Alnylam Pharmaceuticals Inc

Latest Results (28.08.2026):

Alnylam Pharmaceuticals Inc — First Quarter 2026: Alnylam reported strong Q1 2026 results with total revenues of $1,167.2M, driven by net product revenues of $1,036.1M (up 121% year-over-year). The company turned to GAAP net income of $206.0M (EPS $1.55 basic) versus a GAAP loss in Q1 2025, and non‑GAAP net income of $273.0M. AMVUTTRA® (vutrisiran) was the primary growth driver; the company reiterated its 2026 guidance and highlighted clinical, diagnostic-collaboration and pipeline progress ahead of multiple expected H2 2026 readouts.

Revenue summary

Total revenues $1,167.2M (up 96% reported; 93% at constant currency). Net product revenues were $1,036.1M (up 121% reported; 117% CER). Royalty revenue was $49.0M (up 85%). Net collaboration revenues totaled $82.1M (down 17%).

Product performance

AMVUTTRA net product revenue was $889.9M (up 187% YoY; 183% CER) and drove the TTR franchise. ONPATTRO declined to $20.5M (down 59%). Total TTR product revenues were $910.4M (up 153%). Total Rare product revenues (GIVLAARI, OXLUMO) were $125.7M (up 15%).

Profitability

GAAP income from operations was $268.6M vs $18.1M a year ago. GAAP net income was $206.0M (basic EPS $1.55; diluted $1.51) versus a GAAP loss of $18.3M in Q1 2025. Non‑GAAP net income was $273.0M (non‑GAAP diluted EPS $1.99).

Costs and expense trends

Cost of goods sold rose to $207.5M (20.0% of net product revenues vs 15.0% in Q1 2025). R&D expense was $364.9M (up 38%); SG&A was $322.6M (up 34%). Stock‑based compensation and mark‑to‑market equity items are excluded from the company’s non‑GAAP measures.

Balance sheet and cash

Cash and cash equivalents were $1.711B and marketable debt securities $1.298B. Total current assets were $4.219B and total assets $5.130B. Total liabilities were $4.054B; stockholders’ equity totaled $1.075B. Convertible debt was ~$1.009B and liabilities related to sale of future royalties/development funding totaled about $1.697B (current + non‑current).

Collaborations and royalties

Roche collaboration revenue was $35.6M (up 109%); Regeneron revenue was $46.3M (down 9%). Royalty revenue contributed $49.0M (up 85%).

Guidance and outlook

Alnylam reiterated full‑year 2026 financial guidance, including combined net product revenues guidance (the specific amounts are not shown in the provided excerpt). Management expects multiple clinical readouts in the second half of 2026 to support long‑term growth.

Clinical and business developments

New data presented at ACC.26 supporting vutrisiran as a first‑line treatment for ATTR‑CM; established collaborations with Viz.ai and the AHA to drive earlier diagnosis and coordinated care in ATTR‑CM. The company emphasized continued pipeline progress toward multiple H2 2026 clinical readouts.