$ALNY · ALNYLAM PHARMACEUTICALS, INC.
Alnylam reported Q3 2026 results with total revenues of $1.458B (+17% YoY) and GAAP diluted EPS of $15.72, heavily inflated by a $1.87B income tax benefit. Net product revenues surged 52% to $1.292B, driven by AMVUTTRA's 65% growth to $1.13B. Non-GAAP diluted EPS was $16.26, while non-GAAP operating income declined 11% YoY to $425M. Full-year 2026 guidance was reiterated.
- Total net product revenues hit $1.292B, up 52% YoY, led by AMVUTTRA at $1.13B (+65% YoY)
- GAAP net income of $2.17B includes a $1.87B income tax benefit; non-GAAP diluted EPS was $16.26
- Total revenues of $1.458B grew 17% YoY; collaboration revenue fell 80% due to a $300M Roche milestone in Q3 2025
- TRITON-CM Phase 3 enrollment target expanded to ~2,250 patients; ATTR-CM launch still expected by 2030
- Full-year 2026 guidance reiterated: total net product revenues of $4.7B–$5.1B, non-GAAP R&D and SG&A of $2.7B–$2.8B
Extended-hours trading shows ALNY at $217.95, down 6.22% from the regular close of $232.40. The drop likely reflects the GAAP EPS headline being inflated by a one-time $1.87B tax benefit, while non-GAAP operating income actually declined 11% YoY and collaboration revenue collapsed 80%.
The 6% extended-hours selloff reveals the market is looking past the GAAP headline — the real story is declining operating income and an 80% collaboration revenue drop, even as AMVUTTRA's ATTR-CM launch accelerates.
Alnylam's AMVUTTRA franchise is scaling rapidly in the ATTR-CM market, competing against Pfizer's tafamidis. The TRITON-CM enrollment expansion signals confidence in nucresiran as a next-gen follow-on, while the brezosiran Huntington's data and mivelsiran Alzheimer's progress highlight RNAi platform breadth beyond TTR.
GAAP net income was overwhelmingly driven by a $1.87B income tax benefit — stripping that out, non-GAAP operating income fell 11% YoY. Collaboration revenue dropped 80% YoY due to a tough comp from a $300M Roche milestone in Q3 2025, and ONPATTRO continues to decline (-50% YoY).