Alnylam Raises 2025 Outlook as Biotech Peers Deliver Upbeat Q2 Results

Alnylam Pharmaceuticals reported second-quarter net product revenue of $672 million, a 64 percent increase from a year earlier, driven by rapid adoption of its transthyretin amyloidosis drug Amvuttra. On the strength of the performance, the Cambridge, Massachusetts-based company lifted its 2025 guidance, projecting total product revenue of $2.65 billion to $2.80 billion—about $575 million higher at the midpoint than its prior forecast—and raising expected sales from its TTR franchise to as much as $2.28 billion. Alnylam posted a GAAP net loss of $66 million, or $0.51 a share, but recorded non-GAAP income of $44 million, or $0.34 per basic share. Fellow rare-disease specialist Apellis Pharmaceuticals generated $178 million in second-quarter revenue, including $171 million in U.S. product sales. The maker of Syfovre for geographic atrophy reported a GAAP loss of $0.33 a share, beating analysts’ estimates by $0.15, although revenue came in roughly $10 million below consensus. Product demand for Syfovre rose 6 percent sequentially. Aurinia Pharmaceuticals, which markets Lupkynis for lupus nephritis, posted quarterly sales of $70 million—outpacing estimates—and earnings of $0.16 a share. Lupkynis revenue increased 21 percent year over year to $66.6 million. Citing momentum in prescriptions, the company lifted its full-year 2025 sales forecast to a range of $260 million to $270 million, up from $250 million to $260 million, and ended the quarter with $315 million in cash after repurchasing 11.2 million shares for $91 million.