Alnylam Pharmaceuticals (ALNY) Stock Forecast & Price Target

Alnylam Pharmaceuticals demonstrated robust financial performance in FY25, with combined net product revenues reaching approximately $2,987 million, representing an impressive 81% year-over-year growth and significantly exceeding prior revenue guidance. The TTR franchise alone generated $859 million in sales for 4Q25, reflecting a strong 151% year-over-year increase and signaling successful market penetration, particularly for Amvuttra in the ATTR-CM therapy sector. Additionally, the company's Rare Disease franchise has established a sustainable annual revenue base of about $500 million, supported by steady double-digit growth, while maintaining healthy gross margins and effective operating leverage amid rising expenses.

Alnylam Pharmaceuticals faces a negative outlook due to anticipated lower growth in 1Q26 compared to 4Q25, driven by factors such as a significant $25 million decline in international revenues from a German pricing reset and a projected mid-single-digit net price decrease for AMVUTTRA in the U.S. Additionally, the company expects a meaningful year-over-year decline in collaboration revenue for 2026, with projections of $400 million to $500 million—down from approximately $727 million in 2025, which was inflated by a one-time $300 million milestone from the zesbesiran trial. Furthermore, the company's risk-adjusted projections could face downward revisions if its products fail to secure regulatory approval, underscoring the inherent uncertainties in its growth outlook.