Alnylam Pharmaceuticals Inc. reported first‑quarter 2026 results on April 30 2026, delivering net product revenues of $1.167 billion, a 96 % year‑over‑year increase from $594.19 million in Q1 2025. Net income rose to $205.99 million, reversing a $18.25 million loss in the same quarter a year earlier. Earnings per share were $1.55 basic and $1.51 diluted, beating consensus estimates of $0.93 for both basic and diluted EPS and exceeding the broad range of analyst expectations that spanned $0.91 to $1.53.
The TTR franchise drove the majority of the revenue growth, with AMVUTTRA and ONPATTRO generating $910.41 million in net product revenue – a 153 % jump year‑over‑year. The surge reflects continued uptake of AMVUTTRA in the ATTR‑CM indication, one year after its U.S. launch, and the strong commercial momentum of the TTR portfolio.
Gross margin on product sales was 80 %, down 5 percentage points from Q1 2025. The decline is attributed to increased royalty rates paid to Sanofi on AMVUTTRA sales, which offset the benefit of higher volume and pricing power in the TTR franchise.
Alnylam reiterated its 2026 guidance, projecting total net product revenues of $4.900 billion to $5.300 billion and TTR franchise revenue of $4.400 billion to $4.700 billion. CFO Jeffrey Poulton noted, "Notably, on TTR revenue, as Tolga previously highlighted, our guidance continues to reflect an assumption of significantly higher quarter‑on‑quarter revenue growth for the balance of the year in order to achieve our $4.4 billion to $4.7 billion TTR product sales guidance."
The company also highlighted progress in its pipeline, including multiple Phase 3 trials and a Phase 1 study for an adipose‑targeted obesity program. New collaborations with Viz.ai and the American Heart Association aim to improve diagnosis and care for ATTR‑CM. CEO Yvonne Greenstreet said, "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." She added, "The first quarter of 2026 demonstrated continued strength of the business and represents the type of execution that will drive continued growth at Alnylam." Executive VP Pushkal Garg added, "Today, we are announcing that we will take advantage of the fast pace of enrollment to utilize a prespecified option in our protocol to expand enrollment by approximately 500 patients or from 1,250 to about 1,750 in total."
Market reaction was driven by the record revenue beat, the substantial EPS beat, the strong commercial performance of AMVUTTRA, and the reaffirmation of full‑year guidance. Investors viewed the results as evidence of Alnylam’s ability to scale its RNAi platform and sustain profitability, reinforcing confidence in the company’s 2030 growth strategy.
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