Alnylam Pharmaceuticals 2025 Q2 Earnings Misses Targets as Net Loss Widens 292%

Alnylam Pharmaceuticals (ALNY) announced its fiscal 2025 Q2 earnings on July 31, 2025, revealing a significant increase in revenue but a wider net loss compared to last year. The company reported $773.69 million in revenue, a 17% growth year-over-year, exceeding expectations of $638.55 million. Despite this revenue growth, Alnylam Pharmaceuticals faced a deepening net loss of $-66.28 million, which widened by 292.4% compared to the previous year. Consequently, the company adjusted its guidance upwards, reflecting strong confidence in its commercial product launches.

Revenue
The total revenue for Alnylam Pharmaceuticals climbed by 17.3% to reach $773.69 million in the second quarter of 2025, compared to $659.83 million in the same quarter of 2024. Net product revenues stood at $672.21 million, with AMVUTTRA contributing $491.95 million, ONPATTRO adding $52.54 million, GIVLAARI generating $80.85 million, and OXLUMO bringing in $46.87 million. Additionally, net revenues from collaborations amounted to $61.50 million, including $18.27 million from Roche and $32.54 million from Regeneron Pharmaceuticals. Other collaborations added $10.69 million, while royalty revenue accounted for $39.98 million of the total.

Earnings/Net Income
Alnylam Pharmaceuticals experienced a substantial widening of its losses, reporting $0.51 per share in 2025 Q2, up from $0.13 per share in 2024 Q2, marking a 292.3% increase. The company's net loss expanded to $-66.28 million, a 292.4% rise from the $-16.89 million loss in the previous year, indicating ongoing challenges in achieving profitability.

Post Earnings Price Action Review
The strategy of purchasing shares of Alnylam Pharmaceuticals (ALNY) following a quarter-over-quarter revenue increase and holding them for 30 days resulted in moderate returns, yet it underperformed compared to the benchmark. The strategy delivered an 80.25% return, whereas the benchmark yielded an 85.57% return, leading to an excess return of -5.32%. The strategy's compound annual growth rate (CAGR) was 12.60%, showcasing a low-risk approach with consistent growth, despite a maximum drawdown of 0.00%. The Sharpe ratio stood at 0.25, reflecting steady yet modest risk-adjusted returns. Overall, while the strategy has proven effective, it has not consistently outpaced the benchmark, suggesting potential areas for improvement in post-earnings investment tactics.

CEO Commentary
Yvonne L. Greenstreet, CEO & Director, emphasized that Alnylam Pharmaceuticals is "firing on all cylinders," positioning itself as a leading biotech firm. She pointed out the impressive $544 million in TTR franchise revenues, driven by the AMVUTTRA launch, reflecting a 77% year-over-year growth. Greenstreet expressed confidence in the company's strategic focus on sustainable growth through innovation and highlighted the robust pipeline's multibillion-dollar potential, underscoring a positive outlook for the future.

Guidance
Alnylam Pharmaceuticals has raised its total net product revenue guidance for 2025 from an initial range of $2.05 billion to $2.25 billion, now forecasting between $2.65 billion and $2.8 billion. This adjustment represents a significant increase of $575 million or 27% at the midpoint, driven by strong expectations for the ATTR-CM launch and other commercial products. The total TTR guidance was also adjusted from $1.6 billion to $1.725 billion to a new range of $2.175 billion to $2.275 billion, indicating continued growth fueled by AMVUTTRA's initial success.

Additional News
In recent developments, Alnylam Pharmaceuticals has announced the promotion of Pushkal Garg, M.D., to Chief Research and Development Officer as of June 18, 2025. This strategic appointment is part of Alnylam's efforts to enhance its R&D capabilities and deliver transformative RNAi therapeutics, with a goal of targeting major tissues by 2030. Additionally, the company has expanded its partnership with Medison Pharma to accelerate access to RNAi therapies in new Latin American and Asia-Pacific markets, including Australia. This expansion aims to leverage Medison's global commercialization platform for efficient distribution of Alnylam's innovative technologies. Furthermore, Alnylam has received European Commission approval for AMVUTTRA for treating ATTR amyloidosis with cardiomyopathy, marking a milestone in RNAi therapeutic approvals.

Price Action
The stock price of Alnylam Pharmaceuticals surged by 12.07% during the latest trading day, with a