Alnylam Pharmaceuticals (ALNY) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 net product revenues of $1.04 billion, up 121% year-over-year, driven by strong AMVUTTRA sales for ATTR-CM and significant TTR franchise growth.

• Total revenues reached $1.17 billion, a 96% increase year-over-year, with net income turning positive at $206 million.

• Reiterated full-year 2026 guidance for total net product revenues of $4.9–$5.3 billion and TTR net product revenues of $4.4–$4.7 billion.

• Advanced over 25 clinical programs, including rapid enrollment in the TRITON-CM Phase 3 trial and new data supporting vutrisiran as first-line treatment for ATTR-CM.

• Established collaborations with Viz.ai, the American Heart Association, Tenaya Therapeutics, and Helix to improve diagnosis, care, and research in ATTR-CM and cardiovascular medicine.

Financial highlights

• Q1 2026 net product revenues reached $1.036 billion, up 121% year-over-year and 4% sequentially from Q4 2025.

• TTR franchise generated $910 million, up 153% year-over-year; AMVUTTRA contributed $890 million.

• Rare disease net revenue was $126 million, up 15% year-over-year, with GIVLAARI and OXLUMO showing 11% and 22% growth, respectively.

• Gross margin on product sales was 80%, with cost of goods sold rising to 20% of net product revenues due to higher AMVUTTRA royalties.

• Non-GAAP operating income was $339 million, more than quadrupling year-over-year; non-GAAP net income reached $273 million.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: total net product revenues of $4.9–$5.3 billion, TTR net product revenues of $4.4–$4.7 billion, Rare net product revenues of $500–$600 million.

• Non-GAAP R&D and SG&A expenses expected at $2.7–$2.8 billion, with ~30% of revenues invested in R&D.

• Guidance assumes U.S. TTR category growth consistent with recent trends and a mid-single-digit net price decrease for AMVUTTRA.

• Cash resources and credit facilities expected to cover operating needs for at least the next 12 months.