Alnylam Pharmaceuticals (ALNY) reported second-quarter 2026 adjusted earnings of $1.84 per share, falling short of the Zacks Consensus Estimate of $2.05. Total revenues for the quarter reached $1.29 billion, also missing estimates of $1.32 billion, but marking a 67% year-over-year increase from $773.7 million. Despite a strong performance from its lead drug, Amvuttra, which generated $1.01 billion in sales—its first quarter above $1 billion—its performance was below the expected $1.05 billion, leading to a 28.3% drop in stock value.
Management reduced its 2026 net product revenue guidance from $4.9-$5.3 billion to $4.7-$5.1 billion, indicating potential slowdowns in sales from Amvuttra due to normalization after initial demand spikes. Additionally, sales from Onpattro declined 65% year-over-year to $18.5 million. Royalty revenues increased by 79% to $71.7 million, significantly supported by higher sales of Novartis’ Leqvio for hypercholesterolemia. The company maintains a solid cash position, with $3.3 billion in cash and equivalents as of June 30, 2026.
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