Analyst Conference Summary

biotechnology

conference date: February 12, 2026 @ 5:30 AM Pacific Time
for quarter ending: December 30, 2025 (fourth quarter, Q4)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $1.25 billion, and up % from $ million year-earlier.

Net income was $ million, up sequentially from $251 million, and up from negative $ million year-earlier.

Diluted EPS was $, up sequentially from $1.84, and up from negative $7 year-earlier.

Guidance:

Conference Highlights:

Yvonne Greenstreet, CEO of Alnylam, said: ""

Amvuttra (Vutrisiran) Phase 3 ATTR amyloidosis with cardiomyopathy approved by FDA in March 2025. Believes in the global market 80% of potential ATTR-CM patients are undiagnosed. New analyses in Q3 showed reduced risk of mortality and a lower rate of GI events. Amvutra revenue jumped to $685 million in Q3.

Alnylam in Q4 2025 initiated the TRITON-CM Phase 3 trial of nucresiran in patients with ATTR-CM.

In Q3 2025 Zilebesiran Phase 2 for hypertension reported positive results. The Phase 3 trial was initiated. It will enroll about 11,000 patients.

In Q3 2025 Alnylam started a Phase 2 trial of ALN-6400 for bleeding disorders from hereditory hemorrhagic telangiectasia. Could eventually be tried for a range of bleeding disorders.

In Q3 2025 Alnylam started a Phase 1 trial of ALN-5288 targetting tau in Alzheimer's.

In Q3 2025 Regeneron reported positive Phase 3 results for cemdisiran for myasthenia gravis. A regulatory submission is planned for Q1 2026.

In Q3 2025 Alnylam received a subpoena from the U.S. Attorney's Office for the District of Massachusetts seeking documents on government price reporting for Amvuttra, Onpattro, Oxlumo and Givlaari, including distributor fee and discount arrangements.

Net revenue from collaborations was $ million, up from $ million year-earlier. Royalty revenue was $ million, up from $ million year-earlier.

Non-GAAP net income $ million, up sequentially from $396 million, and up from negative $ million year-earlier. EPS diluted $, up sequentially from $2.90, and up from negative $ year-earlier.

Cash and equivalents balance at the end of the quarter was $ billion, down sequentially from $2.7 billion.

See also Alnylam pipeline. In 2025 had 20 clinical programs including 10 in late stages.

Operating expenses of $ million consisted of: $ million for cost of goods sold; $ million for research and development; and $ million for general and administrative expense; $ million cost of collaboration. Operating income $ million. Interest & other expense $ million. $ million income tax.

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