Alnylam Pharmaceuticals, Inc. Earnings Recaps
Q3 2026
Oct 30, 2026
Alnylam shares fell 25.1% after earnings, with investors likely focused on management’s admission that underlying AMVUTTRA demand growth is not yet satisfactory and on the resulting full-year outlook. Revenue grew sharply, but U.S. sequential TTR revenue growth included an inventory benefit and one-time gross-to-net adjustments, while expanded enrollment in the TRITON-CM study adds execution risk.
Key takeaways
- Q3 net product revenue was $1.29 billion, up 52% year over year and 10% sequentially.
- TTR revenue reached $1.15 billion, up 59% year over year. U.S. TTR revenue rose about $100 million sequentially, including $81 million from demand and a $17 million inventory benefit; net price also included about $10 million of one-time gross-to-net adjustments.
- Management said it is not satisfied with underlying demand growth and that expanded sales-force engagement is taking time to translate into patient starts; the company said this is reflected in its full-year outlook.
- Alnylam plans to expand TRITON-CM enrollment to approximately 2,250 patients, while saying the change does not alter the expected 2030 launch timing, subject to positive results and regulatory approval.
Q2 2026
Aug 2, 2026
Alnylam’s shares plunged 28.3% post-earnings as the company lowered its 2026 revenue guidance, disappointing investors with signs of demand normalization and a cautious outlook amid early second-line demand tapering.
Key takeaways
- 2026 revenue guidance was reduced to reflect normalized demand following an initial surge driven by pent-up second-line patient starts.
- AMVUTTRA revenues surpassed $1 billion in Q2, marking an annualized run rate above $4 billion, but growth is shifting heavily towards first-line new patient starts (~80% of category growth).
- The company cited competitive headwinds, including the failure of a rival’s cardiovascular outcomes trial, but maintained confidence in its Phase III TRITON-CM study with potential study adaptations under consideration.
- Geographic expansion efforts continue, notably a new collaboration targeting the China and Macau markets, contingent on regulatory approval.
- Investment in AI-driven discovery and disease identification partnerships underscores a longer-term innovation strategy despite short-term growth challenges.