The guidance cut reflects a material deceleration in second-line ATTR-CM demand after initial pent-up launch surge. Traders should monitor upcoming quarterly demand trends and any competitive responses from Pfizer's tafamidis. The raised collaboration/royalty guidance partially offsets but does not change the negative read-through for the core TTR franchise.
Price Chart
Executive Summary
Alnylam reported Q2 2026 non-GAAP diluted EPS of $1.84 (missed consensus of $2.15 by 14.5%) and total revenue of $1.291B (missed $1.32B consensus by 2.2%). The company lowered its full-year 2026 TTR net product revenue guidance from $4.4B-$4.7B to $4.2B-$4.5B, citing normalization of second-line demand after an initial pent-up launch surge. Despite strong 74% YoY product revenue growth, the guidance cut and earnings miss signal a slower-than-expected ATTR-CM launch trajectory.
Key Financial Metrics
Key Facts
- Q2 2026 total revenues $1.291B (+67% YoY), net product revenues $1.172B (+74% YoY)
- GAAP diluted EPS $1.21; non-GAAP diluted EPS $1.84 (missed consensus of $2.15 by 14.5%)
- Total TTR net product revenues $1.030B (+89% YoY), driven by AMVUTTRA sales of $1.012B (+106% YoY)
- Full-year 2026 TTR revenue guidance lowered to $4.2B-$4.5B from $4.4B-$4.7B; total product revenue guidance lowered to $4.7B-$5.1B from $4.9B-$5.3B
- Collaboration and royalty guidance raised to $575M-$625M from $400M-$500M
- Cash and marketable securities $3.3B as of June 30, 2026
Financial Impact
Full-year 2026 TTR revenue guidance cut by $200M at midpoint ($4.55B to $4.35B); total product revenue guidance cut by $200M at midpoint ($5.1B to $4.9B)
Risk Factors
- Slower-than-expected ATTR-CM market growth or increased competition
- Further downward revisions if second-line demand continues to normalize
- Pipeline setbacks in key programs (zilebesiran, nucresiran, mivelsiran)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001178670-26-000060 |
| Document: alny-20260730.htm | 0001178670-26-000060 |
| Document: 0001178670-26-000060-index-headers.html | 0001178670-26-000060 |
| Document: 0001178670-26-000060-index.html | 0001178670-26-000060 |
| Document: 0001178670-26-000060.txt | 0001178670-26-000060 |
| 8-K Data (Synthetic) | 0001178670-26-000060 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 6w ago | Court Ruling | $224.60 $238.27 | ▲ +6.09% | ▲ +8.06% | $231.18 (+2.93%) |
Jul 30, 2026 9w ago | 8-K | $205.48 $236.56 | ▼ −15.13% | ▼ −11.16% | $231.18 (−12.51%) |
Jul 29, 2026 9w ago | Institutional Cluster | $286.62 $239.00 | ▼ −16.61% | ▼ −21.63% | $231.18 (−19.34%) |
Mar 3, 2026 30w ago | Insider Cluster | $318.65 $330.87 | ▲ +3.83% | ▲ +8.24% | $231.18 (−27.45%) |
Mar 3, 2026 30w ago | Insider Cluster | $318.65 $330.87 | ▲ +3.83% | ▲ +8.24% | $231.18 (−27.45%) |
Feb 28, 2026 30w ago | Institutional Cluster | $325.07 $316.09 | ▼ −2.76% | ▲ +5.18% | $231.18 (−28.88%) |
US Market Status
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