Alnylam Pharmaceuticals (ALNY) Stock Forecast & Price Target

Alnylam Pharmaceuticals demonstrated robust financial performance in 2025, with total net product revenues reaching approximately $2,987 million, reflecting an impressive 81% year-over-year growth that significantly surpassed initial projections. The TTR franchise showcased exceptional sales growth, generating $859 million in 4Q25 alone, marking a 151% increase year-over-year, which underscores the momentum within its primary therapies. Furthermore, the company's Rare Disease franchise achieved steady double-digit growth, maintaining a durable annual revenue base of around $500 million, while effective management helped expand margins despite rising operational expenses.

Alnylam Pharmaceuticals is facing a negative outlook primarily due to anticipated sequential revenue declines attributed to various factors affecting its growth trajectory. Management has indicated a significant reduction in international revenues, particularly a $25 million drop in Q1 2026 linked to pricing adjustments in Germany, alongside expected mid-single-digit net price declines for AMVUTTRA in the U.S. Additionally, collaboration revenue is expected to decrease markedly in 2026, with projections of $400 million to $500 million compared to approximately $727 million in 2025, largely due to the absence of one-time milestone revenues from its clinical trials.