[ALNY] Alnylam: Q3 2026 Earnings Test First-Line AMVUTTRA Demand

Alnylam Pharmaceuticals (ALNY) is a biotechnology company that turns RNA interference (RNAi) into medicines, and it currently has six marketed products, two of which are sold by partners[1]. The company is scheduled to report results on 2026-10-29 for the Third quarter 2026 (three months ended September 30, 2026)[2], and the central question for the Alnylam Q3 2026 earnings is whether first-line AMVUTTRA demand can carry growth. In the latest disclosed quarter, the second quarter of 2026, total revenue was $1.29 billion, up 67% year over year; net product revenue was $1.17 billion, up 74%, including $1.03 billion from the TTR franchise, up 89%; GAAP operating income was $231 million and non-GAAP operating income was $318 million[3]. AMVUTTRA alone accounted for 86% of net product revenue[4]. On July 30, the company cut its 2026 TTR net product revenue guidance from $4.4-$4.7 billion to $4.2-$4.5 billion, lowered total net product revenue guidance to $4.7-$5.1 billion, raised collaboration and royalty revenue guidance to $575-$625 million and kept non-GAAP R&D plus SG&A guidance at $2.7-$2.8 billion[3]. The third-quarter consensus compiled by the Drillr earnings calendar on October 26 is $1.481 billion in total revenue and $1.66 in earnings per share; the calendar does not state the analyst count or whether the EPS figure is on a GAAP or non-GAAP basis[5].

Three things matter most in this report. The first is incremental U.S. AMVUTTRA demand: in the second quarter, U.S. TTR revenue rose $106 million from the first quarter, with demand contributing $129 million and inventory subtracting roughly $20 million, and the company said demand growth was more than double the first quarter's[3]; whether the third quarter holds that pace will decide whether the reduced guidance needs another cut. The second is how much the Sanofi royalty tiers weigh on profit: cost of goods sold as a share of net product revenue rose from 20.0% in the first quarter to 25.4% in the second[6][3], and whether non-GAAP operating income holds the second quarter's $318 million is the direct test of whether profitability keeps improving. The third is collaboration and royalty revenue: the first half totaled $250 million[7], so reaching the raised full-year guidance requires about $163 million per quarter in the second half, against only $119 million in the second quarter[3], and the third-quarter amount and the company's explanation will show whether the raise rests on recurring revenue.

Company Background and Business Structure

All of Alnylam's commercial products are built on the same technology platform. The company commenced operations in 2002 and uses small interfering RNA (siRNA) to silence the expression of disease-causing proteins at the messenger RNA level[1]. It sells four marketed drugs itself, AMVUTTRA, ONPATTRO, GIVLAARI and OXLUMO, and has two drugs sold by partners, Novartis's cholesterol drug Leqvio and Sanofi's Qfitlia; at the end of 2025 it had about 2,500 full-time employees, about 1,945 of them in the U.S.[1]. In early 2026 the company launched its Alnylam 2030 strategy, whose goals include leading the market in TTR revenue by 2030, launching the next-generation silencer nucresiran in hATTR polyneuropathy (hATTR-PN) by 2028 and in ATTR cardiomyopathy (ATTR-CM) by 2030, compounding total revenue at 25% or more annually and reaching a non-GAAP operating margin of about 30%[1].

Revenue falls into three categories, net product revenue, collaboration revenue and royalty revenue, and product revenue dominates. In 2025, net product revenue was $2.99 billion, collaboration revenue was $553 million, including a $300 million milestone from Roche tied to dosing the first patient in the ZENITH Phase 3 trial, and royalty revenue was $174 million[1]. Products are reported as two franchises: TTR includes AMVUTTRA and the older intravenous drug ONPATTRO, which brought in only $18 million in the second quarter; Rare includes GIVLAARI for acute hepatic porphyria and OXLUMO for primary hyperoxaluria type 1, which together generated $142 million in the second quarter, up 11%[3]. By geography, second-quarter AMVUTTRA revenue was $809 million in the U.S., $119 million in Europe and $84 million in the rest of the world, so the U.S. is by far the center of gravity[7].

Partnership and financing arrangements decide how much of the revenue the company actually keeps. Roche bears 60% of the global registration-related development costs of the blood-pressure drug zilebesiran, and Alnylam bears 40%[1]; Regeneron is the partner on cemdisiran and has filed for FDA approval in generalized myasthenia gravis, with a target action date in November 2026[3]. Alnylam previously sold 50% of its Leqvio royalties to Blackstone for $1.00 billion, and if Blackstone receives less than $1.00 billion by the end of 2029, its share rises to 55% starting in 2030[1]. The largest variable cost is the tiered AMVUTTRA royalty paid to Sanofi, which steps up from 15% on global annual net sales up to $150 million to 30% on sales above $1.50 billion, while the next-generation drug nucresiran owes no such royalty[1].

Financial History and Current Position

According to its 2025 annual report, Alnylam posted its first full-year operating profit in 2025. Total revenue grew from $1.83 billion in 2023 to $2.25 billion in 2024 and $3.71 billion in 2025, and net product revenue rose 81% in 2025, with AMVUTTRA at $2.31 billion, $1.73 billion of it in the U.S.[1]. Operating results swung from a $177 million loss in 2024 to $502 million of operating income in 2025, with net income of $314 million; cost of goods sold as a share of net product revenue rose from 18.6% to 22.7%, R&D expense was $1.32 billion and SG&A expense was $1.21 billion[1].

Operating cash flow turned positive in 2025, and the balance sheet carries ample cash. Operating cash flow was $524 million in 2025 compared with an outflow of $8 million in 2024; year-end cash, cash equivalents and marketable securities were $2.91 billion, the carrying value of convertible debt was $1.01 billion, about $363 million of principal on the 2027 convertible notes remained after repurchases, and the company also has a $500 million revolving credit facility[1]. In the same year, Alnylam paid Blackstone $118 million related to the Leqvio royalty liability[1].

Revenue kept growing rapidly through the first two quarters of 2026, but profit fell sequentially in the second quarter. First-quarter total revenue was $1.17 billion, GAAP operating income was $269 million, non-GAAP operating income was $339 million, GAAP diluted EPS was $1.51 and non-GAAP diluted EPS was $1.99[6]. Second-quarter total revenue was $1.29 billion, GAAP operating income was $231 million, non-GAAP operating income was $318 million, GAAP diluted EPS was $1.21, non-GAAP diluted EPS was $1.84 and cost of goods sold was 25.4% of net product revenue[3]. First-half operating cash flow was $397 million, product-related receivables rose from $670 million at the end of 2025 to $788 million[7], and cash and marketable securities stood at $3.3 billion at the end of June[3].

Operating Model

The core revenue equation is treated patients times doses times net price, plus or minus channel inventory. Total revenue is the sum of net product revenue, collaboration revenue and royalty revenue; net product revenue depends on the number of treated patients for each drug, dosing frequency and the net price after government rebates, chargebacks and other allowances, adjusted for changes in distributor inventory[1]. U.S. ATTR-CM is the biggest source of growth: second-quarter U.S. AMVUTTRA revenue was $809 million versus $203 million outside the U.S.[7], and the company has guided to a mid-single-digit year-over-year decline in U.S. net price in 2026[4]. Inventory and price movements can make a quarter's revenue gain differ from its demand gain, as in the second quarter, when $129 million of demand growth was partly offset by about $20 million of inventory impact and a modest price reduction[3].

The key to profit is that the Sanofi royalty steps up with annual sales. Most of cost of goods sold is the tiered AMVUTTRA royalty paid to Sanofi, so as cumulative sales within a year cross each tier, cost of goods sold as a share of net product revenue rises quarter by quarter, from 20.0% in the first quarter of 2026 to 25.4% in the second[6][3]. First-half global AMVUTTRA sales were $1.90 billion, already past the $1.50 billion top-tier threshold[7], which means incremental sales in the second half carry a 30% royalty[1]. Non-GAAP operating income equals total revenue minus cost of goods sold, non-GAAP R&D and non-GAAP SG&A; the latter two totaled $674 million in the second quarter against full-year guidance of $2.7-$2.8 billion, GAAP results also deduct stock-based compensation (guided at $330-$380 million for 2026), and below the operating line there was $82 million of second-quarter interest expense, $53 million of it tied to the Leqvio royalty liability[3].

On the cash side, revenue growth first absorbs working capital and then converts into operating cash flow. Product-related receivables rose with revenue from $670 million to $788 million[7]; second-quarter operating cash flow included $26 million of payments to Blackstone on the Leqvio royalty liability and $33 million of payments on the vutrisiran and zilebesiran development funding liabilities[3]. On investment, the company plans to expand its manufacturing facility in Norton, Massachusetts[1], and purchases of property, plant and equipment increased in the first half[7].

Industry and Competitive Position

AMVUTTRA's main rivals in ATTR-CM are cheaper oral stabilizers. In the U.S., approved ATTR-CM therapies besides AMVUTTRA include Pfizer's VYNDAQEL/VYNDAMAX (tafamidis) and BridgeBio's ATTRUBY (acoramidis), both pills with lower U.S. list prices than AMVUTTRA, and the company acknowledges in its annual report that this may affect AMVUTTRA's share and revenue[1]. Management estimates that about 80% of ATTR-CM patients remain untreated and that better diagnosis and awareness are accelerating growth of the whole category[4].

Among pipeline competitors, recent developments favor Alnylam, but the uncertainty has not gone away. The annual report lists ATTR-CM candidates in Phase 3 that include AstraZeneca and Ionis's silencer eplontersen (WAINUA), Intellia and Regeneron's gene-editing therapy nex-z, an antibody co-developed by Alexion and an antibody from Novo Nordisk[1]. Eplontersen's ATTR-CM outcomes trial, CARDIO-TTRansform, missed its primary endpoint, and on the second-quarter call management said this meant one less expected branded competitor, while U.S. generic entry for tafamidis has been pushed out to 2031[4].

Alnylam's edge lies in physician preference once doctors have used AMVUTTRA, but the evidence for it comes mainly from the company itself. The company says it leads new-patient share in hATTR-PN and that 90% of first-line patients can get the drug with zero out-of-pocket cost[8]; in the second quarter, first-line share of new starts rose to 80%, adherence exceeded 90%, and among existing prescribers more than 50% of new patients chose AMVUTTRA[4]. These figures come from earnings-call summaries, and because the company does not disclose patient counts or absolute net prices, they cannot be compared directly with competitors' prescription volumes.

Core Debates

With pent-up second-line demand absorbed, how fast can first-line patients keep growing AMVUTTRA in the U.S.?

This question sets the direction for full-year revenue and profit. AMVUTTRA already accounts for 86% of net product revenue[4], and U.S. ATTR-CM is the only variable large enough to swing the year; in July the company cut the midpoint of its TTR guidance by $200 million, explaining that second-line demand normalized in early 2026 after an early launch period that benefited from pent-up demand among patients progressing on stabilizers[3]. The market needs to see third-quarter demand growth that supports the reduced guidance rather than forcing another cut.

The current evidence shows first-line demand accelerating, but the base still needs confirmation. Second-quarter U.S. AMVUTTRA net revenue was $809 million, up 124% year over year, compared with $703 million in the first quarter and $361 million a year earlier[7], and with $1.73 billion for all of 2025[1]; U.S. TTR revenue rose $106 million sequentially, with demand contributing $129 million, and the company said demand growth was more than double the first quarter's[3]. For comparison, sequential U.S. TTR growth was $59 million in the first quarter and $111 million in the fourth quarter of 2025, neither split out by demand[8]. Management also said first-line share of new starts had risen to 80% and that more than 1,700 new prescribers had been added, but only about one-third of eligible prescribers have used AMVUTTRA[4].

Demand ultimately reaches both revenue and cost through doses and net price. New first-line U.S. patients, plus second-line patients who switch or add on, minus discontinuations, determine quarterly doses; doses times a U.S. net price that is declining by a mid-single-digit percentage, adjusted for channel inventory, produce U.S. AMVUTTRA revenue, which together with international AMVUTTRA and ONPATTRO makes up TTR revenue and also lifts cost of goods sold through the tiered Sanofi royalty. An alternative explanation is that the first-quarter slowdown was not just the backlog clearing but limited cardiologist acceptance of an injectable when cheaper oral stabilizers are already widespread; after CARDIO-TTRansform failed, Stanford Medicine amyloidosis specialist Ronald Witteles said he is more hesitant than he was two months earlier to start patients on a stabilizer and a silencer together[9].

Third-quarter data can help separate these two explanations, though a single quarter may not settle the question. The points to check are whether TTR net product revenue reaches the $1.13-$1.28 billion per-quarter pace implied by full-year guidance and whether the guidance holds, how U.S. sequential growth splits among demand, inventory and net price and whether demand growth stays near $129 million, and whether first-line share of new starts, new prescriber counts and reimbursement policy for combination use change[3][7]. If third-quarter TTR revenue falls below $1.13 billion, full-year guidance is cut again, or U.S. demand growth drops back to the first-quarter level while the company keeps blaming second-line demand, the backlog-clearing explanation would weaken.

As AMVUTTRA sales climb into Sanofi's top 30% royalty tier, how much of the revenue growth still reaches operating profit?

This question decides whether revenue growth keeps turning into profit. Alnylam only posted its first full-year operating profit in 2025, at $502 million, and its 2030 target is a non-GAAP operating margin of about 30%[1]; yet second-quarter non-GAAP operating income fell from $339 million in the first quarter to $318 million, and the margin dropped from 29.0% to 24.6%[6][3]. The third quarter will test whether profitability can keep improving under the combined pressure of the top royalty tier and higher expenses.

The rise in the cost ratio fits the royalty-tier pattern, but expenses are accelerating too. Cost of goods sold as a share of net product revenue was 25.4% in the second quarter, 22.9% for the first half and 21.1% a year earlier, and the company attributed the increase to a higher blended royalty rate from rising AMVUTTRA sales[7]; the ratio was 20.0% in the first quarter[6] and 22.7% for full-year 2025[1]. Under the tiers disclosed in the annual report, first-half global AMVUTTRA sales of $1.90 billion have already passed the $1.50 billion tier[1][7]. Second-quarter non-GAAP R&D plus SG&A totaled $674 million, with R&D at $377 million and SG&A at $297 million, compared with $617 million in the first quarter, and full-year guidance of $2.7-$2.8 billion implies about $704-$754 million per quarter in the second half[3].

The profit chain runs from cumulative sales to the royalty tier, from the tier to gross profit, and then through the expense step-up. Once cumulative global AMVUTTRA sales for the year pass $1.50 billion, the excess carries a 30% royalty to Sanofi, raising the cost ratio and compressing product gross profit; non-GAAP R&D and SG&A driven by three Phase 3 trials and the launch are then deducted to reach non-GAAP operating income, and GAAP results further deduct stock-based compensation and Blackstone-related interest. An alternative explanation is that the second-quarter margin decline reflects not only the tier but also continued launch spending and higher R&D from the expanded TRITON-CM enrollment; in the first quarter the company decided to expand TRITON-CM target enrollment from 1,250 to about 1,750 patients[6].

How the third-quarter cost ratio and expense dollars move separately can help distinguish the two explanations. The points to check are how far the cost ratio rises from 25.4% and whether the company still attributes it to the royalty tier, whether non-GAAP R&D plus SG&A stays within the $704-$754 million per-quarter pace, and whether non-GAAP operating income exceeds $318 million with the margin holding at 24.6%[3]. If non-GAAP operating income falls below $318 million or the margin drops below 22%, or the company raises full-year expense guidance, its ability to convert revenue growth into profit would come into question.

Is the raised collaboration-and-royalty outlook backed by recurring Leqvio royalties and Roche reimbursement, or by items not yet visible?

This question affects both whether third-quarter total revenue can approach the compiled market expectation and the quality of that revenue. While cutting TTR guidance, the company raised the midpoint of collaboration and royalty revenue guidance by $150 million to $575-$625 million, citing higher-than-expected Leqvio royalties from Novartis and higher development cost reimbursement from Roche for the ZENITH Phase 3 trial[4]; the raise partly offset the cut to product revenue, and the third-quarter consensus for total revenue is $1.481 billion[5]. The profit content of these sources differs widely: half of the Leqvio royalties belong to Blackstone[1], while Roche reimbursement is matched by equivalent R&D spending.

Second-quarter data show the recurring pieces growing, but a gap remains against the guidance pace. Second-quarter royalty revenue was $71.67 million, up 79% year over year, which the company attributed to higher Leqvio volume and royalty rates; Roche collaboration revenue was $41.89 million, up 129%, from reimbursable ZENITH Phase 3 development activities; Regeneron collaboration revenue fell to $5.02 million[3]. Combined collaboration and royalty revenue was $119 million in the second quarter versus $131 million in the first[6]; the first half totaled $250 million, so the second half needs $325-$375 million to reach the raised guidance[7]. For full-year 2025 this revenue was $727 million, including Roche's $300 million milestone[1].

This revenue reaches the financial statements through two different paths. Novartis's global Leqvio net sales times the tiered rate produce royalty revenue, about half of whose cash flows to Blackstone through liability payments and appears as interest expense; Roche's 60% share of ZENITH and related development costs becomes Roche collaboration revenue while also raising R&D expense. An alternative explanation is that the second quarter's roughly $119 million is the normal quarterly level and that the guidance raise depends on a milestone in the second half, for example around the November 2026 FDA target action date for Regeneron's partnered drug cemdisiran[3], while the company has not disclosed the size of any such payment.

The third-quarter amount and the company's explanation will determine whether the raise is credible. The points to check are whether combined collaboration and royalty revenue reaches a pace of about $163 million per quarter, whether royalty revenue stays above $71.67 million and Roche collaboration revenue above $41.89 million, and whether the company keeps the $575-$625 million guidance and says whether a fourth-quarter milestone is expected[3][7]. If the combined amount falls below $140 million without an explanation, or royalty revenue declines sequentially, the raised guidance would look more dependent on one-time items.

Risks and Falsifiers

The TRITON-CM Phase 3 trial of the next-generation silencer nucresiran is the key risk to the long-term margin target. After CARDIO-TTRansform failed, management said it would review the full data and might adjust TRITON-CM's enrollment criteria or analysis plan if needed[4]; the trial has already expanded its enrollment target to about 1,750 patients, and the company still plans an ATTR-CM launch by 2030[6]. Nucresiran owes no royalty to Sanofi[1], which makes it central to lifting long-term gross margin and reaching the roughly 30% non-GAAP operating margin target, and any protocol change would raise R&D expense and could delay launch. If the company confirms no protocol change is needed, or keeps the 2028 hATTR-PN and 2030 ATTR-CM launch timelines after an adjustment, this risk would ease.

Competition and pricing in ATTR-CM act directly on U.S. net price and first-line share. The oral stabilizers tafamidis and acoramidis carry lower U.S. list prices than AMVUTTRA, and the gene-editing therapy nex-z and several antibodies are in Phase 3[1]; U.S. net price is guided to fall by a mid-single-digit percentage in 2026, international launches bring pricing pressure, and management said U.S. generic entry for tafamidis has been pushed to 2031[4]. The exposed line is TTR net product revenue, guided at $4.2-$4.5 billion for 2026[3]. If the third-quarter U.S. net price decline stays within mid-single digits and first-line share of new starts stays at 80% or higher, the current reading still holds.

Slowing U.S. ATTR-CM demand combined with falling net price is the most direct threat to revenue and profit. If first-line patient growth falls short after the second-line backlog clears, while U.S. net price declines by a mid-single-digit percentage and a small number of Medicare Advantage plans restrict combination use with stabilizers[4], TTR revenue and gross profit would come under pressure at the same time. As a rough calculation at the 30% royalty rate on sales above $1.50 billion, every $100 million of lost quarterly U.S. revenue would take about $70 million directly out of operating income[1]. If third-quarter U.S. demand growth is at least $129 million, TTR revenue reaches the guidance-midpoint pace and the company keeps its full-year guidance, this risk has not materialized.

The top royalty tier and the expense step-up could compress margins at the same time. All incremental AMVUTTRA sales in the second half carry a 30% royalty while three Phase 3 trials and the launch keep pushing expenses up[3]; until nucresiran launches, this royalty burden will persist. The exposed lines are product gross margin and non-GAAP operating income, which was $318 million in the second quarter at a 24.6% margin. If third-quarter non-GAAP operating income exceeds $318 million with a margin of at least 24.6%, this risk is falsified.

The collaboration and royalty guidance may depend on non-recurring items. If second-half growth comes from an undisclosed milestone and that milestone slips, the raised $575-$625 million guidance could be missed[3]; half of the Leqvio royalty cash goes to Blackstone, and if Blackstone receives less than $1.00 billion by the end of 2029, its share rises to 55% from 2030[1]. If third-quarter royalty revenue and Roche collaboration revenue both exceed second-quarter levels and together reach about $163 million, this concern would ease.

What to Watch Next

• U.S. first-line demand: TTR net product revenue was $1.03 billion and U.S. demand growth was $129 million in the second quarter of 2026. Check whether TTR reaches the $1.13-$1.28 billion per-quarter guidance pace and how demand, inventory and net price split; TTR below $1.13 billion or another full-year cut would weaken the first-line handoff view.
• First-line share and prescribers: first-line share of new starts is 80% and new prescribers exceed 1,700. Check whether the share holds and whether reimbursement for combination use changes; a share below 80% or tighter reimbursement would support the limited-acceptance explanation.
• Royalty tier and margin: cost of goods sold was 25.4% of net product revenue in the second quarter versus 20.0% in the first. Check the size of the increase and whether the company still attributes it to the royalty tier; an increase explained by the tier supports the tier explanation.
• Non-GAAP operating income and expenses: $318 million at a 24.6% margin, with $674 million of non-GAAP R&D plus SG&A in the second quarter. Check whether expenses stay within $704-$754 million per quarter and profit exceeds $318 million; profit below $318 million, a margin below 22% or higher expense guidance would weaken profit conversion.
• Collaboration and royalty revenue: $119 million in the second quarter, with royalties at $71.67 million and Roche at $41.89 million. Check whether the total approaches $163 million per quarter and whether a fourth-quarter milestone is flagged; a total below $140 million without explanation, or a sequential royalty decline, would point to one-time items.
• TRITON-CM protocol: target enrollment of about 1,750 patients with a planned 2030 ATTR-CM launch. Check whether the company changes enrollment criteria or the analysis plan; keeping the 2028 and 2030 launch timelines would ease the risk.

Conclusion

Alnylam's results are driven by AMVUTTRA demand in the U.S. ATTR-CM market, while its profit is constrained by the tiered Sanofi royalty and Phase 3 trial spending. In the second quarter, total revenue was $1.29 billion, non-GAAP operating income was $318 million, and cash and marketable securities were $3.3 billion at the end of June[3]. The central unresolved relationship is whether, with the second-line backlog absorbed, first-line patients can keep lifting revenue at roughly $129 million of demand growth per quarter while that incremental revenue still converts into profit at the 30% royalty tier.

The two outside interpretations published after the second-quarter results both center on whether demand can reaccelerate, but they start from different places. Zacks argued that AMVUTTRA revenue, though above $1 billion for the first time, still fell short of the compiled market expectation and that the guidance cut suggests near-term growth could be slower than previously anticipated; the author judged the long-term growth story intact but expected the reduced outlook to weigh on the stock until AMVUTTRA's commercial momentum reaccelerates, citing management's estimate that only about one-third of TTR prescribers have used the drug[10]. From a clinical standpoint, Ronald Witteles of Stanford Medicine said the CARDIO-TTRansform failure does not in any way invalidate vutrisiran's HELIOS-B data and that silencers as a class should not be stigmatized, but he is now more hesitant to start patients on combination stabilizer and silencer therapy and considers the combination question unsettled[9]. Both views land on the first debate: Zacks treats reacceleration as a precondition, while Witteles's view implies that second-line add-on demand on top of stabilizers could slow further without directly affecting first-line monotherapy; both are outside interpretations, the Zacks article provides no independent demand data, and Witteles's view does not address company financials.

The combination that would materially strengthen the current understanding is third-quarter U.S. demand growth near $129 million, TTR revenue at the $1.13-$1.28 billion per-quarter guidance pace, a rise in the cost ratio that the royalty tier can explain, non-GAAP operating income above $318 million, and collaboration and royalty revenue close to $163 million per quarter[3][7]. Conversely, if demand growth falls back to the first-quarter level, full-year guidance is cut again, and the margin drops below 22% or collaboration and royalty revenue stays near $119 million, the view that first-line patients take over once the second-line backlog clears would be clearly weakened; whether TRITON-CM changes its protocol will decide whether this royalty burden can be lifted after 2030.

Sources

[1] ALNY FY2025 10-K filed 2026-02-12 · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm

[2] ALNY earnings calendar updated 2026-10-26 · 2026-10-26 · Drillr earnings calendar

[3] ALNY Q2 2026 8-K filed 2026-07-30 · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1178670/000117867026000060/alny2026q2earningsrelease.htm

[4] ALNY Q2 2026 earnings call 2026-07-30 · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[5] Drillr earnings calendar consensus ALNY Q3 2026 retrieved 2026-10-26 · 2026-10-26 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[6] ALNY Q1 2026 8-K filed 2026-04-30 · 2026-04-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1178670/000162828026028601/alny2026q1earningsrelease.htm

[7] ALNY Q2 2026 10-Q filed 2026-07-30 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1178670/000117867026000062/alny-20260630.htm

[8] ALNY Q1 2026 earnings call 2026-04-30 · 2026-04-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[9] HCPLive Witteles on TTR silencers after CARDIO-TTRansform 2026-08-30 · 2026-08-30 · HCPLive · https://www.hcplive.com/view/the-future-of-gene-silencers-for-attr-cm-after-cardio-ttransform-with-ronald-witteles-md

[10] Zacks view on Alnylam via Yahoo Finance 2026-07-31 · 2026-07-31 · Zacks Investment Research(Yahoo Finance 刊载) · https://finance.yahoo.com/healthcare/articles/alny-stock-tanks-28-q2-152500660.html