Third Quarter 2026
Filed Oct 29, 2026Generated Third Quarter 2026 Global Net Product Revenues of $1,292 Million (52% Growth Compared with Q3 2025), Driven Primarily by Total TTR Revenues of $1,150 Million (59% Growth Compared with Q3 2025)
Net product revenue grew 52%, led by 59% Total TTR growth and 65% AMVUTTRA growth, while total revenue grew 17% as collaboration revenue declined 80% following a prior-year Roche milestone. GAAP net income included a $1.9 billion income-tax benefit, and operating income declined on both a GAAP and non-GAAP basis.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Total revenuesGAAP | $1.46B | – | 17% |
| Q3 2026 Net product revenuesGAAP | $1.29B | – | 52% |
| Q3 2026 Net product revenues growth at constant currencynon-GAAP | 53% | – | – |
| Q3 2026 Net revenues from collaborationsGAAP | $71.48M | – | (80)% |
| Q3 2026 Royalty revenueGAAP | $94.66M | – | 105% |
| Q3 2026 Cost of goods soldGAAP | $361.8M | – | 83% |
| Q3 2026 Cost of goods sold as a percentage of net product revenuesGAAP | 28.0% | – | – |
| Q3 2026 Cost of collaborations and royaltiesGAAP | $— (in thousands) | – | (100)% |
| Q3 2026 Research and development expensesGAAP | $408.5M | – | 14% |
| Q3 2026 Research and development expensesnon-GAAP | $375.7M | – | 21% |
| Q3 2026 Selling, general and administrative expensesGAAP | $342M | – | 6% |
| Q3 2026 Selling, general and administrative expensesnon-GAAP | $295.7M | – | 13% |
| Q3 2026 Total operating costs and expensesGAAP | $1.11B | – | – |
| Q3 2026 Income from operationsGAAP | $345.8M | – | (6)% |
| Q3 2026 Income from operationsnon-GAAP | $424.9M | – | (11)% |
| Q3 2026 Interest expenseGAAP | −$84.37M | – | – |
| Q3 2026 Interest incomeGAAP | $30.94M | – | – |
| Q3 2026 Loss related to convertible debtGAAP | $— (in thousands) | – | – |
| Q3 2026 Income before income taxesGAAP | $295.8M | – | – |
| Q3 2026 Benefit from income taxesGAAP | $1.87B | – | – |
| Q3 2026 Net incomeGAAP | $2.17B | – | * |
| Q3 2026 Net incomenon-GAAP | $2.24B | – | 412% |
| Q3 2026 Net income per common share — basicGAAP | $16.19 | – | * |
| Q3 2026 Net income per common share — dilutedGAAP | $15.72 | – | * |
| Q3 2026 Net income per common share — basicnon-GAAP | $16.75 | – | 403% |
| Q3 2026 Net income per common share — dilutednon-GAAP | $16.26 | – | 410% |
| Nine Months Ended September 30, 2026 Total revenuesGAAP | $3.92B | – | – |
| Nine Months Ended September 30, 2026 Net product revenuesGAAP | $3.50B | – | – |
| Nine Months Ended September 30, 2026 Net revenues from collaborationsGAAP | $200.7M | – | – |
| Nine Months Ended September 30, 2026 Royalty revenueGAAP | $215.3M | – | – |
| Nine Months Ended September 30, 2026 Cost of goods soldGAAP | $867.5M | – | – |
| Nine Months Ended September 30, 2026 Research and developmentGAAP | $1.19B | – | – |
| Nine Months Ended September 30, 2026 Selling, general and administrativeGAAP | $1.01B | – | – |
| Nine Months Ended September 30, 2026 Income from operationsGAAP | $845.9M | – | – |
| Nine Months Ended September 30, 2026 Net incomeGAAP | $2.54B | – | – |
| Nine Months Ended September 30, 2026 Net income per common share — dilutedGAAP | $18.42 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AMVUTTRAGrowth was driven by increased patient demand, mainly in patients with ATTR-CM in the U.S. | $1.13B | – | 65% |
| ONPATTROThe decrease in total net product revenues was partially attributable to a decreased number of patients treated with ONPATTRO. | $19.60M | – | (50)% |
| Total TTR net product revenuesU.S. TTR net product revenues increased $99 million compared with Q2 2026, driven by an $81 million increase in demand, a $17 million inventory benefit, and a modest increase in net price. International TTR net product revenues increased $20 million compared with Q2 2026, driven primarily by ATTR-CM launches in Japan, Germany, and Italy and order timing in partner markets. | $1.15B | – | 59% |
| GIVLAARIGrowth in total net product revenues included an increased number of patients treated with GIVLAARI. | $89.49M | – | 21% |
| OXLUMONo specific product-level driver was provided. | $52.5M | – | (1)% |
| Total Rare net product revenuesGrowth reflected an increased number of patients treated with GIVLAARI. | $142.0M | – | 12% |
| Roche collaboration revenueThe prior-year period included $300.0 million of milestone revenue associated with dosing of the first patient in the ZENITH Phase 3 clinical trial of zilebesiran. | $39.11M | – | (88)% |
| Regeneron Pharmaceuticals collaboration revenueNo specific driver was provided. | $32.33M | – | 43% |
| Royalty revenueIncrease reflected increased volume and rate of royalties earned from global net sales of Leqvio by Novartis. | $94.66M | – | 105% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
FY 2026 outlook
- RevenueTotal net product revenues: $4,700 million - $5,100 million
- Operating expensesNon-GAAP R&D and SG&A expenses: $2,700 million - $2,800 million
- NoteTotal TTR net product revenues (AMVUTTRA, ONPATTRO): $4,200 million - $4,500 million
- NoteTotal Rare net product revenues (GIVLAARI, OXLUMO): $500 million - $600 million
- NoteNet product revenues growth vs. 2025 at currency exchange rates as of June 30, 2026: 57% to 71%
- NoteNet product revenues growth vs. 2025 at constant exchange rates: 57% to 70%
- NoteNet revenues from collaborations and royalties: $575 million - $625 million
- NoteExcludes $330 million - $380 million of stock-based compensation expense from estimated GAAP R&D and SG&A expenses
What drove it
- AMVUTTRA revenue growth reflected increased patient demand, mainly among U.S. ATTR-CM patients.
- Q3 U.S. TTR revenue growth versus Q2 2026 included an $81 million demand increase, a $17 million inventory benefit, and approximately $10 million in favorable gross-to-net adjustments.
- International TTR revenue growth versus Q2 2026 reflected ATTR-CM launches in Japan, Germany, and Italy and order timing in partner markets.
- Royalty revenue increased due to increased volume and rate of royalties earned from global net sales of Leqvio by Novartis.
- R&D expense increased due to clinical trial spending for ZENITH, TRITON-CM, TRITON-PN, and various preclinical programs.
- SG&A expense increased due to sales and marketing investments for the global AMVUTTRA ATTR-CM launch.
Concerns
- Total collaboration revenue declined 80%, primarily because the prior-year period included a $300.0 million Roche milestone.
- Cost of goods sold increased to 28.0% of net product revenues from 23.2%, primarily due to higher AMVUTTRA sales and an associated increase in the blended royalty rate payable on AMVUTTRA net sales.
- GAAP income from operations declined 6% and non-GAAP income from operations declined 11%.
- GAAP net income included a $1.9 billion benefit from income taxes primarily related to release of valuation allowances on certain U.S. federal and state deferred tax assets.
- TRITON-CM target enrollment was expanded from 1,750 to approximately 2,250 patients.
What to watch
- PDUFA target action date for cemdisiran is in November 2026.
- Two-year HELIOS-B open-label extension results are scheduled for presentation at the American Heart Association Scientific Sessions 2026, November 6-9.
- An indirect treatment comparison of vutrisiran versus acoramidis is scheduled for the International Symposium of Amyloidosis, November 15-18.
- Phase 1 healthy volunteer data for ALN-6400 are scheduled for the 2026 American Society of Hematology Annual Meeting and Exposition, December 12-15.
- The Company expects to announce Phase 2 ALN-6400 data in HHT and Phase 1 ALN-2232 data in obesity and weight management with its fourth quarter and full-year 2026 earnings call in February 2027.
- The Company plans to initiate a placebo-controlled pivotal study of brezosiran in 2027, pending regulatory alignment.
- The Company still expects to launch nucresiran in ATTR-CM by 2030, assuming positive data and regulatory approval.
Balance sheet and cash flow
- Cash and cash equivalents were $1,754,340 (in thousands) as of September 30, 2026, compared with $1,657,250 (in thousands) as of December 31, 2025.
- Marketable debt securities were $1,832,915 (in thousands) as of September 30, 2026, compared with $1,251,234 (in thousands) as of December 31, 2025.
- Cash, cash equivalents and marketable securities were $3.6 billion as of September 30, 2026, compared with $2.9 billion as of December 31, 2025.
- Convertible debt was $361,529 (in thousands) current and $651,087 (in thousands) net of current portion as of September 30, 2026.
- Liabilities related to the sale of future royalties and development funding were $272,037 (in thousands) current and $1,462,828 (in thousands) net of current portion as of September 30, 2026.
- Net cash provided by operating activities included $35 million of payments associated with the liability related to the sale of future Leqvio royalties and $34 million of payments associated with liabilities related to vutrisiran and zilebesiran development funding, both recorded to interest expense.
Analysis
Third-quarter product demand was led by the TTR franchise. Net product revenues were $1,291,946 (in thousands), up 52%, with Total TTR net product revenues of $1,149,959 (in thousands), up 59%. AMVUTTRA revenue was $1,130,363 (in thousands), up 65%, while ONPATTRO revenue declined 50% to $19,596 (in thousands). Management attributed product revenue growth principally to AMVUTTRA demand among U.S. ATTR-CM patients and to a higher number of GIVLAARI patients.
Revenue mix tempered the consolidated growth rate. Total revenues increased 17% to $1,458,086 (in thousands), as the 80% decline in collaboration revenue to $71,476 (in thousands) offset much of the product and royalty growth. The decline was primarily due to the $300.0 million Roche milestone recognized in September 2025. Royalty revenue more than doubled to $94,664 (in thousands), driven by increased volume and royalty rates on Novartis global net sales of Leqvio.
Margins and operating profitability moved lower despite product growth. Cost of goods sold rose 83% to $361,750 (in thousands), reaching 28.0% of net product revenues versus 23.2%, due to greater AMVUTTRA sales and the associated higher blended royalty rate. R&D and SG&A also increased as the Company funded late-stage trials, preclinical programs, and the global AMVUTTRA ATTR-CM launch. Consequently, GAAP income from operations declined 6% to $345,798 (in thousands), and non-GAAP income from operations declined 11% to $424,916 (in thousands).
GAAP net income of $2,167,335 (in thousands) was shaped by a $1,871,525 (in thousands) income-tax benefit, primarily from releasing valuation allowances on certain U.S. deferred tax assets. The Company ended the quarter with $3.6 billion of cash, cash equivalents and marketable securities and stated that the increase from year-end was primarily driven by net cash inflows from operating activities. It reiterated full-year 2026 guidance, including $4,700 million - $5,100 million of total net product revenues and $2,700 million - $2,800 million of non-GAAP R&D and SG&A expenses.
Pipeline execution remains central to the longer-term outlook. Alnylam expanded the TRITON-CM target enrollment to approximately 2,250 patients while maintaining its expectation for a nucresiran ATTR-CM launch by 2030, assuming positive data and regulatory approval. It also reported Phase 1 brezosiran data showing a mean CSF mHTT reduction of 60-64% from baseline at month 3 in the highest dose group evaluated to date and plans a pivotal study in 2027, pending regulatory alignment.
Management, verbatim
Our third quarter results reflect the continued growth of our TTR franchise and advancement of key programs with the potential for transformative patient impact.
Yvonne Greenstreet, M.D., Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating cash flow total was not reported.
- Free cash flow was not reported.
- Share repurchases and dividends were not reported.
- Prior-quarter values for most reported metrics were not reported.
- Prior financial guidance was not provided, so comparison with prior guidance is unavailable.
- A total debt figure was not reported.
- Tax rate was not reported.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.