Alnylam Pharmaceuticals Stock Earnings Reports

Alnylam reported a strong Q1 2026 driven by continued uptake of its TTR franchise (AMVUTTRA and ONPATTRO) and a milestone first quarter with combined net product revenues exceeding $1 billion. Total Q1 net product revenues were $1.036 billion (up 121% YoY), with TTR revenues of $910 million (up 153% YoY). The company reiterated full-year 2026 guidance and expects more pronounced quarter-over-quarter TTR revenue growth in the back half of the year. Commercial highlights include >90% adherence to vutrisiran in real-world data, broad payer access (>90% first-line coverage with low out-of-pocket costs in the U.S.), an expanding prescriber base (>1,200 new U.S. prescribers since last March), and international reimbursement progress (notably strong Japan performance offsetting a pricing adjustment in Germany). R&D progress included presentation of vutrisiran and zilebesiran data, initiation of a Phase I trial for ALN-2232 (adipose-directed RNAi), and a strategic expansion of the TRITON-CM Phase III trial (nucresiran) from ~1,250 to ~1,750 patients to mitigate low event-rate risk while preserving an event-driven design; company still projects potential launch by 2030 if positive. Financially, gross margin on product sales was 80% (down YoY due to higher royalties on AMVUTTRA), non-GAAP R&D and SG&A increased to support multiple Phase III programs and the AMVUTTRA launch, non-GAAP operating income rose substantially, and cash and equivalents were $3.0 billion. Management emphasized Alnylam 2030 — a five-year strategy focused on TTR leadership, sustainable innovation (deliver ≥2 transformative non-TTR medicines, broaden RNAi tissue delivery), and disciplined scaling.