Alnylam Pharmaceuticals, Inc. (ALNY): BCG Matrix [Dec-2025 Updated]

You're looking for a clear-eyed view of Alnylam Pharmaceuticals, Inc.'s product portfolio as of late 2025, filtered through the Boston Consulting Group Matrix. Honestly, their portfolio is heavily weighted toward the high-growth side right now, with the TTR franchise aiming for up to $2.525 billion this year, largely thanks to AMVUTTRA's 89% growth. We need to see where the aging ONPATTRO fits as it declines, and how much capital the exciting Question Marks like zilebesiran will need. Let's break down exactly where Alnylam Pharmaceuticals, Inc. stands across the Stars, Cash Cows, Dogs, and Question Marks below.

Background of Alnylam Pharmaceuticals, Inc. (ALNY)

You're looking at Alnylam Pharmaceuticals, Inc. (ALNY), which has firmly established itself as the leading RNAi therapeutics company, using Nobel Prize-winning science to create innovative medicines. As of late 2025, the company is executing on its 'Alnylam P5x25' strategy, aiming for sustainable innovation and a top-tier biotech profile. Honestly, the recent financial performance shows they are making serious headway toward that goal.

Let's look at the numbers coming out of the third quarter of 2025, ending September 30. Alnylam Pharmaceuticals, Inc. reported total net product revenues of $851 Million for Q3 2025, which was a jump of 103% compared to the same period in 2024. When you factor in collaboration revenue, the total revenue for the quarter hit $1.25 Billion. Based on this strong performance, the company actually raised its full-year 2025 guidance for total net product revenues to a range of $2.95 Billion to $3.05 Billion.

The growth engine is clearly the TTR franchise, which includes AMVUTTRA (vutrisiran) and ONPATTRO (patisiran). This franchise brought in $724 Million in Q3 2025, marking a huge 135% year-over-year increase. Specifically, AMVUTTRA, which gained approval for the cardiomyopathy (ATTR-CM) patient segment, generated $685 Million in revenue, a 165% increase from Q3 2024. Conversely, ONPATTRO saw its revenue drop to $39 Million, down 22%, largely because patients are switching to the newer, quarterly-dosed AMVUTTRA.

The Rare disease portfolio, consisting of GIVLAARI (givosiran) and OXLUMO (lumasiran), also contributed solidly. For the third quarter, this segment generated $127 Million in total net product revenue, representing 14% growth compared to Q3 2024. Breaking that down, GIVLAARI brought in $74 Million, and OXLUMO added $53 Million in the quarter.

Beyond the current commercial success, Alnylam Pharmaceuticals, Inc. is advancing several key pipeline programs. They initiated two new Phase 3 trials: ZENITH for Zilebesiran in hypertension and TRITON-PN for Nucresiran in hereditary ATTR-PN. These late-stage developments suggest the company is actively working to build out its portfolio beyond the current revenue drivers.

Alnylam Pharmaceuticals, Inc. (ALNY) - BCG Matrix: Stars

AMVUTTRA (vutrisiran) in ATTR-CM is the primary growth engine for Alnylam Pharmaceuticals, Inc. This drug is driving the upward revision of the company's financial outlook, positioning it as a clear market leader in the rapidly expanding transthyretin amyloid cardiomyopathy (ATTR-CM) space.

The TTR franchise revenue guidance for 2025 has been increased to a range of $2.475 billion to $2.525 billion, a figure guided after the third quarter results, reflecting strong momentum from the ATTR-CM launch. This guidance was raised from a previous range of $2.175 billion to $2.275 billion following the second quarter results.

The strong uptake in ATTR-CM followed the March 2025 FDA approval for AMVUTTRA in this indication. The performance in the first half of 2025 demonstrated this rapid adoption.

Here's a look at the product revenue performance that underpins this Star status:

The growth in the TTR franchise, which includes AMVUTTRA and ONPATTRO, was 135% year-over-year in the third quarter of 2025, reaching $724 million in that period alone. The U.S. TTR net product revenues specifically reached $543 million in the third quarter.

The success of AMVUTTRA in the ATTR-CM indication is evident in patient demand metrics:

• ATTR-CM patient demand for AMVUTTRA approximately doubled in the third quarter versus the second quarter of 2025.
• Approximately 1,400 ATTR-CM patients were on AMVUTTRA as of June 30, 2025.
• Estimated ATTR-CM revenue in the second quarter was about $150 million.
• Estimated ATTR-CM revenue in the third quarter was about $300 million.

The drug's pricing strategy involves an annual cost of $477,000, with plans to lower the net price through rebates as patient adoption increases, with a projected mid-single digit reduction in net price expected for 2025.

Alnylam Pharmaceuticals, Inc. (ALNY) - BCG Matrix: Cash Cows

GIVLAARI (givosiran) and OXLUMO (lumasiran) combined represent the established rare disease franchise for Alnylam Pharmaceuticals, Inc.

This franchise is positioned as a source of stable, predictable revenue streams within the Alnylam Pharmaceuticals, Inc. portfolio.

The rare disease franchise is expected to generate $450 million to $525 million in 2025, based on initial guidance. This projection delivers moderate, sustainable growth of around 15% at the midpoint compared to 2024.

These products provide essential, less volatile cash flow to fund the pipeline.

The historical and projected financial performance for this segment is detailed below:

Key revenue and growth figures supporting the Cash Cow classification include:

• Full Year 2024 combined net product revenues for GIVLAARI and OXLUMO were $423 million.
• The 2025 guidance range for the Total Rare franchise is $450 million to $525 million.
• The midpoint growth expectation for the Rare franchise in 2025 is 15% over 2024 revenue.
• Third Quarter 2025 combined Rare net product revenue reached $127 million.

The segment demonstrates a high market share in its niche, mature rare disease markets, generating consistent cash flow.

Alnylam Pharmaceuticals, Inc. (ALNY) - BCG Matrix: Dogs

You're looking at the part of Alnylam Pharmaceuticals, Inc.'s portfolio that isn't driving the growth story right now. In the BCG framework, these are the Dogs-products in low-growth areas with a small slice of the market. Honestly, the strategy here is usually about minimizing exposure, not pouring in capital for a turnaround.

For Alnylam Pharmaceuticals, Inc., the primary asset fitting this profile is ONPATTRO (patisiran), the initial treatment for polyneuropathy of hereditary transthyretin-mediated amyloidosis (hATTR-PN). Its market position is being directly challenged by the company's own successor drug, AMVUTTRA (vutrisiran).

Here is the financial snapshot illustrating this dynamic from the second quarter of 2025:

The data clearly shows the shift. ONPATTRO sales are in decline as patients switch to the next-generation drug, AMVUTTRA. The Q2 2025 sales for ONPATTRO dropped 33% year-over-year to $52.54 million. Meanwhile, AMVUTTRA sales surged to $492 million in the same period.

This product is definitely losing market share in the TTR polyneuropathy segment to its successor, which is expected, but it solidifies its Dog status within the portfolio context. You can see this in the overall TTR franchise guidance update:

• Total TTR Net Product Revenues (hATTR-PN & ATTR-CM) for full year 2025 is guided between $2,175 million and $2,275 million.
• This updated guidance represents a significant increase from prior expectations, driven almost entirely by AMVUTTRA's success.
• Minimal future investment is expected for ONPATTRO beyond maintenance of the existing patient base, as resources are focused on the growth driver, AMVUTTRA.
• The strategy is to manage the transition, not to invest heavily in trying to revive the older asset's growth trajectory.

Honestly, this cannibalization is a sign of successful internal innovation, but it means ONPATTRO is now a cash-neutral or slightly cash-consuming unit that Alnylam Pharmaceuticals, Inc. will manage down. Finance: draft 13-week cash view by Friday.

Alnylam Pharmaceuticals, Inc. (ALNY) - BCG Matrix: Question Marks

You're looking at the pipeline assets that are consuming significant cash today but hold the keys to Alnylam Pharmaceuticals, Inc.'s future market expansion beyond its current TTR franchise success. These are the Question Marks: high-growth potential markets where Alnylam Pharmaceuticals, Inc. currently holds a low, or zero, market share because the products are still investigational.

The financial commitment to these programs is substantial, reflected in the company's overall spending. For the twelve months ending September 30, 2025, Alnylam Pharmaceuticals, Inc.'s Research and Development Expenses reached $1.248B. The updated full-year 2025 guidance for combined GAAP R&D and SG&A expenses is set between $2.445 million and $2.575 million. This heavy investment is the price of entry for these high-growth arenas.

Zilebesiran (Hypertension)

Zilebesiran targets the massive, multi-billion-dollar hypertension market, which is the primary cause of and number one modifiable risk factor for cardiovascular disease globally. Despite the wide availability of existing treatments, up to 80% of the estimated over 1.2 billion people worldwide with hypertension do not achieve adequate blood pressure control, often due to poor adherence to daily oral therapies. This unmet need defines the high-growth potential.

The marketing strategy here is to get this novel, subcutaneously administered RNAi therapeutic adopted. The asset is currently in the ZENITH Phase 3 cardiovascular outcomes trial (CVOT), which was submitted to global regulators and is expected to initiate by the end of 2025.

The investment is already yielding some financial milestones; Alnylam Pharmaceuticals, Inc. recognized $300 million of milestone revenue from its partner Roche in the third quarter of 2025 associated with dosing the first patient in the ZENITH trial.

Here are the key metrics for the ZENITH trial:

If successful, Zilebesiran could quickly transition from a cash-consuming Question Mark to a Star, addressing a market where adherence challenges are a major barrier to current standards of care.

Nucresiran (ALN-TTRsc04)

Nucresiran, a next-generation TTR silencer, is positioned to build upon Alnylam Pharmaceuticals, Inc.'s existing TTR franchise leadership, but it requires significant capital to prove superiority over its predecessor, vutrisiran, in the ATTR-CM setting. This program is in Phase 3 with the TRITON-CM trial, which officially started in July 2025.

The potential is high, with preclinical data suggesting a capability for greater than 95% knockdown of TTR with twice-annual dosing. However, the path to market is long, with topline results for TRITON-CM not expected until 2028. The company also initiated the TRITON-PN Phase 3 study for hATTR-PN on October 29, 2025.

The clinical trial expenses for this program contributed to the increase in GAAP R&D expenses for the three months ended March 31, 2025, compared to the same period in 2024.

• TRITON-CM Primary Endpoint: Reducing all-cause mortality and cardiovascular (CV) events.
• TRITON-PN Comparison: Effectiveness vs. vutrisiran in reducing serum TTR levels.
• Trial Status: TRITON-CM started July 2, 2025; TRITON-PN started October 29, 2025.

ALN-6400 and ALN-4324

These earlier-stage programs represent the furthest out on the growth curve, consuming cash in early development with the potential to become future Stars, but they carry the highest risk of becoming Dogs if development stalls.

ALN-6400 targets bleeding disorders, a market affecting over 3 million people in the U.S. with limited treatment options. This program is currently in Phase 2.

ALN-4324 targets Type 2 Diabetes Mellitus, aiming to be the first insulin sensitizer approved in over 30 years. This program has an initiated Phase 1 clinical trial. Early data suggested a desirable profile, including approximately 90% knockdown of the target 22 days after a low-dose, subcutaneous injection.

You need to monitor these closely; if ALN-4324 doesn't show compelling efficacy signals soon, the investment thesis supporting its Question Mark status will weaken significantly.