Alnylam Pharmaceuticals' (ALNY 1.10%) strong momentum in the first three quarters of 2025 first stalled, then evaporated. Many investors are no doubt looking for a positive catalyst for the stock. They could get one soon.
Although Alnylam hasn't officially announced when it will report fourth-quarter 2025 results, there's a good chance the Q4 update will be on or around Feb. 12, 2026. Should you buy this biotech stock before then?
NASDAQ: ALNY
Key Data Points
What to expect in Alnylam's Q4 update
Wall Street looks for Alnylam's total Q4 revenue to be $1.16 billion. Analysts also expect adjusted earnings per share of $1.50.
Alnylam will almost certainly share positive news about Amvuttra's commercial traction in its next quarterly update. Sales for Amvuttra skyrocketed 162% year over year in the third quarter of 2025, driven by rapid uptake in the transthyretin cardiac amyloidosis (ATTR-CM) indication.
The company's full-year 2025 guidance projects combined sales of Amvuttra and Onpattro of $2.5 billion at the midpoint of the range. Given that Onpattro's sales are declining, it's reasonable to expect all of the growth in Q4 will come from Amvuttra.
Don't look for significant Amvuttra sales in international markets in Q4, though. Alnylam's Chief Commercial Officer, Tolga Tanguler, said in the Q3 earnings call that "the contribution of ex-U.S. market is going to remain relatively modest, especially for [the] fourth quarter." She added that stronger growth will likely be seen in Germany and Japan later in 2026.
Image source: Getty Images.
Also, the continued success of Amvuttra has one minor drawback. As the sales for the blockbuster drug increase, so do the royalty rates paid to Alnylam's partners. As a result, the company's gross margin will probably decline.
Alnylam's management should also provide updates on its pipeline. Based on comments during the company's third-quarter earnings call, Alnylam will likely report the initiation of a Phase 3 study evaluating nucresiran for the treatment of hereditary ATTR with polyneuropathy (hATTR-PN) and the initiation of a Phase 2 trial for mivelsiran in Alzheimer's disease.
An excellent pick, but no need to rush
Alnylam continues to look like an excellent long-term investment. Amvuttra has strong momentum. The company's pipeline features several promising candidates, including three programs in late-stage testing. Alnylam also expects to file to advance three to four new therapies into clinical testing this year.
However, I don't think investors need to rush to buy Alnylam before its Q4 update. This biotech stock will heat up, in my view. But it's more like a crock pot than a microwave.
