Alnylam reported total net product revenues of $672 million in Q2 2025, representing 64% year-over-year growth driven by a 77% increase in the TTR franchise.
Cash, cash equivalents, and marketable securities totaled $2.9 billion at quarter-end, up from $2.7 billion at year-end 2024.
Collaboration revenue decreased by $166 million to $61 million due to the modification of the cemdisiran agreement with Regeneron.
Gross margin on product sales was 79%, down from 84% in Q2 2024, mainly due to increased royalties on AMVUTTRA.
Non-GAAP operating income was $95 million, a $42 million decrease compared to last year, mainly due to lower collaboration revenue recognition.
Non-GAAP R&D expenses increased 11% to $274 million, driven by clinical trial expenses for zilebesiran and TRITON-CM studies.
Non-GAAP SG&A expenses increased 26% to $261 million, primarily due to investments supporting the AMVUTTRA ATTR-CM launch.
Royalty revenue increased by $18 million to $40 million, driven by higher Leqvio sales.
The U.S. TTR franchise grew 125% year-over-year, primarily due to the ATTR-CM launch of AMVUTTRA, contributing approximately $150 million in revenue from 1,400 cardiomyopathy patients on therapy.
Cash and investments at June 30 were $515 million, reflecting $115 million of common stock repurchased in the second quarter.
Korlym prescriptions volume grew by 49% year-over-year, though revenue growth was impacted by pharmacy capacity constraints estimated at a $15 million impact in Q2.
Net income was $35.1 million compared to $35.5 million in the second quarter of last year.
Revenue in the second quarter of 2025 was $194.4 million, compared to $163.8 million in the prior year period.
The company modified its 2025 revenue guidance to $850 million to $900 million.
Cash and marketable securities stood at approximately $433 million as of June 30, 2025, down from $503 million at the end of 2024.
Geron reported Q2 2025 net product revenue of $49 million, a 24% increase over Q1 driven by increased demand from new patient starts.
Gross to net deductions remained in the mid-teens percent range, consistent with prior guidance.
Research and development expenses decreased to $22 million in Q2 2025 from $31 million in Q2 2024, primarily due to lower clinical trial costs post FDA approval of RYTELO.
Selling, general and administrative expenses remained steady at $39 million compared to the prior year period.
Dafinchi