Expert: Small interfering RNA targeting PCSK9 mRNA, increasing LDL receptor availability

Everyday: Silences a gene to help the body clear bad cholesterol

Targets: ["PCSK9"]

Leqvio - Commercial Uptake Updates 2026

ECONOMICS SUMMARY (as of Feb 2026): WHO BOOKS REVENUE: Novartis (NVS) books 100% of global Leqvio product sales. FY2025 NVS sales: $1,198M (+59% YoY). Hit blockbuster status in Q4 2025. WHAT ALNYLAM (ALNY) RECEIVES: - Tiered royalties of 10-20% on NVS global net sales (escalates with volume) - FY2025 ALNY royalty revenue: $174M (implying ~14.5% blended rate) - FY2024 ALNY royalty revenue: ~$92M THE BLACKSTONE LAYER (critical): - In Apr 2020, ALNY sold 50% of its Leqvio royalties to Blackstone for $1B - So of the $174M ALNY receives from NVS, ~$87M goes to Blackstone - ALNY net retained royalty: ~$87M (effectively ~7% of NVS sales) - If Leqvio royalties do not reach $1B cumulative by 2029, ALNY retained share drops 5% WHAT THIS MEANS FOR INVESTORS: - NVS investors: Leqvio is a growth driver but they bear 100% of costs + pay ~14.5% royalty to ALNY - ALNY investors: Leqvio is a royalty stream, NOT product revenue. After Blackstone, ALNY keeps ~$87M/yr on a $1.2B drug - The market sometimes confuses Leqvio as an ALNY franchise drug — it is not. ALNY earns ~7 cents on every dollar of Leqvio sales RISK: Jan 2026 Paragraph IV certification filed against Leqvio (early generic threat) HISTORY: Inclisiran was developed by The Medicines Company using ALNY siRNA platform. NVS acquired The Medicines Company in Jan 2020 for $9.7B (Leqvio was the crown jewel). Sources: ALNY Q4/FY2025 earnings (Feb 12, 2026), NVS Q4/FY2025 earnings, Blackstone press release (Apr 2020)