Alnylam Pharmaceuticals beats top-line and bottom-line estimates; updates FY outlook

* Alnylam Pharmaceuticals press release [https://seekingalpha.com/pr/20286227-alnylam-pharmaceuticals-reports-third-quarter-2025-financial-results-and-highlights-recent] (ALNY [https://seekingalpha.com/symbol/ALNY]): Q3 Non-GAAP EPS of $2.90 beats by $1.15.
* Revenue of $1.24B (+147.5% Y/Y) beats by $265.88M.
* Cash, cash equivalents and marketable securities were $2.7 billion as of September 30, 2025, as compared to $2.9 billion as of June 30, 2025, with the decrease primarily driven by the partial repurchase of the 1.00% convertible senior notes due 2027, offset in part by net proceeds from the issuance of 0.00% convertible senior notes due 2028 and net cash inflows from operating activities.
*
2025 FINANCIAL GUIDANCE

Full-year 2025 financial guidance is updated and consists of the following:

Item

Prior FY 2025 Guidance

Updated FY 2025 Guidance

Total TTR net product revenues (PN & CM) (AMVUTTRA, ONPATTRO)1

$2,175 million - $2,275 million

$2,475 million - $2,525 million

Total Rare net product revenues (GIVLAARI, OXLUMO)

$475 million - $525 million

Reiterate FY guidance

Total net product revenues

$2,650 million - $2,800 million

$2,950 million - $3,050 million (VS. CONSENSUS OF $3.57B)

Net product revenues growth vs. 2024 at currency exchange rates as of September 30, 20251

61% to 70%

79% to 85%

Net product revenues growth vs. 2024 at constant exchange rates2

59% to 68%

78% to 84%

Net revenues from collaborations and royalties

$650 million - $750 million

Reiterate FY guidance

GAAP R&D and SG&A expenses

$2,445 million - $2,575 million

$2,495 million - $2,575 million

Non-GAAP R&D and SG&A expenses3

$2,100 million - $2,200 million

$2,150 million - $2,200 million

Non-GAAP Operating income3

Achieve profitability

Reiterate FY guidance

Click to enlarge

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