Alnylam Q2 Revenue Reaches $1.17B, but TTR Guidance Trimmed on Slower ATTR-CM Launch

summarizeSummary

Alnylam reported Q2 2026 net product revenues of $1.17 billion, up 74% YoY, but lowered full-year TTR revenue guidance to $4.2–$4.5 billion, citing slower-than-expected ATTR-CM launch normalization.

check_boxKey Events · Earnings and Guidance · ALNY

• Q2 Revenue Surges 74% to $1.17B

  Total net product revenues reached $1,172 million, with the TTR franchise (AMVUTTRA + ONPATTRO) contributing $1,030 million, up 89% YoY. AMVUTTRA alone generated $1,012 million.

• Full-Year TTR Guidance Cut by $200M

  2026 TTR net product revenue guidance was lowered to $4,200–$4,500 million (from $4,400–$4,700 million), reflecting slower second-line ATTR-CM demand normalization after initial pent-up demand.

• Profitability Achieved

  GAAP net income was $164.5 million ($1.21 per diluted share) versus a loss of $72.2 million in Q2 2025. Non-GAAP net income was $251.8 million ($1.84 per diluted share).

• Cash Position Strengthens to $3.3B

  Cash, cash equivalents and marketable securities rose to $3.3 billion as of June 30, 2026, up from $2.9 billion at year-end 2025, driven by operating cash flows.

auto_awesomeAnalysis · ALNY · Life Sciences

Alnylam delivered a strong Q2 with total net product revenues of $1.17 billion, up 74% year-over-year, driven by AMVUTTRA's dominance in ATTR amyloidosis. However, the company lowered its full-year TTR revenue guidance by $200 million at the midpoint, citing a normalization of second-line ATTR-CM demand after an initial bolus of pent-up patients. The stock is trading near its 52-week low, so the guidance cut may reinforce concerns about the pace of the ATTR-CM launch, even as the underlying business generates substantial cash and pipeline progress continues.