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Alnylam Pharmaceuticals makes medicines that silence messenger RNA, reducing production of proteins involved in disease—a treatment approach called RNA interference, or RNAi. Its main business is selling approved medicines, especially AMVUTTRA for transthyretin amyloidosis, including cases affecting the heart. AMVUTTRA accounts for most product revenue. ONPATTRO treats another form of this disease, while GIVLAARI and OXLUMO form its other rare-disease business.
Alnylam sells directly in major markets and uses partners in smaller markets. Government health programs and commercial insurers help pay for treatment through coverage and reimbursement. It also earns royalties from medicines commercialized by partners, including Novartis’s Leqvio and Sanofi’s Qfitlia. Research collaborations bring development funding and payments when agreed milestones are reached; Roche, its partner on zilebesiran, supplies most collaboration revenue.
The business depends heavily on continued AMVUTTRA use, diagnosis of eligible patients and insurers’ willingness to cover treatment. Approval applies to specific uses and markets, and Alnylam cannot promote medicines before approval or for unapproved uses. Country-specific price controls and reimbursement decisions also shape sales. Alnylam relies on a limited group of outside manufacturers for commercial drug supply and on partners to develop and sell the medicines they control.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Alnylam's results hinge chiefly on AMVUTTRA uptake in ATTR cardiomyopathy, but also watch Roche, a major milestone-paying partner developing zilebesiran that is absent from this list.
BridgeBio Pharma's Attruby competes for the ATTR cardiomyopathy patients driving Alnylam's recent AMVUTTRA growth. Watch Attruby's U.S. sales: the pill has a lower U.S. list price than AMVUTTRA, a difference Alnylam says could reduce its market share and revenue.
Pfizer's Vyndaqel and Vyndamax compete directly with Alnylam's AMVUTTRA for ATTR cardiomyopathy patients. Their pill form and lower U.S. list prices make patient acceptance of AMVUTTRA's injections a competitive issue to watch.
Ionis Pharmaceuticals, Inc. both competes with Alnylam through its ATTR amyloidosis medicines WAINUA and TEGSEDI and licenses Alnylam patent rights used in its RNA-targeting drugs. Watch those licensed patents as well as medicine uptake: weaker patent protection could undermine Alnylam's competitive position and collaboration revenue.
AstraZeneca sells Ionis's WAINUA and is advancing an ATTR cardiomyopathy treatment that could challenge Alnylam's TTR medicines. Watch progress in that Phase 3 program for a potential new rival to AMVUTTRA in the patient group driving its recent growth.
Sanofi pays Alnylam a share of sales for its licensed hemophilia medicine Qfitlia, while Alnylam pays Sanofi a substantial share of AMVUTTRA sales. Watch Qfitlia sales for incoming royalties and AMVUTTRA sales for outgoing royalties; both use tiers ranging from 15% to 30% of annual global net sales.
Regeneron funds work on Alnylam-licensed medicines and owes milestone payments and potential sales royalties, with sole responsibility for developing, making and selling cemdisiran. Watch cemdisiran approval progress and the continuing eye, central nervous system and liver programs: the initial research term ends in May 2026, but previously nominated programs continue.
Novartis sells Alnylam-licensed Leqvio and pays Alnylam a share of its global sales, creating a growing royalty stream. Watch Leqvio's worldwide sales and patient uptake: higher sales volume and a higher royalty rate drove Alnylam's royalty revenue growth in 2025.
Arrowhead and Alnylam both develop and sell medicines that silence disease-related protein production using small interfering RNA, so advances in effectiveness, delivery and lasting benefit matter to both. Watch Arrowhead's first commercial medicine, REDEMPLO, for evidence of sustained triglyceride reduction in adults with familial chylomicronemia syndrome.
Novo Nordisk's Phase 3 ATTR cardiomyopathy candidate could compete with AMVUTTRA, Alnylam's principal recent product-growth driver. Watch its trial results for potential new competition in the ATTR cardiomyopathy patient group.
Vir Biotechnology, Inc. funds development, manufacturing and commercialization of Alnylam-licensed elebsiran for hepatitis B and D, with milestone payments and potential sales royalties flowing to Alnylam. Watch elebsiran's development and approval progress: Vir owes up to $145 million in remaining development and regulatory milestones before the separate sales milestones and royalties.
Novartis AG earningsNVS
Novartis’s report will show how Leqvio sales and patient uptake are shaping the royalty income it pays Alnylam.
Watch Novartis’s worldwide Leqvio sales alongside the royalty revenue Alnylam reports. Sales growth that lifts Alnylam’s royalties would show the collaboration income is holding up; slowing or falling sales would put that income under pressure and make the patent challenge more consequential.
BridgeBio Pharma, Inc. earningsBBIO
BridgeBio Pharma’s report will show whether lower-list-price Attruby is gaining U.S. ATTR cardiomyopathy sales against Alnylam’s AMVUTTRA.
Watch Attruby’s U.S. sales and compare them with Alnylam’s AMVUTTRA sales. Strong Attruby sales would show that the lower-list-price pill is gaining a foothold and could intensify pressure on AMVUTTRA to win patients; weak sales would mean there is not yet strong sales evidence of a squeeze, but would not establish patient choice or market-share shifts.
Alnylam Pharmaceuticals, Inc. earningsThis company
Alnylam’s report will show whether AMVUTTRA sales growth is still lifting product revenue enough to cover the costs of making and selling its medicines.
Read TTR product revenue alongside operating income. AMVUTTRA is the main source of TTR product revenue, while operating income also reflects research, selling and other costs beyond product costs. Growth in both, with operating income improving, would show sales gains translating into stronger operations; rising product revenue but flat or weaker operating income would show costs and expenses absorbing more of the growth.
