Second Quarter 2026
Filed Jul 30, 2026Alnylam Pharmaceuticals Reports Second Quarter 2026 Financial Results and Highlights Recent Period Progress
Second-quarter revenue, TTR revenue, operating income, net income and per-share results increased materially from the prior-year period, but the company reduced full-year 2026 TTR net product revenue guidance to reflect launch learnings and normalization of second-line volume growth after pent-up demand.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues (In thousands)GAAP | $ 1,290,948 | – | 67 % |
| Total net product revenues (In thousands)other | $ 1,172,109 | – | 74 % |
| GAAP Income (loss) from operations (In thousands)GAAP | $ 231,441 | – | Not meaningful |
| Non-GAAP Income from operations (In thousands)non-GAAP | $ 318,066 | – | 233 % |
| GAAP Net income (loss) (In thousands)GAAP | $ 164,494 | – | Not meaningful |
| Non-GAAP Net income (In thousands)non-GAAP | $ 251,801 | – | greater than 500% |
| GAAP Net income (loss) per common share — basicGAAP | $ 1.23 | – | Not meaningful |
| GAAP Net income (loss) per common share — dilutedGAAP | $ 1.21 | – | Not meaningful |
| Non-GAAP Net income per common share — basicnon-GAAP | $ 1.88 | – | greater than 500% |
| Non-GAAP Net income per common share — dilutednon-GAAP | $ 1.84 | – | greater than 500% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AMVUTTRAU.S. TTR net product revenues increased $106 million compared with Q1 2026, driven by a $129 million increase in demand, partially offset by approximately $20 million in inventory impact and a modest reduction in net price. | $ 1,011,762 (In thousands) | – | 106 % |
| ONPATTRONo product-specific driver reported. | $ 18,461 (In thousands) | – | (65) % |
| Total TTR net product revenuesInternational TTR net product revenues increased $14 million compared with Q1 2026, driven primarily by increased demand in both hATTR-PN and ATTR-CM across international markets. | $ 1,030,223 (In thousands) | – | 89 % |
| GIVLAARINo product-specific driver reported. | $ 89,764 (In thousands) | – | 11 % |
| OXLUMONo product-specific driver reported. | $ 52,122 (In thousands) | – | 11 % |
| Total Rare net product revenuesGrowth in GIVLAARI and OXLUMO global net product revenues. | $ 141,886 (In thousands) | – | 11 % |
Full-Year 2026 outlook
- RevenueTTR net product revenue guidance of $4,200 to $4,500 Million
- Note75% Growth Compared with 2025 at Revised Midpoint
- NoteRevised from $4,400 to $4,700 Million
What drove it
- Global net product revenues were $1,172 million, with total TTR net product revenues of $1,030 million.
- AMVUTTRA global net product revenues were $1,011,762 (In thousands), up 106 %.
- U.S. TTR growth reflected a $129 million increase in demand, partly offset by approximately $20 million in inventory impact and a modest reduction in net price.
- International TTR net product revenue growth was driven primarily by increased demand in hATTR-PN and ATTR-CM across international markets.
- The company initiated Phase 2 trials of ALN-6400 in von Willebrand disease and mivelsiran in Down syndrome-associated Alzheimer's disease.
- The company initiated a Phase 1 clinical trial of ALN-6222 in obesity.
Concerns
- Full-year 2026 TTR net product revenue guidance was revised to $4,200 to $4,500 Million from $4,400 to $4,700 Million.
- The company cited normalization of growth in second line volume after satisfying pent-up demand from patients waiting for a new therapy.
- ONPATTRO net product revenues were $ 18,461 (In thousands), with a year-over-year change of (65) %.
- U.S. TTR revenue growth was partially offset by approximately $20 million in inventory impact and a modest reduction in net price.
What to watch
- Initial Phase 1 results for ALN-HTT02 in Huntington's disease are scheduled for Friday, October 23, 2026.
- The Zilebesiran RNAi Roundtable is scheduled for Thursday, September 17, 10:30 am ET.
- The ALN-HTT02 RNAi Roundtable is scheduled for Monday, October 26, 10:00 am ET.
- The company expects results from Phase 1 and Phase 2 trials of ALN-6400 in healthy volunteers and patients with hereditary hemorrhagic telangiectasia, respectively, in the second half of 2026.
- The company expects results from a Phase 1 trial of ALN-2232 in obesity and weight management in the second half of 2026.
- Regeneron indicated an FDA target action date in November 2026 for cemdisiran in generalized myasthenia gravis.
Analysis
Alnylam reported total revenues of $ 1,290,948 (In thousands), up 67 %, and total net product revenues of $ 1,172,109 (In thousands), up 74 %. The TTR franchise was the central contributor: total TTR net product revenues were $ 1,030,223 (In thousands), up 89 %, while AMVUTTRA generated $ 1,011,762 (In thousands), up 106 %. Total Rare net product revenues were $ 141,886 (In thousands), up 11 %.
The reported results show a significant improvement in profitability. GAAP income from operations was $ 231,441 (In thousands), compared with GAAP loss from operations of $ (16,199) in the prior-year period. GAAP net income was $ 164,494 (In thousands), compared with a GAAP net loss of $ (72,228), and non-GAAP income from operations increased 233 % to $ 318,066 (In thousands). GAAP diluted net income per common share was $ 1.21 and non-GAAP diluted net income per common share was $ 1.84.
TTR demand and mix warrant particular attention. U.S. TTR net product revenues increased $106 million compared with Q1 2026, with a $129 million increase in demand partly offset by approximately $20 million in inventory impact and a modest reduction in net price. International TTR net product revenues increased $14 million compared with Q1 2026, primarily from increased hATTR-PN and ATTR-CM demand. AMVUTTRA growth contrasted with ONPATTRO revenue of $ 18,461 (In thousands), down (65) % year over year.
The principal offset to the strong reported quarter is the lower full-year TTR revenue outlook. The company revised TTR net product revenue guidance from $4,400 to $4,700 Million to $4,200 to $4,500 Million, citing launch learnings in ATTR-CM and normalization of second-line volume growth after pent-up demand was satisfied. Management nevertheless stated it is continuing to invest robustly in the TTR franchise as ATTR-CM diagnosis and treatment grow.
Pipeline activity remained active, with Phase 2 initiation for ALN-6400 in von Willebrand disease and mivelsiran in Down syndrome-associated Alzheimer's disease, as well as a Phase 1 initiation for ALN-6222 in obesity. Near-term milestones include initial ALN-HTT02 Phase 1 results on Friday, October 23, 2026, plus expected second-half results for ALN-6400 and ALN-2232.
Management, verbatim
We have lowered our TTR product sales guidance for full-year 2026 to reflect learnings from the initial phase of our launch in the evolving ATTR-CM market, in particular the normalization of growth in second line volume after satisfying pent-up demand from patients waiting for a new therapy.
Yvonne Greenstreet, M.D., Chief Executive Officer
Given the strong foundation we have established and continued growth in ATTR-CM diagnosis and treatment, we remain confident in the trajectory of our ongoing ATTR-CM launch and are continuing to invest robustly in this franchise, as we bring AMVUTTRA to more patients and establish it as a foundational therapy.
Yvonne Greenstreet, M.D., Chief Executive Officer
Not in the filing
stated, not guessed- Complete Revenue Summary table details after the filing text truncates at the Roche collaboration revenue line.
- Gross profit and gross margin.
- Operating expense line items and operating expense guidance.
- Cash, cash equivalents, marketable securities, debt and other balance-sheet balances.
- Operating cash flow and free cash flow.
- Share repurchases, dividends and other capital-return information.
- Prior-quarter figures for total revenues, profitability metrics, EPS and product revenues.
- Prior-year and year-over-year figures for collaboration revenues because the Revenue Summary table is truncated.
- Full-year 2026 guidance for gross margin, operating expenses and tax rate.
- Previous release outlook for formal actual-versus-prior-guidance comparison.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.