Alnylam Cuts Product Outlook as Revenue Growth Slows
The RNAi therapeutics company posted $231 million in GAAP operating income after a year-earlier loss.
Alnylam Pharmaceuticals (ALNY) lowered its 2026 product-revenue outlook after second-line demand for AMVUTTRA normalized following an initial wave of pent-up demand.
The guidance cut tempered another quarter of sequential growth. Global net product revenue rose about 13% from the first quarter to $1.172 billion, while year-over-year growth slowed to 74% from 121% in the prior period.
Total revenue rose 67% from a year earlier to $1.291 billion. Alnylam swung to GAAP net income of $164 million from a $72 million loss, while non-GAAP operating income increased 233% to $318 million.
The TTR franchise remained the main growth driver, with revenue increasing about 13% sequentially to $1.030 billion. AMVUTTRA revenue climbed about 14% to $1.012 billion and more than doubled from a year earlier, while ONPATTRO revenue fell to $18 million and declined 65% year over year.
U.S. TTR revenue increased $106 million from the first quarter as a $129 million demand gain was partly offset by roughly $20 million of adverse inventory impact and a modest reduction in net price. The demand increase was more than twice the gain recorded in the first quarter. International TTR revenue rose $14 million on higher demand in both hereditary and cardiomyopathy indications.
Rare-disease product revenue rose about 13% sequentially to $142 million, led by GIVLAARI, which increased to $90 million from $74 million. OXLUMO revenue was nearly flat at $52 million. Collaboration revenue declined 23% year over year to $47 million, while royalty revenue rose 79% to $72 million on higher Leqvio volume and royalty rates.
The heavier AMVUTTRA mix pressured profitability at the product level. Cost of goods sold increased to 25.4% of net product revenue from 21.1% a year earlier as AMVUTTRA growth raised the blended royalty rate. GAAP research-and-development expense rose 28% to $413 million amid spending on late-stage trials, and selling, general and administrative expense increased 8% to $348 million as Alnylam invested in the AMVUTTRA cardiomyopathy launch.
Alnylam now expects 2026 TTR product revenue of $4.2 billion to $4.5 billion, down $200 million at both ends, and total product revenue of $4.7 billion to $5.1 billion. The company raised its collaboration and royalty revenue forecast to $575 million to $625 million and reiterated its non-GAAP research-and-development and selling, general and administrative expense range. Cash, cash equivalents and marketable securities reached $3.3 billion at June 30, up from $2.9 billion at year-end as operating cash inflows strengthened the balance sheet.