Alnylam Pharmaceuticals, Inc. (ALNY) Earnings
Alnylam Pharmaceuticals, Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $1.63. ALNY has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +154.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.87 | $1.51 | +73.2% | $1.2B | +4.6% |
| Feb 12, 2026 | $1.16 | $0.82 | -29.3% | $1.1B | -4.5% |
| Oct 30, 2025 | $0.56 | $2.90 | +416.9% | $1.2B | +30.2% |
| Jul 31, 2025 | $-0.54 | $0.32 | +158.9% | $774M | +16.7% |
| May 1, 2025 | $-0.89 | $-0.01 | +98.9% | $594M | +1.5% |
| Feb 13, 2025 | $-0.62 | $0.06 | +109.7% | $593M | +1.8% |
| Oct 31, 2024 | $-0.92 | $-0.50 | +45.5% | $501M | -6.0% |
| Aug 1, 2024 | $-1.07 | $0.56 | +152.3% | $660M | +47.5% |
| May 2, 2024 | $-1.12 | $-0.16 | +85.7% | $494M | +15.5% |
| Feb 15, 2024 | $-1.20 | $-1.10 | +8.3% | $440M | -0.7% |
| Nov 2, 2023 | $-1.34 | $1.15 | +185.8% | $751M | +87.2% |
| Aug 3, 2023 | $-1.72 | $-2.21 | -28.5% | $319M | -9.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Yvonne highlighted Q1 strength across business, over $900 million in total net revenues from Vutra and Onpatro, new collaborations, progress in R&D including data for Vutrisran and Zarbisran, initiation of phase one trial of ALN2232. • Tolga shared Q1 commercial progress: over $1 billion in product revenue, TTR franchise momentum with global TTR net revenues, details on U.S. and international TTR revenues, focus on prescriber base expansion, sustained category growth, adherence and persistence. • Pushkar reviewed pipeline updates: data on Vutrisiran at ACC, progress of Nucresiran in Triton Phase III program, plans for clinical studies in 2026 including enrollment and initiation of trials.
Guidance
• Reiterating four-year financial guidance, reflecting confidence in Ambutra CM launch and portfolio strength. • TTR revenue guidance reflects assumption of significantly higher order revenue growth to the balance of the year to achieve 4.4 to 4.7 billion TTR product sales guidance.
Segment performance
In Q1 2026, total net product revenues exceeded $1 billion. TTR franchise was the primary growth engine: global TTR net revenues reached $910 million, up 6% from Q4 and 153% year over year. U.S. TTR revenues grew 9% vs Q4 and over 230% year over year. Rare disease net revenue was $126 million, up 15% year over year. Q1 also marked the first quarter exceeding $1 billion in combined net product revenues.
Analyst Q&A
Q: About first-line and second-line use of Amutra, how is the experience of doctors evolving?
A: New prescribers' initialization is balanced between first and second line. Early second-line use is driven by physicians treating patients progressing on stabilizers. Over time, second-line volume normalizes and physician experience leads to increased adoption in first line.
Q: Jeff, help with math on headwind from selling weeks in Ambutra's U.S. sales?
A: Q1 played out generally in line with expectations. U.S. TTR growth in Q4 was $111 million and $59 million in Q1. Wednesday dynamic affects comparisons, but net-net Q1 was largely driven by demand.
Q: Thoughts on competitor's study for silencer-stabilizer combo?
A: Expect competitor's study to be positive. Our HIL-HILS-B results show silencing mechanism effective in monotherapy and combination.
Q: Ex-U.S. pricing dynamics for Ambutra?
A: Ex-U.S. pricing had initial adjustments, but Japan launch and PN business strength helped. Q2 and beyond expected to be net positive growth.
Q: Impact of Pfizer settlement for Vindamax on TTR cardiomyopathy landscape?
A: Impact on TTR outlook is limited as the category is underserved, demand for Ambutra is durable.
Q: Competitive landscape in PN and Medicare Part B, Part D?
A: Alnylam has strong new patient market share in PN. Well positioned with product profile and access, including 90% first-line access with zero out-of-pocket costs.
Q: Semi-dissents in MG competitive landscape?
A: Pleased with Semdesiran's progress in MG, data supportive.
Q: Combo use in TTR cardiomyopathy frontline or second-line?
A: Fundamental question on market unfolding, but demand for Ambutra is durable independent of stabilizer class pricing dynamics