Q1 26 EPS
$1.99
Q1 26 Revenue
$1.17B
BEAT +4.53%
Est. $1.12B
vs S&P Since Q1 26
-1.7%
TRAILING MARKET
ALNY -1.7% vs S&P +0.0%
Market Reaction
Did ALNY Beat Earnings? Q1 2026 Results
Alnylam Pharmaceuticals delivered a decisive beat in the first quarter of 2026, posting non-GAAP diluted EPS of $1.99 against a consensus estimate of $1.47, a 35.30% beat that extends the company's streak of topping analyst EPS expectations to four c… Read more Alnylam Pharmaceuticals delivered a decisive beat in the first quarter of 2026, posting non-GAAP diluted EPS of $1.99 against a consensus estimate of $1.47, a 35.30% beat that extends the company's streak of topping analyst EPS expectations to four consecutive quarters. Revenue of $1.17 billion, up 96.4% year-over-year, also cleared the $1.12 billion consensus by 4.53%, powered overwhelmingly by AMVUTTRA, which generated $889.93 million in net product revenues, a 187% year-over-year surge driven by accelerating demand in ATTR-CM patients following the cardiomyopathy indication launch. GAAP net income reached $205.99 million, compared to a net loss of $18.25 million a year ago, as operating leverage improved sharply despite a 38% rise in R&D spending tied to advancing Phase 3 trials for nucresiran and zilebesiran. Analysts have noted the stock may carry valuation risk at current multiples even as the underlying business trajectory remains strong. Looking ahead, Alnylam reaffirmed full-year 2026 guidance for total net product revenues of $4.90 billion to $5.30 billion, with total TTR revenues expected between $4.40 billion and $4.70 billion.
Key Takeaways
- • AMVUTTRA revenue growth of 187% driven by increased patient demand, primarily in ATTR-CM in the U.S.
- • Total TTR net product revenues grew 153% YoY to $910 million
- • Total net product revenues surpassed $1 billion for the first time, reaching $1,036 million
- • Royalty revenue from Novartis Leqvio sales increased 85%
- • GIVLAARI and OXLUMO growth from increased patient numbers
ALNY Forward Guidance & Outlook
Alnylam reiterated full-year 2026 financial guidance: Total TTR net product revenues (AMVUTTRA + ONPATTRO) of $4,400 million to $4,700 million; Total Rare net product revenues (GIVLAARI + OXLUMO) of $500 million to $600 million; Total net product revenues of $4,900 million to $5,300 million with growth of 64% to 77% vs. 2025 at both actual and constant exchange rates; Net revenues from collaborations and royalties of $400 million to $500 million; Non-GAAP R&D and SG&A expenses of $2,700 million to $2,800 million (excluding $300 million to $400 million of stock-based compensation). Key pipeline milestones expected include completion of enrollment in the cAPPricorn-1 Phase 2 trial of mivelsiran and initiation of a Phase 2 trial in Alzheimer's disease in H1 2026, and clinical readouts from ALN-6400, ALN-HTT02, and ALN-2232 in H2 2026.
ALNY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ALNY Revenue by Segment
With YoY comparisons, source: SEC Filings
“2026 is off to a strong start for Alnylam with the end of the first quarter marking one year since the U.S. launch of AMVUTTRA for ATTR-CM, and also representing a significant financial milestone with the achievement of over $1 billion in quarterly product revenues for the first time in our history.”
— Yvonne Greenstreet, Q1 2026 Earnings Press Release
ALNY Earnings Trends
ALNY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ALNY EPS Trend
Earnings per share: estimate vs actual
ALNY Revenue Trend
Quarterly revenue: estimate vs actual
ALNY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.99 | — | $1.17B | +4.53% |
| Q4 25 BEAT FY | $1.24 | $1.25 | +0.81% | $1.10B | -5.22% |
| FY Full Year | $4.79 | $5.08 | +6.03% | $3.71B | -1.60% |
| Q3 25 BEAT | $1.75 | $2.90 | +66.12% | $1.25B | +28.22% |
| Q2 25 BEAT | $0.15 | $0.32 | +119.63% | $773.7M | +16.79% |
| Q4 23 BEAT FY | $-1.32 | $-0.77 | +41.67% | $439.7M | -0.10% |
| FY Full Year | $-3.47 | $-3.52 | -1.44% | $1.83B | -0.02% |