Alnylam Pharmaceuticals (ALNY) Q3 2026 earnings summary

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.