Jun 2026 (Q2 FY26) — Jul 30, 2026
Alnylam Q2 FY26 — AMVUTRA Exceeds $1B Revenue, Guidance Revised
Read the full callAlnylam (ALNY) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Alnylam earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,291 | +66.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.9 | +20.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 164 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
11 of 21 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Mivelsiran cAPPricorn 1 Phase II trial enrollment completion (CAA) | Complete enrollment | Dec 2025 | Ghosted | |
| ALN-2232 Phase I data readout (obesity and weight management) | Share data | Mar 2026 | We also expect to initiate Phase I data from both ALN-HD202, our Huntington's disease program and ALN-2232 in development for obesity and weight management. | On Track |
| AMVUTTRA (ATTR-CM) launch | Launch in Germany and Japan | Dec 2024 | international TTR revenue outperformed our Q1 expectations shared in February, primarily due to continued strength in Japan, where our CM launch execution remains on track with leading analogs as well as strength in PN performance across our international markets. | Achieved |
10 of ALNYLAM PHARMACEUTICALS, INC.'s 38 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 35 more targets are in the full ledger.
Claimed
- Total net product revenues reached approximately $1.2 billion, representing 74% growth versus Q2 last year.
- AMVUTRA revenues exceeded $1 billion in a single quarter for the first time, achieving an annual run rate of over $4 billion.
- Non-GAAP operating income more than tripled to $318 million compared to last year.
- Cash, cash equivalents, and marketable securities increased to $3.3 billion from $2.9 billion as of year-end 2025.
- First-line new patient starts for AMVUTRA now account for 80% of factory growth in the accelerating ATTR market.
Qualified
- Total net product revenue guidance for FY26 was revised down to $4.7 billion-$5.1 billion, a $200 million reduction at the midpoint for TTR revenue.
- TTR revenue guidance for FY26 was updated to $4.2 billion-$4.5 billion, reflecting a $200 million reduction from the original midpoint.
- Second-line demand for AMVUTRA has normalized after an initial surge from pent-up demand in 2025.
- The CARDIO-TTRansform study of eplontersen resulted in a negative outcome, raising investor questions about the competitive landscape.
Price
$233.29 +0.63% · +$1.46
Performance −51.6% 1Y
1Y: $481.67 on 17 Oct 2025 → $233.29. High $491.22 (20 Oct 2025), low $205.48 (30 Jul 2026).
- Previous close
- $231.83
- 52-week range
- $205.48 – $491.22
- One year
- −52.51%
Overview
- Symbol
- ALNY
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 21 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Mivelsiran cAPPricorn 1 Phase II trial enrollment completion (CAA) | Complete enrollment | Dec 2025 | Ghosted | |
| ALN-2232 Phase I data readout (obesity and weight management) | Share data | Mar 2026 | We also expect to initiate Phase I data from both ALN-HD202, our Huntington's disease program and ALN-2232 in development for obesity and weight management. | On Track |
| AMVUTTRA (ATTR-CM) launch | Launch in Germany and Japan | Dec 2024 | international TTR revenue outperformed our Q1 expectations shared in February, primarily due to continued strength in Japan, where our CM launch execution remains on track with leading analogs as well as strength in PN performance across our international markets. | Achieved |
Claimed
- Total net product revenues reached approximately $1.2 billion, representing 74% growth versus Q2 last year.
- AMVUTRA revenues exceeded $1 billion in a single quarter for the first time, achieving an annual run rate of over $4 billion.
- Non-GAAP operating income more than tripled to $318 million compared to last year.
- Cash, cash equivalents, and marketable securities increased to $3.3 billion from $2.9 billion as of year-end 2025.
- First-line new patient starts for AMVUTRA now account for 80% of factory growth in the accelerating ATTR market.
Qualified
- Total net product revenue guidance for FY26 was revised down to $4.7 billion-$5.1 billion, a $200 million reduction at the midpoint for TTR revenue.
- TTR revenue guidance for FY26 was updated to $4.2 billion-$4.5 billion, reflecting a $200 million reduction from the original midpoint.
- Second-line demand for AMVUTRA has normalized after an initial surge from pent-up demand in 2025.
- The CARDIO-TTRansform study of eplontersen resulted in a negative outcome, raising investor questions about the competitive landscape.
The full ledger
Open ALNYLAM PHARMACEUTICALS, INC.’s full ledger
A free account opens 5 company ledgers a month. All 38 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Alnylam Q1 FY26 — first billion-dollar product-revenue quarter powered by TTR franchise
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Alnylam Pharmaceuticals Q4 FY25 — Landmark Year with GAAP Profitability and Strong AMVUTTRA Launch
Read the full callEvery analysed call
Alnylam earnings calls (ALNY)
Financials
What the filings say
Net profit, year on year: +328% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 501 | 593 | 594 | 774 | 1,249 | 1,097 | — | 1,291 |
| Expenses | 578 | 698 | 576 | 790 | 881 | 965 | — | 1,060 |
| Operating profit | -77 | -105 | 18 | -16 | 368 | 132 | — | 231 |
| Operating margin | −15.3% | −17.7% | 3.0% | −2.1% | 29.5% | 12.0% | — | 17.9% |
| Other income | -32 | -89 | -20 | -25 | -129 | — | — | -54 |
| Interest | 34 | 39 | 58 | 61 | 44 | — | — | 82 |
| Profit before tax | -109 | -194 | -2 | -41 | 239 | — | — | 178 |
| Tax rate | −2.7% | 56.8% | −670.7% | −74.8% | −5.1% | — | — | 7.5% |
| Net profit | -112 | -84 | -18 | -72 | 251 | — | 206 | 164 |
| EPS ($ per share) | -0.87 | — | -0.14 | -0.55 | 1.91 | — | — | 1.23 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | -2,841 | -3,727 | -4,585 | -5,438 | -6,569 | -7,010 | -7,288 | -6,703 |
| Total liabilities | 273 | 956 | 2,391 | 3,055 | 3,705 | 4,051 | 4,173 | 4,177 |
| Fixed assets | 321 | 425 | 465 | 502 | 523 | 526 | 503 | 513 |
| Total assets | 1,575 | 2,395 | 3,407 | 3,643 | 3,546 | 3,830 | 4,240 | 4,966 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -563 | -278 | -615 | -642 | -541 | 104 | -8 | 524 |
| Cash from investing | 273 | -418 | -436 | -273 | 169 | -336 | -117 | 436 |
| Cash from financing | 65 | 823 | 995 | 1,247 | 426 | 172 | 294 | -305 |
| Net cash flow | -224 | 127 | -51 | 323 | 46 | -54 | 154 | 690 |
| Capital expenditure | -127 | -140 | -70 | -76 | -72 | -62 | -34 | -59 |
| Free cash flow | -690 | -419 | -685 | -718 | -613 | 42 | -43 | 465 |
ALNY revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Product | 62% | 84% | 79% | 87% | 68% | 91% | 89% | 91% | +74.4% |
| TTR | — | — | 61% | 70% | 58% | 78% | 78% | 80% | +89.2% |
| Amvuttra | 35% | 52% | 52% | 64% | 55% | 75% | 76% | 78% | +105.7% |
| Rare | — | — | 18% | 17% | 10% | 12% | 11% | 11% | +11.1% |
| GIVLAARI | 9% | 14% | 11% | 10% | 6% | 8% | 6% | 7% | +11.0% |
| Royalty | 3% | 5% | 4% | 5% | 4% | 6% | 4% | 6% | +79.3% |
| OXLUMO | 6% | 8% | 7% | 6% | 4% | 5% | 4% | 4% | +11.2% |
| Collaborations | 34% | 11% | 17% | 8% | 28% | 4% | 7% | 4% | -23.3% |
| Development Services Obligation | 2% | 3% | 3% | 2% | 2% | 3% | 3% | 3% | +141.1% |
| ONPATTRO | 12% | 10% | 8% | 7% | 3% | 3% | 2% | 1% | -64.9% |
| Other License Programs | — | — | — | 3% | 1% | — | 3% | <1% | -70.3% |
| Product and Service Other | — | — | — | <1% | <1% | — | <1% | <1% | +4.9% |
| C 5 License Obligation | 1% | 2% | 4% | 0% | 0% | <1% | 0% | 0% | — |
| Regeneron Technology Transfer Obligation | — | — | <1% | 0% | 0% | 0% | 0% | 0% | — |
| Research Services Obligation | 1% | 2% | 2% | 2% | 1% | <1% | 1% | 0% | -106.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 69% ↑ 21 pt
- Europe 13% ↓ 12 pt
- Non US Or Europe 8% ↓ 3 pt
As ALNY cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
321 filings between Nov 12, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$43.95M
279 sales by 8 insiders
49% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 27
- Award — granted as compensation
- 14
- Option exercise — converted options into shares
- 1
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Greenstreet Yvonne | — | $20.42M | Mar 4, 2026 |
| Fitzgerald Kevin Joseph | — | $9.63M | Mar 5, 2026 |
| Garg Pushkal | — | $5.43M | Mar 5, 2026 |
| Poulton Jeffrey V. | — | $3.22M | Mar 4, 2026 |
| Tanguler Tolga | — | $2.42M | Mar 4, 2026 |
| McLaughlin Melissa | — | $1.27M | Apr 6, 2026 |
| PYOTT DAVID E I | — | $1.15M | Jun 1, 2026 |
| SUPRAN BRYAN | — | $398.9K | Oct 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | SUPRAN BRYAN EVP, CLO and Secretary | Sale | 1,758 | $398.9K |
| Sep 19, 2026 | Greenstreet Yvonne Chief Executive Officer | Award | 107 | $0 |
| Jun 1, 2026 | PYOTT DAVID E I Director | Sale 10b5-1 plan | 921 | $274.2K |
| Jun 1, 2026 | PYOTT DAVID E I Director | Sale 10b5-1 plan | 17 | $5.1K |
| Jun 1, 2026 | PYOTT DAVID E I Director | Sale 10b5-1 plan | 495 | $148.9K |
| Jun 1, 2026 | PYOTT DAVID E I Director | Option exercise 10b5-1 plan | 3,830 | $0 |
| Jun 1, 2026 | PYOTT DAVID E I Director | Sale 10b5-1 plan | 1,175 | $351.2K |
| Jun 1, 2026 | PYOTT DAVID E I Director | Sale 10b5-1 plan | 1,222 | $366.4K |
| May 20, 2026 | BRANDICOURT OLIVIER Director | Award | 671 | $0 |
| May 20, 2026 | Sigal Charles Elliott Director | Award | 671 | $0 |
| May 20, 2026 | KELLOGG PETER N Director | Award | 671 | $0 |
| May 20, 2026 | Reitan Colleen F Director | Award | 671 | $0 |
| May 20, 2026 | SCHULMAN AMY W Director | Award | 838 | $0 |
| May 20, 2026 | Ausiello Dennis A Director | Award | 671 | $0 |
| May 20, 2026 | Arbuckle Stuart A Director | Award | 671 | $0 |
| May 20, 2026 | PYOTT DAVID E I Director | Award | 671 | $0 |
| May 20, 2026 | HAMBURG MARGARET A Director | Award | 671 | $0 |
| May 13, 2026 | SCHULMAN AMY W Director | Option exercise | 11,250 | $789.8K |
| Apr 6, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 829 | $274.0K |
| Apr 6, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 293 | $97.2K |
| Apr 6, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 56 | $17.9K |
| Apr 6, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 909 | $299.8K |
| Apr 6, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 199 | $66.5K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 81 | $26.2K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 265 | $83.9K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 8 | $2.6K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 245 | $79.1K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 224 | $72.0K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 86 | $27.5K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 147 | $47.1K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 359 | $114.0K |
| Apr 2, 2026 | McLaughlin Melissa Chief Human Resources Officer | Sale 10b5-1 plan | 209 | $66.6K |
| Mar 5, 2026 | Fitzgerald Kevin Joseph CSO & EVP, Head of Research | Sale 10b5-1 plan | 153 | $49.9K |
| Mar 5, 2026 | Fitzgerald Kevin Joseph CSO & EVP, Head of Research | Sale 10b5-1 plan | 148 | $48.0K |
| Mar 5, 2026 | Fitzgerald Kevin Joseph CSO & EVP, Head of Research | Sale 10b5-1 plan | 233 | $75.3K |
| Mar 5, 2026 | Fitzgerald Kevin Joseph CSO & EVP, Head of Research | Sale 10b5-1 plan | 124 | $39.9K |
| Mar 5, 2026 | Garg Pushkal EVP Chief R&D | Sale 10b5-1 plan | 500 | $163.0K |
| Mar 5, 2026 | Garg Pushkal EVP Chief R&D | Sale 10b5-1 plan | 510 | $165.5K |
| Mar 5, 2026 | Garg Pushkal EVP Chief R&D | Sale 10b5-1 plan | 654 | $210.8K |
| Mar 5, 2026 | Garg Pushkal EVP Chief R&D | Sale 10b5-1 plan | 740 | $239.4K |
| Mar 4, 2026 | Tanguler Tolga EVP, Chief Commercial Officer | Sale | 208 | $67.7K |
| Mar 4, 2026 | Tanguler Tolga EVP, Chief Commercial Officer | Sale | 272 | $88.4K |
| Mar 4, 2026 | Tanguler Tolga EVP, Chief Commercial Officer | Sale | 767 | $248.4K |
| Mar 4, 2026 | Tanguler Tolga EVP, Chief Commercial Officer | Sale | 350 | $113.1K |
| Mar 4, 2026 | Tanguler Tolga EVP, Chief Commercial Officer | Sale | 289 | $93.0K |
| Mar 4, 2026 | Tanguler Tolga EVP, Chief Commercial Officer | Sale | 215 | $69.0K |
| Mar 4, 2026 | Tanguler Tolga EVP, Chief Commercial Officer | Sale | 102 | $32.6K |
| Mar 4, 2026 | Tanguler Tolga EVP, Chief Commercial Officer | Sale | 106 | $33.8K |
| Mar 4, 2026 | Fitzgerald Kevin Joseph CSO & EVP, Head of Research | Sale 10b5-1 plan | 57 | $18.6K |
| Mar 4, 2026 | Fitzgerald Kevin Joseph CSO & EVP, Head of Research | Sale 10b5-1 plan | 75 | $24.4K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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