$ALNY · ALNYLAM PHARMACEUTICALS, INC.
Alnylam filed its Q3 FY2026 10-Q, reporting total revenues of $1.46B (+17% YoY) and net income of $2.17B, which included a $1.87B income tax benefit. AMVUTTRA drove product revenue growth with $1.13B in Q3 sales (+65% YoY), while ONPATTRO continued its decline (-50% YoY). Operating income dipped 6% YoY to $346M as COGS nearly doubled to $362M. Stockholders' equity improved dramatically to $3.60B from $789M at year-end 2025.
- Q3 net income hit $2.17B, driven by a $1.87B income tax benefit (likely deferred tax asset recognition)
- AMVUTTRA Q3 revenue reached $1.13B, up 65% YoY, with U.S. sales of $909M (+71%)
- Total Q3 revenue grew 17% YoY to $1.46B; nine-month revenue up 50% to $3.92B
- Collaboration revenue fell 80% YoY to $71M due to a $300M Roche milestone recognized in Q3 2025
- Stockholders' equity swung from $789M at year-end 2025 to $3.60B at September 30, 2026
Extended-hours trading shows ALNY at $223.00, down 4.04% from the regular close of ~$232.40, suggesting the market may be discounting the $1.87B tax benefit as non-recurring and focusing on the operating income decline (-6% YoY in Q3) and collaboration revenue drop.
The $1.87B tax benefit signals Alnylam's transition to sustained profitability expectations, while AMVUTTRA's 65% growth confirms blockbuster trajectory in the ATTR cardiomyopathy market.
Alnylam's AMVUTTRA is cementing dominance in ATTR amyloidosis, with the cardiomyopathy indication driving U.S. growth. The $1.87B deferred tax asset recognition signals management confidence in sustained profitability, a milestone for a biotech that has historically reported accumulated deficits.
Heavy reliance on AMVUTTRA for product revenue growth; ONPATTRO sales declining sharply (-50% Q3 YoY) as patients switch. The $1.87B tax benefit is non-recurring and masks a 6% YoY decline in Q3 operating income. Collaboration revenue is lumpy and concentrated — Roche milestone timing drove the 80% drop.