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# Alnylam's $2.17 Billion Quarterly Profit Rests On A $1.87 Billion Tax Benefit
- URL: https://www.bullished.co/alnylams-2-17-billion-quarterly-profit-rests-on-a-1-87-billion-tax-benefit-5a51fde7/
- Published: 2026-10-29T13:16:00.000Z
- Updated: 2026-10-29T13:16:00.000Z
- Description: Pretax income was $295.8 million, and income from operations slipped to $345.8 million from $368.0 million a year earlier.
- Author: Matteo Parrino
- Tags: SEC Filings, ALNY, Industry: Healthcare

[Alnylam Pharmaceuticals](https://www.bullished.co/tag/alny/), which develops medicines based on RNA interference, reported a [$2.17 billion third-quarter net profit](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000076/alny-20260930.htm?ref=bullished.co), or $15.72 per diluted share, but most of it came from a $1.87 billion income tax benefit. Income before taxes was $295.8 million, and income from operations fell to $345.8 million from $368.0 million a year earlier.

## A $1.95 billion allowance comes off

Citing "sustained profitability" and its outlook for taxable income, Alnylam decided certain U.S. federal and state deferred tax assets were likely to be usable. It released $1.95 billion of valuation allowance, the reserve held against those assets, and booked the release as a discrete benefit.

The benefit compares with $12.1 million in the third quarter of 2025\. For the first nine months, net income was $2.54 billion, against $202.2 million a year earlier.

Deferred tax assets on the balance sheet now stand at $2.01 billion, up from $126 million at the end of 2025\. Accumulated deficit narrowed to $4.16 billion from $6.70 billion at year-end, and stockholders' equity rose to $3.60 billion from $789 million.

The [prior quarter's 10-Q](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000062/alny-20260630.htm?ref=bullished.co) said the company "could record a reversal" of all or part of the U.S. allowance in the second half of 2026\. That language is gone from the new filing. The company keeps reserves against some operating-loss and credit assets, state research credits among them, and will revisit them each quarter.

## Sales surge, margins thin

Underneath the tax item, the business grew. Total revenue rose 17% to $1.46 billion, and net product revenue climbed 52% to $1.29 billion, led by AMVUTTRA at $1.13 billion, up 65%, mainly on demand from U.S. patients with a heart form of the disease.

Collaboration revenue fell 80%, because the year-earlier quarter held a $300.0 million Roche milestone. Royalty revenue more than doubled, up 105% to $94.7 million, on sales of Leqvio.

Costs rose faster than revenue: operating expenses grew 26%. Cost of goods sold reached 28.0% of net product revenue from 23.2%, which the company ties to a higher blended royalty rate on AMVUTTRA sales. Research spending rose 14% to $408.5 million, including trials of nucresiran, its next-generation treatment for transthyretin amyloidosis.

## Cash, pipeline and the next dates

Cash, cash equivalents and marketable securities were $3.59 billion at September 30, up from $3.31 billion at June 30\. Nine-month operating cash flow was $738.2 million, versus $306.4 million a year earlier.

Alnylam also raised the target enrollment of its nucresiran heart trial to about 2,250 patients from 1,750, and still expects a launch by 2030 if data and approval come through. The company reiterated its full-year net product revenue guidance of $4.7 billion to $5.1 billion.

Regeneron's cemdisiran for myasthenia gravis faces an FDA decision targeted for November 2026.

Alnylam says it will report fourth-quarter results in February 2027, alongside clinical data from its ALN-6400 bleeding-disorder trial.

### Sources

- [10-Q Filing — Alnylam Pharmaceuticals (ALNY)](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000076/alny-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Alnylam Pharmaceuticals (ALNY), Q2 FY2026 filed 2026-07-30 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000062/alny-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, alny2026q3earningsrelease.htm) — Alnylam Pharmaceuticals, filed 2026-10-29](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000074/alny2026q3earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Alnylam: Q3 Earnings Snapshot](https://finance.yahoo.com/markets/stocks/articles/alnylam-q3-earnings-snapshot-121432555.html?ref=bullished.co) — Associated Press
- [Alnylam Pharmaceuticals Q3 2026 Earnings Preview (NASDAQ:ALNY) | Seeking Alpha](https://seekingalpha.com/news/4659092-alnylam-pharmaceuticals-q3-2026-earnings-preview?ref=bullished.co) — seekingalpha.com
- [Alnylam Pharmaceuticals, Inc. (ALNY) Stock Price, News, Quote & History - Yahoo Finance](https://ca.finance.yahoo.com/quote/ALNY/?ref=bullished.co) — Yahoo Finance
- [Alnylam: Q3 Earnings Snapshot | wusa9.com](https://www.wusa9.com/article/syndication/associatedpress/alnylam-q3-earnings-snapshot/616-d8f92004-f384-4cc3-8c1e-878a4036e2c3?ref=bullished.co) — Associated Press
- [Alnylam (ALNY) Q3 Earnings on the Horizon: Analysts' Insights on Key Performance Measures](https://finance.yahoo.com/markets/stocks/articles/alnylam-alny-q3-earnings-horizon-121506456.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance

### More on Alnylam Pharmaceuticals

- [Alnylam's TTR Drug Sales Jump 59% To $1,150 Million, But A Tax Gain Props Up $2.2 Billion Profit](https://www.bullished.co/alnylams-ttr-drug-sales-jump-59-to-1-150-million-but-a-tax-gain-props-up-2-2-billion-2b3db0e9/)

[All Alnylam Pharmaceuticals (ALNY) coverage →](https://www.bullished.co/tag/alny/)