01—Abstract
Summary
Summary of the 10-Q filed July 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Alnylam Pharmaceuticals, Inc. reported strong financial performance for the six months ended June 30, 2026, driven by significant growth in net product revenues, primarily from AMVUTTRA.
The company achieved a substantial increase in net product revenues, up 94% year-over-year, reaching $2.21 billiona, with AMVUTTRA sales more than doubling to $1.90 billion. This growth is largely attributed to the expansion of AMVUTTRA for ATTR-CM in the US and other global markets. While net revenues from collaborations decreased by 20%, this was primarily due to the completion of certain collaboration activities and the wind-down of research terms, partially offset by increased revenue from the Roche collaboration.
The company reported a net income of $370.5 millionb for the six-month period, a significant improvement from a net loss of $90.5 million in the prior year, indicating a strong shift towards profitability. The balance sheet shows healthy liquidity with $1.71 billion in cash and cash equivalents and $1.60 billion in marketable debt securities.
02—Key points
Key Highlights
- Net product revenues surged by 94% to $2.21 billion for the first six months of 2026, compared to $1.14 billion in the same period of 2025.
- AMVUTTRA sales demonstrated exceptional growth, increasing by 137% to $1.90 billion in the first six months of 2026, largely driven by its expanded use in ATTR-CM.
- ONPATTRO sales decreased by 62% to $38.9 million in the first six months of 2026, indicating a strategic shift or market dynamics favoring AMVUTTRA within the TTR franchise.
- The company achieved net income of $370.5 million for the first six months of 2026, a significant turnaround from a net loss of $90.5 million in the comparable period of 2025.
- Total cash, cash equivalents, and restricted cash increased to $1.71 billion as of June 30, 2026, providing a strong liquidity position.
- Marketable debt securities also saw substantial growth, reaching $1.60 billion as of June 30, 2026, up from $1.25 billion at the end of 2025.
- Research and development expenses increased by 32% to $778 million, reflecting continued investment in pipeline advancement, notably Phase 3 trials for nucresiran and zilebesiran.
03—Questions
Frequently Asked Questions
What is driving the significant increase in Alnylam's net product revenues?
The primary driver for the substantial increase in net product revenues is the strong performance of AMVUTTRA, which more than doubled its sales in the first six months of 2026 compared to the prior year. This growth is attributed to expanded patient demand, particularly for the treatment of ATTR-CM in the United States and other global markets.
How has the company's profitability changed compared to the previous year?
Alnylam has shown a dramatic improvement in profitability. For the first six months of 2026, the company reported a net income of $370.5 million, a significant turnaround from a net loss of $90.5 million in the same period of 2025. This indicates a successful transition towards sustained profitability.
What is the company's current financial health and liquidity position?
Alnylam's financial health appears robust, with cash, cash equivalents, and restricted cash totaling $1.71 billion as of June 30, 2026. The company also holds $1.60 billion in marketable debt securities, demonstrating a strong liquidity position to fund ongoing operations and investments.
How are collaboration revenues trending, and what is impacting them?
Net revenues from collaborations decreased by 20% in the first six months of 2026 compared to the prior year. This decline is mainly due to the completion of certain collaboration activities and the winding down of research terms under agreements like the one with Regeneron. However, increased revenue from the Roche collaboration, related to the zilebesiran program, partially offset this decrease.
04—Continue