RNAi therapeutics · Rare diseases · Collaboration revenue
Alnylam Pharmaceuticals
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.
Business categories Pharmaceuticals & Biotechnology · Biopharma & Life Sciences · primary
ALNY Updated Oct 12, 2026 6 AI consumers· 4 recurring
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).
Financials & Segments
- Total revenue · $3.714 billion (FY2025)
- Customer concentration · FY2025 Roche collaboration revenue was $394.9M and Regeneron was $114.0M
- Segments · Net product revenue · Collaboration revenue · Royalty revenue
Revenue from
- Global patients and healthcare providers High confidence· Amount $1.2B · Q2 2026 · Global net product revenue
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.Confirms EN Alnylam Pharmaceuticals Published Jul 30, 2026: Alnylam Pharmaceuticals Reports Second Quarter 2026 Financial Results - Roche High confidence· Amount $395M · FY2025 · Revenue from the Roche collaboration
Alnylam recognizes upfront, milestone and R&D revenue from its zilebesiran collaboration with Roche. FY2025 Roche collaboration revenue was $394.881 million.Mentions KO Eugene Investment & Securities Published Feb 15, 2024: Global Pharmaceuticals and Biotechnology: Hypertension Pipeline - Regeneron Pharmaceuticals High confidence· Amount $114M · FY2025 · Revenue from the Regeneron collaboration
Alnylam receives research funding and milestone revenue from its RNAi collaboration and licenses with Regeneron. FY2025 Regeneron collaboration revenue was $113.957 million.Mentions KO Korea Health Industry Development Institute Published May 17, 2021: RNA Therapeutics Development and the Alnylam-Regeneron Collaboration
Pays to
- Agilent Technologies, Inc. High confidence
Alnylam sole-sources API for AMVUTTRA, ONPATTRO and GIVLAARI from Agilent. Transaction value is not disclosed. - Sanofi High confidence
Alnylam pays Sanofi royalties tied to global AMVUTTRA sales under TTR license agreements. The specific payment is not disclosed.
Investors
- Blackstone High confidence· Amount $1B · 2020; rights reverified Q2 2026 · Consideration for 50% of future Leqvio royalties and 75% of commercial milestone rights
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '20 | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|---|
| Regeneron Pharmaceuticals | lead1 | · | +30.7 | +14.2 | +21.7 | -18.9 | +9 | +7.7 |
| Alnylam Pharmaceuticals | node | +0 | +30.5 | +40.1 | -19.5 | +22.9 | +69 | -41.5 |
| Agilent Technologies, Inc. | benef1 | · | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Blackstone | benef1 | · | +107.1 | -40 | +82.7 | +35.1 | -7.8 | -23.5 |
| Moderna | benef2 | · | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +393.6 |
| CoreWeave | benef2 | · | · | · | · | · | · | +14.6 |
| Amazon | benef2 | · | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| PPL Corporation | benef2 | · | +12.9 | +0.4 | -3.8 | +24 | +11.4 | +1.8 |
| Medtronic plc | benef2 | · | -9.8 | -22.6 | +9.6 | +0.3 | +24 | -0.3 |
| EQT Corporation | benef2 | · | +71.6 | +57.6 | +16.2 | +21.4 | +17.6 | -0.6 |
YTD as of 2026-10-09 · source: Yahoo Finance
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 generated from returns as of 2026-10-09← All companiesMarkdown · JSON · Customers · Suppliers · Ripple