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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Alnylam Pharmaceuticals
Alnylam Pharmaceuticals (ALNY) investor relations material
Alnylam Pharmaceuticals Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 total revenue was $1.458B, up 17% YoY; net product revenue rose 52% to $1.292B, led by TTR products.
GAAP net income was $2.167B, including a $1.95B discrete tax benefit from releasing valuation allowances on U.S. deferred tax assets.
AMVUTTRA demand growth remained below expectations; 2026 TTR sales are expected at the low end of the $4.2B–$4.5B guidance range.
Pipeline progress included expanding TRITON-CM enrollment to ~2,250 and planning a pivotal brezosiran Huntington’s disease study for 2027, pending regulatory alignment.
Financial highlights
Net product revenue was $1.292B, up 52% reported and 53% at constant exchange rates; total revenue was $1.458B, up 17%.
Collaboration revenue fell 80% to $71.5M, reflecting the prior-year $300M Roche milestone; royalty revenue rose 105% to $94.7M, driven by Leqvio royalties.
GAAP operating income was $345.8M, down 6% YoY; adjusted operating income was $424.9M, down 11%.
Adjusted net income was $2.242B versus $437.8M; GAAP net income was $2.167B versus $292.7M, primarily reflecting the tax benefit.
Outlook and guidance
FY 2026 guidance was reiterated: net product revenue of $4.7B–$5.1B, including TTR revenue of $4.2B–$4.5B and Rare revenue of $500M–$600M.
TTR sales are expected at the low end of the range; $4.2B in TTR revenue would represent nearly 70% YoY growth.
FY 2026 collaboration and royalty revenue guidance is $575M–$625M; adjusted R&D and SG&A guidance is $2.7B–$2.8B, excluding $330M–$380M of stock-based compensation.
2027 product revenue guidance is planned with FY 2026 results in mid-February, after assessing 340B-related ordering and site-of-care changes.
2030 targets include 25%+ total revenue CAGR and ~30% non-GAAP operating margin, with ~30% of revenue invested in non-GAAP R&D.
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Latest events from Alnylam Pharmaceuticals
- Brezosiran lowered CSF mHTT by up to 64%; a pivotal study is planned for 2027.ALNY
Investor update - AMVUTTRA’s strong growth and robust pipeline drive optimism for future expansion and innovation.ALNYMorgan Stanley 24th Annual Global Healthcare Conference
- Zilebesiran offers sustained BP control and CV risk reduction with twice-yearly dosing.ALNYInvestor update
- Strong AMVUTTRA growth, reduced competition, and advancing pipeline drive optimism for future performance.ALNYWells Fargo 21st Annual Healthcare Conference
- Deep TTR knockdown and early intervention drive clinical and commercial leadership in ATTR-CM.ALNYESC Congress Presentation
- Q2 2026 revenues jumped 74% to $1.2B, driven by AMVUTTRA and TTR franchise growth.ALNYQ2 2026
- Vutrisiran demonstrated robust mortality reduction and is poised for a major Q2 2025 launch.ALNY2024 Wells Fargo Healthcare Conference
- Cardiomyopathy launch fueled record growth and upgraded guidance, with robust pipeline momentum.ALNYBernstein Insights: Healthcare Leaders and Disruptors - 2nd Annual Healthcare Forum
- 2025 TTR revenue guidance signals confidence amid market expansion and pipeline innovation.ALNY24th Annual Needham Virtual Healthcare Conference
Next Alnylam Pharmaceuticals earnings date
Q4 202611 Feb, 2027
Alnylam Pharmaceuticals
Next Alnylam Pharmaceuticals earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
RNAi Pioneers
Alnylam Pharmaceuticals is a biopharmaceutical company at the forefront of RNA interference (RNAi) therapeutics. Founded in 2002, the company is headquartered in Cambridge, Massachusetts. Alnylam's primary focus lies in harnessing the potential of RNAi, a naturally occurring biological pathway within cells, to target and silence specific genes that cause diseases. Their innovative approach has led to the development of a range of treatments for rare genetic, cardio-metabolic, hepatic infectious, and central nervous system diseases. Alnylam conducts research in its field, striving to develop new treatment options for patients who have limited or inadequate alternatives.
Built on RNAi
RNA stands for ribonucleic acid, a nucleic acid present in all living cells. There are two different forms of RNA used in RNAi-processes: Small interfering RNA (siRNA) and microRNA (miRNA). RNA interference (RNAi) is like a security system for cells. Small RNA molecules latch onto a complex called RISC. They then target specific messages, known as mRNAs, stopping them from making proteins. This helps control which proteins are made and when. RNAi also gets rid of unneeded mRNAs. Besides controlling protein production, RNAi helps defend cells against viruses by targeting and destroying their RNA, preventing the virus from making harmful proteins.
A Relatively Young Company
Founded in 2002, Alnylam Pharmaceuticals was established with the clear goal of utilizing RNA interference to develop and eventually market various treatments. Recognizing the potential of RNAi to silence disease-causing genes, the company aimed to pioneer its therapeutic applications. In its early years, Alnylam focused on foundational research, gradually evolving its drug pipeline. Over its existence, Alnylam has formed partnerships and made strategies with various pharmaceutical entities, further solidifying its position as a leader in the RNAi therapeutics field. Being publicly traded is nothing unique in the pharmaceutical industry, and a list of notable companies in the same field includes Eli Lilly, Pfizer, Astra Zeneca, and many others.
FDA Approval
Even though RNAi had plenty of doubters in the early stages, faith remained high at Alnyam. The company ran at a loss for several years, but by 2018, the company achieved a significant milestone by securing FDA approval for its first RNAi therapeutic, Patisiran. This marked the beginning of a road to profitability for the company, as they were able to scale their operations with an approved product.