Tolga Tanguler on revenue guidance
From Alnylam Pharmaceuticals Q4 2025 Earnings Call · · Investing 101
“We anticipate combined net product sales for our four commercial products will be within a range of 4.9 to 5.3 billion, representing combined full-year growth compared to 2025 of 71% at the midpoint of the guidance range or more than 2.1 billion in growth.”
On , Tolga Tanguler, Executive VP & Chief Commercial Officer at Alnylam Pharmaceuticals, spoke about revenue guidance during Alnylam Pharmaceuticals Q4 2025 Earnings Call on Investing 101.
About Tolga Tanguler
Tolga Tanguler, Executive Vice President and Chief Commercial Officer at Alnylam Pharmaceuticals, discussed the company's commercial progress during the Q4 2025 earnings call on February 12, 2026. He reported that combined net product revenues reached $995 million in Q4, representing 121% year-over-year growth, with global TTR net revenues of $858 million, up 151% year-over-year. Tanguler stated that Amvuttra is "rapidly establishing itself as an important choice in new treatment starts" and that by the second quarter post-launch it "approached parity with tafamidis in share of new starts." He noted that over 90% of payers now provide first-line coverage without step-through requirements, most patients incur zero out-of-pocket costs, and approximately 90% can access treatment within 10 miles of their home. Regarding pricing, Tanguler said the company's net price declined mid-single digits in 2025 and that 2026 guidance assumes a similar decline, adding that the company has made "very few price increases" over the last five to six years and those have been under inflation. In a series of podcast interviews from 2025, Tanguler elaborated on Alnylam's commercial strategy. He described the company's approach to global expansion, noting that approximately 40-45% of revenue comes from ex-US markets and that the company focuses on markets where opportunities are greatest, such as the Middle East for endemic hyperoxaluria. Tanguler discussed the company's use of value-based agreements, stating that they cover roughly 55-60% of patients under commercial or Medicare Advantage plans and that under these agreements the company is willing to provide rebates or refunds if patients do not achieve expected clinical outcomes. He also addressed the company's strategy for moving from rare to larger indications, saying that "winning in TTR is going to be a key priority and a key test for the organization" and that the company aims to "democratize" RNAi by reducing manufacturing costs to make therapies available in more cost-sensitive markets.