Alnylam Pharmaceuticals, Inc. (ALNY) Earnings Call Transcripts
Alnylam Pharmaceuticals, Inc.'s Latest Earnings Call - June 9, 2026
In Q2 2026, Alnylam Pharmaceuticals provided a comprehensive update on their strategic goals and pipeline progress. The company reiterated its 5-year goals, including a 25% revenue CAGR and a 30% non-GAAP operating margin by 2030, despite market expectations of 50%. Revenue guidance for 2026 is set at $4.4 billion to $4.7 billion. The focus remains on AMVUTTRA as the primary revenue driver through 2030, with significant investment in R&D to diversify beyond TTR. The company highlighted the potential of nucresiran and other pipeline assets to drive future growth.
Reported metrics
| Metric | Value |
|---|---|
| Revenue Guidance | $4.4B to $4.7B (inline) |
| Non-GAAP Operating Margin | 30% (miss) |
| R&D Investment | 30% of revenue (inline) |
| International Revenue | Growth expected (positive) |
Guidance from management
Alnylam maintained its 2026 revenue guidance of $4.4 billion to $4.7 billion. The company reiterated its goal of a 30% non-GAAP operating margin by 2030, despite market expectations of 50%.
What management said
Just touch on what we said about R&D investment, and I'll let Pushkal talk a little bit more about the type that we might be interested in. The guidance on R&D reinvestment in the business as a percentage of revenue is 30% across the period. And that does include headroom to do business development, but I'll let maybe Pushkal to take the question about areas of interest.
Yes. I mean, that's really on a market-by-market basis. Obviously, we're negotiating. I mentioned right now in France, in Spain and look, the impact that, that will have on the business depends on ultimately where we land in terms of an agreed price. We have had some success in certain markets where we're priced at a premium to the existing standard of care in markets outside the U.S. and in other markets, it's more ...
What analysts pressed on
Analysts expressed concerns about the lower-than-expected operating margin guidance of 30% by 2030, compared to the market expectation of 50%. There were also questions about the impact of international pricing adjustments and the pace of nucresiran's development.
Main topics on the call
- Revenue and Margin Guidance — Alnylam maintained its 2026 revenue guidance of $4.4 billion to $4.7 billion, with a focus on AMVUTTRA. The company aims for a 30% non-GAAP operating margin by 2030, despite market expectations of 50%. "The market was at...
- Pipeline Diversification — Alnylam is advancing its pipeline to diversify beyond TTR, targeting two new blockbuster products by 2030. Management emphasized the importance of expanding into new tissues and advancing clinical programs. "We're lookin...
- AMVUTTRA's Role — AMVUTTRA is expected to be the primary revenue driver through 2030, with a focus on expanding prescriber base and improving diagnosis. Management highlighted a partnership with Viz.ai to enhance diagnosis rates. "We want...
- R&D Investment — Alnylam plans to reinvest 30% of revenue into R&D, with a focus on internal pipeline development and selective business development. "Our primary focus is going to be in our internal pipeline," stated Pushkal Garg.
Read the full Alnylam Pharmaceuticals, Inc. transcript (June 9, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Alnylam Pharmaceuticals, Inc.
Alnylam Pharmaceuticals, Inc. (ALNY) is a publicly listed company in the Biotechnology industry, within the Health Care sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 155 calls on record spanning January 13, 2020 to July 30, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 155 Alnylam Pharmaceuticals, Inc. earnings call transcripts on record, spanning January 13, 2020 to July 30, 2026. Based on this history, Alnylam Pharmaceuticals, Inc. reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- ALNY
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Health Care
- Industry
- Biotechnology
- Calls on record
- 155
- First call
- January 13, 2020
- Most recent
- July 30, 2026
- Reporting cadence
- quarterly