Key Highlights

  • Total revenues of USD 1.46 billion rose 17% year over year, above the consensus estimate of USD 1.43 billion.
  • GAAP EPS of USD 15.72 beat the consensus estimate of USD 1.66, lifted by a USD 1.87 billion tax benefit.
  • Net product revenues grew 52% to USD 1.29 billion, with TTR franchise revenues of USD 1.15 billion up 59%.
  • Management projects TTR product sales at the low end of the USD 4.2 billion to USD 4.5 billion guidance range.

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) reported third quarter 2026 total revenues of USD 1.46 billion, up 17% from USD 1.25 billion a year earlier and above the consensus estimate of USD 1.43 billion. GAAP diluted earnings per share were USD 15.72 compared with USD 2.14 a year earlier, far above the consensus estimate of USD 1.66. Net income of USD 2.17 billion included a non-cash income tax benefit of USD 1.87 billion tied to the reversal of a valuation allowance on U.S. deferred tax assets.

Product Growth Offsets a Collaboration Revenue Drop

Net product revenues rose 52% to USD 1.29 billion, led by AMVUTTRA uptake in ATTR cardiomyopathy. Chief Executive Officer Yvonne Greenstreet pointed to nearly 60% growth in the TTR franchise, which delivered USD 1.15 billion. Within the U.S., sequential TTR growth of roughly USD 100 million reflected a USD 81 million rise in demand and a USD 17 million inventory benefit as channel stock moved from 19 to 21 days, with net price helped by about USD 10 million of one-time Medicaid-related adjustments.

Collaboration revenue fell 80% to USD 71 million because the prior-year quarter held a USD 300 million Roche milestone, while royalty revenue more than doubled to USD 95 million on higher LEQVIO sales. Gross margin on product sales was 72%, down 5 percentage points as the average royalty rate payable to Sanofi rose. Non-GAAP operating income of USD 425 million fell 11%, with non-GAAP research and development spending of USD 376 million up 21% and non-GAAP selling, general and administrative costs of USD 296 million up 13%.

Guidance Holds While Access Questions Remain

The company reiterated its 2026 guidance. The Chief Financial Officer said TTR product sales are tracking to the low end of the USD 4.2 billion to USD 4.5 billion range, because the expanded sales force has not yet translated into additional patient starts and the company assumes no material 2026 contribution from it. The outlook also reflects possible fourth quarter ordering volatility while hospitals await a final federal rule that would cut Medicare Part B reimbursement for medicines acquired through the 340B program, and a more restrictive first-line AMVUTTRA policy that UnitedHealth applied in Medicare Advantage from October 1. Management said both inventory and price are headwinds to reported U.S. growth in the fourth quarter.

Signposts for Alnylam Into 2027

Several dated items frame the next report. The final 340B rule is anticipated in the coming weeks and, if finalized as proposed, becomes effective on January 1, 2027. Preliminary fourth quarter and full year 2026 revenue is scheduled for January, while 2027 product revenue guidance is deferred to the mid-February results. In the pipeline, the TRITON-CM nucresiran study was enlarged by 500 patients to 2,250, with a launch target of about 2030, and a brezosiran pivotal study in Huntington's disease is planned for 2027 pending regulatory alignment.

Commercial markers also matter: AMVUTTRA held about 24% of total TTR prescriptions, new-to-brand share stayed above 30%, and cash with marketable securities stood at USD 3.6 billion against USD 2.9 billion at year end 2025.