Alnylam posts first $1B+ product quarter

 

Alnylam posts first $1B+ product quarter as Q1 2026 EPS $1.51 (+443% YoY) and revenue $1.2B (+96% YoY) beat estimates, reiterates 2026 TTR guidance $4.4–$4.7B

• Q1 2026 results exceeded Zacks consensus estimates of EPS $1.43 and revenue $1.13 billion.
• First-ever $1B+ quarter in product revenue, driven by AMVUTTRA ATTR-CM launch momentum.
• TTR product sales reached $910M, up 6% QoQ and 153% YoY, despite headwinds.
• 2026 TTR guidance of $4.4–$4.7B reiterated, implying steeper growth in later quarters.
• Gross margin fell 5 points YoY to 80% as Sanofi royalties on AMVUTTRA ramped.
• Non-GAAP operating income quadrupled YoY to $339M; third straight quarter of GAAP profitability.
• International TTR revenue outperformed internal expectations despite German price reset, helped by strong Japan launch.
• TRITON-CM nucresiran trial expanding to ~1,750 patients to de-risk low event rates.
• Real-world vutrisiran adherence above 93% and >85% one-year persistence support durable revenue.
• Management downplays impact of future tafamidis generics; strategy not dependent on stabilizer pricing.
• Key investor debates: first vs second-line mix, competitive silencers, and ability to hit guidance.
• Main concern: Meeting aggressive TTR growth ramp amid rising competition and increasing royalty-driven margin pressure.
• Strong quarter, driven by accelerating TTR franchise growth and disciplined but heavy investment in late-stage pipeline.

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