ALNY · Alnylam Pharmaceuticals, Inc.

Alnylam Pharmaceuticals delivered a landmark quarter, crossing the $1 billion threshold in quarterly product revenues for the first time in the company's history. Total revenues surged 96% year-over-year to $1.17 billion, primarily fueled by the strong uptake of AMVUTTRA in ATTR-CM, which generated $890 million in sales (187% growth). This growth offset the expected decline in ONPATTRO revenues, which fell 59% to $20 million as patients transitioned to the newer therapy. The TTR franchise collectively grew 153% to $910 million. Profitability improved significantly, with GAAP net income reaching $206 million, or $1.51 per diluted share, compared to a net loss in the prior year period. Non-GAAP diluted EPS was $1.99. Operating expenses increased, with R&D rising 38% to $365 million (GAAP) driven by the ZENITH and TRITON Phase 3 trials, and SG&A increasing 34% to $323 million (GAAP) due to commercial launch investments. The company maintained a strong balance sheet with $3.0 billion in cash and marketable securities. Management reiterated its full-year 2026 guidance for total net product revenues of $4.9 to $5.3 billion, signaling confidence in sustained commercial momentum. Pipeline progress remains robust, with the TRITON-CM study for nucresiran expanding enrollment to approximately 1,750 patients, supporting a potential 2030 launch.