Alnylam Pharmaceuticals (ALNY) Q3 2026 Earnings
Includes a benefit from income taxes of $1.9 billion ($1,871.5 million on the income statement), primarily related to the release of valuation allowances on certain U.S. federal and state deferred tax assets; this benefit is not excluded from non-GAAP net income.
How Did ALNY Stock React to Q3 2026 Earnings?
Did ALNY Beat Earnings? Q3 2026 Results
Yes. Alnylam Pharmaceuticals reported Q3 2026 earnings of $16.26 a share on Oct 29, 2026, beating the $2.25 consensus estimate by 623.0%. Revenue was $1.5B against a $1.4B estimate.
Alnylam Pharmaceuticals delivered a headline-grabbing beat in its third quarter of 2026, posting adjusted non-GAAP EPS of $16.26 against a consensus estimate of $2.25, a 622.99% beat, though investors should note that figure was heavily inflated by a roughly $1.90 billion income tax benefit tied to the release of valuation allowances on U.S. deferred tax assets, an item Alnylam did not exclude from its non-GAAP results. Revenue of $1.46 billion rose 16.7% year over year and edged past the $1.43 billion consensus by 2.03%, led by AMVUTTRA's 65% growth in ATTR amyloidosis as patient demand in ATTR-CM drove total TTR net product revenues to $1.15 billion. The top-line comparison was complicated by a $300 million Roche milestone recorded in the prior-year quarter, which caused collaboration revenue to fall roughly 80%. Margins tightened as royalties on surging AMVUTTRA sales pushed cost of goods sold to 28.0% of net product revenues. Alnylam reiterated full-year 2026 guidance of $4.70 billion to $5.10 billion in total net product revenues, signaling confidence in sustaining its commercial momentum despite some analyst price target reductions ahead of the report.
- AMVUTTRA growth driven by increased patient demand, mainly in ATTR-CM in the U.S.
- U.S. TTR revenue up $99 million vs. Q2 2026: $81 million demand increase, $17 million inventory benefit, and approximately $10 million of favorable gross-to-net adjustments
- International TTR revenue up $20 million vs. Q2 2026 on ATTR-CM launches in Japan, Germany and Italy and the timing of partner-market orders
- Increased number of patients treated with GIVLAARI
- Royalty revenue up 105% on higher Leqvio volume and royalty rate
- Collaboration revenue down 80% due to the $300.0 million Roche milestone recognized in Q3 2025
- Income tax benefit of $1.9 billion from release of valuation allowances on deferred tax assets
- Cost of goods sold rose to 28.0% of net product revenues (from 23.2%) on a higher blended AMVUTTRA royalty rate
“Our third quarter results reflect the continued growth of our TTR franchise and advancement of key programs with the potential for transformative patient impact.”
Alnylam Pharmaceuticals CEO, on the earnings call
What Is Alnylam Pharmaceuticals's Outlook?
Alnylam reiterated its full-year 2026 guidance and says it is on track to achieve it: - Total TTR net product revenues of $4,200 million to $4,500 million - Total Rare net product revenues of $500 million to $600 million - Total net product revenues of $4,700 million to $5,100 million, representing 57% to 71% growth vs. 2025 at June 30, 2026 exchange rates (57% to 70% at constant exchange rates) - Net revenues from collaborations and royalties of $575 million to $625 million - Non-GAAP R&D and SG&A expenses of $2,700 million to $2,800 million, excluding $330 million to $380 million of stock-based compensation The company still expects to launch nucresiran in ATTR-CM by 2030 and to initiate a pivotal brezosiran study in 2027. Phase 2 ALN-6400 (HHT) and Phase 1 ALN-2232 (obesity) data are expected with Q4 results in February 2027.
ALNY YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.5B | $1.2B | +16.7% |
| Operating Income | $345.8M | $368.0M | −6.0% |
| Net Income | $2.2B | $251.1M | +763.2% |
ALNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.