Analyst Conference Summary

biotechnology

conference date: April 30, 2026 @ 5:30 AM Pacific Time
for quarter ending: March 31, 2026 (first quarter, Q1)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, down % sequentially from $1.10 billion, and up % from $ million year-earlier.

Net income was $ million, down % sequentially from $112 million, and up from negative $ million year-earlier.

Diluted EPS was $, down % sequentially from $0.82, and up from negative $ year-earlier.

Guidance:

Conference Highlights:

Yvonne Greenstreet, CEO of Alnylam, said: ""

In Q4 2025 Alnylam began a Phase 2 clinical trial of ALN-4324, an RNAi therapeutic targeting GRB14, for type 2 diabetes mellitus.

In Q4 2025 Alnylam began a Phase 1 clinical trial of ALN-2232, an RNAi therapeutic targeting ACVR1C in adipose tissue for obesity and weight management.

In Q4 2025 Alnylam announced the planned expansion of its manufacturing facility in Norton, Massachusetts. Plans to invest $250 million to develop the industry's first fully dedicated, proprietary siRNA enzymatic-ligation manufacturing facility.

In the first half of 2026 Alnylam expects to complete enrollment in the Phase 2 mivelsiran trial for cerebral amyloid angiopathy. Plans to start a Phase trial of mivelsiran for Alzheimer's.

Alnylam in Q4 2025 initiated the TRITON-CM Phase 3 trial of nucresiran in patients with ATTR-CM.

Net revenue from collaborations was $ million, down from $ million year-earlier. Royalty revenue was $ million, up from $ million year-earlier.

Non-GAAP net income $ million, down % sequentially from $170 million, and up from $ million year-earlier. EPS diluted $, down % sequentially from $1.25, and up from $ year-earlier.

Cash and equivalents balance at the end of the quarter was $ billion, up sequentially from $2.91 billion. Net cash provided by operating activities was $ million.

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

Operating expenses of $ million consisted of: $ million for cost of goods sold; $ million for research and development; and $ million for general and administrative expense; $0 million cost of collaboration. Operating income $ million. Interest & other expense $ million. $ million benefit from income tax.

Q&A Selective Summary:

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