Alnylam Pharmaceuticals, Inc.

Total global net product revenues were approximately $1.2 billion, up 74% versus Q2 last year. Collaboration revenue was $47 million, down 23% year over year, and royalty revenue was $72 million, up 79%. Gross margin on product sales was 75%, down 4 points year over year. Non-GAAP R&D was $377 million, up 38%, non-GAAP SG&A was $297 million, up 14%, and non-GAAP operating income was $318 million, more than triple last year. Full-year 2026 guidance was revised to total net product revenue of $4.7 billion-$5.1 billion, including TTR revenue of $4.2 billion-$4.5 billion and collaboration/royalty revenue of $575 million-$625 million; management said the TTR cut reflected normalization of early second-line demand, while the collaboration/royalty range was raised on strong LEQVIO and Roche reimbursement activity.

Yvonne Greenstreet framed the quarter as evidence of strong execution across the business, highlighting that AMVUTTRA crossed $1 billion in quarterly revenue and that the launch continues to outperform industry benchmarks in access, share and revenue. She emphasized that first-line starts are driving most of the market growth now, and said the company is increasing investment behind prescriber expansion and category growth. On the competitive side, she said the CARDIO-TTRansform failure does not change Alnylam’s conviction in TRITON-CM and argued the company is even more confident in its TTR leadership outlook given tafamidis generic timing and reduced competitor pressure.

Jeff Poulton detailed Q2 financial strength, including approximately $1.2 billion of total net product revenue, 75% gross margin on product sales, $318 million of non-GAAP operating income, and $3.3 billion of cash, cash equivalents and marketable securities. He said the 2026 TTR revenue reduction of $200 million at the midpoint reflects a better understanding that early second-line demand was boosted by pent-up need and has now normalized. He also noted the collaboration and royalty outlook was raised to $575 million-$625 million, driven mainly by LEQVIO royalties and Roche reimbursement from zilebesiran development work, while the rest of non-GAAP guidance remained unchanged.

Analysts focused on how much the guidance cut changes the near-term growth trajectory and whether Alnylam can still sustain growth above its long-term 25% CAGR target. Management said Q3 and Q4 only need to be roughly in line with Q2 to hit the revised midpoint, and argued that first-line momentum, a large untreated population, broader prescriber expansion, and favorable competitive developments support the long-term target. Questions also centered on whether CARDIO-TTRansform changes payer behavior or the feasibility of TRITON-CM; management said they do not expect payer coverage for AMVUTTRA to change and said TRITON-CM could potentially be adjusted by refining enrollment subgroups or the analytic plan, though they may not need to change anything.