ALNY Nasdaq NASDAQ-100Russell 1000 Earnings call
Alnylam Pharmaceuticals, Inc. (ALNY) · Q2 2026 results and valuation
Share price: $159.85 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income down 20.1% on the previous quarter, guidance cut. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−20.1%
Net income vs Q1 2026
Guidance cut
Net income 164.5M vs 206.0M
Revenue +10.6%
2 · How management spoke
Typical
More upbeat than 57% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
AMVUTTRA revenues exceeded $1 billion in a single quarter for the first time, establishing a new annual run rate for the product.
Valuation
Is Alnylam Pharmaceuticals, Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $191.02 a share — the stock trades 16% below it. Today's price assumes 17.2% growth a year.
Current price
$159.85
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.2% for 10 yrs
Fair value / share
$191.02
Buy below
$143.27
Price vs fair value
Undervalued 16%
Price vs buy-below price
Overvalued 12%
Read between the lines
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Key theme
The company stated it remains highly confident in its path to achieving TTR leadership due to improved understanding of demand dynamics and a favorable competitive landscape.
Source quote
“Overall, we remain highly confident in our path to achieving TTR leadership. These learnings have sharpened our understanding of demand dynamics while also reinforcing our confidence in the fundamental drivers of sustainable growth. The momentum of the business, coupled with an increasingly favorable competitive landscape, reinforce our conviction in achieving our long-term ambitions.”
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Guidance ↓
2026 revenue guidance was lowered after reassessing the first few quarters in the U.S.
Source quote
“As Jeff will describe shortly, we are lowering our 2026 revenue guidance today to reflect a better understanding with hindsight of the first few quarters of our U.S.”
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Guidance
CARDIO-TTRansform results now suggest fewer branded competitors in first-line and stabilizer progressive segments.
Source quote
“Second, based on the CARDIO-TTRansform study top line results, we now anticipate fewer branded ATTR-CM competitor in both the first-line and stabilizer progressive segments.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Second, the fundamentals of our TTR business are strong, and they include AMVUTTRA's compelling clinical profile and label, the strong access that we established at launch, which continues to improve,...”
“Double-clicking on our Q2 TTR performance in the U.S., underlying demand was exceptionally strong, increasing by $129 million in the quarter, more than doubling the demand growth achieved in Q1.”
“We are already seeing early progress from these efforts with accelerated growth in new AMVUTTRA prescribers during the second quarter, we believe we are in the early stages of that...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.29B | 1.17B | +10.6% | 773.7M | +66.9% |
| Gross profit | 992.7M | 956.1M | +3.8% | 631.7M | +57.2% |
| Operating income | 231.4M | 268.6M | −13.8% | -16.2M | Turned profit |
| Net income | 164.5M | 206.0M | −20.1% | -72.2M | Turned profit |
| EPS | 1.21 | 1.55 | −21.9% | -0.55 | Turned profit |
| P/E today 38.3 | 52.4 | — | — | 12-mo loss | — |
Topics
Most discussed now
- New As I highlighted in my remarks, one of the areas where Alnylam Pharmaceuticals...
- Tolga will provide an update on Alnylam Pharmaceuticals' global commercial progress, and Pushkal will discuss its TTR franchise, its…
- In just 5 quarters since its CM launch, Alnylam Pharmaceuticals has generated over $4 billion in total revenue, reflecting both a...
- What's more, while Alnylam Pharmaceuticals' strategy has never dependent on...
- Alnylam Pharmaceuticals' rare disease portfolio also continues to deliver meaningful impact for patients and consistent performance for its…
Faded since Q1 2026
- Fading While its TTR franchise continues to be its primary growth engine, Alnylam Pharmaceuticals continues to see consistently strong performance…
- Fading In the U.S., TTR revenues grew 9% versus Q4 and more than 230% year-over-year, reflecting continued growth in patient demand.
- Fading In Europe, Alnylam Pharmaceuticals is seeing favorable health technology assessment...
- Fading One year into the ATTR-CM launch, AMVUTTRA continues to show strong momentum....
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Director or officer change · SEC 8-K