ALNYLAM PHARMACEUTICALS, INC. Revenue Disclosure
Years Ended December 31, | ||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| AMVUTTRA | ||||||||||||||||||||
| United States | $ | 1,731,222 | $ | 630,613 | $ | 411,169 | ||||||||||||||
| Europe | 405,899 | 235,441 | 70,898 | |||||||||||||||||
| Rest of World | 176,715 | 104,396 | 75,771 | |||||||||||||||||
| Total | 2,313,836 | 970,450 | 557,838 | |||||||||||||||||
| ONPATTRO | ||||||||||||||||||||
| United States | 62,126 | 74,787 | 97,739 | |||||||||||||||||
| Europe | 79,429 | 134,197 | 210,916 | |||||||||||||||||
| Rest of World | 31,234 | 43,873 | 45,891 | |||||||||||||||||
| Total | 172,789 | 252,857 | 354,546 | |||||||||||||||||
Total TTR | 2,486,625 | 1,223,307 | 912,384 | |||||||||||||||||
| GIVLAARI | ||||||||||||||||||||
| United States | 205,715 | 165,373 | 141,954 | |||||||||||||||||
| Europe | 77,715 | 65,906 | 57,498 | |||||||||||||||||
| Rest of World | 25,057 | 24,592 | 19,799 | |||||||||||||||||
| Total | 308,487 | 255,871 | 219,251 | |||||||||||||||||
| OXLUMO | ||||||||||||||||||||
| United States | 68,467 | 62,766 | 38,159 | |||||||||||||||||
| Europe | 88,049 | 80,753 | 60,025 | |||||||||||||||||
| Rest of World | 34,921 | 23,531 | 11,655 | |||||||||||||||||
| Total | 191,437 | 167,050 | 109,839 | |||||||||||||||||
Total Rare | 499,924 | 422,921 | 329,090 | |||||||||||||||||
| Total net product revenues | $ | 2,986,549 | $ | 1,646,228 | $ | 1,241,474 | ||||||||||||||
| As of December 31, 2025 | |||||||||||||||||
| (In thousands) | Chargebacks and Rebates | Other Incentives and Allowances | Total | ||||||||||||||
| Beginning balance | $ | 350,908 | $ | 10,908 | $ | 361,816 | |||||||||||
| Provision related to current period sales | 779,332 | 90,435 | 869,767 | ||||||||||||||
Provision related to prior period sales | (48,816) | — | (48,816) | ||||||||||||||
| Credit or payments made during the period for current year sales | (474,781) | (65,454) | (540,235) | ||||||||||||||
| Credit or payments made during the period for prior year sales | (206,790) | (10,092) | (216,882) | ||||||||||||||
| Total | $ | 399,853 | $ | 25,797 | $ | 425,650 | |||||||||||
| As of December 31, 2024 | |||||||||||||||||
| (In thousands) | Chargebacks and Rebates | Other Incentives and Allowances | Total | ||||||||||||||
| Beginning balance | $ | 325,672 | $ | 20,269 | $ | 345,941 | |||||||||||
| Provision related to current period sales | 382,892 | 31,204 | 414,096 | ||||||||||||||
| Credit or payments made during the period for current year sales | (194,973) | (34,776) | (229,749) | ||||||||||||||
| Credit or payments made during the period for prior period sales | (162,683) | (5,789) | (168,472) | ||||||||||||||
| Total | $ | 350,908 | $ | 10,908 | $ | 361,816 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.