Alnylam Pharmaceuticals, Inc. (ALNY) · Oct 29, 2026 · Earnings
Beat — Revenue $1.458B vs ~$1.43B consensus
Alnylam earnings beat revenue expectations as AMVUTTRA drove 65% growth, while rising costs and expanded TRITON-CM enrollment add execution pressure.
Alnylam is a commercial-stage RNAi company executing its Alnylam 2030 plan: scale the AMVUTTRA-led ATTR franchise while investing in the next wave of medicines beyond TTR.
The commercial engine is ahead of expectations. Total revenue reached $1.458 billion, above published consensus of roughly $1.43 billion. The important part is product revenue: it rose 52%, led by AMVUTTRA revenue up 65% to $1.130 billion, while total TTR revenue rose 59% to $1.150 billion. 〔0〕
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Total revenue (Financial Highlights) | $1.458B | $1.249B | ~$1.43B |
| AMVUTTRA revenue (Net product revenues) | $1.130B | $685M | |
| Total TTR revenue (Net product revenues) | $1.150B | $724M | |
| Total net product revenue (Net product revenues) | $1.292B | $851M | |
| Non-GAAP operating income (Financial Highlights) | $424.9M | $476.2M |
The quality of the earnings beat is weaker than the headline EPS suggests. GAAP and non-GAAP operating income fell 6% and 11%, respectively, even as revenue grew, because cost of goods sold rose 83%, R&D rose 21% on a non-GAAP basis, and SG&A rose 13%. The $2.2 billion non-GAAP net profit was dominated by a $1.9 billion tax benefit from releasing valuation allowances, not by an equivalent improvement in ongoing operations.
The filing strengthens the core franchise but raises the investment burden. Alnylam is spending more to commercialize AMVUTTRA globally and advance the TRITON-CM and other late-stage programs. It also expanded TRITON-CM enrollment from 1,750 to approximately 2,250 patients, while still targeting a potential 2030 launch if the study succeeds and receives approval. That is not a setback, but it signals a more conservative effort to protect the trial's statistical power and adds execution scale. 〔1〕
The pipeline supplied incremental validation, not a near-term earnings driver. Brezosiran produced 60%–64% mean reductions in mutant huntingtin at the highest dose evaluated, with a pivotal study planned for 2027 pending regulatory alignment. That extends the RNAi story beyond TTR, but it remains early clinical evidence rather than a de-risked commercial asset. 〔2〕
Bottom line: This was a genuine revenue beat powered by AMVUTTRA demand, but the underlying operating leverage was disappointing and the large tax benefit flatters EPS. The business is advancing, though the quarter reinforces that Alnylam must convert commercial growth into better margins while funding an increasingly ambitious pipeline.
Cemdisiran PDUFA decision, November 2026
A buy-side analyst on every ticker — it reads every public company's filing the instant it drops and decodes it into plain English.
A buy-side analyst on every ticker — the whole market decoded the second it moves, before it's a headline. Free gives you a taste. Pro takes the cap off and opens the full read on every company.
by Signing in NOW, claim your FREE 14-day Pro trial!