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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Moving to our growing siRNA portfolio coming out of our research collaboration with Alnylam.”
Regeneron's expanding siRNA pipeline (MASH, ALS, Huntington's, Parkinson's, Alzheimer's programs) stems from its research collaboration with Alnylam.
“we established a relationship with Alnylam 2003 and today that company is now a big biotech occupying huge amount of swath of real estate in Cambridge.”
Alnylam, an early-relationship tenant dating to 2003 when it was a small biotech, is cited as a success story now occupying a large amount of Alexandria's Cambridge real estate.
“Regarding our collaboration with Alnylam, we are advancing several new siRNA CNS programs, including synuclein for Parkinson's and TAU for Alzheimer's and other neurodegenerative diseases with trials initiating later this year.”
Regeneron is expanding its siRNA collaboration with Alnylam into new CNS programs targeting Parkinson's and Alzheimer's, with trials starting later in 2025.
“We expect the collaboration revenue associated with our partnerships with Roche and Regeneron”
Alnylam expects collaboration revenue from its partnerships with Roche (zalesiran) and Regeneron to drive the majority of 2026 collaboration/royalty revenue.
“Amvuttra approached parity with tafamidis in share of new starts based on available estimates.”
Alnylam's Amvuttra approached parity with tafamidis (Pfizer's Vyndaqel/Vyndamax) in ATTR-CM share of new starts, implying share erosion for Pfizer's tafamidis franchise.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tazeen Ahmad | Bank of America | 6 (0%) |
| Ritu Baral | TD Cowen | 6 (0%) |
| Jessica Fye | JPMorgan | 5 (0%) |
| Salveen Richter | Goldman Sachs | 5 (0%) |
| Luca Issi | RBC Capital Markets | 5 (40%) |
| Paul Matteis | Stifel | 5 (0%) |
| Kostas Biliouris | Oppenheimer | 5 (20%) |
| Ellie Merle | Barclays | 5 (0%) |
| Mike Ulz | Morgan Stanley | 4 (0%) |
| Gena Wang | Barclays | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 2 | 9 (0%) |
| Bank of America | 1 | 6 (0%) |
| Stifel | 2 | 6 (0%) |
| TD Cowen | 1 |
“when you look at the Arrowhead and Wave data, there are questions about the monotherapy magnitude of weight loss they can deliver.”
Alnylam raises questions about the monotherapy weight-loss magnitude in Arrowhead and Wave obesity data, a cautious competitive read-through for Wave Life Sciences.
“based on the genetics, preclinical models, as well as some of the emerging data that you are seeing coming from Arrowhead, you see that ACVR1C appears to be the more potent target”
Alnylam cites emerging Arrowhead data supporting ACVR1C as the more potent obesity target, a competitive read-through in the RNAi obesity/metabolic space.
“as higher revenues in 2025 resulted in an increase in the average royalty rate payable to Sanofi compared with the prior year.”
Higher Amvuttra revenue increased the average royalty Alnylam pays Sanofi, reflecting Sanofi's ongoing economic interest in the Amvuttra/vutrisiran franchise.
“representing a 90% increase compared with last year driven by higher Leqvio sales from Novartis.”
Alnylam's royalty revenue rose 90%, driven by higher Novartis Leqvio sales, indicating strong Leqvio commercial momentum at Novartis.
“We are also excited for our partners at Regeneron, who remain on track to submit a U.S. regulatory application in the first quarter for cemdisiran in generalized myasthenia gravis”
Alnylam's partner Regeneron is on track to file a U.S. application for cemdisiran (an Alnylam-partnered RNAi asset) in generalized myasthenia gravis, a positive pipeline read-through for Regeneron.
“we still like to see how Pfizer is going to report before we drove some firm conclusions about how that dynamic is working.”
Alnylam frames Pfizer (maker of tafamidis stabilizers) as the key competitor in ATTR-CM whose reporting it is watching to gauge category dynamics.
“along with APP, we have Huntington's program, MAPT, our colleagues at Regeneron are advancing SOD1.”
Regeneron is advancing an SOD1 RNAi program in collaboration with Alnylam, part of their neurodegenerative disease partnership.
“Royalty revenue for the quarter was $46 million representing a doubling compared with last year, driven by higher LEQVIO sales as Novartis continues to successfully grow the product globally.”
Novartis is growing LEQVIO sales globally, doubling Alnylam's royalty revenue and reflecting strong commercial execution on the Alnylam-originated product.
“The increase was primarily due to revenue recognized under our collaboration and license agreement with Roche, including $300 million of milestone revenue associated with the dosing of the first patient in our ZENITH Phase III cardiovascular outcomes trial with zilebesiran.”
Roche paid Alnylam a $300M milestone under their zilebesiran collaboration, indicating Roche is funding and advancing the hypertension program with Alnylam.
“The decrease was primarily driven by the modification of our cemdisiran collaboration agreement with Regeneron, which resulted in approximately $185 million of revenue in Q2 2024. As a reminder, this amendment granted Regeneron an exclusive license to cemdisiran monotherapy.”
Alnylam's collaboration agreement with Regeneron for cemdisiran was amended to grant Regeneron an exclusive monotherapy license, a structural change in the partnership that explains the year-over-year drop in Alnylam's collaboration revenue.
| 6 (0%) |
| Goldman Sachs | 1 | 5 (0%) |
| RBC Capital Markets | 1 | 5 (40%) |
| JPMorgan | 1 | 5 (0%) |
| Oppenheimer | 1 | 5 (20%) |
Alnylam closed 2025 with Q4 product revenues of $995 million growing 121% and full-year revenue approaching $3 billion with 81% growth, while achieving GAAP profitability for the full year and non-GAAP operating income of $850 million. The company established Alnylam 2030 goals targeting a 25% revenue CAGR and 30% operating margin, positioning the TTR franchise as a multi-billion dollar platform. Management introduced 2026 guidance of $4.9-$5.3 billion representing 71% growth at the midpoint.
Competitive Dynamics | Demand | Pricing | Product Launch | Revenue Growth | Regulation Policy | Innovation & R&D | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 2 | 5 | 6 | 1 | 2 | 1 | 2 |
| 2025Q1 | 5 | 6 | 2 | 5 | 2 | 2 | ||
| 2025Q2 | 2 | 7 | 3 | 2 | 3 | 2 | 1 | |
| 2025Q3 | 4 | 5 | 2 | 3 | 1 | |||
| 2025Q4 | 3 | 2 | 3 | 1 | 4 | 1 | ||
| 2026Q1 | 7 | 4 | 2 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 5 | 5 | 2 | 4 | 3 | 7 |
| Demand | 2 | 6 | 7 | 5 | 2 | 4 |
| 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 |
| 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% |