ALNY earnings analysis
What we found in ALNY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Revenue reached $1,036 million in Q1 2026, a 121% increase from $468 million a year ago.
- Significant EPS Beat
- Diluted EPS was reported at $1.83, exceeding the anticipated $1.36.
- Strong TTR Sales
- Global net product revenues for AMVUTTRA and ONPATTRO totaled $889.9 million and $20.5 million, respectively.
- Free Cash Flow Improvement
- Free cash flow for Q1 2026 improved to $315 million compared to $140 million in Q4 2025.
- Strong Operating Margin
- Operating margin for Q1 2026 was at 30.0%, an increase from 12.0% in Q4 2025.
- Ample Cash Position
- Cash and cash equivalents stood at $1.21 billion, providing a solid liquidity buffer.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependency on Product Revenue
- Continued growth in revenue from AMVUTTRA is critical, with potential risks if sales are not sustained.
- History of Operating Losses
- Alnylam has a history of losses which raises concerns about long-term profitability.
- Regulatory Risks
- Future product candidates may face delays or failures in obtaining regulatory approvals.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.83
- Operating margin
- 30%
- Segment
- AMVUTTRA revenue: $889.9 million
- Segment
- ONPATTRO revenue: $20.5 million
- Segment
- GIVLAARI revenue: $74.4 million
- Segment
- OXLUMO revenue: $51.3 million
What they said about what is next.
Management reiterated its 2026 financial guidance.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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