Alnylam Pharmaceuticals Reports Third Quarter 2025 Financial Results and Highlights Recent Period Progress

CAMBRIDGE, Mass.--( BUSINESS WIRE)-- Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, today reported its consolidated financial results for the third quarter ended September 30, 2025 and reviewed recent business highlights.

“Alnylam’s impressive third quarter financial results underscore our ability to consistently deliver innovative medicines to patients around the world,” said Yvonne Greenstreet, M.D., Chief Executive Officer of Alnylam. “While only in our second full quarter of the AMVUTTRA ATTR-CM launch, the TTR franchise saw remarkable year-over-year growth. AMVUTTRA’s robust clinical profile, convenient quarterly administration, and broad payer coverage all continue to drive this encouraging pace of uptake and further position Alnylam as a leader in TTR. Based on the ATTR-CM launch trajectory, we are again raising our guidance and expect total net product revenues of $2.95 billion to $3.05 billion for 2025.”

Dr. Greenstreet continued, “In addition to our commercial success, we also made significant progress advancing late-, mid-, and early-stage programs across our high-value pipeline of RNAi therapeutics. In the third quarter, we advanced two new Phase 3 trials, having started the ZENITH study for zilebesiran in hypertension, and the TRITON-PN study for nucresiran in hATTR-PN now initiating, as well as earlier stage trials in bleeding and neurologic disorders. As we near the end of our Alnylam P 5x25 era, we couldn’t be more excited by the progress we’ve made establishing Alnylam as a top-tier profitable biotech company delivering transformational innovation to patients, and building a strong foundation for our next phase of growth.”

Third Quarter 2025 and Recent Significant Business Highlights

Total TTR: AMVUTTRA ® (vutrisiran) & ONPATTRO ® (patisiran)

Total Rare: GIVLAARI ® (givosiran) & OXLUMO ® (lumasiran)

Other Highlights

Additional Business Updates

Key Upcoming Events

Alnylam announces today that it will present new results from the HELIOS-B Phase 3 trial on the impact of vutrisiran on cardiac MRI in patients with ATTR-CM at the American Heart Association Scientific Sessions 2025, being held November 7-10, 2025 in New Orleans.

In the fourth quarter of 2025, Alnylam expects to:

Financial Results for the Quarter Ended September 30, 2025

Three Months Ended

September 30,

% Change

(In thousands, except per share amounts and percentages)

2025

2024

Total revenues

1,249,026

500,919

149

GAAP Income (loss) from operations

367,982

(76,905

)

Non-GAAP Income (loss) from operations

476,193

(31,101

)

GAAP Net income (loss)

251,084

(111,570

)

Non-GAAP Net income (loss)

396,180

(64,199

)

GAAP Net income (loss) per common share — basic

1.91

(0.87

)

GAAP Net income (loss) per common share — diluted

1.84

(0.87

)

Non-GAAP Net income (loss) per common share — basic

3.01

(0.50

)

Non-GAAP Net income (loss) per common share — diluted

2.90

(0.50

)

* Not meaningful

For an explanation of our use of non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure, see the tables at the end of this press release.

Revenue Summary

Three Months Ended September 30,

% Change

at CER**

(In thousands, except percentages)

2025

2024

Net product revenues:

AMVUTTRA

685,303

258,590

165

162

ONPATTRO

39,075

50,293

(22

(25

Total TTR net product revenues

724,378

308,883

135

131

GIVLAARI

73,874

71,043

OXLUMO

52,830

40,220

Total Rare net product revenues

126,704

111,263

Total net product revenues

851,082

420,146

103

Net revenues from collaborations:

Roche

326,604

16,289

Regeneron Pharmaceuticals

22,542

37,948

(41

Novartis AG

—

2,936

(100

Other

2,596

214

Total net revenues from collaborations

351,742

57,387

Royalty revenue

46,202

23,386

Total revenues

1,249,026

500,919

149

147

* Indicates the percentage change period over period is greater than 500%

** Change at constant exchange rates, or CER, represents growth calculated as if exchange rates had remained unchanged from those used during the three months ended September 30, 2024. CER is a non-GAAP financial measure.

Total Net Product Revenues

Net Revenues from Collaborations

Royalty Revenue

Operating Expense Summary

Three Months Ended

September 30,

Change

(In thousands, except percentages)

2025

2024

Cost of goods sold

197,231

81,980

141

% of net product revenues

23.2

19.5

Cost of collaborations and royalties

2,923

3,925

(26

GAAP Research and development expenses

358,814

270,926

Non-GAAP Research and development expenses

310,089

251,132

GAAP Selling, general and administrative expenses

322,076

220,993

Non-GAAP Selling, general and administrative expenses

262,590

194,983

Cost of Goods Sold

Research & Development (R&D) Expenses

Selling, General & Administrative (SG&A) Expenses

Other Financial Highlights

Interest expense

Total other expense, net

Benefit from income taxes

Financial position

Partially offset by:

A reconciliation of our GAAP to non-GAAP financial results is included in the tables at the end of this press release.

2025 Financial Guidance

Full-year 2025 financial guidance is updated and consists of the following:

Item

Prior FY 2025 Guidance

Updated FY 2025 Guidance

Total TTR net product revenues (PN & CM) (AMVUTTRA, ONPATTRO) 1

$2,175 million - $2,275 million

$2,475 million - $2,525 million

Total Rare net product revenues (GIVLAARI, OXLUMO)

$475 million - $525 million

Reiterate FY guidance

Total net product revenues

$2,650 million - $2,800 million

$2,950 million - $3,050 million

Net product revenues growth vs. 2024 at currency exchange rates as of September 30, 2025 1

61% to 70%

79% to 85%

Net product revenues growth vs. 2024 at constant exchange rates 2

59% to 68%

78% to 84%

Net revenues from collaborations and royalties

$650 million - $750 million

Reiterate FY guidance

GAAP R&D and SG&A expenses

$2,445 million - $2,575 million

$2,495 million - $2,575 million

Non-GAAP R&D and SG&A expenses 3

$2,100 million - $2,200 million

$2,150 million - $2,200 million

Non-GAAP Operating income 3

Achieve profitability

Reiterate FY guidance

1 Full-year 2025 guidance utilizing currency exchange rates as of September 30, 2025: 1 EUR = 1.17 USD and 1 USD = 148 JPY

2Representing growth calculated as if the exchange rates had remained unchanged from those used in 2024, which is a non-GAAP financial measure

3Excludes $345 million - $375 million of stock-based compensation expense in both the prior and the updated FY 2025 guidance

Use of Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including expenses adjusted to exclude certain non-cash expenses and non-recurring gains or losses outside the ordinary course of the Company’s business. These measures are not in accordance with, or an alternative to, GAAP, and may be different from non-GAAP financial measures used by other companies.

The items included in GAAP presentations but excluded for purposes of determining non-GAAP financial measures for the periods presented in this press release are stock-based compensation expenses, loss related to convertible debt, and realized and unrealized gains or losses on marketable equity securities. The Company has excluded the impact of stock-based compensation expense, which may fluctuate from period to period based on factors including the variability associated with performance-based grants for stock options and restricted stock units and changes in the Company’s stock price, which impacts the fair value of these awards. The Company has excluded the loss related to convertible debt because the Company believes the item is a non-recurring transaction outside the ordinary course of the Company’s business. The Company has excluded the impact of the realized and unrealized gains or losses on marketable equity securities because the Company does not believe these adjustments accurately reflect the performance of the Company’s ongoing operations for the period in which such gains or losses are reported, as their sole purpose is to adjust amounts on the balance sheet.

Percentage changes in revenue growth at CER are presented excluding the impact of changes in foreign currency exchange rates for investors to understand the underlying business performance. The current period’s foreign currency revenue values are converted into U.S. dollars using the average exchange rates from the prior period.

The Company believes the presentation of non-GAAP financial measures provides useful information to management and investors regarding the Company’s financial condition and results of operations. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company’s ongoing operating performance and are better able to compare the Company’s performance between periods. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating performance, allocating resources and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. A reconciliation between GAAP and non-GAAP measures is provided later in this press release.

Conference Call Information

Management will provide an update on the Company and discuss third quarter 2025 results as well as expectations for the future via conference call on Thursday, October 30, 2025 at 8:30 am ET. A live audio webcast of the call will be available on the Investors section of the Company’s website at www.alnylam.com/events. An archived webcast will be available on the Alnylam website approximately two hours after the event.

About AMVUTTRA ® (vutrisiran)

AMVUTTRA ® (vutrisiran) is an RNAi therapeutic that delivers rapid knockdown of transthyretin (TTR), addressing the underlying cause of transthyretin (ATTR) amyloidosis. Administered quarterly via subcutaneous injection by a healthcare professional, AMVUTTRA is approved and marketed in more than 15 countries for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis (hATTR-PN) in adults and is approved in the U.S., Brazil, the European Union, the United Kingdom, and Japan for the treatment of the cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular mortality, cardiovascular hospitalizations and urgent heart failure visits. For more information about AMVUTTRA, including the full U.S. Prescribing Information, visit AMVUTTRA.com.

About ONPATTRO ® (patisiran)

ONPATTRO is an RNAi therapeutic that is approved in the United States and Canada for the treatment of adults with hATTR amyloidosis with polyneuropathy. ONPATTRO is also approved in the European Union, Switzerland and Brazil for the treatment of hATTR amyloidosis in adults with Stage 1 or Stage 2 polyneuropathy, and in Japan for the treatment of hATTR amyloidosis with polyneuropathy. ONPATTRO is an intravenously administered RNAi therapeutic targeting transthyretin (TTR). It is designed to target and silence TTR messenger RNA, thereby reducing the production of TTR protein before it is made. Reducing the pathogenic protein leads to a reduction in amyloid deposits in tissues. For more information about ONPATTRO, including full Prescribing Information, visit ONPATTRO.com.

About GIVLAARI ® (givosiran)

GIVLAARI (givosiran) is an RNAi therapeutic targeting aminolevulinic acid synthase 1 (ALAS1) approved in the United States and Brazil for the treatment of adults with acute hepatic porphyria (AHP). GIVLAARI is also approved in the European Union for the treatment of AHP in adults and adolescents aged 12 years and older. In the pivotal trial, GIVLAARI was shown to significantly reduce the rate of porphyria attacks that required hospitalizations, urgent healthcare visits or intravenous hemin administration at home compared to placebo. GIVLAARI is Alnylam’s first commercially available therapeutic based on its Enhanced Stabilization Chemistry ESC-GalNAc conjugate technology to increase potency and durability. GIVLAARI is administered via subcutaneous injection once monthly at a dose based on actual body weight and should be administered by a healthcare professional. GIVLAARI works by specifically reducing elevated levels of ALAS1 messenger RNA (mRNA), leading to reduction of toxins associated with attacks and other disease manifestations of AHP. For more information about GIVLAARI, including the full U.S. Prescribing Information, visit GIVLAARI.com.

About OXLUMO ® (lumasiran)

OXLUMO (lumasiran) is an RNAi therapeutic targeting hydroxyacid oxidase 1 (HAO1). HAO1 encodes glycolate oxidase (GO). Thus, by silencing HAO1 and depleting the GO enzyme, OXLUMO inhibits production of oxalate – the metabolite that directly contributes to the pathophysiology of PH1. OXLUMO utilizes Alnylam’s Enhanced Stabilization Chemistry (ESC)-GalNAc-conjugate technology, which enables subcutaneous dosing with increased potency and durability and a wide therapeutic index. OXLUMO has received regulatory approvals from the U.S. Food and Drug Administration (FDA) for the treatment of primary hyperoxaluria type 1 (PH1) to lower urinary and plasma oxalate levels in pediatric and adult patients and from the European Medicines Agency (EMA) for the treatment of PH1 in all age groups. In the pivotal ILLUMINATE-A trial, OXLUMO was shown to significantly reduce levels of urinary oxalate relative to placebo, with the majority of patients reaching normal or near-normal levels. In the ILLUMINATE-B pediatric Phase 3 trial, OXLUMO demonstrated an efficacy and safety profile consistent to that observed in ILLUMINATE-A. In the ILLUMINATE-C trial, OXLUMO resulted in substantial reductions in plasma oxalate in patients with advanced PH1. Across all three studies, injection site reactions (ISRs) were the most common drug-related adverse reaction. OXLUMO is administered via subcutaneous injection once monthly for three months, then once quarterly beginning one month after the last loading dose at a dose based on actual body weight. For patients who weigh less than 10 kg, ongoing dosing remains monthly. OXLUMO should be administered by a healthcare professional. For more information about OXLUMO, including the full U.S. Prescribing Information, visit OXLUMO.com.

About LNP Technology

Alnylam has licenses to Arbutus Biopharma lipid nanoparticle (LNP) intellectual property for use in RNAi therapeutic products using LNP technology.

About RNAi

RNAi (RNA interference) is a natural cellular process of gene silencing that represents one of the most promising and rapidly advancing frontiers in biology and drug development today. Its discovery has been heralded as “a major scientific breakthrough that happens once every decade or so,” and was recognized with the award of the 2006 Nobel Prize for Physiology or Medicine. By harnessing the natural biological process of RNAi occurring in our cells, a new class of medicines known as RNAi therapeutics is now a reality. Small interfering RNA (siRNA), the molecules that mediate RNAi and comprise Alnylam’s RNAi therapeutic platform, function upstream of today’s medicines by potently silencing messenger RNA (mRNA) – the genetic precursors – that encode for disease-causing or disease pathway proteins, thus preventing them from being made. This is a revolutionary approach with the potential to transform the care of patients with genetic and other diseases.

About Alnylam Pharmaceuticals

Alnylam (Nasdaq: ALNY) has led the translation of RNA interference (RNAi) into a whole new class of innovative medicines with the potential to transform the lives of people afflicted with rare and prevalent diseases with unmet need. Based on Nobel Prize-winning science, RNAi therapeutics represent a powerful, clinically validated approach yielding transformative medicines. Since its founding in 2002, Alnylam has led the RNAi Revolution and continues to deliver on a bold vision to turn scientific possibility into reality. Alnylam’s commercial RNAi therapeutic products include AMVUTTRA ® (vutrisiran), ONPATTRO ® (patisiran), GIVLAARI ® (givosiran), and OXLUMO ® (lumasiran), which are being developed and commercialized by Alnylam, and Leqvio ® (inclisiran) and Qfitlia ™ (fitusiran), which are being developed and commercialized by Alnylam’s partners, Novartis and Sanofi, respectively. Alnylam has a deep pipeline of investigational medicines, including multiple product candidates that are in late-stage development. Alnylam is executing on its “Alnylam P 5x25” strategy to deliver transformative medicines in both rare and common diseases benefiting patients around the world through sustainable innovation and exceptional financial performance, resulting in a leading biotech profile. Alnylam is headquartered in Cambridge, MA. For more information about our people, science and pipeline, please visit www.alnylam.com and engage with us on X (formerly Twitter) at @Alnylam, or on LinkedIn, Facebook, or Instagram.

Alnylam Forward Looking Statements

This press release 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, beliefs, goals, plans or prospects including, without limitation, statements regarding Alnylam’s ability to quickly deliver and enable commercial access to medicines for patients and to continue to advance its pipeline of RNAi therapeutics; the success of Alnylam’s commercial launch of AMVUTTRA for ATTR-CM in the U.S. and other territories, including the demand for AMVUTTRA and the effectiveness of Alnylam’s patient access efforts; the timing of commencement of Alnylam’s clinical trials, including TRITON-PN, the cardiovascular outcomes trial of zilebesiran, and a Phase 2 study of mivelsiran in Alzheimer’s disease; Alnylam’s ability to deliver on its Alnylam P5x25 goals and to achieve sustainable profitability and become a top-tier biotech company delivering transformational innovation to patients; and Alnylam’s projected commercial and financial performance, including the updated expected range, for 2025, of TTR net product revenues, Rare net product revenues, total net product revenues, and net revenues from collaborations and royalties, and the expected range of aggregate annual GAAP and non-GAAP R&D and SG&A expenses and non-GAAP operating income for 2025, should be considered forward-looking statements. Actual results and future plans may differ materially from those indicated by these forward-looking statements as a result of various important risks, uncertainties and other factors, including, without limitation, risks and uncertainties relating to: Alnylam’s ability to successfully execute on its “Alnylam P5x25” strategy; Alnylam’s ability to discover and develop novel drug candidates and delivery approaches and successfully demonstrate the efficacy and safety of its product candidates; the pre-clinical and clinical results for Alnylam’s product candidates, including zilebesiran, nucresiran and mivelsiran; actions or advice of regulatory agencies and Alnylam’s ability to obtain and maintain regulatory approval for its product candidates, including vutrisiran, as well as favorable pricing and reimbursement; successfully launching, marketing and selling Alnylam’s approved products globally; delays, interruptions or failures in the manufacture and supply of Alnylam’s product candidates or its marketed products; obtaining, maintaining and protecting intellectual property; Alnylam’s ability to manage its growth and operating expenses through disciplined investment in operations and its ability to achieve a self-sustainable financial profile in the future without the need for future equity financing; Alnylam’s ability to maintain strategic business collaborations; Alnylam’s dependence on third parties for the development and commercialization of certain products, including Roche, Novartis, Sanofi, and Regeneron; the outcome of litigation; the risk of future government investigations; and unexpected expenditures; as well as those risks and uncertainties more fully discussed in the “Risk Factors” filed with Alnylam’s 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), as may be updated from time to time in Alnylam’s subsequent Quarterly Reports on Form 10-Q, and in other filings that Alnylam makes with the SEC. In addition, any forward-looking statements represent Alnylam’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Alnylam explicitly disclaims any obligation, except to the extent required by law, to update any forward-looking statements.

This release discusses investigational RNAi therapeutics and uses of previously approved RNAi therapeutics in development and is not intended to convey conclusions about efficacy or safety as to those investigational therapeutics or uses. There is no guarantee that any investigational therapeutics or expanded uses of commercial products will successfully complete clinical development or gain health authority approval.

ALNYLAM PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

September 30,

2025

December 31,

2024

ASSETS

(Unaudited)

Current assets:

Cash and cash equivalents

1,490,249

966,428

Marketable debt securities

1,234,375

1,719,920

Marketable equity securities

—

8,156

Accounts receivable, net

964,768

405,308

Inventory

75,383

78,509

Prepaid expenses and other current assets

188,036

116,964

Total current assets

3,952,811

3,295,285

Property, plant and equipment, net

501,754

502,784

Operating lease right-of-use assets

191,390

191,148

Deferred tax assets

98,558

116,863

Restricted investments

51,314

68,593

Other assets

55,835

65,310

Total assets

4,851,662

4,239,983

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

117,591

88,415

Accrued expenses

1,153,648

793,692

Operating lease liabilities

44,755

41,886

Deferred revenue

2,541

55,481

Liability related to the sale of future royalties

115,691

113,018

Development derivative liability

121,251

93,780

Total current liabilities

1,555,477

1,186,272

Operating lease liabilities, net of current portion

223,421

229,541

Convertible debt

1,040,276

1,024,621

Liability related to the sale of future royalties, net of current portion

1,349,166

1,334,353

Development derivative liability, net of current portion

439,659

393,139

Other liabilities

9,769

4,969

Total liabilities

4,617,768

4,172,895

Stockholders' equity:

Preferred stock, $0.01 par value per share, 5,000 shares authorized and no shares issued and outstanding as of September 30, 2025 and December 31, 2024

—

Common stock, $0.01 par value per share, 250,000 shares authorized; 131,791 shares issued and outstanding as of September 30, 2025; 129,294 shares issued and outstanding as of December 31, 2024

1,318

1,293

Additional paid-in capital

7,414,771

7,388,061

Accumulated other comprehensive loss

(21,775

)

(34,518

)

Accumulated deficit

(7,160,420

)

(7,287,748

)

Total stockholders' equity

233,894

67,088

Total liabilities and stockholders' equity

4,851,662

4,239,983

ALNYLAM PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Statements of Operations

Revenues:

Net product revenues

851,082

420,146

1,991,832

1,195,397

Net revenues from collaborations

351,742

57,387

512,423

403,273

Royalty revenue

46,202

23,386

112,649

56,407

Total revenues

1,249,026

500,919

2,616,904

1,655,077

Operating costs and expenses:

Cost of goods sold

197,231

81,980

409,443

203,864

Cost of collaborations and royalties

2,923

3,925

4,705

16,689

Research and development

358,814

270,926

947,557

826,063

Selling, general and administrative

322,076

220,993

885,339

680,187

Total operating costs and expenses

881,044

577,824

2,247,044

1,726,803

Income (loss) from operations

367,982

(76,905

)

369,860

(71,726

)

Other (expense) income:

Interest expense

(44,398

)

(34,376

)

(123,290

)

(102,887

)

Interest income

28,681

32,146

84,840

90,973

Loss related to convertible debt

(39,146

)

—

(39,146

)

—

Other expense, net

(74,150

)

(29,528

)

(130,249

)

(99,777

)

Total other expense, net

(129,013

)

(31,758

)

(207,845

)

(111,691

)

Income (loss) before income taxes

238,969

(108,663

)

162,015

(183,417

)

Benefit from (provision for) income taxes

12,115

(2,907

)

(34,687

)

(10,977

)

Net income (loss)

251,084

(111,570

)

127,328

(194,394

)

Net income (loss) per common share — basic

1.91

(0.87

)

0.98

(1.53

)

Net income (loss) per common share — diluted

1.84

(0.87

)

0.95

(1.53

)

Weighted-average common shares — basic

131,447

128,590

130,590

127,159

Weighted-average common shares — diluted

137,348

128,590

134,146

127,159

ALNYLAM PHARMACEUTICALS, INC.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

September 30,

2025

September 30,

2024

Reconciliation of GAAP to Non-GAAP Research and development expenses:

GAAP Research and development expenses

358,814

270,926

Less: Stock-based compensation expenses

(48,725

)

(19,794

)

Non-GAAP Research and development expenses

310,089

251,132

Reconciliation of GAAP to Non-GAAP Selling, general and administrative expenses:

GAAP Selling, general and administrative expenses

322,076

220,993

Less: Stock-based compensation expenses

(59,486

)

(26,010

)

Non-GAAP Selling, general and administrative expenses

262,590

194,983

Reconciliation of GAAP to Non-GAAP Income (loss) from operations:

GAAP Income (loss) from operations

367,982

(76,905

)

Add: Stock-based compensation expenses

108,211

45,804

Non-GAAP Operating income (loss)

476,193

(31,101

)

Reconciliation of GAAP to Non-GAAP Net income (loss):

GAAP Net income (loss)

251,084

(111,570

)

Add: Stock-based compensation expenses

108,211

45,804

Add: Realized and unrealized loss on marketable equity securities

—

1,567

Add: Loss related to convertible debt

39,146

—

Less: Income tax effect of GAAP to non-GAAP reconciling items

(2,261

)

—

Non-GAAP Net income (loss)

396,180

(64,199

)

Reconciliation of GAAP to Non-GAAP Net income (loss) per common share - basic:

GAAP Net income (loss) per common share — basic

1.91

(0.87

)

Add: Stock-based compensation expenses

0.82

0.36

Add: Realized and unrealized loss on marketable equity securities

—

0.01

Add: Loss related to convertible debt

0.30

—

Less: Income tax effect of GAAP to non-GAAP reconciling items

(0.02

)

—

Non-GAAP Net income (loss) per common share — basic

3.01

(0.50

)

Reconciliation of GAAP to Non-GAAP Net income (loss) per common share - diluted:

GAAP Net income (loss) per common share - diluted

1.84

(0.87

)

Add: Stock-based compensation expenses

0.79

0.36

Add: Realized and unrealized loss on marketable equity securities

—

0.01

Add: Loss related to convertible debt

0.29

—

Less: Income tax effect of GAAP to non-GAAP reconciling items

(0.02

)

—

Non-GAAP Net income (loss) per common share - diluted*

2.90

(0.50

)

*Non-GAAP Net income per common share - diluted is calculated by dividing the non-GAAP net income by the weighted-average number of common shares and dilutive potential common share equivalents outstanding during the period. The dilutive weighted-average common shares outstanding for the three months ended September 30, 2025 would be 137,348 thousand shares.

Please note that the figures presented above may not sum exactly due to rounding

ALNYLAM PHARMACEUTICALS, INC.

RECONCILIATION OF GAAP TO NON-GAAP

PRODUCT REVENUE GROWTH AT CONSTANT CURRENCY

(Unaudited)

September 30, 2025

Three Months Ended

AMVUTTRA net product revenue growth, as reported

165