Alnylam Pharmaceuticals, Inc.

alnylam.com

What Do They Do?

Develops and sells gene-silencing medicines for patients with a range of diseases, and works with pharmaceutical collaborators to develop and commercialize therapies.

How Do They Make Money?

Alnylam sells medicines to customers, with product revenue counted when the customer takes ownership. It also earns collaboration revenue under agreements that let partners use its technology and develop candidates, plus royalties on collaborator sales of Leqvio and Qfitlia.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Net product revenues Sold outright	80% FY2022: 86%	Sold outright
Net revenues from collaborations	15% FY2022: 13%
Royalty revenue Licensed	4.7% FY2022: 0.8%	Licensed

Who Are Their Customers?

Alnylam sells medicines to direct customers. It also works with pharmaceutical collaborators that develop and commercialize some products, including Novartis and Sanofi.

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.

Operating income, FY2025

14% of revenue

▲ Now profitable vs FY2024 (−$176.9M, −8%)

Net income, FY2025

8% of revenue

▲ Now profitable vs FY2024 (−$278.2M, −12%)

Free cash flow, FY2025

13% of revenue

▲ Now profitable vs FY2024 (−$42.6M, −2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +67%; vs $773.7M in Q2 FY2025
Net income: ▲ Now profitable; vs −$72.2M in Q2 FY2025

Net product revenues share of revenue vs 86.9% in Q2 FY2025

Jul 30, 2026 Cuts full-year TTR product revenue guidance Lowered the full-year TTR net product revenue range from $4,400–$4,700 million to $4,200–$4,500 million.

Growing. Revenue grew 4.4x in 4 years, from $844.3M in FY2021 to $3.7B in FY2025, about 45% a year.

Qfitlia enters the marketed portfolio Qfitlia moved from a late-stage program advanced by Sanofi to an approved medicine commercialized by Sanofi.

Revenue over time

Net product revenues Net revenues from collaborations Royalty revenue

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with ADARx Pharmaceuticals, Amgen, Argo, Aro Biotherapeutics, Arrowhead, AstraZeneca, Dyne Therapeutics, Eli Lilly and, GlaxoSmithKline, Novartis, Novo Nordisk, SanegeneBio, Sarepta Therapeutics, Silence Therapeutics, Takeda Pharmaceutical, Wave Life Sciences, Ionis, Intellia Therapeutics, Pfizer, and BridgeBio Pharma

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