Every material Form 8-K Alnylam Pharmaceuticals filed with the SEC in 2025, 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.
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.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Alnylam Pharmaceuticals filing is on SEC EDGAR ↗. 8-K briefs of other companies →