Alnylam Pharmaceuticals Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.69%.
Did ALNY Beat Earnings? Q1 2026 Results
Alnylam Pharmaceuticals delivered a decisive beat in the first quarter of 2026, posting non-GAAP diluted EPS of $1.99 against a consensus estimate of $1.47, a 35.30% beat that extends the company's streak of topping analyst EPS expectations to four consecutive quarters. Revenue of $1.17 billion, up 96.4% year-over-year, also cleared the $1.12 billion consensus by 4.53%, powered overwhelmingly by AMVUTTRA, which generated $889.93 million in net product revenues, a 187% year-over-year surge driven by accelerating demand in ATTR-CM patients following the cardiomyopathy indication launch. GAAP net income reached $205.99 million, compared to a net loss of $18.25 million a year ago, as operating leverage improved sharply despite a 38% rise in R&D spending tied to advancing Phase 3 trials for nucresiran and zilebesiran. Analysts have noted the stock may carry valuation risk at current multiples even as the underlying business trajectory remains strong. Looking ahead, Alnylam reaffirmed full-year 2026 guidance for total net product revenues of $4.90 billion to $5.30 billion, with total TTR revenues expected between $4.40 billion and $4.70 billion.
- AMVUTTRA revenue growth of 187% driven by increased patient demand, primarily in ATTR-CM in the U.S.
- Total TTR net product revenues grew 153% YoY to $910 million
- Total net product revenues surpassed $1 billion for the first time, reaching $1,036 million
- Royalty revenue from Novartis Leqvio sales increased 85%
- GIVLAARI and OXLUMO growth from increased patient numbers
“2026 is off to a strong start for Alnylam with the end of the first quarter marking one year since the U.S. launch of AMVUTTRA for ATTR-CM, and also representing a significant financial milestone with the achievement of over $1 billion in quarterly product revenues for the first time in our history.”
Alnylam Pharmaceuticals CEO, on the earnings call
Forward Guidance & Outlook
Alnylam reiterated full-year 2026 financial guidance: Total TTR net product revenues (AMVUTTRA + ONPATTRO) of $4,400 million to $4,700 million; Total Rare net product revenues (GIVLAARI + OXLUMO) of $500 million to $600 million; Total net product revenues of $4,900 million to $5,300 million with growth of 64% to 77% vs. 2025 at both actual and constant exchange rates; Net revenues from collaborations and royalties of $400 million to $500 million; Non-GAAP R&D and SG&A expenses of $2,700 million to $2,800 million (excluding $300 million to $400 million of stock-based compensation). Key pipeline milestones expected include completion of enrollment in the cAPPricorn-1 Phase 2 trial of mivelsiran and initiation of a Phase 2 trial in Alzheimer's disease in H1 2026, and clinical readouts from ALN-6400, ALN-HTT02, and ALN-2232 in H2 2026.
ALNY YoY Financials
ALNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.