10-QPeriod: Q2 FY2026

ALNYLAM PHARMACEUTICALS, INC. Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 30, 2026For Securities:ALNY

Summary

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 billion, 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 million 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.

Key Highlights

  • 1Net 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.
  • 2AMVUTTRA 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.
  • 3ONPATTRO 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.
  • 4The 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.
  • 5Total cash, cash equivalents, and restricted cash increased to $1.71 billion as of June 30, 2026, providing a strong liquidity position.
  • 6Marketable 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.
  • 7Research and development expenses increased by 32% to $778 million, reflecting continued investment in pipeline advancement, notably Phase 3 trials for nucresiran and zilebesiran.

Frequently Asked Questions

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.

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.

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.

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.