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Alnylam posted Q1 EPS of $1.99 and revenues of $1.17B, beating estimates on strong drug sales.
ALNY growth was driven by Amvuttra sales jumping 187% amid rising demand and label expansion.
Alnylam saw higher R&D and SG&A costs tied to studies and Amvuttra launch, while collaborator revenue fell.
Alnylam Pharmaceuticals (ALNY - Free Report) reported first-quarter 2026 adjusted earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.43. The company had reported adjusted earnings of 29 cents in the year-ago quarter.
Alnylam recorded total revenues of $1.17 billion in the quarter, which also beat the Zacks Consensus Estimate of $1.13 billion. In the year-ago quarter, total revenues were $594.2 million. The top line rose 96% year over year on a reported basis and 93% at a constant exchange rate (CER), mainly driven by increased sales of its lead drug, Amvuttra (vutrisiran), following label expansion.
Net product revenues were $1.04 billion, up 121% year over year on a reported basis and 117% at CER, driven by strong growth in patient demand for Amvuttra, as well as for its other marketed drugs, Givlaari (givosiran) and Oxlumo (lumasiran).
Net revenues from collaborators were $82.1 million, down 17% from the year-ago quarter on a reported basis and at CER. The drop was mainly due to a $30 million payment in connection with the amendment to ALNY’s agreement with Vir Biotechnology recorded in the year-ago quarter. In the first quarter, ALNY recognized revenues under its ongoing collaborations with Regeneron and Roche (RHHBY - Free Report) .
Alnylam also has an ongoing partnership with Novartis (NVS - Free Report) . It has granted Novartis exclusive global rights to manufacture and commercialize RNAi therapeutics targeting PCSK9, including Leqvio, for the treatment of hypercholesterolemia and other diseases. The FDA has approved Leqvio for several heart disease indications, alongside diet and statins. As of March 2026, Leqvio is approved in more than 108 countries.
Alnylam recognized royalty revenues of $49 million in the reported quarter, up 85% year over year on a reported basis and at CER, primarily driven by increased volume and rate of royalties earned from global net sales of Leqvio by Novartis.
ALNY’s Q1 Results in Detail
Onpattro (patisiran) is approved for the treatment of polyneuropathy of hereditary transthyretin-mediated (hATTR) amyloidosis. The injection recorded sales of $20.5 million in the reported quarter, down 59% on a reported basis. Onpattro sales missed the Zacks Consensus Estimate of $29.6 million.
Amvuttra is FDA-approved for the treatment of adult patients with polyneuropathy of hATTR amyloidosis (hATTR-PN). The European Commission also approved Amvuttra for treating hATTR amyloidosis in adult patients with stage 1 or 2 polyneuropathy. A label expansion for the drug has also been approved in the United States and the EU for treating cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular mortality, cardiovascular hospitalizations and urgent heart failure visits.
Amvuttra generated sales worth $889.9 million in the first quarter, up 187% on a reported basis, driven by increased patient demand, mainly in ATTR-CM patients in the United States, as well as several patients switching from Onpattro. Amvuttra sales beat the Zacks Consensus Estimate of $827.3 million.
Year to date, Alnylam shares have plunged 22.2% compared with the industry’s 1.2% decline.
Image Source: Zacks Investment Research
Givlaari, approved for the treatment of acute hepatic porphyria, recorded sales of $74.4 million, reflecting a year-over-year increase of 11% on a reported basis. Givlaari sales missed the Zacks Consensus Estimate of $82.6 million. Oxlumo recorded global net product revenues of $51.3 million in the reported quarter, up 22% year over year on a reported basis. Oxlumo sales missed the Zacks Consensus Estimate of $52.5 million.
Adjusted research and development (R&D) expenses rose 39% year over year to $334.8 million. R&D expenses accounted for increased clinical study costs associated with the ZENITH phase III cardiovascular outcomes study, which will evaluate zilebesiran to treat patients with hypertension at high cardiovascular risk, in partnership with Roche. Increased expenses associated with the phase III TRITON-CM and TRITON-PN studies, evaluating nucresiran in patients with ATTR-CM and hATTR-PN, respectively, also contributed to higher R&D costs.
Adjusted selling, general and administrative (SG&A) expenses increased 36% year over year to $282.5 million, primarily due to higher employee compensation costs and increased marketing investment associated with the Amvuttra launch in ATTR-CM.
Cash, cash equivalents and marketable securities as of March 31, 2026, amounted to $3 billion compared with $2.9 billion as of Dec. 31, 2025.
Alnylam, in collaboration with Roche, is developing zilebesiran in a late-stage study (ZENITH) to evaluate the potential of zilebesiran to reduce the risk of major adverse cardiovascular events in patients with uncontrolled hypertension. ALNY entered a strategic collaboration with RHHBY to co-develop and co-commercialize zilebesiran for the treatment of hypertension in 2023.
ALNY Reiterates 2026 Financial Guidance
Alnylam continues to expect net product revenues for Onpattro, Amvuttra, Givlaari and Oxlumo in the range of $4.9-$5.3 billion for 2026, suggesting year-over-year growth of 64-77% at CER.
Net revenues from collaborations and royalties are expected in the range of $400-$500 million. Adjusted R&D and SG&A expenses are anticipated in the band of $2.7-$2.8 billion.
Our Take
Alnylam delivered better-than-expected first-quarter 2026 results, surpassing both earnings and revenue estimates, primarily on the back of the strong performance of marketed drugs. The year-over-year revenue growth was primarily driven by robust Amvuttra sales, supported by rising patient demand. Recent label expansions for the ATTR-CM indication in both the United States and the EU have broadened the eligible patient population, further accelerating uptake — a trend we expect to persist in the coming quarters. Meanwhile, contributions from Givlaari and Oxlumo continue to provide additional support to the top line.
Alnylam Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Over the past 60 days, the estimate for Alkermes’ 2026 loss per share has widened from 6 cents to 69 cents. ALKS shares have rallied 20.4% year to date.
Alkermes’ earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, with the average negative surprise being 0.77%.
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Alnylam Q1 Earnings Beat Estimates, Amvuttra Sales Drive Y/Y Growth
Key Takeaways
Alnylam Pharmaceuticals (ALNY - Free Report) reported first-quarter 2026 adjusted earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.43. The company had reported adjusted earnings of 29 cents in the year-ago quarter.
Alnylam recorded total revenues of $1.17 billion in the quarter, which also beat the Zacks Consensus Estimate of $1.13 billion. In the year-ago quarter, total revenues were $594.2 million. The top line rose 96% year over year on a reported basis and 93% at a constant exchange rate (CER), mainly driven by increased sales of its lead drug, Amvuttra (vutrisiran), following label expansion.
Net product revenues were $1.04 billion, up 121% year over year on a reported basis and 117% at CER, driven by strong growth in patient demand for Amvuttra, as well as for its other marketed drugs, Givlaari (givosiran) and Oxlumo (lumasiran).
Net revenues from collaborators were $82.1 million, down 17% from the year-ago quarter on a reported basis and at CER. The drop was mainly due to a $30 million payment in connection with the amendment to ALNY’s agreement with Vir Biotechnology recorded in the year-ago quarter. In the first quarter, ALNY recognized revenues under its ongoing collaborations with Regeneron and Roche (RHHBY - Free Report) .
Alnylam also has an ongoing partnership with Novartis (NVS - Free Report) . It has granted Novartis exclusive global rights to manufacture and commercialize RNAi therapeutics targeting PCSK9, including Leqvio, for the treatment of hypercholesterolemia and other diseases. The FDA has approved Leqvio for several heart disease indications, alongside diet and statins. As of March 2026, Leqvio is approved in more than 108 countries.
Alnylam recognized royalty revenues of $49 million in the reported quarter, up 85% year over year on a reported basis and at CER, primarily driven by increased volume and rate of royalties earned from global net sales of Leqvio by Novartis.
ALNY’s Q1 Results in Detail
Onpattro (patisiran) is approved for the treatment of polyneuropathy of hereditary transthyretin-mediated (hATTR) amyloidosis. The injection recorded sales of $20.5 million in the reported quarter, down 59% on a reported basis. Onpattro sales missed the Zacks Consensus Estimate of $29.6 million.
Amvuttra is FDA-approved for the treatment of adult patients with polyneuropathy of hATTR amyloidosis (hATTR-PN). The European Commission also approved Amvuttra for treating hATTR amyloidosis in adult patients with stage 1 or 2 polyneuropathy. A label expansion for the drug has also been approved in the United States and the EU for treating cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular mortality, cardiovascular hospitalizations and urgent heart failure visits.
Amvuttra generated sales worth $889.9 million in the first quarter, up 187% on a reported basis, driven by increased patient demand, mainly in ATTR-CM patients in the United States, as well as several patients switching from Onpattro. Amvuttra sales beat the Zacks Consensus Estimate of $827.3 million.
Year to date, Alnylam shares have plunged 22.2% compared with the industry’s 1.2% decline.
Image Source: Zacks Investment Research
Givlaari, approved for the treatment of acute hepatic porphyria, recorded sales of $74.4 million, reflecting a year-over-year increase of 11% on a reported basis. Givlaari sales missed the Zacks Consensus Estimate of $82.6 million. Oxlumo recorded global net product revenues of $51.3 million in the reported quarter, up 22% year over year on a reported basis. Oxlumo sales missed the Zacks Consensus Estimate of $52.5 million.
Adjusted research and development (R&D) expenses rose 39% year over year to $334.8 million. R&D expenses accounted for increased clinical study costs associated with the ZENITH phase III cardiovascular outcomes study, which will evaluate zilebesiran to treat patients with hypertension at high cardiovascular risk, in partnership with Roche. Increased expenses associated with the phase III TRITON-CM and TRITON-PN studies, evaluating nucresiran in patients with ATTR-CM and hATTR-PN, respectively, also contributed to higher R&D costs.
Adjusted selling, general and administrative (SG&A) expenses increased 36% year over year to $282.5 million, primarily due to higher employee compensation costs and increased marketing investment associated with the Amvuttra launch in ATTR-CM.
Cash, cash equivalents and marketable securities as of March 31, 2026, amounted to $3 billion compared with $2.9 billion as of Dec. 31, 2025.
Alnylam, in collaboration with Roche, is developing zilebesiran in a late-stage study (ZENITH) to evaluate the potential of zilebesiran to reduce the risk of major adverse cardiovascular events in patients with uncontrolled hypertension. ALNY entered a strategic collaboration with RHHBY to co-develop and co-commercialize zilebesiran for the treatment of hypertension in 2023.
ALNY Reiterates 2026 Financial Guidance
Alnylam continues to expect net product revenues for Onpattro, Amvuttra, Givlaari and Oxlumo in the range of $4.9-$5.3 billion for 2026, suggesting year-over-year growth of 64-77% at CER.
Net revenues from collaborations and royalties are expected in the range of $400-$500 million. Adjusted R&D and SG&A expenses are anticipated in the band of $2.7-$2.8 billion.
Our Take
Alnylam delivered better-than-expected first-quarter 2026 results, surpassing both earnings and revenue estimates, primarily on the back of the strong performance of marketed drugs. The year-over-year revenue growth was primarily driven by robust Amvuttra sales, supported by rising patient demand. Recent label expansions for the ATTR-CM indication in both the United States and the EU have broadened the eligible patient population, further accelerating uptake — a trend we expect to persist in the coming quarters. Meanwhile, contributions from Givlaari and Oxlumo continue to provide additional support to the top line.
Alnylam Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Alnylam Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Alnylam Pharmaceuticals, Inc. Quote
ALNY’s Zacks Rank and Stock to Consider
Alnylam currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the biotech sector is Alkermes (ALKS - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Over the past 60 days, the estimate for Alkermes’ 2026 loss per share has widened from 6 cents to 69 cents. ALKS shares have rallied 20.4% year to date.
Alkermes’ earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, with the average negative surprise being 0.77%.