Alnylam Product Revenue Jumps 52% as AMVUTTRA Sales Climb 65%

Alnylam Pharmaceuticals grew global net product revenue 52% to $1.292 billion in the third quarter, powered by its AMVUTTRA heart-disease launch, and said it remains on track to hit its 2026 financial guidance.

Total revenue rose 17% to $1.458 billion, according to the earnings release the RNAi drugmaker filed with an 8-K on Thursday. The headline net income figure was far larger than usual: GAAP net income jumped to $2.167 billion, or $15.72 a diluted share, from $292.7 million, or $2.14, a year earlier, largely because of a $1.9 billion income tax benefit tied mainly to releasing valuation allowances on certain U.S. deferred tax assets.

TTR franchise does the heavy lifting

Total TTR net product revenue, from AMVUTTRA and the older ONPATTRO, climbed 59% to $1.150 billion. AMVUTTRA alone brought in $1.130 billion, up 65%, while ONPATTRO fell 50% to about $20 million.

In the U.S., TTR revenue rose $99 million from the second quarter. Alnylam broke that down as an $81 million increase in demand, a $17 million inventory benefit and a modest net price lift helped by about $10 million of favorable gross-to-net adjustments. International TTR revenue rose $20 million sequentially, driven mainly by ATTR-CM launches in Japan, Germany and Italy.

The rare-disease products GIVLAARI and OXLUMO added $142 million combined, up 12%.

"Our third quarter results reflect the continued growth of our TTR franchise and advancement of key programs with the potential for transformative patient impact," CEO Yvonne Greenstreet said in the release.

Collaboration revenue falls against a tough comparison

Not every line grew. Collaboration revenue dropped 80% to $71.5 million because the year-earlier quarter included a $300 million milestone from Roche tied to the first patient dosed in the ZENITH Phase 3 trial of zilebesiran. Royalty revenue, mainly on Novartis's Leqvio, more than doubled to $94.7 million.

Costs rose with the launch. Cost of goods sold climbed to 28.0% of net product revenue from 23.2%, reflecting a higher blended royalty rate on AMVUTTRA sales. GAAP operating income slipped 6% to $345.8 million, and non-GAAP operating income fell 11% to $424.9 million.

Bigger nucresiran trial, Huntington's data

Alnylam is expanding target enrollment in its TRITON-CM Phase 3 study of next-generation drug nucresiran to about 2,250 patients from 1,750. The company said it still expects to launch nucresiran in ATTR-CM by 2030, assuming positive data and regulatory approval.

It also reported initial Phase 1 data for brezosiran, partnered with Regeneron, in Huntington's disease, showing a mean 60% to 64% reduction in a key disease protein in spinal fluid at month 3 in the highest dose group. Alnylam plans to start a placebo-controlled pivotal study in 2027, pending regulatory alignment.

Guidance reiterated

Alnylam reiterated full-year 2026 guidance for total net product revenue of $4.7 billion to $5.1 billion, including $4.2 billion to $4.5 billion from TTR products, and collaboration and royalty revenue of $575 million to $625 million.

Cash, cash equivalents and marketable securities stood at $3.6 billion at Sept. 30, up from $2.9 billion at the end of 2025, mainly on operating cash inflows.

Sources

1. Alnylam Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001178670-26-000074)

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