.10 billion in the quarter, which missed the Zacks Consensus Estimate of $1.14 billion. In the year-ago quarter, total revenues were $593.2 million. The top line rose 85% year over year on a reported basis and 83% at a constant exchange rate (CER), mainly driven by increased sales of its lead drug, Amvuttra (vutrisiran), following label expansion.
Net product revenues were $994.7 million, up 121% year over year on a reported basis and 119% at CER, driven by strong growth in patient demand for Amvuttra, as well as for its other marketed drugs, Givlaari (givosiran) and Oxlumo (lumasiran).
Following the mixed nature of Alnylam’s fourth-quarter results, the stock was down 4.1% on Thursday.
Net revenues from collaborators were $40.9 million, down 62% from the year-ago quarter on a reported basis and at CER. The drop was mainly due to revenues recognized under a license agreement with Novartis (NVS - Free Report) tied to the achievement of a specific Leqvio (inclisiran) commercialization milestone during the year-ago quarter. In the reported quarter, the company did not recognize any revenues from Novartis. In the fourth quarter, ALNY recognized revenues under its ongoing collaborations with Regeneron and Roche (RHHBY - Free Report) .
Alnylam has granted Novartis exclusive global rights to manufacture and commercialize RNAi therapeutics targeting PCSK9, including Leqvio, for the treatment of hypercholesterolemia and other diseases. The FDA has approved Leqvio for several heart disease indications, alongside diet and statins. As of December 2025, Leqvio is approved in more than 108 countries.
Alnylam also recognized royalty revenues of $61.4 million in the reported quarter, up 73% year over year on a reported basis and at CER.
ALNY’s Q4 Results in Detail
Onpattro (patisiran) is approved for the treatment of polyneuropathy of hereditary transthyretin-mediated (hATTR) amyloidosis. The injection recorded sales of $31.7 million in the reported quarter, down 44% on a reported basis. Onpattro sales missed the Zacks Consensus Estimate of $39.8 million.
Amvuttra is FDA-approved for the treatment of adult patients with polyneuropathy of hATTR amyloidosis (hATTR-PN). The European Commission also approved Amvuttra for treating hATTR amyloidosis in adult patients with stage 1 or 2 polyneuropathy. A label expansion for the drug has also been approved in the United States and the EU for treating cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular mortality, cardiovascular hospitalizations and urgent heart failure visits.
Amvuttra generated sales worth $826.6 million in the fourth quarter, up 189% on a reported basis, driven by increased patient demand, mainly in ATTR-CM patients in the United States, as well as several patients switching from Onpattro. However, Amvuttra sales missed the Zacks Consensus Estimate of $837.2 million.
Givlaari, approved for the treatment of acute hepatic porphyria, recorded sales of $86.8 million, reflecting a year-over-year increase of 34% on a reported basis. Givlaari sales beat the Zacks Consensus Estimate of $79.7 million. Oxlumo recorded global net product revenues of $49.6 million in the reported quarter, up 14% year over year on a reported basis. Oxlumo sales missed the Zacks Consensus Estimate of $55.2 million.
In the past six months, Alnylam stock has plunged 30.3% against the industry’s 22% growth.
Image Source: Zacks Investment Research
Adjusted research and development (R&D) expenses rose 31% year over year to $340.9 million. R&D expenses accounted for increased clinical study costs associated with the ZENITH phase III cardiovascular outcomes study, which will evaluate zilebesiran to treat patients with hypertension at high cardiovascular risk, in partnership with Roche. Increased expenses associated with the phase III TRITON-CM and TRITON-PN studies, evaluating nucresiran in patients with ATTR-CM and hATTR-PN, respectively, also contributed to higher R&D costs.
Adjusted selling, general and administrative (SG&A) expenses increased 17% year over year to $285.1 million, primarily due to higher employee compensation costs, as a result of higher headcount and increased marketing investment associated with the Amvuttra launch in ATTR-CM.
Cash, cash equivalents and marketable securities as of Dec. 31, 2025, amounted to $2.91 billion compared with $2.7 billion recorded as of Sept. 30, 2025.
Alnylam, in collaboration with Roche, is developing zilebesiran in a late-stage study (ZENITH) to evaluate the potential of zilebesiran to reduce the risk of major adverse cardiovascular events in patients with uncontrolled hypertension. ALNY entered a strategic collaboration with RHHBY to co-develop and co-commercialize zilebesiran for the treatment of hypertension in 2023.
ALNY’s Full-Year 2025 Results
For 2025, Alnylam generated total revenues of $3.71 billion, up 65% year over year on a reported basis and 64% at CER. The figure missed the Zacks Consensus Estimate of $3.75 billion.
For 2025, the company reported adjusted earnings of $5.08 per share, in contrast to the loss of 2 cents per share recorded in 2024, on the back of significantly higher revenues generated. The reported figure beat the Zacks Consensus Estimate of earnings of $4.56 per share.
ALNY’s 2026 Financial Guidance
Alnylam expects net product revenues for Onpattro, Amvuttra, Givlaari and Oxlumo in the range of $4.9-$5.3 billion for 2026, suggesting year-over-year growth of 64-77% at CER.
Net revenues from collaborations and royalties are expected in the range of $400-$500 million. Adjusted R&D and SG&A expenses are anticipated in the band of $2.7-$2.8 billion.
Alnylam Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Alnylam delivered mixed fourth-quarter 2025 results, surpassing earnings estimates but falling short on revenues despite year-over-year growth. The revenue miss likely reflects elevated Wall Street expectations for the company’s commercial trajectory rather than a deterioration in underlying demand, so investors may not need to read too much into the shortfall.
The year-over-year revenue growth was primarily driven by strong Amvuttra sales, supported by rising patient demand. Recent label expansions for the ATTR-CM indication in both the United States and the EU have broadened the eligible patient population, further accelerating uptake — a trend we expect to persist in the coming quarters. Meanwhile, contributions from Givlaari and Oxlumo continue to provide additional support to the top line.
Over the past 60 days, estimates for Alkermes’ 2026 EPS have increased from $1.54 to $1.91. ALKS shares have risen 17.8% over the past six months.
Alkermes’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average earnings surprise being 4.58%.
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ALNY Q4 Earnings Beat, Sales Miss Despite Y/Y Growth, Stock Down
Key Takeaways
Alnylam Pharmaceuticals (ALNY - Free Report) reported fourth-quarter 2025 adjusted earnings of $1.25 per share, beating the Zacks Consensus Estimate of $1.16. The company had reported adjusted earnings of 6 cents in the year-ago quarter.
Alnylam recorded total revenues of $1.10 billion in the quarter, which missed the Zacks Consensus Estimate of $1.14 billion. In the year-ago quarter, total revenues were $593.2 million. The top line rose 85% year over year on a reported basis and 83% at a constant exchange rate (CER), mainly driven by increased sales of its lead drug, Amvuttra (vutrisiran), following label expansion.
Net product revenues were $994.7 million, up 121% year over year on a reported basis and 119% at CER, driven by strong growth in patient demand for Amvuttra, as well as for its other marketed drugs, Givlaari (givosiran) and Oxlumo (lumasiran).
Following the mixed nature of Alnylam’s fourth-quarter results, the stock was down 4.1% on Thursday.
Net revenues from collaborators were $40.9 million, down 62% from the year-ago quarter on a reported basis and at CER. The drop was mainly due to revenues recognized under a license agreement with Novartis (NVS - Free Report) tied to the achievement of a specific Leqvio (inclisiran) commercialization milestone during the year-ago quarter. In the reported quarter, the company did not recognize any revenues from Novartis. In the fourth quarter, ALNY recognized revenues under its ongoing collaborations with Regeneron and Roche (RHHBY - Free Report) .
Alnylam has granted Novartis exclusive global rights to manufacture and commercialize RNAi therapeutics targeting PCSK9, including Leqvio, for the treatment of hypercholesterolemia and other diseases. The FDA has approved Leqvio for several heart disease indications, alongside diet and statins. As of December 2025, Leqvio is approved in more than 108 countries.
Alnylam also recognized royalty revenues of $61.4 million in the reported quarter, up 73% year over year on a reported basis and at CER.
ALNY’s Q4 Results in Detail
Onpattro (patisiran) is approved for the treatment of polyneuropathy of hereditary transthyretin-mediated (hATTR) amyloidosis. The injection recorded sales of $31.7 million in the reported quarter, down 44% on a reported basis. Onpattro sales missed the Zacks Consensus Estimate of $39.8 million.
Amvuttra is FDA-approved for the treatment of adult patients with polyneuropathy of hATTR amyloidosis (hATTR-PN). The European Commission also approved Amvuttra for treating hATTR amyloidosis in adult patients with stage 1 or 2 polyneuropathy. A label expansion for the drug has also been approved in the United States and the EU for treating cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular mortality, cardiovascular hospitalizations and urgent heart failure visits.
Amvuttra generated sales worth $826.6 million in the fourth quarter, up 189% on a reported basis, driven by increased patient demand, mainly in ATTR-CM patients in the United States, as well as several patients switching from Onpattro. However, Amvuttra sales missed the Zacks Consensus Estimate of $837.2 million.
Givlaari, approved for the treatment of acute hepatic porphyria, recorded sales of $86.8 million, reflecting a year-over-year increase of 34% on a reported basis. Givlaari sales beat the Zacks Consensus Estimate of $79.7 million. Oxlumo recorded global net product revenues of $49.6 million in the reported quarter, up 14% year over year on a reported basis. Oxlumo sales missed the Zacks Consensus Estimate of $55.2 million.
In the past six months, Alnylam stock has plunged 30.3% against the industry’s 22% growth.
Image Source: Zacks Investment Research
Adjusted research and development (R&D) expenses rose 31% year over year to $340.9 million. R&D expenses accounted for increased clinical study costs associated with the ZENITH phase III cardiovascular outcomes study, which will evaluate zilebesiran to treat patients with hypertension at high cardiovascular risk, in partnership with Roche. Increased expenses associated with the phase III TRITON-CM and TRITON-PN studies, evaluating nucresiran in patients with ATTR-CM and hATTR-PN, respectively, also contributed to higher R&D costs.
Adjusted selling, general and administrative (SG&A) expenses increased 17% year over year to $285.1 million, primarily due to higher employee compensation costs, as a result of higher headcount and increased marketing investment associated with the Amvuttra launch in ATTR-CM.
Cash, cash equivalents and marketable securities as of Dec. 31, 2025, amounted to $2.91 billion compared with $2.7 billion recorded as of Sept. 30, 2025.
Alnylam, in collaboration with Roche, is developing zilebesiran in a late-stage study (ZENITH) to evaluate the potential of zilebesiran to reduce the risk of major adverse cardiovascular events in patients with uncontrolled hypertension. ALNY entered a strategic collaboration with RHHBY to co-develop and co-commercialize zilebesiran for the treatment of hypertension in 2023.
ALNY’s Full-Year 2025 Results
For 2025, Alnylam generated total revenues of $3.71 billion, up 65% year over year on a reported basis and 64% at CER. The figure missed the Zacks Consensus Estimate of $3.75 billion.
For 2025, the company reported adjusted earnings of $5.08 per share, in contrast to the loss of 2 cents per share recorded in 2024, on the back of significantly higher revenues generated. The reported figure beat the Zacks Consensus Estimate of earnings of $4.56 per share.
ALNY’s 2026 Financial Guidance
Alnylam expects net product revenues for Onpattro, Amvuttra, Givlaari and Oxlumo in the range of $4.9-$5.3 billion for 2026, suggesting year-over-year growth of 64-77% at CER.
Net revenues from collaborations and royalties are expected in the range of $400-$500 million. Adjusted R&D and SG&A expenses are anticipated in the band of $2.7-$2.8 billion.
Alnylam Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Alnylam Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Alnylam Pharmaceuticals, Inc. Quote
Our Take
Alnylam delivered mixed fourth-quarter 2025 results, surpassing earnings estimates but falling short on revenues despite year-over-year growth. The revenue miss likely reflects elevated Wall Street expectations for the company’s commercial trajectory rather than a deterioration in underlying demand, so investors may not need to read too much into the shortfall.
The year-over-year revenue growth was primarily driven by strong Amvuttra sales, supported by rising patient demand. Recent label expansions for the ATTR-CM indication in both the United States and the EU have broadened the eligible patient population, further accelerating uptake — a trend we expect to persist in the coming quarters. Meanwhile, contributions from Givlaari and Oxlumo continue to provide additional support to the top line.
ALNY’s Zacks Rank and Stock to Consider
Alnylam currently carries a Zacks Rank #4 (Sell).
A better-ranked stock in the biotech sector is Alkermes (ALKS - Free Report) , sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Alkermes’ 2026 EPS have increased from $1.54 to $1.91. ALKS shares have risen 17.8% over the past six months.
Alkermes’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average earnings surprise being 4.58%.