Company Reports

Alnylam posted second-quarter net product revenue of nearly $1.2 billion, up 74% compared with the prior-year period, driven by total ATTR franchise sales exceeding $1 billion. Management cut its 2026 ATTR sales guidance by $200 million at the midpoint and shares fell 28% on July 30.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult- to-treat diseases caused by genetic mutations.

Alnylam posted first‑quarter net product revenue above $1 billion, driven by $890 million in Amvuttra sales across ATTR‑CM and ATTR‑PN. Management reaffirmed 2026 guidance of $5.1 billion at the midpoint in total net product revenue, implying 71% growth versus 2025.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult- to-treat diseases caused by genetic mutations.

Alnylam delivered robust 2025 results, ending the year with nearly $3 billion in net product revenue, up 81% compared with the prior year. The firm reached profitability for the first time since its founding in 2002, recording nearly $314 million in net income and diluted EPS of $2.33 in 2025.

Alnylam Pharmaceuticals generated third-quarter net product revenue of $851 million, a 103% increase compared with the prior-year period. Management raised 2025 revenue guidance for its TTR franchise by 12% at the midpoint. However, Alnylam's stock dropped almost 7% on Oct 30.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult- to-treat diseases caused by genetic mutations.

Alnylam generated second-quarter net product revenue of $672 million, a 64% increase compared with the prior-year period. Management raised its guidance for its TTR franchise by 34% at the midpoint, and investors sent the stock up 15% on July 31.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult- to-treat diseases caused by genetic mutations.

Narrow-moat Alnylam reported solid first-quarter results with net product revenue growing 28% year over year to $469 million, thanks to robust demand for its ATTR amyloidosis franchise, which grew 45% from the prior year period. We forecast Alnylam will achieve net product revenue of $2.17 billion in 2025, representing 32% growth.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult- to-treat diseases caused by genetic mutations.

Narrow-moat Alnylam Pharmaceuticals has received US Food and Drug Administration approval for Amvuttra (vutrisiran), the first RNAi therapeutic for adults with ATTR amyloidosis with cardiomyopathy, or ATTR-CM. The shares were up about 11% in March 21 trading. We have adjusted our model to account for the approval (our base case was previously a 95% probability of approval), and we maintain our $223 fair value estimate.

Narrow-moat Alnylam Pharmaceuticals reported robust 2024 results highlighted by net product revenue of $1.65 billion, representing 33% growth compared with 2023, thanks to demand for its ATTR amyloidosis franchise. Strong patient uptake of Amvuttra (for hereditary ATTR amyloidosis with polyneuropathy) accounted for 59% of the year’s net product revenue. We forecast Alnylam will achieve net product revenue of $2.15 billion in 2025, representing 30% growth. We maintain our $223 fair value estimate and forecast strong performance amounting to a 25% five-year compound annual growth rate. Alnylam’s results have been supported by strong patient uptake, expansion into international markets, a developing pipeline, and upcoming regulatory approvals. However, we view the shares as currently overvalued.

Narrow-moat Alnylam reported robust third-quarter results highlighted by net product revenue of $420 million, representing 34% year-over-year growth, driven by strong demand for its ATTR amyloidosis franchise. Strong patient uptake of next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, accounting for $259 million of the quarter’s net product revenue, representing 62%. We continue to forecast Alnylam will achieve total revenue of roughly $2.24 billion in 2024, representing about 23% growth. We maintain our fair value estimate of $223 per share, and although we have a positive outlook for the firm, we view shares as currently overvalued, trading in 2-star territory about 20% above our fair value estimate.

Narrow-moat Alnylam reported strong second-quarter results highlighted by net product revenue of $410 million, representing 34% year-over-year growth, driven by ATTR amyloidosis. Strong uptake of next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, accounting for $230 million of the quarter’s revenue. We forecast Alnylam will achieve total revenue of roughly $2.24 billion in 2023, representing about 23% growth. We are maintaining our fair value estimate of $223 per share, and although we have a positive outlook for the firm, we view shares as currently overvalued, trading in 2-star territory about 20% above our fair value estimate.

Narrow-moat Alnylam announced positive top-line results from the HELIOS-B Phase 3 study of its investigational RNAi therapeutic, vutrisiran, to treat patients with ATTR amyloidosis with cardiomyopathy (ATTR-CM). Investors reacted quite favorably to the good news and have sent the stock up over 40%. We have raised our fair value estimate to $223 per share from $199 due to an increased probability of approval of 85% for this pipeline candidate based on the positive clinical trial results.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult- to-treat diseases caused by genetic mutations.

Narrow-moat Alnylam's robust first-quarter results represent a 32% increase year over year, highlighted by $365 million in net product revenue. Strong demand for its ATTR amyloidosis therapy was the primary driver of this growth. Strong uptake of next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, accounting for $195 million of the quarter’s revenue. We forecast Alnylam will achieve net product sales of roughly $1.4 billion in 2024, representing a 15% increase from 2023. We maintain our fair value estimate of $199 per share, and we view shares as undervalued, currently trading in 4-star territory about 25% below our fair value estimate.

Alnylam Pharmaceuticals is a pioneer in designing therapeutics based on RNA interference, or RNAi, a mechanism that occurs naturally in cells and silences overexpressed genes, which often cause protein misfolding and/or protein accumulation. Alnylam seeks to capitalize on the therapeutic potential of RNAi by creating small interfering RNA, or siRNA, that can treat diseases at the genetic level. When siRNA reaches its intended target, it can silence the gene that it contains code for, making it a potentially game-changing technology for difficult- to-treat diseases caused by genetic mutations.

Narrow-moat Alnylam reported strong year-end results highlighted by $1.2 billion in net product revenues, representing a 39% increase year over year. Strong demand for next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, comprising 45% of product revenue in 2023. We forecast Alnylam will achieve 2024 net product sales of roughly $1.44 billion, representing a 16% increase from 2023. We maintain our fair value estimate of $199 per share, and we view shares as undervalued, currently trading in 4-star territory.