Photo: Kenneth C. Zirkel, Wikimedia Commons, CC BY 4.0 (file photo of Kendall Square, where Alnylam is based).
Cambridge-based Alnylam Pharmaceuticals said Thursday, Oct. 29, 2026, that its third-quarter product sales rose 52% to $1.29 billion, driven by its heart-disease drug Amvuttra. In its Alnylam Q3 earnings release, the RNAi drugmaker reported total revenue of $1.46 billion, up 17%, and reiterated its full-year 2026 guidance, according to the company’s release.
Amvuttra carries the quarter
Amvuttra (vutrisiran) brought in $1.130 billion, up 65% from $685 million a year earlier. Combined with the older drug Onpattro, whose sales fell by half to $20 million, Alnylam’s transthyretin (TTR) franchise reached $1.150 billion, up 59%. Amvuttra treats transthyretin amyloidosis, a condition in which a misfolded protein builds up in the heart and nerves, as MedlinePlus at the National Institutes of Health explains.
The company said U.S. TTR sales rose $99 million from the second quarter. It broke that down as $81 million from higher demand, a $17 million inventory benefit and a modest rise in net price that included about $10 million of favorable gross-to-net adjustments. International TTR sales rose $20 million from the prior quarter on launches in Japan, Germany and Italy.
Alnylam’s rare-disease drugs, Givlaari and Oxlumo, together brought in $142 million, up 12%. Givlaari grew 21%, while Oxlumo was down 1%.
By the numbers: why total revenue grew slower than sales
Total revenue grew far less than product sales because collaboration revenue fell 80%, to $71 million from $352 million. Alnylam said the year-earlier quarter included a $300 million milestone from Roche tied to the first patient dosed in a Phase 3 trial of zilebesiran. Excluding that one-time payment, a TBR calculation from the release, total revenue would have risen about 54%, from roughly $949 million.
Royalty revenue more than doubled to $95 million, mainly from Novartis’ sales of the cholesterol drug Leqvio.
Costs rose with the launch. Cost of goods sold climbed 83% to $362 million, or 28% of product revenue, up from 23.2%, which the company tied to a higher royalty rate it pays on Amvuttra. GAAP operating income fell 6% to $346 million.
Reported net income jumped to $2.17 billion, or $15.72 per diluted share, from $293 million. Most of that came from a $1.9 billion tax benefit as Alnylam released valuation allowances on U.S. deferred tax assets, a non-cash accounting item. Pre-tax income rose about 5% to $296 million.
Research and development spending rose 14% to $409 million on GAAP terms, which the company tied to Phase 3 trials of zilebesiran in hypertension and nucresiran in two forms of TTR amyloidosis. Selling, general and administrative costs rose 6% to $342 million as Alnylam spent on the Amvuttra heart launch. Cash, cash equivalents and marketable securities reached $3.6 billion on Sept. 30, up from $2.9 billion at the end of 2025.
Guidance and the pipeline
Alnylam kept its 2026 forecast of $4.7 billion to $5.1 billion in net product revenue, including $4.2 billion to $4.5 billion from TTR drugs. Through nine months it has booked $3.50 billion, which implies fourth-quarter product sales of about $1.2 billion to $1.6 billion, a TBR calculation.
The company is expanding its TRITON-CM Phase 3 study of nucresiran, a next-generation TTR drug, to about 2,250 patients from 1,750 and still expects a launch in that heart condition by 2030 if results and approval allow. It also reported Phase 1 data for brezosiran in Huntington’s disease, with a 60% to 64% average drop in mutant huntingtin protein in spinal fluid at the highest dose tested, and plans a pivotal study in 2027 with partner Regeneron.
Upcoming catalysts listed in the release include two-year open-label extension results from the HELIOS-B trial of vutrisiran at the American Heart Association meeting in Chicago on Nov. 6 to 9, and healthy-volunteer data for the bleeding-disorder drug ALN-6400 at the American Society of Hematology meeting in December. The FDA decision date for cemdisiran, a myasthenia gravis drug that Regeneron is advancing, falls in November 2026. If it is approved, Alnylam is eligible for tiered royalties of up to 15% on global sales.
“Our third quarter results reflect the continued growth of our TTR franchise,” CEO Yvonne Greenstreet said in the release.
The results land on a busy day for Massachusetts biotech, alongside Biogen’s third-quarter report and Flagship’s launch of Etcelera. See our Boston earnings scorecard for other local companies.
Sources
- Alnylam: Third Quarter 2026 Financial Results
- MedlinePlus (NIH): Transthyretin amyloidosis
- SEC EDGAR: Alnylam quarterly filings
Additional sources
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