Overview

• RNAi therapeutics firm's Q4 net product revenue grew 121% yr/yr but missed expectations

• Adjusted EPS for Q4 beat analyst expectations

• Company launched 'Alnylam 2030' strategy and plans $250 mln manufacturing expansion

Outlook

• Alnylam expects 2026 total net product revenues between $4.9 bln and $5.3 bln

• Company projects 2026 TTR net product revenues of $4.4 bln to $4.7 bln

• Alnylam plans $250 mln investment in manufacturing expansion

Result Drivers

• AMVUTTRA SUCCESS - The approval and launch of AMVUTTRA for ATTR-CM in the U.S. significantly drove revenue growth, with AMVUTTRA generating $827 mln in Q4 2025

• PIPELINE EXPANSION - Initiated multiple clinical trials and expanded pipeline with proprietary CTAs, enhancing future growth prospects

• MANUFACTURING INVESTMENT - Announced $250 mln investment in a new RNAi manufacturing facility to expand capacity and reduce costs

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Net Product Revenue	Miss	$1.10 bln	$1.17 bln (20 Analysts)
Q4 Adjusted EPS	Beat	$1.28	$1.12 (15 Analysts)
Q4 Adjusted Net Income		$169.75 mln
Q4 Net Income		$111.54 mln
Q4 Adjusted Operating income		$203.35 mln
Q4 Operating Income		$131.72 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 22 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Alnylam Pharmaceuticals Inc is $489.00, about 51.7% above its February 11 closing price of $322.28

• The stock recently traded at 49 times the next 12-month earnings vs. a P/E of 82 three months ago

Press Release: ID:nBw213R4Wa

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