On this page of StockholderLetter.com we present the latest annual shareholder letter from ALNYLAM PHARMACEUTICALS, INC. — ticker symbol ALNY. Reading current and past ALNY letters to shareholders can bring important insights into the investment thesis.
ALYSSA GENE POSITIVE FOR HUNTINGTON S DISEASE, USA
81% YEAR-OVER-YEAR PRODUCT REVENUE GROWTH VS 2024 $3B COMBINED 2025 NET PRODUCT REVENUE 70+ COUNTRIES WITH COMMERCIAL PRESENCE (DIRECT OR THROUGH DISTRIBUTOR)
TO OUR STOCKHOLDERS, 2025 was a transformational year for Alnylam, marked by exceptional progress across the business and the remarkable start to the launch of AMVUTTRA (vutrisiran) for patients with ATTR cardiomyopathy. The AMVUTTRA launch has fundamentally changed our trajectory accelerating our growth, enabling greater investment in our next wave of medicines, and opening a new era of unprecedented opportunity for the company. AMVUTTRA has the potential to become the new standard of care in the large and growing TTR market. Its increasing use by both newly diagnosed patients and those whose disease is progressing on other therapies underscores its compelling clinical profile and reflects strong engagement from physicians, patients, and payers. Outside the U.S., regulatory approvals in Japan, the EU, and numerous additional markets will enable us to deliver AMVUTTRA to patients across the globe. The AMVUTTRA launch drove our robust commercial performance in 2025, with combined net product revenue rising to $2.987 billion, 81% greater than in 2024. TTR Franchise revenue doubled from the prior year, with sales of AMVUTTRA and ONPATTRO (patisiran) generating $2.487 billion or more than $800 million above our original 2025 guidance. Our Rare Disease business continued its steady growth, with sales of GIVLAARI (givosiran) and OXLUMO (lumasiran) increasing 18% year-over-year to $500 million. Leqvio (inclisiran), a product discovered by Alnylam, has become one of Novartis top-selling medicines, while our partner Sanofi received FDA approval in 2025 for Qfitlia (fitusiran), another Alnylam-discovered medicine, highlighting the power of our RNAi platform and the generational technology we are advancing. We ended 2025 with a cash and investment balance of approximately $2.9 billion and achieved GAAP profitability for the first time, a pivotal milestone that reflects our strong growth and financial discipline. Sustaining profitability will allow us to fund the investment we plan in our burgeoning pipeline of new medicines that may have the potential to prevent, halt, or reverse disease. In doing so, we are advancing the vision that has guided Alnylam since its founding: realizing RNA interference as a new class of medicines capable of transforming human health. In 2025, we made significant progress across our pipeline, which includes a number of medicines in development with multi-billion-dollar revenue potential. We initiated 3 Phase 3 studies: the TRITON-PN and TRITON-CM studies of our next-generation TTR silencer nucresiran, and the ZENITH cardiovascular outcomes trial of zilebesiran for hypertension, a study that underscores our growing commitment to cardiovascular disease. Within neuroscience, we are advancing our programs with urgency and conviction given the enormous unmet medical need in this field. Mivelsiran is designed to prevent amyloid deposition in the brain and is being evaluated in a Phase 2 study in cerebral amyloid angiopathy, with a Phase 2 study in Alzheimer s disease planned to begin in the first half of 2026. We are also advancing ALN-HTT02 in a Phase 1 study for Huntington s disease, with initial results expected this year. Sustaining profitability will allow us to fund the investment we plan in our burgeoning pipeline of new medicines that may have the potential to prevent, halt, or reverse disease. 1
2.5K+ 2X 5 P x25 3 25+ Employees worldwide TTR Franchise revenue vs 2024 Goals achieved by end of 2025 Phase 3 studies initiated in 2025 Within hematology, we are focused on advancing ALN-6400, which holds exciting potential to address a wide range of bleeding disorders, with a Phase 2 study underway now for a lead indication, hereditary hemorrhagic telangiectasia. 2 Programs in clinical development by end of 2025 In metabolic diseases, we see a compelling opportunity to address significant gaps in treatment left by GLP-1 medicines. ALN-4324 holds the potential to be a novel insulin sensitizer for people with type 2 diabetes, while ALN-2232 is our first candidate for obesity and weight
Within hematology, we are focused on advancing ALN-6400, which holds exciting potential to address a wide range of bleeding disorders... management, with the potential to lead to durable and fat-specific weight loss. ALN-2232 also represents another first for Alnylam: delivery of an investigational RNAi therapeutic to adipose tissue. To bring the remarkable advances we are making in the clinic to the patients who need them, we continue to focus on scaling the company. In 2025, we launched a critical expansion of our flagship Norton manufacturing site, to advance what is poised to become the industry s first fully dedicated, proprietary siRNA enzymatic ligation manufacturing facility, as we implement our new siRELIS platform, a novel approach to producing RNAi therapeutics that is expected to meaningfully expand capacity and significantly reduce production costs. Continuing our long heritage of setting and achieving bold 5-year goals, we have launched our Alnylam 2030 strategy, which reflects our enormous ambition for the company and commits us to achieving market leadership in ATTR amyloidosis, driving long-term growth through sustainable innovation, and delivering exceptional financial results with discipline and agility. We are building an extraordinary company with the potential to help millions of people. In the transformational year just concluded, we firmly established Alnylam among the top biotechnology companies in the world. Now we intend to continue our ascent, advancing our science, expanding our reach, and delivering even greater impact for patients. Sincerely, YVONNE G R E E N S T R E E T, MD, MBA, OBE CHIEF EXECUTIVE OFFICER As we build for the future, we remain focused on sustaining a culture that supports and attracts great people. Alnylam was widely recognized again last year as an exceptional place to work, including by USA Today, Science Magazine, Fast Company, and the Boston Globe. We were also named again to Newsweek s list of America s Most Socially Responsible Companies and improved our already-strong ESG ratings, reflecting the deep commitment highlighted in our annual Corporate Responsibility Report. In 2025, we marked the conclusion of a pivotal chapter in our history, declaring victory on our Alnylam P5x25 goals, which guided our strategy for the past 5 years. We met or exceeded each of these goals, delivering 6 approved medicines to approximately 500,000 patients; returning a 5-year compound annual revenue growth rate of approximately 50%; dramatically expanding our pipeline; and achieving profitability. 3
 • shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/3/2023 ALNY Stockholder Letter
 • stockholder letter icon 4/1/2024 ALNY Stockholder Letter
 • stockholder letter icon 3/24/2025 ALNY Stockholder Letter
 • stockholder letter icon More "Drugs & Pharmaceuticals" Category Stockholder Letters
 • Benford's Law Stocks icon ALNY Benford's Law Stock Score = 78


ALNY Shareholder/Stockholder Letter Transcript:

ALYSSA
GENE POSITIVE FOR
HUNTINGTON   S
DISEASE, USA

81%
YEAR-OVER-YEAR
PRODUCT REVENUE
GROWTH VS 2024
$3B
COMBINED 2025 NET
PRODUCT REVENUE
70+
COUNTRIES WITH
COMMERCIAL PRESENCE
(DIRECT OR THROUGH
DISTRIBUTOR)

TO OUR STOCKHOLDERS,
2025 was a transformational
year for Alnylam, marked
by exceptional progress
across the business and
the remarkable start to the
launch of AMVUTTRA  
(vutrisiran) for patients with
ATTR cardiomyopathy.
The AMVUTTRA launch has fundamentally changed our
trajectory   accelerating our growth, enabling greater
investment in our next wave of medicines, and opening a
new era of unprecedented opportunity for the company.
AMVUTTRA has the potential to become the new standard
of care in the large and growing TTR market. Its increasing
use by both newly diagnosed patients and those whose
disease is progressing on other therapies underscores its
compelling clinical profile and reflects strong engagement
from physicians, patients, and payers. Outside the U.S.,
regulatory approvals in Japan, the EU, and numerous
additional markets will enable us to deliver AMVUTTRA to
patients across the globe.
The AMVUTTRA launch drove our robust commercial
performance in 2025, with combined net product revenue
rising to $2.987 billion, 81% greater than in 2024. TTR
Franchise revenue doubled from the prior year, with
sales of AMVUTTRA and ONPATTRO   (patisiran) generating
$2.487 billion   or more than $800 million above our
original 2025 guidance. Our Rare Disease business
continued its steady growth, with sales of GIVLAARI  
(givosiran) and OXLUMO   (lumasiran) increasing 18%
year-over-year to $500 million.
Leqvio   (inclisiran), a product discovered by Alnylam,
has become one of Novartis    top-selling medicines, while
our partner Sanofi received FDA approval in 2025 for
Qfitlia   (fitusiran), another Alnylam-discovered medicine,
highlighting the power of our RNAi platform and the
generational technology we are advancing.
We ended 2025 with a cash and investment balance of
approximately $2.9 billion and achieved GAAP profitability
for the first time, a pivotal milestone that reflects our
strong growth and financial discipline. Sustaining
profitability will allow us to fund the investment we plan
in our burgeoning pipeline of new medicines that may
have the potential to prevent, halt, or reverse disease.
In doing so, we are advancing the vision that has guided
Alnylam since its founding: realizing RNA interference
as a new class of medicines capable of transforming
human health.
In 2025, we made significant progress across our pipeline,
which includes a number of medicines in development
with multi-billion-dollar revenue potential. We initiated
3 Phase 3 studies: the TRITON-PN and TRITON-CM studies
of our next-generation TTR silencer nucresiran, and the
ZENITH cardiovascular outcomes trial of zilebesiran for
hypertension, a study that underscores our growing
commitment to cardiovascular disease.
Within neuroscience, we are advancing our programs
with urgency and conviction given the enormous unmet
medical need in this field. Mivelsiran is designed to prevent
amyloid deposition in the brain and is being evaluated in
a Phase 2 study in cerebral amyloid angiopathy, with a
Phase 2 study in Alzheimer   s disease planned to begin in
the first half of 2026. We are also advancing ALN-HTT02
in a Phase 1 study for Huntington   s disease, with initial
results expected this year.
Sustaining profitability
will allow us to fund the
investment we plan in our
burgeoning pipeline of new
medicines that may have
the potential to prevent,
halt, or reverse disease.   
1

2.5K+
2X
5
P x25
3
25+
Employees
worldwide
TTR Franchise
revenue vs 2024
Goals achieved
by end of 2025
Phase 3 studies
initiated in 2025
Within hematology, we are focused on advancing
ALN-6400, which holds exciting potential to
address a wide range of bleeding disorders, with a
Phase 2 study underway now for a lead indication,
hereditary hemorrhagic telangiectasia.
2
Programs in clinical
development by end
of 2025
In metabolic diseases, we see a compelling opportunity
to address significant gaps in treatment left by GLP-1
medicines. ALN-4324 holds the potential to be a novel
insulin sensitizer for people with type 2 diabetes, while
ALN-2232 is our first candidate for obesity and weight

Within hematology, we
are focused on advancing
ALN-6400, which holds
exciting potential to
address a wide range of
bleeding disorders...   
management, with the potential to lead to durable and
fat-specific weight loss. ALN-2232 also represents
another first for Alnylam: delivery of an investigational
RNAi therapeutic to adipose tissue.
To bring the remarkable advances we are making in the
clinic to the patients who need them, we continue to
focus on scaling the company. In 2025, we launched a
critical expansion of our flagship Norton manufacturing
site, to advance what is poised to become the industry   s
first fully dedicated, proprietary siRNA enzymatic ligation
manufacturing facility, as we implement our new
siRELIS    platform, a novel approach to producing RNAi
therapeutics that is expected to meaningfully expand
capacity and significantly reduce production costs.
Continuing our long heritage of setting and achieving bold
5-year goals, we have launched our Alnylam 2030 strategy,
which reflects our enormous ambition for the company
and commits us to achieving market leadership in ATTR
amyloidosis, driving long-term growth through sustainable
innovation, and delivering exceptional financial results
with discipline and agility.
We are building an extraordinary company with the
potential to help millions of people. In the transformational
year just concluded, we firmly established Alnylam among
the top biotechnology companies in the world. Now we
intend to continue our ascent, advancing our science,
expanding our reach, and delivering even greater impact
for patients.
Sincerely,
YVONNE
G R E E N S T R E E T,
MD, MBA, OBE
CHIEF EXECUTIVE
OFFICER
As we build for the future, we remain focused on sustaining
a culture that supports and attracts great people. Alnylam
was widely recognized again last year as an exceptional
place to work, including by USA Today, Science Magazine,
Fast Company, and the Boston Globe. We were also named
again to Newsweek   s list of America   s Most Socially
Responsible Companies and improved our already-strong
ESG ratings, reflecting the deep commitment highlighted
in our annual Corporate Responsibility Report.
In 2025, we marked the conclusion of a pivotal chapter in
our history, declaring victory on our Alnylam P5x25 goals,
which guided our strategy for the past 5 years. We met
or exceeded each of these goals, delivering 6 approved
medicines to approximately 500,000 patients; returning
a 5-year compound annual revenue growth rate of
approximately 50%; dramatically expanding our pipeline;
and achieving profitability.
3


shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
 

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