- Company name
- Alnylam Pharmaceuticals
- Sector
- RNAi biotechnology medicines
- About
- Alnylam Pharmaceuticals, Inc. (Alnylam) is based in Cambridge, Massachusetts. It develops and sells RNAi therapeutics, which are medicines that silence the genes that cause a disease. Its main product is AMVUTTRA (vutrisiran) for transthyretin amyloidosis (ATTR), including the cardiomyopathy form (ATTR-CM). It also sells ONPATTRO, GIVLAARI and OXLUMO, and it earns royalties on Leqvio, which Novartis sells. Total revenues were $1,458.1 million in Q3 2026 and $3,916.2 million for nine months. Net product revenues were $1,291.9 million in Q3, of which AMVUTTRA made $1,130.4 million. The common stock trades on Nasdaq in US dollars. Alnylam files 10-K and 10-Q reports.
- Thesis
- The price of Alnylam depends on how long AMVUTTRA can keep growing in ATTR-CM and whether newer medicines can add growth after it. In Q3 2026 total TTR revenues grew 59% to $1,150 million, but cost of goods sold rose to 28.0% of net product revenues from 23.2%, because the royalty rate that Alnylam pays rises with AMVUTTRA sales. GAAP income from operations fell 6% to $345.8 million, because a Roche milestone of $300 million lifted Q3 2025. For the price to hold or rise, four things must be true. AMVUTTRA demand must keep growing in the US and in new markets, so that net product revenues reach the guided $4.7 billion to $5.1 billion in 2026 and grow again in 2027. Competing ATTR-CM medicines and US drug price rules must not cut the net price much. The operating margin must widen as revenue grows. The next medicines, such as nucresiran, which Alnylam expects to launch in ATTR-CM by 2030, and brezosiran for Huntington's disease, must keep their timelines. The Q4 2026 report in February 2027, with its 2027 guidance, is the next test.
- Risks
- Revenue depends on one group of medicines. Total TTR revenues were $1,150 million of $1,292 million of net product revenues in Q3 2026, and AMVUTTRA alone made $1,130 million. Competing ATTR-CM medicines, including generic versions of competing products, could slow its growth.
US drug price rules can lower prices. The 10-Q names most-favored nation pricing measures, government price negotiation and changes to the 340B Drug Pricing Program as risks to the net price of its medicines.
Royalty costs rise with sales. Cost of goods sold was 28.0% of net product revenues in Q3 2026, against 23.2% a year before, because of a higher blended royalty rate on AMVUTTRA.
Clinical trials can fail or take longer. Alnylam expanded the TRITON-CM study of nucresiran to about 2,250 patients, and the ZENITH Phase 3 trial of zilebesiran and other studies raise research and development costs.
Some obligations are like debt. Liabilities related to the sale of future royalties and development funding were $1,734.9 million and convertible notes were $1,024.1 million in principal at September 30, 2026. Conversion of the notes can add about 2.3 million shares.
- Balance sheet
- Cash: $3.6B
Debt: $1.0B
Net cash: $2.6B
Undrawn credit line: $483M, to September 2030
Debt due within 12 months: $363M
Last debt due: 2028
At September 30, 2026, Alnylam had cash and cash equivalents of $1,754.3 million and marketable debt securities of $1,832.9 million, which is $3,587.3 million in all. Convertible notes were $1,024.1 million in principal: $362.8 million of 1.00% notes due September 15, 2027 and $661.3 million of 0.00% notes due September 15, 2028. Liabilities related to the sale of future royalties and development funding were $1,734.9 million, of which $272.0 million was current; they are not in the debt tile. The $500.0 million revolving credit facility had no borrowings and $17.5 million of letters of credit, and it matures in September 2030. Operating cash flow was $738.2 million for nine months and capital spending was $126.3 million. Stockholders' equity was $3,603.9 million.
As of Sep 30, 2026.
- Checkpoints
- Nov 2026: FDA decision on cemdisiran. Pending. Watch: The FDA approves cemdisiran for generalized myasthenia gravis by its November 2026 target date, which gives Alnylam royalties of up to 15% from Regeneron, and this passes; a rejection or a delay fails.
Feb 11, 2027 (estimate): Q4 2026 results and 2027 guidance. Pending. Watch: Net product revenues for 2026 are in the guided range of $4.7 billion to $5.1 billion and the 2027 guidance shows more growth, and this passes; revenues below the range or flat guidance fail.
- Recent events
- Nov 4, 2026: Alnylam said that Tolga Tanguler, Executive Vice President and Chief Commercialization Officer, will leave the company in December 2026.
Nov 2, 2026: The board authorized the repurchase of up to $1.0 billion of common stock. Alnylam expects to repurchase about $500 million by the end of 2026 and the rest during 2027.
Oct 29, 2026: Alnylam reported Q3 2026 results. Total revenues rose 17% to $1,458.1 million and net product revenues rose 52% to $1,291.9 million. Net income was $2,167.3 million, because of an income tax benefit of $1.9 billion from the release of valuation allowances on US deferred tax assets. Alnylam kept its 2026 guidance and expanded the TRITON-CM Phase 3 study of nucresiran from 1,750 to about 2,250 patients.
Oct 29, 2026: Alnylam presented initial Phase 1 data for brezosiran in Huntington's disease, with a mean reduction of mutant huntingtin protein of 60% to 64% at month 3 in the highest dose group. It plans a pivotal study in 2027, with its partner Regeneron.
Jun 1, 2026: The board grew from ten to eleven members and elected Benjamin F. Cravatt, Ph.D., as a director.