Alnylam revenue rises 17% as AMVUTTRA sales climb, guidance reaffirmed
Alnylam reported Q3 total revenue of $1.46 billion, up 17% from a year earlier, and reiterated its full-year 2026 guidance. Net product revenue rose 52% to $1.29 billion.
Key takeaways
- Alnylam Pharmaceuticals, Inc. (ALNY) reported third-quarter total revenue of $1.46 billion, up 17% from a year earlier, in an 8-K filed Oct. 29. Net product revenue rose 52% to $1.29 billion, with AMVUTTRA at $1.13 billion. The company reiterated its 2026 financial guidance.
Alnylam Pharmaceuticals, Inc. (ALNY), the RNAi therapeutics company, said on Oct. 29 that third-quarter total revenue rose 17% from a year earlier to $1.46 billion, driven mainly by sales of its transthyretin (TTR) franchise. GAAP net income reached $2.17 billion, helped by a benefit from income taxes of $1.9 billion.
The results were disclosed in a press release furnished as an exhibit to a Form 8-K.
Here's how the company did:
- Total revenue: $1.46 billion vs. $1.25 billion a year earlier
- GAAP diluted EPS: $15.72 vs. $2.14 a year earlier
- Non-GAAP diluted EPS: $16.26 vs. $3.19 a year earlier
Net product revenues increased 52% to $1.29 billion, or 53% at constant currency. The increase was primarily due to growth from AMVUTTRA, which rose to $1.13 billion from $685.3 million a year earlier.
“Our third quarter results reflect the continued growth of our TTR franchise and advancement of key programs with the potential for transformative patient impact,” said Yvonne Greenstreet, M.D., Chief Executive Officer of Alnylam. “As we continue through the final months of the year and plan for 2027, we remain laser focused on leveraging our commercial investments to expand the prescriber base.”
Segment results
Total TTR net product revenues were $1.15 billion, up 59%. ONPATTRO revenue fell 50% to $19.6 million, the company said, as patient numbers declined.
Rare disease products, GIVLAARI and OXLUMO, generated $142 million in net product revenues, up 12% from a year earlier. GIVLAARI rose 21% to $89.5 million, while OXLUMO was roughly flat at $52.5 million.
Net revenues from collaborations fell 80% to $71.5 million from $351.7 million. The company said the decline was primarily due to a $300.0 million milestone recognized under its Roche collaboration in September 2025, tied to the first patient dosed in the ZENITH Phase 3 trial of zilebesiran.
Royalty revenue rose 105% to $94.7 million, reflecting higher volume and rates of royalties earned on global net sales of Leqvio by Novartis.
Costs and charges
Cost of goods sold rose 83% to $361.8 million, or 28.0% of net product revenues, up from 23.2%. The company attributed the increase to higher AMVUTTRA sales and a higher blended royalty rate on those sales.
GAAP research and development expenses rose 14% to $408.5 million, driven by clinical spending on the ZENITH, TRITON-CM and TRITON-PN Phase 3 trials. GAAP selling, general and administrative expenses rose 6% to $342.0 million, reflecting launch investment in AMVUTTRA for ATTR-CM.
GAAP income from operations fell 6% to $345.8 million. Interest expense was $84 million, including $58 million tied to the sale of future Leqvio royalties.
2026 guidance
Alnylam reiterated its full-year 2026 guidance, which matches the ranges it gave in its July 30, 2026 results release.
| Item | FY 2026 guidance |
|---|---|
| Total TTR net product revenues | $4,200 million to $4,500 million |
| Total Rare net product revenues | $500 million to $600 million |
| Total net product revenues | $4,700 million to $5,100 million |
| Net revenues from collaborations and royalties | $575 million to $625 million |
| Non-GAAP R&D and SG&A expenses | $2,700 million to $2,800 million |
The company said it had $3.6 billion in cash, cash equivalents and marketable securities as of Sept. 30, up from $2.9 billion at Dec. 31, 2025, driven mainly by operating cash inflows.
The company said it expanded target enrollment in the TRITON-CM Phase 3 study of nucresiran to about 2,250 patients, from 1,750, and still expects to launch the drug in ATTR-CM by 2030. It also reported Phase 1 data for brezosiran in Huntington's disease and plans a pivotal study in 2027, pending regulatory alignment. The FDA target action date for cemdisiran, which Regeneron is advancing, is in November 2026.