Analyst Conference Summary

biotechnology

conference date: July 30, 2026 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2)

Forward-looking statements

Overview: Lowered 2026 revenue guidance, despite record quarterly revenue.

Basic data (GAAP):

Revenue was $1.29 billion, up 10% sequentially from $1.17 billion, and up 67% from $774 million year-earlier.

Net income was $164 million, down 20% sequentially from $206 million, and up from negative $72 million year-earlier.

Diluted EPS was $1.21, down 20% sequentially from $1.51, and up from negative $0.55 year-earlier.

Guidance:

Lowered product revenue guidance for 2026 to $4.7 to $5.1 billion. Other revenue raised to $575 to $625 million. Expenses unchanged.

Conference Highlights:

Yvonne Greenstreet, CEO of Alnylam, said: "During the first half of 2026, we continued to meaningfully advance our business, generating over $1 billion in quarterly product revenues for the first time in our history during the first quarter and, building on that momentum, over $1 billion in TTR revenues during the second quarter. These results underscore the growing leadership and global impact of our TTR franchise in transforming outcomes for patients with ATTR amyloidosis, with AMVUTTRA being the only product approved for the full spectrum of the disease. We have lowered our TTR product sales guidance for full-year 2026 to reflect learnings from the initial phase of our launch in the evolving ATTR-CM market, in particular the normalization of growth in second line volume after satisfying pent-up demand from patients waiting for a new therapy.

Given the strong foundation we have established and continued growth in ATTR-CM diagnosis and treatment, we remain confident in the trajectory of our ongoing ATTR-CM launch and are continuing to invest robustly in this franchise, as we bring Amvuttra to more patients and establish it as a foundational therapy. During the second quarter, we also continued to advance our high-value pipeline with the initiation of two Phase 2 studies, ALN-6400 in von Willebrand disease and mivelsiran in Down syndrome-associated Alzheimer’s disease, while progressing multiple additional programs toward important clinical readouts later this year. Together, these achievements demonstrate our continued progress against our Alnylam 2030 strategy and our commitment to creating long-term value through scientific innovation and patient impact."

Lowered 2026 guidance reflects a better understanding of the U.S. launch of Amvuttra for ATTR-CM. Early second-line demand growth in 2025 benefitted from pent up demand, which has since normalized.

In Q2 2026 Alnylam completed enrollment in the Phase 2 mivelsiran trial for cerebral amyloid angiopathy. Also started a Phase 2 trial of mivelsiran for Down syndrome associated Alzheimer's.

In Q2 2026 Alnylam presented new, positive analyses of the Helios-B Phase 3 clinical trial of vutrisiran showing reductions in mortality and recurrent cardiovascular events for ATTM-CR. BeOne has agreed to distribute Amvuttra in China.

In Q2 2026 Alnylam started a Phase 2 trial of ALN-6400 targeting plasminogen in female Willebrand disease patients with heavy menstrual bleeding.

In Q2 2026 Alnylam started a Phase 1 trial for ALN-6222 targetting inhibin E in obese patients.

In Q2 2026 Alnylam presented preclinical data and Phase 1 design details for ALN-5288, targeting microtubule-associated protein tau (MAPT) for Alzheimer's disease and tauopathies.

In Q2 2026 Alnylam partner Regeneron had cemdisiran filings accepted by the FDA and EMA, for treating generalized myasthenia gravis (gMG) patients who are anti-acetylcholine receptor (AChR) antibody-positive. PDUFA in November 2026.

Alnylam will present initial results from the Phase 1 trial of ALN-HTT02 in patients with Huntington's disease at EHDN Clinical Research Congress on October 23, 2026.

Alnylam expects Phase 1 results in 2H 2026 for ALN-2232 for weight management.

Net revenue from collaborations was $47 million, down from $61 million year-earlier. Royalty revenue was $71 million, up from $40 million year-earlier.

Non-GAAP net income $252 million, down 8% sequentially from $273 million, and up from $38 million year-earlier. EPS diluted $1.84, down 8% sequentially from $1.99, and up from $0.28 year-earlier.

Cash and equivalents balance at the end of the quarter was $3.3 billion, up sequentially from $3.01 billion. Net cash provided by operating activities was $ million. Debt was $1 billion.

See also Alnylam pipeline. In early 2026 had 25 clinical programs including many in late stages.

Operating expenses of $1.06 billion consisted of: $298 million for cost of goods sold; $413 million for research and development; and $348 million for general and administrative expense; $0 million cost of collaboration. Operating income $231 million. Interest & other expense $54 million. $13 million income tax.

Q&A Selective Summary:

Change in guidance? Long term guidance? We are not pleased to lower guidance. We believe the fundamentals are strong. We see reaching our prior 2030 goals. We still need to deliver growth in Q3 and Q4 to hit the guidance. Competing in a market where 80% of patients remain untreated. Our first line business is rapidly replacing our second line business. There is likely to be one less competitor on the market [Ionis].

Centers of Excellence v. Community physicians? We continue to compete for category leadership against a product that has been in the market for seven years. First line patients are the larger overall opportunity. Worker on broader physician adoptions. Balanced between CoEs, Community, and Academics. Amvuttra outcomes benefits, including on top of stabilizers.

Generics in Europe? Europe contribution to our growth will be relatively modest, partly because of price adjustments. We have been able to obtain premium pricing versus tafamadis. Contribution should accelerate in 2027 and beyond.

Any commercial impact on the failure of competitor in combinations? Too early to see payer pushback. Some Medicaid Advantage already limits combination use. Cardiotransform trial does not change our Amvuttra label. We have not seen pushback.

We expect a very modest net price decrease q/q.

Total US patient population for ATTM-CM? 200 thousand. 80% untreated.

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