RNAi therapeutics · Rare diseases · Collaboration revenue
Alnylam Pharmaceuticals
Alnylam sells RNA interference therapeutics and earns collaboration revenue and royalties from Novartis Leqvio. Q3 2026 total revenue was $1.458086 billion. Total royalty revenue rose 105% to $94.664 million, primarily because of higher Leqvio volume and royalty rate.
Business categories Pharmaceuticals & Biotechnology · Biopharma & Life Sciences · primary
- Pharmaceuticals & Biotechnology: Regeneron Pharmaceuticals · Moderna · AbbVie · Lilly (Eli) · Gilead Sciences, Inc.
ALNY Updated Nov 5, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, Alnylam Pharmaceuticals is directly linked to 3 companies (1 supply, 1 revenue, 1 investment relationships) and reaches 9 companies within two hops; the links are backed by 14 dated sources, 5 of them primary filings (as of 2026-11-05).
Financials & Segments
- Total revenue · $1.458086 billion (Q3 2026)
- Customer concentration · Q3 2026 collaboration revenue included $39.107M from Roche and $32.334M from Regeneron
- Segments · Net product revenue · Collaboration revenue · Royalty revenue
Revenue from
- Global patients and healthcare providers High confidence· Amount $1.3B · Q3 2026 · Global net product revenue
Alnylam sells AMVUTTRA, ONPATTRO, GIVLAARI and OXLUMO in the U.S., Europe and other markets. Q3 2026 net product revenue was $1.292 billion, up 52% year over year.Confirms KO Maeil Business Newspaper Published Oct 29, 2026: Alnylam Pharmaceuticals Q3 revenue rises 17% to $1.46 billionConfirms EN Alnylam Pharmaceuticals Published Jul 30, 2026: Alnylam Pharmaceuticals Reports Second Quarter 2026 Financial Results - Roche High confidence· Amount $395M · FY2025 · Revenue from the Roche collaboration
Alnylam recognizes upfront, milestone and R&D revenue from its zilebesiran collaboration with Roche. FY2025 Roche collaboration revenue was $394.881 million.Mentions KO Eugene Investment & Securities Published Feb 15, 2024: Global Pharmaceuticals and Biotechnology: Hypertension Pipeline - Regeneron Pharmaceuticals High confidence· Amount $114M · FY2025 · Revenue from the Regeneron collaboration
Alnylam receives research funding and milestone revenue from its RNAi collaboration and licenses with Regeneron. FY2025 Regeneron collaboration revenue was $113.957 million.Mentions KO Korea Health Industry Development Institute Published May 17, 2021: RNA Therapeutics Development and the Alnylam-Regeneron Collaboration - Novartis AG High confidence· Amount $95M · Q3 2026 · Alnylam total royalty revenue; higher Novartis Leqvio volume and royalty rate were the primary drivers
Novartis develops, manufactures and sells Leqvio and pays Alnylam royalties tied to global net sales. Novartis reported $506 million of Q3 2026 Leqvio sales. Alnylam's total Q3 royalty revenue rose 105% to $94.664 million, primarily because of higher Leqvio volume and royalty rate. The total is not treated as Leqvio-only revenue.Confirms KO Maeil Business Newspaper Published Oct 29, 2026: Alnylam Pharmaceuticals Q3 revenue rises 17% to $1.46 billionMentions KO Mirae Asset Securities Published Nov 28, 2024: Alnylam Pharmaceuticals target-price increase
Pays to
- Agilent Technologies, Inc. High confidence
Alnylam sole-sources API for AMVUTTRA, ONPATTRO and GIVLAARI from Agilent. Transaction value is not disclosed. - Sanofi High confidence
Alnylam pays Sanofi royalties tied to global AMVUTTRA sales under TTR license agreements. The specific payment is not disclosed.
Investors
- Blackstone High confidence· Amount $1B · 2020; rights reverified Q3 2026 · Consideration for 50% of future Leqvio royalties and 75% of commercial milestone rights
Alnylam sold Blackstone 50% of future Leqvio royalties and 75% of commercial milestones for $1 billion in 2020. The related liability had a $1.539305 billion carrying value at Q3 2026; this is not Blackstone's quarterly cash receipt.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Regeneron Pharmaceuticals | lead1 | +30.7 | +14.2 | +21.7 | -18.9 | +9 | +7.7 |
| Alnylam Pharmaceuticals | node | +30.5 | +40.1 | -19.5 | +22.9 | +69 | -59.1 |
| Agilent Technologies, Inc. | benef1 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Blackstone | benef1 | +107.1 | -40 | +82.7 | +35.1 | -7.8 | -21.6 |
| Moderna | benef2 | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +393.6 |
| CoreWeave | benef2 | · | · | · | · | · | +14.6 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| PPL Corporation | benef2 | +12.9 | +0.4 | -3.8 | +24 | +11.4 | +1.8 |
| Medtronic plc | benef2 | -9.8 | -22.6 | +9.6 | +0.3 | +24 | -0.3 |
| EQT Corporation | benef2 | +71.6 | +57.6 | +16.2 | +21.4 | +17.6 | -0.6 |
YTD as of 2026-11-05 · source: Yahoo Finance
Alnylam shares gained 69.0% in 2025 as product revenue grew 81%, then fell 59.1% through November 5, 2026. Q3 2026 net product revenue rose 52% year over year to $1.291946 billion, while total royalty revenue rose 105% to $94.664 million. Novartis Leqvio sales in the same quarter grew 64% to $506 million. Rising sales and royalties did not lift the technology owner's shares, consistent with commercialization expectations having been priced in during 2025. Blackstone owns rights to 50% of future Leqvio royalties, and nine-month payments on the related liability were $91.438 million. Alnylam's Q3 royalty total is not Leqvio-only revenue, and the payment figure is not Blackstone's quarterly receipt. The next test is whether Q4 Leqvio sales and total royalties continue to move together. Dividing the two figures to assert a contract rate or Blackstone cash flow would invalidate the comparison.
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