Alnylam Q3 Revenue Up 17% to $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 product sales grew 52% to $1.29B on AMVUTTRA's ATTR-CM launch, but total revenue rose only 17% against a prior-year Roche milestone and operating income slipped 6%. A $1.9B tax valuation-allowance release drove GAAP net income to $2.17B; full-year guidance was reiterated.
Key Events · Earnings and Guidance · ALNY
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Q3 Product Sales Up 52% to $1.29B
Total TTR net product revenues reached $1,150M, up 59%, with AMVUTTRA at $1,130M (+65%) on ATTR-CM demand. Total revenues rose 17% to $1,458M because Q3 2025 included a $300M Roche milestone.
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$1.9B Tax Benefit Drives GAAP Net Income
GAAP net income was $2,167M and diluted EPS $15.72, primarily from a $1.9B benefit tied to release of valuation allowances on U.S. deferred tax assets. Operating income fell 6% to $345.8M as cost of goods sold rose 83% to $361.8M.
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2026 Guidance Reiterated, Not Raised
Full-year 2026 total net product revenues guided to $4,700M-$5,100M (57%-71% growth) and non-GAAP R&D plus SG&A to $2,700M-$2,800M, unchanged from prior guidance.
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TRITON-CM Enrollment Target Raised to 2,250
Nucresiran's Phase 3 ATTR-CM study enrollment expands from 1,750 to approximately 2,250 patients, enriched for early disease; launch still expected by 2030 assuming positive data and approval.
Analysis · ALNY · Life Sciences
Top-line growth is real but decelerating: total revenue rose 17% to $1.46B because a $300M Roche milestone in the year-ago quarter did not repeat, while product sales themselves grew 52%. The headline $15.72 diluted EPS is flattered by a $1.9B non-cash tax benefit from releasing valuation allowances; operating income actually fell 6% to $345.8M as cost of goods sold jumped 83% and royalty costs on AMVUTTRA rose. Guidance for the year was reiterated, not raised, so the quarter confirms the trajectory rather than resetting it. More consequential for the long term is the pipeline: TRITON-CM enrollment was expanded to 2,250 patients to protect statistical power, and brezosiran's 60-64% mHTT knockdown supports a pivotal Huntington's study in 2027.
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At the time of this filing, ALNY was trading at $221.42 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.