Alnylam Pharmaceuticals Stock Earnings Reports

Alnylam reported strong Q2 2026 results driven by the AMVUTTRA ATTR cardiomyopathy launch: total net product revenues of ~$1.2B (up 74% YoY) and the first quarter with >$1B in TTR revenue. Management reiterated confidence in AMVUTTRA’s long‑term growth given broad access, high adherence, expanding prescriber base and strong first‑line uptake (first‑line starts ~80% of new initiations). They announced a China commercialization collaboration (BeOne) conditional on approval and new strategic AI partnerships. The company is lowering 2026 TTR revenue guidance by $200M at the midpoint ($4.2B–$4.5B TTR guidance; total product revenues $4.7B–$5.1B) because initial second‑line demand included an outsized “pent‑up” effect that has normalized; collaboration & royalty guidance was raised reflecting stronger LEQVIO royalties and Roche cost reimbursement. R&D and SG&A investments are increasing to support pivotal programs (including TRITON‑CM for nucresiran, and ZENITH for zilebesiran) and other pipeline programs. Management remains confident in nucresiran and TRITON‑CM despite a competitor’s negative CARDIO‑TTRansform top line; they noted nucresiran’s expected >95% TTR knockdown and said they can adapt TRITON‑CM design/enrollment/analysis if needed. Cash position improved to $3.3B. Key near‑term milestones include several Phase I/II readouts this year and ongoing pivotal trials with expected further pipeline catalysts into 2027–2028.