Alnylam Q3 2026: The $1.9B Tax Windfall Behind a Huge EPS Beat

Alnylam reported non-GAAP EPS of $16.26, far exceeding expectations, but nearly all of that gap came from a roughly $1.9 billion income tax benefit tied to the release of valuation allowances on U.S. deferred tax assets. Alnylam did not exclude that item from its non-GAAP results, so the headline number says far less about operating performance than it first appears.

Strip out the tax item and the more meaningful story is on the revenue line, where $1.46 billion came in ahead of consensus and grew year over year. AMVUTTRA, the company's flagship TTR therapy, drove that growth with a 65% revenue increase fueled by patient demand in ATTR cardiomyopathy.

Collaboration revenue fell roughly 80% compared to the same quarter a year ago, when Alnylam recognized a $300 million milestone from Roche. That comparison will not repeat, making year-over-year collaboration revenue declines a known distortion. Royalty revenue more than doubled on higher Leqvio volume.

Alnylam reiterated its full-year 2026 guidance of $4.7 billion to $5.1 billion in total net product revenues. The company also announced an expanded enrollment target for its TRITON-CM Phase 3 trial of nucresiran, with an ATTR-CM launch still expected by 2030.

CEO Yvonne Greenstreet highlighted positive initial data for brezosiran in Huntington's disease, noting the results support a pathway to initiating a pivotal study in 2027. Investors keeping an eye on the stock into year-end have further catalysts, including two-year HELIOS-B open-label extension data at the AHA meeting in early November and Phase 2 data for ALN-6400 in hereditary hemorrhagic telangiectasia due with fourth-quarter results in February 2027.