Alnylam Pharmaceuticals Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.42%.
Did ALNY Beat Earnings? Q2 2026 Results
Alnylam Pharmaceuticals delivered a mixed second quarter for fiscal 2026, posting non-GAAP EPS of $1.84 against a consensus estimate of $2.15, a miss of 14.47%, while revenue of $1.29 billion fell short of the $1.32 billion Wall Street had expected despite surging 66.9% year-over-year. The primary engine behind that growth was AMVUTTRA, the company's TTR therapy for ATTR-CM, which more than doubled its year-ago revenue with 106% growth to reach $1.01 billion, even as ONPATTRO continued its managed decline, falling 65% to $18.46 million as patients migrate to the newer treatment. The company did swing to GAAP profitability, reporting net income of $164.49 million compared to a net loss of $72.23 million a year ago, underscoring the commercial maturation of its TTR franchise. However, Alnylam trimmed its full-year TTR net product revenue guidance to $4.20 billion to $4.50 billion from $4.40 billion to $4.70 billion, citing normalization of second-line demand after an initial launch period benefited from pent-up patient volume, a dynamic investors had been watching closely heading into the print.
- AMVUTTRA growth driven by increased patient demand in ATTR-CM, primarily in the U.S.
- U.S. TTR net product revenues increased $106 million sequentially with demand growth more than double that of Q1 2026 vs Q4 2025
- International TTR revenues increased $14 million sequentially driven by demand in both hATTR-PN and ATTR-CM
- Royalty revenue increased 79% YoY from higher Leqvio royalties from Novartis
- GIVLAARI and OXLUMO growth from increased number of patients
“During the first half of 2026, we continued to meaningfully advance our business, generating over $1 billion in quarterly product revenues for the first time in our history during the first quarter and, building on that momentum, over $1 billion in TTR revenues during the second quarter. These results underscore the growing leadership and global impact of our TTR franchise in transforming outcomes for patients with ATTR amyloidosis, with AMVUTTRA being the only product approved for the full spectrum of the disease. We have lowered our TTR product sales guidance for full-year 2026 to reflect learnings from the initial phase of our launch in the evolving ATTR-CM market, in particular the normalization of growth in second line volume after satisfying pent-up demand from patients waiting for a new therapy. Given the strong foundation we have established and continued growth in ATTR-CM diagnosis and treatment, we remain confident in the trajectory of our ongoing ATTR-CM launch and are continuing to invest robustly in this franchise, as we bring AMVUTTRA to more patients and establish it as a foundational therapy.”
Alnylam Pharmaceuticals CEO, on the earnings call
Forward Guidance & Outlook
Alnylam revised its full-year 2026 TTR net product revenue guidance downward from $4,400–$4,700 million to $4,200–$4,500 million, reflecting normalized second-line demand growth in the U.S. ATTR-CM market after an initial launch period that benefited from pent-up demand. Total Rare net product revenues guidance is reiterated at $500–$600 million. Total net product revenues guidance is revised to $4,700–$5,100 million from $4,900–$5,300 million, representing 57% to 71% growth vs. 2025. Net revenues from collaborations and royalties guidance is raised to $575–$625 million from $400–$500 million. Non-GAAP R&D and SG&A expenses guidance is reiterated at $2,700–$2,800 million. The company remains confident in the trajectory of the ATTR-CM launch and continues to invest robustly in the franchise. In H2 2026, the company expects clinical data readouts from ALN-6400 (Phase 1/2), ALN-2232 (Phase 1 in obesity), and ALN-HTT02 (Phase 1 in Huntington's disease). Regeneron's cemdisiran has an FDA Priority Review target action date in November 2026.
ALNY YoY Financials
ALNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.