Q1 2026 Alnylam Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Alnylam Pharmaceuticals Inc (ALNY) achieved over $1 billion in combined net product revenues in Q1 2026, marking a significant milestone.
- The company reported a 121% year-over-year increase in net product revenues, driven by strong performance in the TTR franchise.
- AMVUTTRA and ONPATTRO generated over $900 million in total net revenues, showcasing leadership in TTR amyloidosis.
- Alnylam Pharmaceuticals Inc (ALNY) has a robust pipeline with over 25 clinical programs, indicating strong future growth potential.
- The company maintains a strong financial position with $3 billion in cash, cash equivalents, and marketable securities as of Q1 2026.
- Collaboration revenue decreased by 17% compared to the same period last year, primarily due to a milestone payment received in Q1 2025.
- Gross margin on product sales decreased by 5% compared to Q1 last year, driven by increased royalties on AMVUTTRA.
- Non-GAAP R&D expenses increased by 39% year-over-year, reflecting higher costs associated with ongoing Phase 3 clinical studies.
- Non-GAAP SG&A expenses rose by 36% compared to last year, driven by investments in support of the AMVUTTRA launch and increased employee compensation costs.
- International revenues faced headwinds due to updated pricing in Germany following the ATTR-CM launch, impacting overall revenue growth.
Hello, and thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Alnylam Pharmaceuticals Q1 earnings conference call. (Operator Instructions) I would now like to turn this call over to the company. Please go ahead.
Good morning. I'm Christine Akinc, Chief Corporate Communications Officer at Alnylam, with me today are Yvonne Greenstreet, Chief Executive Officer; Tolga Tanguler, Chief Commercial Officer; Pushkal Garg, Chief Research and Development Officer; and Jeff Poulton, Chief Financial Officer.
For those of you participating via conference call, the accompanying slides can be accessed by going to the Events section of the Investors page of our website, investors.alnylam.com/events. During today's call as outlined in slide 2, Yvonne will offer introductory remarks and provide some general context. Tolga will provide an update on our global commercial progress. Pushkal will
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