{"slug":"alnylam-pharmaceuticals","name":"앨라일람","name_en":"Alnylam Pharmaceuticals","ticker":"ALNY","updated_at":"2026-10-12T17:27:00.393+00:00","canonical":"https://valuechain.wiki/alnylam-pharmaceuticals","citable":"밸류체인 그래프 기준 앨라일람의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-10-12 기준).","citable_en":"Per the valuechain.wiki graph, Alnylam Pharmaceuticals is directly linked to 3 companies (1 supply, 1 revenue, 1 investment relationships) and reaches 9 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-10-12).","kicker":"RNAi 치료제 · 희귀질환 · 협업 수익","kicker_en":"RNAi therapeutics · Rare diseases · Collaboration revenue","lead":"RNA 간섭 치료제를 직접 판매하고 로슈·리제네론·노바티스 협업에서 수익을 얻는다. FY2025 매출은 37억1,394만달러였고, 2026년 2분기 순제품매출은 전년 동기보다 74% 증가한 11억7,200만달러였다.","lead_en":"Alnylam sells RNA interference therapeutics and earns collaboration revenue from Roche, Regeneron and Novartis. FY2025 revenue was $3.714 billion, while Q2 2026 net product revenue rose 74% year over year to $1.172 billion.","categories":[{"key":"pharma-biotech","ko":"제약·바이오텍","en":"Pharmaceuticals & Biotechnology","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"제품 매출","note":"29억8,654만9천달러, AMVUTTRA·ONPATTRO·GIVLAARI·OXLUMO"},{"name":"협업 매출","note":"5억5,336만6천달러, 로슈·리제네론 등"},{"name":"로열티 매출","note":"1억7,402만2천달러, 주로 Novartis Leqvio"}],"total":"37억1,394만달러 (FY2025)","track":"C","latest":"2026년 2분기 순제품매출 11억7,200만달러(+74%)","concentration":"FY2025 로슈 협업 매출 3억9,488만1천달러, 리제네론 1억1,395만7천달러"},"segments_en":{"parts":[{"name":"Net product revenue","note":"$2.987B from AMVUTTRA, ONPATTRO, GIVLAARI and OXLUMO"},{"name":"Collaboration revenue","note":"$553.4M, including Roche and Regeneron"},{"name":"Royalty revenue","note":"$174.0M, primarily Novartis Leqvio"}],"total":"$3.714 billion 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API 단독 공급사 애질런트는 11.5%, 리제네론은 7.7% 올랐다. 수요 성장의 이익이 앨라일람 주가에서 공급·협업사로 곧장 전파됐다고 보기는 어렵다. Blackstone도 23.5% 하락해 자금 제공자까지 동반 상승하지 않았다. 현재는 실적 둔화보다 2025년 선반영과 밸류에이션 되돌림 가설이 더 잘 맞는다. 반증 조건은 AMVUTTRA 성장 둔화와 로슈 마일스톤 공백이 동시에 나타나는 경우다.","analysis_en":"Alnylam shares rose 69.0% in 2025 as product revenue grew 81%, pricing the commercial inflection early. In 2026, the shares were down 33.1% through September 4 even though Q2 net product revenue increased 74%. Over the same period, sole-source API supplier Agilent gained 11.5% and Regeneron gained 7.7%. The demand surge did not transmit cleanly from Alnylam into suppliers and collaborators, while funder Blackstone also fell 23.5%. The evidence fits a reversal of 2025 valuation front-loading better than an operating slowdown. The thesis would weaken if AMVUTTRA growth slows while Roche milestone revenue also lapses.","analysis_asof":"2026-10-09"},"edges":[{"direction":"revenue","counterparty":"글로벌 환자·의료기관","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-07-30","basis":"글로벌 순제품매출","value":1172000000,"period":"Q2 2026","basis_en":"Global net product revenue","qualifier":null},"note":"AMVUTTRA·ONPATTRO·GIVLAARI·OXLUMO를 미국과 유럽 등에서 판매한다. FY2025 순제품매출은 29억8,654만9천달러였고 2026년 2분기 순제품매출은 11억7,200만달러였다.","note_en":"Alnylam sells AMVUTTRA, ONPATTRO, GIVLAARI and OXLUMO in the U.S., Europe and other markets. FY2025 net product revenue was $2.987 billion and Q2 2026 net product revenue was $1.172 billion.","sources":[{"stance":"confirms","publisher":"앨라일람","publisher_en":"Alnylam Pharmaceuticals","kind":"ir","lang":"en","published_at":"2026-07-30","url":"https://investors.alnylam.com/press-release?id=ddc78e15-7847-4066-8fdb-3562023a60f4","title":"앨라일람 2026년 2분기 실적","title_en":"Alnylam Pharmaceuticals Reports Second Quarter 2026 Financial Results","excerpt":"2026년 2분기 글로벌 순제품매출은 11억7,200만달러로 전년 동기보다 74% 증가했다.","excerpt_en":"Q2 2026 global net product revenue was $1.172 billion, up 74% year over year."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm","title":"앨라일람 파마슈티컬스 FY2025 10-K","title_en":"Alnylam Pharmaceuticals FY2025 Form 10-K","excerpt":"FY2025 순제품매출은 29억8,654만9천달러였다.","excerpt_en":"FY2025 net product revenue was $2.986549 billion."}]},{"direction":"investor","counterparty":"Blackstone","counterparty_slug":"blackstone","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-30","basis":"Leqvio 미래 로열티 50%와 상업 마일스톤 75% 권리 매각 대금","value":1000000000,"period":"2020; rights reverified Q2 2026","basis_en":"Consideration for 50% of future Leqvio royalties and 75% of commercial milestone rights","qualifier":"rights_reverified"},"note":"앨라일람은 2020년 Blackstone에 Leqvio 미래 로열티 50%와 상업 마일스톤 75%를 10억 달러에 매각했다. 2026년 2분기에도 이 권리와 관련 부채를 공시했다.","note_en":"Alnylam sold Blackstone 50% of future Leqvio royalties and 75% of commercial milestones for $1 billion in 2020, and continued to disclose the rights and related liability in Q2 2026.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-30","url":"https://www.sec.gov/Archives/edgar/data/1178670/000117867026000062/alny-20260630.htm","title":"앨라일람 파마슈티컬스 2026년 2분기 10-Q","title_en":"Alnylam Pharmaceuticals Q2 2026 Form 10-Q","excerpt":"앨라일람은 Blackstone이 Leqvio 로열티 50%와 상업 마일스톤 75%를 취득했으며 2026년 6월 말 관련 유동·비유동 부채를 계속 인식했다고 공시했다.","excerpt_en":"Alnylam disclosed that Blackstone acquired 50% of Leqvio royalties and 75% of commercial milestones and that related current and non-current liabilities remained recognized at June 30, 2026."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm","title":"앨라일람 파마슈티컬스 FY2025 10-K","title_en":"Alnylam Pharmaceuticals FY2025 Form 10-K","excerpt":"Blackstone 계열사는 Leqvio 로열티 50%와 상업 마일스톤 75% 권리를 10억달러에 매입했다.","excerpt_en":"A Blackstone affiliate paid $1.0 billion for 50% of Leqvio royalties and 75% of commercial milestones."},{"stance":"mentions","publisher":"노바티스","publisher_en":"Novartis","kind":"ir","lang":"en","published_at":"2026-01-28","url":"https://www.novartis.com/investors/financial-data/product-sales","title":"노바티스 2025년 제품별 매출","title_en":"Novartis full-year 2025 product sales","excerpt":"Novartis는 2025년 Leqvio 순매출 11억9,800만 달러와 전년 대비 59% 성장을 공시했다.","excerpt_en":"Novartis reported $1.198 billion of Leqvio net sales in 2025, up 59% year over year."},{"stance":"mentions","publisher":"연합인포맥스","publisher_en":"Yonhap Infomax","kind":"news","lang":"ko","published_at":"2020-04-14","url":"https://news.einfomax.co.kr/news/articleView.html?idxno=4082972","title":"블랙스톤, 앨라일람에 20억달러 투자","title_en":"Blackstone invests $2 billion in Alnylam","excerpt":"연합인포맥스는 Blackstone의 앨라일람 전략적 금융 협업 규모를 20억달러로 보도했다.","excerpt_en":"Yonhap Infomax reported Blackstone’s $2 billion strategic financing collaboration with Alnylam."}]},{"direction":"revenue","counterparty":"로슈","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"로슈 협업 매출","value":394881000,"period":"FY2025","basis_en":"Revenue from the Roche collaboration","qualifier":null},"note":"질레베시란 공동개발 계약의 선급금·마일스톤·연구개발 수익을 인식한다. FY2025 로슈 협업 매출은 3억9,488만1천달러였다.","note_en":"Alnylam recognizes upfront, milestone and R&D revenue from its zilebesiran collaboration with Roche. FY2025 Roche collaboration revenue was $394.881 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm","title":"앨라일람 파마슈티컬스 FY2025 10-K","title_en":"Alnylam Pharmaceuticals FY2025 Form 10-K","excerpt":"FY2025 로슈 협업 매출은 3억9,488만1천달러였다.","excerpt_en":"FY2025 Roche collaboration revenue was $394.881 million."},{"stance":"mentions","publisher":"유진투자증권","publisher_en":"Eugene Investment & Securities","kind":"research","lang":"ko","published_at":"2024-02-15","url":"https://www.paxnet.co.kr/WWW/data/researchCenter/attach/20240215110745467.pdf","title":"글로벌 제약바이오 산업: 고혈압 치료제 파이프라인","title_en":"Global Pharmaceuticals and Biotechnology: Hypertension Pipeline","excerpt":"유진투자증권은 로슈·앨라일람의 질레베시란 공동 임상 개발을 확인했다.","excerpt_en":"Eugene Investment & Securities identifies Roche and Alnylam as co-developers of zilebesiran."}]},{"direction":"revenue","counterparty":"리제네론","counterparty_slug":"regeneron-pharmaceuticals","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"리제네론 협업 매출","value":113957000,"period":"FY2025","basis_en":"Revenue from the Regeneron collaboration","qualifier":null},"note":"RNAi 공동개발·라이선스 협업에서 연구비와 마일스톤 수익을 받는다. FY2025 리제네론 협업 매출은 1억1,395만7천달러였다.","note_en":"Alnylam receives research funding and milestone revenue from its RNAi collaboration and licenses with Regeneron. FY2025 Regeneron collaboration revenue was $113.957 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm","title":"앨라일람 파마슈티컬스 FY2025 10-K","title_en":"Alnylam Pharmaceuticals FY2025 Form 10-K","excerpt":"FY2025 리제네론 협업 매출은 1억1,395만7천달러였다.","excerpt_en":"FY2025 Regeneron collaboration revenue was $113.957 million."},{"stance":"mentions","publisher":"한국보건산업진흥원","publisher_en":"Korea Health Industry Development Institute","kind":"analysis","lang":"ko","published_at":"2021-05-17","url":"https://www.khidi.or.kr/kps/relativeInfo/view?boardKind=NOTICE&linkId=48862147&menuId=MENU01671&no1=&no2=8167&pageNum=48&referenceMenuId=MENU01816&rowCnt=10&schText=&schType=0","title":"RNA 치료제 개발 동향과 앨라일람·리제네론 협업","title_en":"RNA Therapeutics Development and the Alnylam-Regeneron Collaboration","excerpt":"한국보건산업진흥원은 앨라일람과 리제네론의 RNAi 공동개발 파트너십을 설명했다.","excerpt_en":"KHIDI describes the Alnylam-Regeneron RNAi development partnership."}]},{"direction":"cost","counterparty":"애질런트 테크놀로지스","counterparty_slug":"agilent-technologies","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"애질런트의 3개 제품 API 단독 제조·공급","value":null,"period":"current as of FY2025","basis_en":"Agilent sole-source API manufacturing for three products","qualifier":"confirmed_no_disclosed_value"},"note":"AMVUTTRA·ONPATTRO·GIVLAARI 원료의약품을 애질런트에서 단독 조달한다. 거래액은 공개하지 않았다.","note_en":"Alnylam sole-sources API for AMVUTTRA, ONPATTRO and GIVLAARI from Agilent. Transaction value is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm","title":"앨라일람 파마슈티컬스 FY2025 10-K","title_en":"Alnylam Pharmaceuticals FY2025 Form 10-K","excerpt":"애질런트는 AMVUTTRA, ONPATTRO, GIVLAARI API의 현재 단독 제조사다.","excerpt_en":"Agilent is currently the sole manufacturer of API for AMVUTTRA, ONPATTRO and GIVLAARI."},{"stance":"confirms","publisher":"SK증권","publisher_en":"SK Securities","kind":"research","lang":"ko","published_at":"2022-09-01","url":"https://www.paxnet.co.kr/WWW/data/researchCenter/attach/20220901110145924.pdf","title":"RNA 르네상스","title_en":"RNA Renaissance","excerpt":"SK증권은 앨라일람이 애질런트와 RNA 치료제 원료 생산 공급계약을 체결했다고 분석했다.","excerpt_en":"SK Securities reported Alnylam’s agreement with Agilent to manufacture RNA therapeutic raw materials."}]},{"direction":"cost","counterparty":"사노피","counterparty_slug":null,"confidence":"high","metric":{"type":"royalty_payment","unit":"USD","as_of":"2026-02-12","basis":"AMVUTTRA 글로벌 순매출 연동 로열티","value":null,"period":"FY2025 onward","basis_en":"Royalties tied to global AMVUTTRA net sales","qualifier":"confirmed_no_disclosed_value"},"note":"TTR 라이선스 계약에 따라 AMVUTTRA 글로벌 매출에 연동된 로열티를 사노피에 지급한다. 개별 지급액은 공개하지 않았다.","note_en":"Alnylam pays Sanofi royalties tied to global AMVUTTRA sales under TTR license agreements. The specific payment is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm","title":"앨라일람 파마슈티컬스 FY2025 10-K","title_en":"Alnylam Pharmaceuticals FY2025 Form 10-K","excerpt":"앨라일람은 AMVUTTRA 글로벌 매출에 대한 로열티를 사노피에 지급하며 매출 증가로 혼합 로열티율이 높아졌다.","excerpt_en":"Alnylam pays Sanofi royalties on global AMVUTTRA sales, with the blended royalty rate increasing as sales grew."}]}]}