10-K · February 12, 2026
Alnylam’s 2025 10-K outlines an ambitious “Alnylam 2030” growth plan while documenting strong commercial momentum in 2025 (FY revenue of $3.714B driven by large Q3/Q4 quarters) and a return to GAAP profitability in…
Earnings analysis · 10-Q
ALNY earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Alnylam Pharmaceuticals reported robust Q1 2026 results, achieving global net product revenues of $1,036 million, marking a 121% year-over-year increase and surpassed EPS estimates at $1.83. The company remains…
Read full summary
Alnylam Pharmaceuticals reported robust Q1 2026 results, achieving global net product revenues of $1,036 million, marking a 121% year-over-year increase and surpassed EPS estimates at $1.83. The company remains optimistic, reiterating its guidance for total 2026 revenues between $4.9 billion and $5.3 billion.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.83
- Operating margin
- 30%
What stood out
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Revenue Growth
Revenue reached $1,036 million in Q1 2026, a 121% increase from $468 million a year ago.
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Significant EPS Beat
Diluted EPS was reported at $1.83, exceeding the anticipated $1.36.
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Strong TTR Sales
Global net product revenues for AMVUTTRA and ONPATTRO totaled $889.9 million and $20.5 million, respectively.
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Free Cash Flow Improvement
Free cash flow for Q1 2026 improved to $315 million compared to $140 million in Q4 2025.
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Strong Operating Margin
Operating margin for Q1 2026 was at 30.0%, an increase from 12.0% in Q4 2025.
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Ample Cash Position
Cash and cash equivalents stood at $1.21 billion, providing a solid liquidity buffer.
What to watch
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Dependency on Product Revenue
Continued growth in revenue from AMVUTTRA is critical, with potential risks if sales are not sustained.
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History of Operating Losses
Alnylam has a history of losses which raises concerns about long-term profitability.
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Regulatory Risks
Future product candidates may face delays or failures in obtaining regulatory approvals.
Management's outlook
Management reiterated its 2026 financial guidance.
Earlier filings 4
10-Q · October 30, 2025
Alnylam reported a strong Q3 2025 with total revenues of $1,249,026,000 and GAAP net income of $251,084,000 (diluted EPS $1.84), reversing prior-year losses. Revenue strength was broad-based — product revenues rose to…
10-Q · July 31, 2025
Alnylam reported Q2 total revenues of $773,689,000 (up $113,864,000 or 17.3% YoY and up $179,500,000 or 30.2% sequentially) driven by product strength, particularly AMVUTTRA. The company recorded a GAAP operating loss…
10-Q · May 1, 2025
Alnylam reported total revenues of $594,189,000 for Q1 2025, up from $494,333,000 in Q1 2024, driven by product revenue strength. The company returned to operating profitability with income from operations of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.