Alnylam Pharmaceuticals, Inc.

Q2 FY26Biotechnology

Alnylam Pharmaceuticals, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹305

Market cap₹40.7K Cr

P/E74.1

Updated29 May 2026

Read5 min read

What the Q2 FY26 call signalled

1 of 2 strong

RevenueGood growth

MarginMargins slightly down

The short version

- Alnylam expects continued strong growth in TTR product sales, targeting $4.4 billion to $4.7 billion in full-year 2026 TTR product sales. - Q2 and subsequent quarters are anticipated to show significantly higher quarter-on-quarter revenue growth, driving momentum throughout 2026. - Net product revenues exceeded $1 billion in Q1 2026, reflecting 121% year-over-year growth and 4% growth over Q4 2025. - U.S. - Alnylam reiterated its 2026 financial guidance with confidence, expecting $4.4 billion to $4.7 billion in TTR product sales.

From Alnylam Pharmaceuticals, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Good growth

Alnylam expects continued strong growth in TTR product sales, targeting $4.4 billion to $4.7 billion in full-year 2026 TTR product sales.
Q2 and subsequent quarters are anticipated to show significantly higher quarter-on-quarter revenue growth, driving momentum throughout 2026.
Net product revenues exceeded $1 billion in Q1 2026, reflecting 121% year-over-year growth and 4% growth over Q4 2025.
U.S. TTR revenues grew 9% versus Q4 and over 230% year-over-year, despite some Q1 shipping week headwinds.
Internationally, revenues declined in Q1 due to Germany pricing adjustments but grew 35% year-over-year, notably strong in Japan.
Increased first-line adoption of AMVUTTRA is expected to drive deeper and earlier utilization.

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Profitability & Margins

Alnylam reiterated its 2026 financial guidance with confidence, expecting $4.4 billion to $4.7 billion in TTR product sales.
Non-GAAP operating income for Q1 2026 was $339 million, more than a 4x increase compared to the previous year, driven by strong top-line growth.
The company reported its third consecutive quarter of both GAAP and non-GAAP profitability.
Continued strong growth in AMVUTTRA and ATTR cardiomyopathy sales supports sustained revenue increases.
Gross margins expected to decline slightly over the year due to rising royalty rates on AMVUTTRA sales.
Investments in R&D and SG&A expenses are increasing to support clinical programs and commercial expansion.

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Capital Expenditure Plans

The provided transcript does not specifically mention current or future capital expenditures (capex), capital investments, or strategic investments. However, relevant clues include: - Continued investment in R&D with a 39% increase in non-GAAP R&D expenses, focusing on multiple Phase III clinical studies and early pipeline programs. - Increased SG&A expenses by 36%, driven by support for the AMVUTTRA ATTR cardiomyopathy launch and organizational scaling.

- Success in launching products ex-U.S., indicating ongoing investments in international market expansion, pricing, and reimbursement activities. - Mention of exciting new collaborations aimed at driving TTR disease awareness and improving care pathways, suggestive of strategic partnerships but no explicit capex details. No explicit details on infrastructure capex or specific capital investments are provided in the call.

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Fundraising & Capital Structure

There is no mention of any current or planned fundraising through debt or equity in the Q1 2026 earnings call.
The company ended Q1 2026 with $3 billion in cash, cash equivalents, and marketable securities, up from $2.9 billion at the end of 2025, driven by strong operating performance.
Alnylam has reiterated its full-year financial guidance without indicating a need for additional capital raises.
The focus appears to be on sustaining growth through commercial execution and pipeline advancement rather than external fundraising at this time.

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Order Book & Pipeline

The transcript does not provide explicit details on current or expected orderbook or pending orders in numeric terms. However, relevant information related to demand, orders, and market dynamics includes: - Demand-driven growth was a primary factor in Q1 results, with some inventory benefits offset by pricing effects (Page 7). - Ordering patterns were affected by calendar dynamics (number of Wednesdays impacting shipments) causing a Q1 headwind (Page 7). - Sequential improvement in demand was observed from January (lowest) through February and March 2026 (Page 7). - Strong new patient market share established over 75% before the CM indication, with continued category growth (Page 11).

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Frequently Asked Questions

What were Alnylam Pharmaceuticals, Inc. Q2 FY26 results?

What is Alnylam Pharmaceuticals, Inc. share price analysis?

Alnylam Pharmaceuticals, Inc. currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 74.1 with a market cap of $40,729. Investors should review the full earnings analysis for detailed insights.

Is Alnylam Pharmaceuticals, Inc. planning capital expenditure?

The provided transcript does not specifically mention current or future capital expenditures (capex), capital investments, or strategic investments.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.

What the Q2 FY26 call signalled

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Fundraising & Capital Structure

Order Book & Pipeline

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Frequently Asked Questions

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