Alnylam Pharmaceuticals (ALNY) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 net product revenues of $1.2 billion, up 74% year-over-year, driven by AMVUTTRA and TTR franchise growth, with AMVUTTRA revenues exceeding $1 billion in a single quarter for the first time.

• AMVUTTRA established as a leading first-line therapy for ATTR-CM, now accounting for 80% of new patient starts and driving robust U.S. and international demand.

• Revised 2026 total net product revenue guidance to $4.7–$5.1 billion and TTR revenue guidance to $4.2–$4.5 billion, reflecting normalized second-line demand.

• Advanced pipeline with multiple Phase 2 and 3 trials, strategic AI collaborations, and new commercialization agreements, including for China and Macau.

• Achieved profitability with net income of $164.5 million in Q2 2026, supported by strong operating performance and global expansion.

Financial highlights

• Total Q2 2026 revenues were $1.29 billion, up 67% year-over-year; net product revenues reached $1.2 billion, a 74% increase.

• Gross margin on product sales was 75%, down from 79% year-over-year, impacted by higher royalties on AMVUTTRA.

• Non-GAAP operating income was $318 million, more than triple last year; net income for Q2 2026 was $164.5 million.

• Cash, cash equivalents, and marketable securities totaled $3.3 billion at quarter-end.

• R&D and SG&A expenses increased year-over-year, with non-GAAP R&D at $377 million and SG&A at $297 million.

Outlook and guidance

• 2026 total net product revenue guidance set at $4.7–$5.1 billion, with TTR net product revenues expected at $4.2–$4.5 billion.

• Collaboration and royalty revenue guidance increased to $575–$625 million.

• Non-GAAP combined R&D and SG&A expenses reiterated at $2.7–$2.8 billion.

• Long-term ambition remains a 25% revenue CAGR through 2030, supported by first-line growth and market expansion.

• Guidance reflects investment in late-stage programs and ongoing global launches.