10-Q · April 30, 2026
Alnylam Pharmaceuticals reported robust Q1 2026 results, achieving global net product revenues of $1,036 million, marking a 121% year-over-year increase and surpassed EPS estimates at $1.83. The company remains…
Earnings analysis · 10-Q
ALNY earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Alnylam delivered $1.458 billion of revenue and $15.72 of GAAP diluted EPS, with TTR revenue of $1.150 billion up 59% year over year and AMVUTTRA driving the commercial performance. Liquidity was strong at $3.59…
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Alnylam delivered $1.458 billion of revenue and $15.72 of GAAP diluted EPS, with TTR revenue of $1.150 billion up 59% year over year and AMVUTTRA driving the commercial performance. Liquidity was strong at $3.59 billion, but collaboration revenue fell 80% year over year and the EPS result was affected by a substantial tax-related benefit. Management reiterated full-year 2026 guidance, while material risks include AMVUTTRA concentration, potential 340B reimbursement reductions from ASP plus 6% to ASP minus 33.4%, government pricing scrutiny and generic litigation.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $15.72
What stood out
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AMVUTTRA drives strong revenue growth
Revenue was $1.458 billion, up from $1.29 billion in the prior quarter and $1.25 billion in the prior-year quarter. TTR revenue reached $1.150 billion, increasing 59% year over year.
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GAAP EPS surged in the quarter
GAAP diluted EPS was $15.72, compared with $1.21 in the prior quarter and $1.84 in the prior-year quarter. The comparison is affected by a substantial tax-related benefit disclosed with the quarterly results.
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Product revenue scales rapidly
Net product revenue was $1.29 billion for the quarter and $3.50 billion for the nine months ended September 30, 2026, reflecting the increasing contribution from AMVUTTRA and the broader commercial portfolio.
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Liquidity remains substantial
Cash, cash equivalents and marketable securities totaled $3.59 billion as of September 30, 2026, providing liquidity to support commercialization, pipeline investment and manufacturing expansion.
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Full-year outlook reiterated
Management reiterated full-year 2026 total net product revenue guidance of $4.7 billion-$5.1 billion, including TTR revenue guidance of $4.2 billion-$4.5 billion.
What to watch
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AMVUTTRA concentration risk
The business remains highly dependent on AMVUTTRA: TTR revenue was $1.150 billion in the quarter and AMVUTTRA was a significant portion of the $3.50 billion of nine-month net product revenue. A slowdown in AMVUTTRA growth could materially affect profitability and the reiterated $4.7 billion-$5.1 billion product-revenue outlook.
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Potential 340B reimbursement cut
CMS proposed reducing Medicare reimbursement for 340B-acquired drugs from ASP plus 6% to ASP minus 33.4%. The filing states that a meaningful portion of U.S. AMVUTTRA units is purchased through the 340B program, creating potential pressure on utilization, provider economics and net revenue.
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Government pricing investigation
Alnylam received an October 2025 subpoena from the U.S. Attorney's Office for the District of Massachusetts concerning government price reporting for AMVUTTRA, ONPATTRO, OXLUMO and GIVLAARI, and continues to engage with the authorities. Any inaccuracies could lead to recalculations, restatements, penalties or increased liabilities.
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AMVUTTRA generic litigation
On September 16, 2026, Alnylam filed a patent-infringement lawsuit against Cipla over an ANDA seeking approval for a generic version of AMVUTTRA. A successful challenge could accelerate generic competition and materially reduce sales of the product.
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Convertible-note liquidity exposure
The company had $1.02 billion of aggregate principal amount of convertible notes outstanding as of September 30, 2026. If the conditional conversion feature is triggered, cash settlement requirements or reclassification of the notes could adversely affect liquidity and working capital.
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Tariff and manufacturing pressure
A 100% ad valorem tariff on certain imported patented pharmaceuticals and associated ingredients took effect by September 29, 2026. The filing states that tariffs could increase cost of goods sold, disrupt suppliers and reduce the competitiveness of products sold outside the U.S.
Management's outlook
Full-year 2026 guidance was reiterated: total net product revenue of $4.7 billion-$5.1 billion, TTR revenue of $4.2 billion-$4.5 billion, Rare revenue of $500 million-$600 million, collaboration and royalty revenue of $575 million-$625 million, and non-GAAP R&D and SG&A expenses of $2.7 billion-$2.8 billion.
Earlier filings 4
10-K · February 12, 2026
Alnylam’s 2025 10-K outlines an ambitious “Alnylam 2030” growth plan while documenting strong commercial momentum in 2025 (FY revenue of $3.714B driven by large Q3/Q4 quarters) and a return to GAAP profitability in…
10-Q · October 30, 2025
Alnylam reported a strong Q3 2025 with total revenues of $1,249,026,000 and GAAP net income of $251,084,000 (diluted EPS $1.84), reversing prior-year losses. Revenue strength was broad-based — product revenues rose to…
10-Q · July 31, 2025
Alnylam reported Q2 total revenues of $773,689,000 (up $113,864,000 or 17.3% YoY and up $179,500,000 or 30.2% sequentially) driven by product strength, particularly AMVUTTRA. The company recorded a GAAP operating loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.