Alnylam Q4 Earnings Beat, Revenue Misses on 85% Growth; Stock Down 4.1%
Alnylam reported Q4 2025 adjusted EPS of $1.25, beating estimates, while revenue of $1.10 billion missed consensus despite 85% growth. Amvuttra sales surged 189% to $826.6 million. The stock fell 4.1% after the mixed results.
Alnylam Pharmaceuticals reported fourth-quarter 2025 adjusted earnings of $1.25 per share, beating the consensus estimate of $1.16, while total revenues of $1.10 billion missed the consensus estimate of $1.14 billion. The company had reported adjusted earnings of 6 cents in the year-ago quarter. Following the mixed nature of Alnylam's fourth-quarter results, the stock was down 4.1% on Thursday.
Total revenues 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). Royalty revenues were $61.4 million, up 73% year over year on a reported basis and at CER.
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. Amvuttra sales missed the consensus estimate of $837.2 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.
Onpattro (patisiran) recorded sales of $31.7 million in the reported quarter, down 44% on a reported basis, missing the consensus estimate of $39.8 million. Givlaari recorded sales of $86.8 million, a year-over-year increase of 34%, beating the consensus estimate of $79.7 million. Oxlumo recorded global net product revenues of $49.6 million, up 14% year over year, missing the consensus estimate of $55.2 million.
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 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, Alnylam recognized revenues under its ongoing collaborations with Regeneron and Roche. 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.
Adjusted research and development (R&D) expenses rose 31% year over year to $340.9 million, accounting 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. In the past six months, Alnylam stock has plunged 30.3% against the industry's 22% growth.