10-QPeriod: Q1 FY2026

ALNYLAM PHARMACEUTICALS, INC. Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 30, 2026For Securities:ALNY

Summary

Alnylam Pharmaceuticals, Inc. demonstrated significant financial performance in the first quarter of 2026, reporting a substantial increase in total revenues to $1.17 billion, primarily driven by a robust surge in net product revenues, which grew by 121% to $1.04 billion. This growth was largely attributed to AMVUTTRA, which saw a remarkable 187% increase in total net product revenues, notably in the U.S. for ATTR-CM treatment. Despite a rise in operating costs and expenses, which increased by 56% to $898.5 million, the company achieved a strong income from operations of $268.6 million, a significant improvement from the prior year's quarter. The company's balance sheet shows a healthy liquidity position with $1.71 billion in cash and cash equivalents. However, the increased interest expense due to liabilities related to the sale of future royalties and development funding, coupled with ongoing significant investments in research and development, indicates a continued focus on pipeline expansion. Management believes existing resources are sufficient for at least the next 12 months, but future capital needs may arise for continued commercialization and pipeline advancement.

Key Highlights

  • 1Total revenues surged by 96% year-over-year to $1.17 billion.
  • 2Net product revenues increased by 121% to $1.04 billion, driven primarily by AMVUTTRA's strong performance, up 187%.
  • 3Income from operations significantly improved to $268.6 million, compared to $18.1 million in the prior year period.
  • 4Research and Development expenses increased by 38% to $364.9 million, reflecting continued investment in the pipeline.
  • 5Selling, General, and Administrative expenses rose by 34% to $322.6 million, likely due to increased marketing and commercialization efforts.
  • 6The company maintains a strong liquidity position with $1.71 billion in cash and cash equivalents as of March 31, 2026.
  • 7Net income for the quarter was $206.0 million, a substantial turnaround from a net loss of $18.3 million in the same period last year.

Frequently Asked Questions

The primary driver of Alnylam's revenue growth in the first quarter of 2026 was the substantial increase in net product revenues, particularly from AMVUTTRA, which saw a 187% increase year-over-year, largely due to its strong performance in the U.S. market for ATTR-CM treatment.

Total operating costs and expenses increased by 56% year-over-year to $898.5 million. This increase was driven by higher Cost of Goods Sold (up 196%), Research and Development expenses (up 38%), and Selling, General, and Administrative expenses (up 34%), reflecting increased commercialization efforts and pipeline investments.

As of March 31, 2026, Alnylam Pharmaceuticals had $1.71 billion in cash and cash equivalents, indicating a strong liquidity position to fund its operations and ongoing development activities.

The company has outstanding convertible senior notes (0.00% due 2028 and 1.00% due 2027) and liabilities related to the sale of future royalties and development funding. Interest expense increased, impacting other expenses. The company also has a $500 million revolving credit facility, with no borrowings outstanding as of the reporting date.

The company expects to continue investing significantly in R&D to advance its RNAi platform and clinical pipeline, with R&D expenses for the quarter increasing by 38% year-over-year. Planned expenditures include progression of late-stage programs, early-stage pipeline advancement, and efforts to deliver RNAi therapeutics to additional tissues and treat new disease areas.