Revenue growth remains strong at 52% YoY, driven by AMVUTTRA's ATTR-CM launch. The reiterated full-year guidance suggests management sees no deterioration in the demand trajectory. The expanded TRITON-CM enrollment and positive brezosiran data add pipeline optionality. Monitor the November 2026 PDUFA date for cemdisiran and the Q4 2026 earnings call for ALN-6400 and ALN-2232 data.
Price Chart
Executive Summary
Alnylam reported Q3 2026 total net product revenues of $1,292M, up 52% YoY, driven by AMVUTTRA sales of $1,130M (+65% YoY). GAAP net income was $2.17B, including a $1.9B tax benefit from releasing valuation allowances on deferred tax assets. Full-year 2026 guidance was reiterated, and the company announced an expanded TRITON-CM enrollment target to 2,250 patients and positive Phase 1 data for brezosiran in Huntington's disease.
Key Financial Metrics
Key Facts
- Q3 2026 total net product revenues of $1,292M, up 52% YoY (53% at CER)
- AMVUTTRA net product revenues of $1,130M, up 65% YoY (66% at CER)
- Total TTR net product revenues of $1,150M, up 59% YoY (60% at CER)
- GAAP net income of $2.17B, including a $1.9B income tax benefit from releasing valuation allowances
- Non-GAAP net income of $2.24B, up 412% YoY
- Full-year 2026 guidance reiterated: TTR net product revenues $4.2B-$4.5B, total net product revenues $4.7B-$5.1B
- TRITON-CM Phase 3 study of nucresiran expanded target enrollment from 1,750 to approximately 2,250 patients
- Positive Phase 1 data for brezosiran (ALN-HTT02) in Huntington's disease; pivotal study planned for 2027
- Cash, cash equivalents and marketable securities of $3.6B as of September 30, 2026
Financial Impact
Q3 2026 total revenues of $1.46B vs consensus $1.43B; GAAP diluted EPS of $15.72 vs consensus $2.25 (includes $1.9B tax benefit); non-GAAP diluted EPS of $16.26
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| AMVUTTRA | $1.1B | +65.0% |
| ONPATTRO | $19.6M | -50.0% |
| GIVLAARI | $89.5M | +21.0% |
| OXLUMO | $52.5M | -1.0% |
Risk Factors
- Cost of goods sold as a percentage of net product revenues increased to 28.0% from 23.2% YoY due to higher AMVUTTRA royalty rates
- GAAP operating income declined 6% YoY due to increased RD and SGA expenses
- Collaboration revenue declined 80% YoY due to a $300M milestone from Roche in Q3 2025 not repeating
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001178670-26-000074 |
| Document: alny-20261029.htm | 0001178670-26-000074 |
| Document: 0001178670-26-000074-index-headers.html | 0001178670-26-000074 |
| Document: 0001178670-26-000074-index.html | 0001178670-26-000074 |
| Document: 0001178670-26-000074.txt | 0001178670-26-000074 |
| 8-K Data (Synthetic) | 0001178670-26-000074 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | SC 13G | $170.53 | awaiting T+5 | awaiting T+5 | $165.00 (−3.24%) |
Oct 29, 2026 3d ago | 8-K | $174.00 | awaiting T+5 | awaiting T+5 | $165.00 (−5.17%) |
Oct 23, 2026 9d ago | Institutional Cluster | $224.03 $165.00 | ▲ +26.35% | ▲ +25.79% | $165.00 (+26.35%) |
Aug 17, 2026 11w ago | Court Ruling | $228.61 $240.08 | ▲ +5.02% | ▲ +5.22% | $165.00 (−27.82%) |
Jul 30, 2026 13w ago | 8-K | $205.48 $216.12 | ▼ −5.18% | ▼ −1.56% | $165.00 (+19.70%) |
Jul 28, 2026 13w ago | Institutional Cluster | $286.62 $228.72 | ▼ −20.20% | ▼ −25.73% | $165.00 (−42.43%) |
Mar 3, 2026 34w ago | Insider Cluster | $318.65 $322.38 | ▲ +1.17% | ▲ +1.65% | $165.00 (−48.22%) |
Mar 3, 2026 34w ago | Insider Cluster | $318.65 $322.38 | ▲ +1.17% | ▲ +1.65% | $165.00 (−48.22%) |
Feb 28, 2026 35w ago | Institutional Cluster | $325.07 $323.59 | ▼ −0.46% | ▲ +0.75% | $165.00 (−49.24%) |
US Market Status
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