Alnylam Pharmaceuticals, Inc. · NASDAQ:ALNY
Alnylam Pharmaceuticals — Q4 2025 Earnings Presentation
29 slides from Alnylam Pharmaceuticals's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter and Full Year 2025 Financial Results February 12, 2026 © 2026 Alnylam Pharmaceuticals, Inc. 1
Slide 2: Agenda
Agenda Welcome • Christine Akinc Chief Corporate Communications Officer Overview • Yvonne Greenstreet, M.D. Chief Executive Officer Commercial Highlights • Tolga Tanguler Chief Commercial Officer Pipeline • Pushkal Garg, M.D. Chief Research & Development Officer Financial Summary • Jeff Poulton Chie
Slide 3: Alnylam Forward-Looking Statements
Alnylam Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical statements of fact regarding Alnylam’s expectations, b
Slide 4: Overview
Overview Yvonne Greenstreet, M.D. Chief Executive Officer 4
Slide 5: Alnylam: A Unique Profile in the Biotech Industry
Alnylam: A Unique Profile in the Biotech Industry Established, Sustainable Innovation Engine and Commercial Excellence to Drive Durable Growth Leadership in RNAi, with a Proven, Organic Product Engine High-Yielding Pipeline with >25 Active Clinical Programs 6 Medicines Collectively Generating Multi-
Slide 6: 2025: A Transformational Year for Alnylam
2025: A Transformational Year for Alnylam Landmark Approval, Commercial Excellence Advanced Innovative RNAi Pipeline Drove Outstanding Financial Performance and Platform Capabilities Global launch of Initiated AMVUTTRA for ATTR-CM 3 Phase 3 Studies Expanded clinical pipeline with Combined net produc
Slide 7: Alnylam 2030
Alnylam 2030 Accelerating Innovation. Scaling Impact. Achieve Global TTR Leadership BUILD A DURABLE TTR FRANCHISE • Lead TTR market in revenue by 2030 and cumulatively across 5-year period • Launch best-in-class, next-gen silencer, nucresiran, in PN by 2028 and CM by 2030 Grow Through Sustainable In
Slide 8: Commercial Highlights
Commercial Highlights Tolga Tanguler Chief Commercial Officer 8
Slide 9: Continued Commercial Execution in Q4 2025
Continued Commercial Execution in Q4 2025 Q4 2025 Overall Portfolio $995M +121% +17% YoY growth1 QoQ growth1 Combined Net Product Revenues vs. Q4’24 vs. Q3’25 Full Year 2025 Overall Portfolio $2,987M +81% YoY growth1 Combined Net Product Revenues vs. FY’24 TTR Franchise Rare Franchise 1 With FX impa
Slide 10: Q4 2025: Sustained Rare Franchise Performance
Q4 2025: Sustained Rare Franchise Performance $136M Total Rare Global Q4 2025 Q4 2025 Rare Franchise Highlights Net Product Revenues QoQ % Growth YoY % Growth +26% GIVLAARI 17% 34% $136M $128M $127M OXLUMO -6% 14% $108M $109M $31M $32M TOTAL Rare 8% 26% $32M Revenues ($M) $25M $28M $18M $16M • GIVLA
Slide 11: Continued AMVUTTRA ATTR-CM Launch Momentum
Continued AMVUTTRA ATTR-CM Launch Momentum $858M Total TTR Global Q4 2025 Q4 2025 TTR Franchise Highlights Net Product Revenues QoQ % Growth YoY % Growth +151% +$134M Global vs. Q3 U.S. 20% 222% $858M ROW 13% 47% $724M $185M +$23M ROW vs. Q3 Global 18% 151% Revenues ($M) $155M $20M $544M • U.S. Q4’2
Slide 12: Building Leadership in Large, Growing ATTR-CM Market
Building Leadership in Large, Growing ATTR-CM Market Significant Unmet Need Exceptional Early Launch Momentum >300K patients globally1 U.S. Japan AMVUTTRA OCREVUS 3 In ATTR-CM VYNDA family in CM 5 Quarterly Revenue ~80% Quarterly Revenue AMVUTTRA ATTR-CM patients In ATTR-CM WINREVAIR 3 DUPIXENT 3 un
Slide 13: Establishing Preference Across Lines of Therapy
Establishing Preference Across Lines of Therapy Maintaining Broad Access ATTR-CM: Building Leadership in Growing Category and Patient Affordability Competitive in New Starts Building First-Line Preference Clear Second-Line Leadership • First-line access ALL new starts AMVUTTRA (both first- and secon
Slide 14: One Year Since FDA Approval of AMVUTTRA in ATTR-CM
JOIN US FOR A WEBINAR TO MARK One Year Since FDA Approval of AMVUTTRA in ATTR-CM Highlighting progress in delivering for ATTR-CM patients and the long-term growth and durability of the Company’s flagship TTR franchise. SAVE THE DATE Registration information forthcoming Tuesday, March 24TH 9:30 am ET
Slide 15: Pipeline
Pipeline Pushkal Garg, M.D. Chief Research & Development Officer 15
Slide 16: Advanced Pipeline & Platform Capabilities in 2025
Advanced Pipeline & Platform Capabilities in 2025 Initiated 3 Expanded Launched New Phase 3 Studies Clinical Pipeline RNAi Manufacturing Platform 4 • • Alnylam Proprietary CTAs ALN-2232 ALN-5288 • • ALN-4285 ALN-4915 siRELIS Fully dedicated, proprietary 5 Partner-led CTAs siRNA enzymatic ligation ma
Slide 17: Industry Leading Pipeline of RNAi Therapeutics
Industry Leading Pipeline of RNAi Therapeutics PHASE 1 PHASE 2 PHASE 3 Nucresiran ATTR Amyloidosis with Cardiomyopathy TTR Nucresiran hATTR Amyloidosis with Polyneuropathy Zilebesiran2 Hypertension CARDIOVASCULAR Zilebesiran + REVERSIR2 Hypertension Rapirosiran (ALN-HSD)1 Metabolic Dysfunction-Assoc
Slide 18: Next Wave of Transformative Medicines
Next Wave of Transformative Medicines Investigational Therapies with Multi-Billion-Dollar Potential CARDIOVASCULAR NEUROSCIENCE HEMATOLOGY + METABOLIC ZILEBESIRAN MIVELSIRAN ALN-6400 Hypertension Cerebral Amyloid Angiopathy Bleeding Disorders and Alzheimer’s Disease ALN-4324 Type 2 Diabetes Mellitus
Slide 19: 2026 Pipeline Goals to Drive Our Next Phase of Growth
2026 Pipeline Goals to Drive Our Next Phase of Growth Advance TRITON-CM Phase 3 Trial Ongoing Nucresiran ATTR Amyloidosis Advance TRITON-PN Phase 3 Trial Ongoing Zilebesiran Hypertension Advance ZENITH Phase 3 Trial Ongoing Cerebral Amyloid Complete Enrollment of cAPPricorn-1 Phase 2 Trial H1 Mivels
Slide 20: Financial Summary
Financial Summary Jeff Poulton Chief Financial Officer 20
Slide 21: Q4 and Full Year 2025 Financial Summary
Q4 and Full Year 2025 Financial Summary Q4 2025 vs Q4 2025 vs FY25 vs FY25 vs ($ in millions except where noted as percentages) Q4 2024 Q4 2025 Q4 2024 Q4 2024 FY 2024 FY 2025 FY24 FY24 (Reported) (CER2) (Reported) (CER3) Total Net Product Revenues $451 $995 121% 119% $1,646 $2,987 81% 80% Net Reven
Slide 22: 2026 Full Year Guidance
2026 Full Year Guidance Item FY 2026 Guidance Key Assumptions Total Net Product Revenues1 $4,900 to $5,300 million • Total Rare Net Product Revenues $500 to $600 million (GIVLAARI, OXLUMO) • U.S. TTR category growth consistent with recent run rate • Total TTR Net Product Revenues • U.S. AMVUTTRA mid
Slide 23: Q1 2026 TTR Revenue Phasing Expectations
Q1 2026 TTR Revenue Phasing Expectations Item+$134M Global FY 2026 Guidance Key Assumptions vs. Q3 • International Q1’26 TTR revenue expected to Total Net Product Revenues1 $4,900decrease to $5,300~million $25M from Q4 primarily due to $858M • Total Rare Net Product Revenues updated CM launch pricin
Slide 24: 2026 Full Year Guidance
2026 Full Year Guidance Item FY 2026 Guidance Key Assumptions Total Net Product Revenues1 $4,900 to $5,300 million • Total Rare Net Product Revenues $500 to $600 million (GIVLAARI, OXLUMO) • U.S. TTR category growth consistent with recent run rate • Total TTR Net Product Revenues • U.S. AMVUTTRA mid
Slide 25: Q&A Session
Q&A Session Q4 and Full Year 2025 Financial Results 25
Slide 26: Silence disease. Amplify life.
Silence diseas el : x Amplify life os 15 \! “YAlnylam
Slide 27: Appendix
Appendix Q4 and Full Year 2025 Financial Results 27
Slide 28: Reconciliation of Selected GAAP Measures to Non-GAAP Measures
Alnylam Pharmaceuticals, Inc. Reconciliation of Selected GAAP Measures to Non-GAAP Measures (In thousands) Please note that the figures presented above may not sum exactly due to rounding 28
Slide 29: Reconciliation of Product Revenue and Growth at Constant Currency
Alnylam Pharmaceuticals, Inc. Reconciliation of Product Revenue and Growth at Constant Currency Constant Currency = Constant Exchange Rate, or CER 29
Alnylam Pharmaceuticals — Q4 2025 Earnings Presentation on 6ix