Q2 2026 Alnylam Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Alnylam Pharmaceuticals Inc (ALNY) reported strong Q2 2026 performance with total global net product revenues of approximately $1.2 billion, representing 74% year-over-year growth.
- Amvutra revenues exceeded $1 billion in a single quarter for the first time, achieving an annual run rate of more than $4 billion just 15 months into the ATTR Cardiomyopathy launch.
- First-line new patient starts now account for about 80% of category growth, indicating strong progress in establishing Ambutra as a foundational therapy.
- The company maintains strong confidence in its Phase III Triton-CM study for nucrisiran, citing the established clinical evidence for RNAi therapeutics in TTR and a track record of successful clinical development.
- Alnylam announced a strategic collaboration with B1 for exclusive commercialization and distribution rights for Ambutra in mainland China and Macau, expanding its geographic reach.
- Alnylam Pharmaceuticals Inc (ALNY) lowered its 2026 total net product revenue guidance to $4.7 billion to $5.1 billion, driven by a $200 million reduction in TTR revenue guidance at the midpoint.
- The guidance revision was attributed to a normalization of second-line demand growth, which had previously benefited from pent-up demand that has since moderated.
- The company acknowledged it did not get its original guidance right, stating, 'We own that,' regarding the need to adjust market expectations.
- Gross margin on product sales decreased to 75%, down 4% from Q2 last year, primarily due to increased royalties payable to Sanofi on higher Ambutra revenues.
- The negative outcome of the Cardio-Transform study for Eplontersen introduces uncertainty in the competitive landscape, though Alnylam asserts it does not alter its confidence in its own programs.
Thank you for standing by. My name is Frilla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Alnylam Pharmaceuticals Q2 earnings conference call. (Operator Instructions)
Thank you. I would now like to turn the conference over to the company. You may begin.
Good morning. I'm Josh Brodsky, Vice President of Investor Relations at Alnylam. With me today are Yvonne Greenstreet, Chief Executive Officer; Jeff Poulton, Chief Financial Officer; Tolga Tanguler, Chief Commercial Officer; and Pushkal Garg, Chief Research and Development 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 on slide 2, Yvonne will offer introductory remarks and provide some general context. Jeff will review our financials and guidance. Tolga will provide an update on our
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