Alnylam 10-Q: Q3 Revenue $1.46B, $1.9B Tax Benefit Lifts Net Income to $2.17B
ALNY is trading near its 52-week low of $197.81 (12% above the low).
Summary
Alnylam's Q3 10-Q shows product sales up 52% to $1.29B and a $1.9B tax valuation-allowance release that produced $2.17B of GAAP net income, while operating income slipped 6% on higher AMVUTTRA royalties.
Key Events · Earnings and Guidance · ALNY
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Product Sales Up 52% to $1.29B
Q3 net product revenues reached $1,291,946 thousand versus $851,082 thousand a year earlier, led by AMVUTTRA at $1,130,363 thousand (+65%) on ATTR-CM demand.
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$1.9B Tax Release Drives GAAP Profit
A $1.95 billion valuation-allowance release produced a $1,871,525 thousand tax benefit and $2,167,335 thousand of net income, or $15.72 diluted EPS — a non-cash accounting item, not operating cash flow.
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Operating Income Slips 6% on Royalties
Income from operations fell to $345,798 thousand as cost of goods sold rose 83% to $361,750 thousand, lifting COGS to 28.0% of net product revenues from 23.2% on the tiered Sanofi royalty on AMVUTTRA.
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TRITON-CM Enrollment Expanded Again
Target enrollment in the nucresiran ATTR-CM Phase 3 trial was raised from 1,750 to approximately 2,250 patients in October 2026; launch is still expected by 2030.
Analysis · ALNY · Life Sciences
The headline profit is an accounting event, not an operating one. A $1.9 billion release of valuation allowances on U.S. deferred tax assets drove GAAP net income to $2.17 billion, while income from operations actually fell 6% to $345.8 million as cost of goods sold jumped 83% on AMVUTTRA's royalty stack. What matters for the thesis is the underlying demand — product sales rose 52% to $1.29 billion, with AMVUTTRA at $1.13 billion — and the balance sheet, which now holds $3.59 billion in cash and securities against $1.02 billion of convertible notes. The filing also adds items the earnings release did not carry: a further TRITON-CM enrollment expansion to roughly 2,250 patients, a September 2026 Cipla ANDA suit over AMVUTTRA, and a standing U.S. Attorney subpoena on government price reporting.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 38.8% of the 970 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ALNY was trading at $221.44 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $31.1B. The 52-week trading range was $197.81 to $484.61. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.