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- **Revenue Growth**: Q3 2025 net product revenues up 103% YoY to $851 million, driven by 135% TTR franchise expansion.
- **Guidance Increase**: 2025 net product revenue raised to $2.95B-$3.05B (midpoint +10%), reflecting AMVUTTRA ATTR-CM launch strength.
- **U.S. Launch Momentum**: AMVUTTRA ATTR-CM Q3 net sales $543 million (+100% QoQ), with 90% U.S. patients within 10 miles of treatment.
- **Pipeline Progress**: ZENITH hypertension trial initiated; ALN-6400 Phase II in HHT; MAPT Phase I in Alzheimer's.
- **Financial Discipline**: Non-GAAP operating income $476 million (+128% YoY); cash balance $2.7 billion post-refinancing.

**【CEO Summary Section】**
- Q3 2025 total net product revenues reached $851 million, up 103% YoY, driven by 135% growth in the TTR franchise.
- AMVUTTRA ATTR-CM U.S. launch doubled Q3 net revenues to $543 million, with patient demand increasing 100% QoQ.
- 2025 net product revenue guidance raised to $2.95B-$3.05B (midpoint +10%), reflecting strong U.S. and rare disease franchise performance.
- Emphasized TTR leadership, innovation pipeline (e.g., zilebesiran in hypertension), and financial discipline.

**【CFO Financial Commentary】**
- Q3 GAAP net income: $420 million; Non-GAAP EPS: $1.08 (vs. $0.85 prior year).
- Gross margin on product sales: 77% (down 3% YoY due to AMVUTTRA royalty rate increase).
- Non-GAAP R&D expenses: $310 million (+23% YoY) for pipeline trials (e.g., ZENITH, TRITON).
- Non-GAAP SG&A: $263 million (+35% YoY) for U.S. launch investments.
- Cash balance: $2.7 billion post-refinancing; 2025 operating expense guidance narrowed to $2.15B-$2.2B.

**【CCO Commercial Update】**
- U.S. TTR franchise Q3 net sales: $543 million (+194% YoY), with AMVUTTRA ATTR-CM contributing ~$300 million.
- Ex-U.S. TTR revenues: $181 million (+46% YoY), led by Japan and Germany launches.
- Rare disease franchise: $127 million (+14% YoY) despite ex-U.S. competition.
- Health system setup complete; 90% U.S. patients within 10 miles of treatment site.
- Payer coverage broad (0 out-of-pocket for most patients); no headwinds anticipated in 2026.

**【Q&A Highlights】**
- **Payer Dynamics**: No pushback seen; 2026 policies align with U.S. launch experience.
- **Ex-U.S. Pricing**: Japan pricing favorable; Germany negotiations ongoing.
- **Pipeline Updates**: ALN-6400 Phase II in HHT, MAPT Phase I in Alzheimer's, and ZENITH Phase III for hypertension.
- **Competitive Position**: Maintaining >50% first-line share in hATTR-PN despite new competition.
- **Legal Update**: Cooperating with U.S. Attorney's Office subpoena on government price reporting.

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