Alnylam Pharmaceuticals (ALNY) Earnings Date & Reports

Alnylam delivered standout Q1 2026 results. Total revenues hit $1,167.2 million, surpassing expectations and reflecting 96% growth from $594.2 million in Q1 2025. Net product revenues soared to $1,036.1 million, up 121%, led by total TTR products at $910.4 million (153% growth). AMVUTTRA generated $889.9 million, benefiting from ATTR-CM uptake, while ONPATTRO declined to $20.5 million due to patient transitions. Rare disease products GIVLAARI and OXLUMO contributed $125.7 million combined, up 15%.

On the bottom line, GAAP net income was $206.0 million, yielding diluted EPS of $1.51, a sharp turnaround from a $18.3 million loss last year. Non-GAAP diluted EPS reached $1.99, exceeding analyst consensus of $1.50 and prior-year $0.29. The company reaffirmed 2026 guidance, projecting net product revenues of $4.9-$5.3 billion (64%-77% growth at constant currency), with TTR at $4.4-$4.7 billion and rare diseases at $500-$600 million.

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Market Reaction and Investor Sentiment

Following the April 30 release, ALNY shares rose about 1.3% to 4.6% in pre-market trading, reflecting enthusiasm for the historic revenue milestone and earnings beat. Trading volume surged as investors digested the results. Sentiment turned positive on AMVUTTRA's momentum and reaffirmed guidance, though modest gains suggest some caution amid high valuation and pipeline risks. Analysts maintain favorable ratings, with price targets around $445 median.

Forward Outlook and Key Factors to Monitor

Alnylam's reiterated 2026 guidance signals confidence in sustained TTR franchise growth, particularly AMVUTTRA in ATTR-CM and potential expansions. Investors should track quarterly progress toward $4.9-$5.3 billion net product revenues, with focus on patient adherence and real-world data supporting vutrisiran efficacy.

Pipeline catalysts loom large. The TRITON-CM Phase 3 trial for nucresiran (ATTR-CM) has accelerated enrollment to 1,750 patients, eyeing a 2030 launch. HELIOS-B analyses highlight vutrisiran's quality-of-life benefits. Near-term readouts include H2 2026 data from ALN-6400 (hereditary hemorrhagic telangiectasia, HHT), ALN-HTT02 (Huntington's), and ALN-2232 (obesity). Partner milestones, like Regeneron's cemdisiran NDA for myasthenia gravis, add upside.

Operational watchpoints include R&D plus SG&A expenses ($2.7-$2.8 billion non-GAAP, excluding stock-based comp), cash burn, and new collaborations (e.g., Viz.ai for ATTR-CM pathways). Broader dynamics like RNAi competition and reimbursement trends in rare diseases will shape trajectory. Upcoming catalysts could validate Alnylam's innovation engine.

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