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Alnylam surpassed $1 billion in quarterly product revenue for the first time with Q1 sales growing 121% year-over-year, as TTR franchise revenue reached $910 million driven by strengthening first-line AMVUTTRA adoption in ATTR-CM. The company delivered its third consecutive quarter of both GAAP and non-GAAP profitability, confirming the sustainable economics of the RNAi platform at scale. Management reiterated 2026 guidance as presented at the prior earnings call.
Demand | Competitive Dynamics | Pricing | Product Launch | Revenue Growth | Regulation Policy | Innovation & R&D | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 5 | 5 | 6 | 1 | 2 | 1 | 2 |
| 2025Q1 | 6 | 5 | 2 | 5 | 2 | 2 | ||
| 2025Q2 | 7 | 2 | 3 | 2 | 3 | 2 | 1 | |
| 2025Q3 | 5 | 4 | 2 | 3 | 1 | |||
| 2025Q4 | 2 | 3 | 3 | 1 | 4 | 1 | ||
| 2026Q1 | 4 | 7 | 2 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 2 | 6 | 7 | 5 | 2 | 4 |
| Competitive Dynamics | 5 | 5 | 2 | 4 | 3 | 7 |
| Pricing | 5 | 2 | 3 | 2 | 3 | 2 |
| Product Launch | 6 | 5 | 2 | |||
| Revenue Growth | 1 | 2 | 3 | 3 | 1 | 2 |
| Regulation Policy | 2 | 2 | 2 | 1 | 1 | |
| Innovation & R&D | 1 | 4 | 2 | |||
| Margin | 2 | 1 | 1 |
Calendar quarter Q1 2026Earnings call Apr 30, 2026
FY2026 Q1 in brief
Alnylam surpassed $1 billion in quarterly product revenue for the first time with Q1 sales growing 121% year-over-year, as TTR franchise revenue reached $910 million driven by strengthening first-line AMVUTTRA adoption in ATTR-CM.
Newest quarter FY2026 Q2 is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Alnylam Pharmaceuticals (ALNY), FY2026 Q1: 9/10. Scores: Alnylam Pharmaceuticals’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: ALNY daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $593M | +34.9% | $-0.65 | +40.9% | -17.7% | -14.1% | $-104M |
| FY2025 Q1 | $594M | +20.2% | $-0.44 | +15.4% | 3.0% | -9.7% | $-127M |
| FY2025 Q2 | $774M | +17.3% | $-0.51 | -292.3% | -2.1% | -8.6% | $139M |
| FY2025 Q3 | $1.25B | +149.3% | $1.84 | +311.5% | 29.5% | 20.1% | $313M |
| FY2025 Q4 | $1.10B | +84.9% | $1.37 | +310.8% | 12.0% | 17.0% | $140M |
| FY2026 Q1Selected | $1.17B | +96.4% | $1.51 | +443.2% | 23.0% | 17.6% | $49M |
| FY2026 Q2 | $1.29B | +66.9% | $1.20 | +335.3% | 17.9% | 12.7% | $292M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What ALNY and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think we're really excited that Regeneron has advanced cemdisiran.”
Alnylam is enthusiastic that collaboration partner Regeneron advanced cemdisiran in myasthenia gravis, a positive signal for the partnered program.
“the recently announced Pfizer settlement for Vyndamax impacts how you think about the TTR cardiomyopathy landscape”
An analyst asks about Pfizer's Vyndamax settlement (affecting stabilizer-class generic timing); Alnylam says its growth outlook is not dependent on stabilizer generic entry.
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tazeen Ahmad | Bank of America | 7 questions · 0% challenging |
| Ritu Baral | TD Cowen | 6 questions · 0% challenging |
| Luca Issi | RBC Capital Markets | 6 questions · 33% challenging |
| Paul Matteis | Stifel | 6 questions · 17% challenging |
| Jessica Fye | JPMorgan | 6 questions · 0% challenging |
| Salveen Richter | Goldman Sachs | 5 questions · 0% challenging |
| Maury Raycroft |
GAAP revenue YoY +96.4% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
“Yesterday, AstraZeneca printed a pretty meaningful miss for TTR-PN and Wainua is actually down 35% Q-over-Q.”
An analyst notes AstraZeneca's competing TTR silencer Wainua missed and fell 35% quarter-over-quarter, a potential competitive tailwind for Alnylam.
“Collaborations with Viz.ai and others as well as support for an initiative with American Heart Association are embedding AI diagnostics into real-world care pathways, expanding patient identification, and accelerating access to therapy.”
Alnylam is partnering with AI-diagnostics firm Viz.ai to improve earlier ATTR-CM detection and drive AMVUTTRA patient identification.
“The decrease was primarily driven by a $30 million milestone payment received from Vir in Q1 2025.”
Alnylam noted a prior-year $30M milestone payment from collaboration partner Vir, the absence of which lowered year-over-year collaboration revenue.
“the royalty rate we pay Sanofi on sales of AMVUTTRA resets each calendar year.”
Alnylam pays Sanofi an escalating annual royalty on AMVUTTRA, a legacy of their collaboration and a driver of Alnylam's product gross margin.
| Jefferies |
| 4 questions · 0% challenging |
| Gena Wang | Barclays | 4 questions · 0% challenging |
| Mike Ulz | Morgan Stanley | 4 questions · 0% challenging |
| Kostas Biliouris | Oppenheimer | 4 questions · 25% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 3 analysts | 10 questions · 0% challenging |
| Stifel | 2 analysts | 7 questions · 14% challenging |
| Bank of America | 1 analyst | 7 questions · 0% challenging |
| TD Cowen | 1 analyst | 6 questions · 0% challenging |
| Goldman Sachs | 2 analysts | 6 questions · 0% challenging |
| JPMorgan | 1 analyst | 6 questions · 0% challenging |
| Oppenheimer | 2 analysts | 6 questions · 33% challenging |
| RBC Capital Markets | 1 analyst | 6 questions · 33% challenging |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ALNY Alnylam Pharmaceuticals | 9 | +96.4% | |
| INCY Incyte | 9 | +20.9% | |
| INSM Insmed Incorporated | 8 | +229.6% | |
| MRNA Moderna | 8 | +263.6% | |
| REGN Regeneron Pharmaceuticals | 7 | +19.0% | |
| TECH Bio-Techne | 4 | -1.5% | |
| VRTX Vertex Pharmaceuticals | 6 | +7.8% |