Every material Form 8-K Alnylam Pharmaceuticals has filed with the SEC since March 04, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Alnylam's board authorized a program to repurchase up to $1.0 billion of its common stock on November 2, 2026. The company also said Executive Vice President and Chief Commercialization Officer Tolga Tanguler will leave in December 2026, with a separation agreement still to be signed.
Board authorized a repurchase program of up to $1.0 billion of common stock on November 2, 2026.
The company anticipates repurchasing about $500 million by the end of 2026 and the balance during 2027.
The program has no expiration date and does not obligate the company to buy any particular amount; it may be modified, suspended or discontinued at any time.
Tolga Tanguler, Executive Vice President and Chief Commercialization Officer, will depart in December 2026; the terms of his departure are yet to be set in a written agreement.
Alnylam reported third quarter 2026 total revenues of $1.46 billion, up 17% from a year earlier, led by net product revenues of $1.29 billion, up 52%. GAAP net income reached $2.17 billion, or $15.72 per diluted share, but that figure includes a $1.9 billion income tax benefit, while GAAP income from operations fell 6% to $345.8 million. The company reiterated its full-year 2026 guidance.
Total revenues were $1,458.1 million versus $1,249.0 million in Q3 2025, up 17%.
Total net product revenues were $1,292 million, up 52%, with Total TTR net product revenues at $1,150 million.
GAAP income from operations was $345.8 million, down 6% from $368.0 million, while GAAP diluted EPS was $15.72 versus $2.14, helped by a $1.9 billion tax benefit.
Full-year 2026 total net product revenues guidance of $4,700 million to $5,100 million was reiterated.
Alnylam reported second-quarter 2026 total revenues of $1.29 billion, up 67% from a year earlier, and GAAP net income of $164 million, compared with a net loss of $72 million in the prior-year quarter. The company lowered its full-year 2026 TTR net product revenue guidance to $4.2 billion to $4.5 billion from $4.4 billion to $4.7 billion, citing normalizing second-line demand for AMVUTTRA in the U.S.
Q2 2026 total revenues were $1,290.9 million, up 67% from $773.7 million in Q2 2025.
GAAP net income was $164.5 million, or $1.21 per diluted share, versus a loss of $0.55 per share a year earlier.
Full-year 2026 TTR net product revenue guidance was cut to $4,200 million to $4,500 million from $4,400 million to $4,700 million.
Full-year 2026 collaboration and royalty revenue guidance was raised to $575 million to $625 million from $400 million to $500 million.
Effective June 1, 2026, Alnylam expanded its board from ten to eleven members and elected Benjamin F. Cravatt, Ph.D. to fill the new seat. At its annual meeting, stockholders re-elected three Class I directors and approved executive pay in a non-binding vote, though one director's support was notably lower than the others.
Dr. Cravatt receives a $75,000 annual cash retainer and a stock option with a $600,000 grant date fair value.
Stuart A. Arbuckle, Yvonne L. Greenstreet, M.D., and Elliott Sigal, M.D., Ph.D. were re-elected as Class I directors to serve until the 2029 annual meeting.
Stockholders approved executive compensation with 111,772,389 votes for and 8,552,534 against.
PricewaterhouseCoopers LLP was ratified as independent auditor for fiscal 2026 with 119,847,735 votes for.
Alnylam reported first-quarter 2026 total revenues of $1.17 billion, up 96% from $594 million a year earlier, with AMVUTTRA driving most of the growth. GAAP net income was $206 million, or $1.51 per diluted share, compared with a net loss of $18 million a year earlier. The company reiterated, rather than changed, its full-year 2026 guidance for total net product revenues of $4.9 billion to $5.3 billion.
Total revenues of $1.17 billion in Q1 2026, up 96% from $594 million in Q1 2025.
GAAP net income of $206 million, or $1.51 per diluted share, versus a net loss of $18 million, or $0.14 per share, a year earlier.
Total net product revenues of $1.04 billion, up 121%; AMVUTTRA contributed $890 million.
Full-year 2026 total net product revenues guidance of $4.9 billion to $5.3 billion was reiterated.
Alnylam's Board granted CEO Yvonne Greenstreet a special performance share award effective March 2, 2026, with a target of 55,373 shares and a stated face value of $18.0 million. The award pays out only if the stock's future 30-day average price reaches thresholds starting at $500 and reaching $800 by December 31, 2029, so it creates no value unless shareholders see significant stock price gains.
Target award: 55,373 performance share units, face value $18.0 million based on the $325.07 closing price on the Grant Date
Vesting range: 50% to 200% of target, tied to future average stock price thresholds of $500, $600, $700 and $800
Baseline threshold of $500 must be met or the award is forfeited in full; vesting date is December 31, 2029
The award was granted concurrently with the March 2, 2026 annual equity grants to Greenstreet and other executives
Alnylam reported fourth quarter 2025 total revenues of $1.1 billion, up 85% from a year earlier, and GAAP net income of $111.5 million, compared with a net loss of $83.8 million in the same quarter of 2024. For the full year, total revenues were $3.71 billion, up 65%, and GAAP net income was $313.7 million, compared with a net loss of $278.2 million in 2024. The company reiterated its 2026 total net product revenue guidance of $4.9 billion to $5.3 billion.
Q4 2025 total net product revenues were $995 million, up 121%, led by AMVUTTRA at $827 million.
Full-year 2025 GAAP net income was $313.7 million, versus a net loss of $278.2 million in 2024.
2026 total net product revenue guidance of $4,900 million to $5,300 million was reiterated.
Cash, cash equivalents and marketable securities were $2.91 billion as of December 31, 2025.
Alnylam announced preliminary 2025 global net product revenues of approximately $2,987 million, up 81% from 2024, and full year 2026 combined net product revenue guidance of $4,900 million to $5,300 million. The company also launched a five-year strategy called Alnylam 2030. The figures are unaudited and subject to adjustment until complete results are released in February 2026.
Preliminary fourth quarter 2025 net product revenues were approximately $995 million; full year 2025 was approximately $2,987 million.
2026 combined net product revenue guidance is $4,900 million to $5,300 million, including Total TTR guidance of $4,400 million to $4,700 million.
Results are preliminary and unaudited; complete fourth quarter and full year 2025 results are expected in February 2026.
Management will discuss the results and guidance in a webcast on January 12, 2026 at 9:00 am PT.
Two Alnylam directors, Michael W. Bonney and Carolyn Bertozzi, resigned from the board effective December 2, 2025, and the board cut its size from eleven to ten seats. The board also elected Stuart A. Arbuckle as a non-employee director, effective January 5, 2026, with a $75,000 annual cash retainer and a $600,000 stock option grant. The filing states that the resignations did not stem from any disagreement with the company on its operations, policies or practices.
Michael W. Bonney and Carolyn Bertozzi resigned from the board effective December 2, 2025; the filing states no disagreement with the company caused either resignation
Board size reduced from eleven to ten directors
Stuart A. Arbuckle elected as a Class I director effective January 5, 2026, with a $75,000 annual cash retainer and a stock option grant with a $600,000 grant date fair value
Dr. Bertozzi is joining the board of Eli Lilly effective December 8, 2025, and will continue as a scientific advisor to Alnylam
Alnylam reported third-quarter 2025 total revenues of $1.25 billion, up from $501 million a year earlier, and GAAP net income of $251 million, or $1.84 per diluted share, compared with a net loss of $112 million a year earlier. The company raised its full-year 2025 total net product revenue guidance to $2.95 billion to $3.05 billion, but also disclosed a subpoena from the U.S. Attorney's Office for the District of Massachusetts about government price reporting.
Q3 2025 total revenues were $1.25 billion versus $501 million in Q3 2024, including $300 million of Roche milestone revenue recognized in September 2025.
GAAP net income was $251 million, or $1.84 per diluted share, versus a GAAP net loss of $112 million, or $0.87 per share, a year earlier.
Full-year 2025 total net product revenue guidance was raised to $2.95 billion to $3.05 billion, from $2.65 billion to $2.8 billion.
The company received a subpoena from the U.S. Attorney's Office for the District of Massachusetts seeking documents on government price reporting for AMVUTTRA, ONPATTRO, OXLUMO and GIVLAARI.
Alnylam Pharmaceuticals entered a $500.0 million revolving credit agreement on September 30, 2025, with Bank of America, N.A. as administrative agent. The facility is secured by substantially all company assets, subject to customary exceptions, and carries financial covenants on leverage and interest coverage. The filing describes a credit line available for working capital and general corporate purposes, not a drawn loan.
Revolving credit facility of $500.0 million, including a $150.0 million letter of credit sublimit
Matures September 30, 2030, subject to a springing maturity tied to certain debt levels
Interest at term SOFR plus a margin of 1.50% to 2.50%, based on the Total Leverage Ratio; commitment fee of 0.20% to 0.35% on unused amounts
Covenants require a Total Net Leverage Ratio at or below 3.75:1.00 and a Consolidated Interest Coverage Ratio at or above 3.00:1.00
Alnylam completed a $661.25 million offering of 0.00% convertible senior notes due 2028, including an option exercise of $86.25 million, and used about $1,105.8 million to repurchase $637.8 million of its 1.00% convertible notes due 2027. The filing describes capped call transactions that are expected to reduce potential dilution from conversion, with a maximum of 1,381,483 shares issuable on conversion.
Total notes principal: $661.25 million, maturing September 15, 2028, with no regular interest
Initial conversion price about $670.11 per share, a 40.0% premium to the $478.6327 reference price on September 9, 2025
Capped call cost about $35.3 million; cap price about $837.61 per share
Concurrent repurchase of about $637.8 million of 2027 notes for a total cost of about $1,105.8 million including accrued interest
Alnylam reported second quarter 2025 total net product revenues of $672 million, up 64% from a year earlier, and raised its full-year 2025 total net product revenue guidance to $2,650 million to $2,800 million from $2,050 million to $2,250 million. The company also posted a GAAP loss from operations of $16.2 million, compared with income of $48.6 million a year earlier, and a GAAP net loss of $0.51 per share versus $0.13 in the prior-year quarter.
Q2 2025 total revenues were $773.7 million, up 17% from $659.8 million in Q2 2024
AMVUTTRA net product revenues were $492 million, up 114%; total TTR net product revenues were $544 million, up 77%
GAAP loss from operations was $16.2 million, versus income of $48.6 million; non-GAAP income from operations fell 31% to $95.5 million
Cost of goods sold rose to $142.0 million from $67.3 million, and GAAP SG&A expenses rose 30% to $323.3 million
Alnylam said it is combining its Research and Early Development and Development functions into one R&D organization, with Pushkal Garg, M.D., appointed Executive Vice President, Chief Research and Development Officer. The filing also sets new pay terms for Garg and Kevin Fitzgerald, Ph.D., who takes on added responsibility for external innovation, which shows how the company is structuring its leadership for pipeline work.
Pushkal Garg, M.D., moves from Chief Medical Officer, EVP, Development and Medical Affairs to EVP, Chief Research and Development Officer.
Garg's base salary is set at $825,000, with a target annual incentive of 65% of base salary.
Kevin Fitzgerald, Ph.D., gets a target annual incentive raised to 60% of base salary and a one-time restricted stock unit award with a grant date value of $2.5 million, effective July 1, 2025.
The Committee approved the changes on June 12, 2025, and the company issued a press release on June 18, 2025.
Alnylam co-founder Dr. Phillip A. Sharp informed the board on March 3, 2025 that he will retire as a director effective May 8, 2025. The filing says the retirement did not result from any disagreement with the company, and Dr. Sharp will remain on the Scientific Advisory Board. The change affects board composition but does not alter reported financial results or operations.
Dr. Phillip A. Sharp notified the board on March 3, 2025 of his retirement as a director.
Retirement is effective May 8, 2025.
Dr. Sharp will continue as a member of the Scientific Advisory Board.
The filing states the retirement was not caused by any disagreement with the company.
Alnylam said preliminary full-year 2024 global net product revenues were $1,646 million, up 33% from 2023, and fourth-quarter revenues were approximately $451 million. The company also guided to 2025 combined net product revenue of $2,050 million to $2,250 million and expects non-GAAP operating income profitability in 2025, which matters to shareholders because it sets the company's first public outlook for the year. The figures are unaudited and subject to adjustment before full results in February 2025.
Preliminary Q4 2024 global net product revenues were approximately $451 million; full-year 2024 was $1,646 million, up 33%.
2025 combined net product revenue guidance is $2,050 million to $2,250 million, or 31% growth at the midpoint.
Total TTR guidance is $1,600 million to $1,725 million; Total Rare guidance is $450 million to $525 million.
Full results are due in February 2025; the vutrisiran heart-disease PDUFA target action date is March 23, 2025.
Alnylam Pharmaceuticals said its Executive Vice President, Chief Legal Officer and Secretary, Indrani L. Franchini, stepped down from that role effective March 1, 2024, as previously reported in January. Under a separation agreement, she receives severance of $597,000 and other benefits, and will provide consulting services through March 1, 2025.
Separation date: March 1, 2024; Franchini was Executive Vice President, Chief Legal Officer and Secretary.
Severance totals $597,000, paid as twelve months of base salary in bi-weekly installments, plus a 2023 annual incentive payment adjusted by the Board's corporate multiplier.
Consulting period runs until March 1, 2025; hours above ten per month are paid at $500 per hour, and unvested equity awards continue to vest.
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