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# Alnylam's TTR Drug Sales Jump 59% To $1,150 Million, But A Tax Gain Props Up $2.2 Billion Profit
- URL: https://www.bullished.co/alnylams-ttr-drug-sales-jump-59-to-1-150-million-but-a-tax-gain-props-up-2-2-billion-2b3db0e9/
- Published: 2026-10-29T12:42:13.000Z
- Updated: 2026-10-29T12:42:13.000Z
- Description: Operating income slipped 6% on a standard accounting basis as costs rose, and the company reiterated its 2026 guidance.
- Author: Matteo Parrino
- Tags: SEC Filings, ALNY, Industry: Healthcare

Alnylam Pharmaceuticals, which develops RNA interference medicines, said Thursday that third-quarter sales of its transthyretin amyloidosis (TTR) drugs [grew 59% to $1,150 million](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000074/alny-20261029.htm?ref=bullished.co), yet operating income fell. Net income of $2,167 million, or $15.72 per diluted share, was lifted by a $1.9 billion income tax benefit.

## A tax benefit flatters the bottom line

The company recorded the $1.9 billion [tax benefit](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000074/alny2026q3earningsrelease.htm?ref=bullished.co) mainly from releasing valuation allowances on certain U.S. federal and state deferred tax assets. A year earlier, net income was $292.7 million, or $2.14 per diluted share.

Underneath, income from operations on a standard accounting basis slipped to $345.8 million from $368.0 million, a 6% drop. On an adjusted basis, which excludes stock-based pay, it fell 11% to $424.9 million.

Cost of goods sold rose to 28.0% of net product revenues from 23.2%, which the company tied to higher AMVUTTRA sales and a higher blended royalty rate payable on them. Research and development spending rose 14% to $408.5 million, on late-stage trials of zilebesiran and nucresiran.

## AMVUTTRA drives a 52% product surge

Total net product revenues reached [$1,292 million](https://www.businesswire.com/news/home/20261029142833/en/Alnylam-Pharmaceuticals-Reports-Third-Quarter-2026-Financial-Results-and-Highlights-Recent-Period-Progress?ref=bullished.co), up 52% from a year earlier. AMVUTTRA brought in $1,130 million, up 65%, with growth driven mainly by U.S. patients with ATTR-CM, a form of the disease affecting the heart. ONPATTRO fell 50% to $20 million.

Rare-disease sales rose 12% to $142 million: GIVLAARI $89 million and OXLUMO $53 million. U.S. TTR revenue [rose $99 million](https://www.businesswire.com/news/home/20261029142833/en/Alnylam-Pharmaceuticals-Reports-Third-Quarter-2026-Financial-Results-and-Highlights-Recent-Period-Progress?ref=bullished.co) from the second quarter, helped by an $81 million rise in demand, a $17 million inventory benefit and about $10 million of favorable gross-to-net adjustments.

Total revenues rose 17% to $1,458 million. Collaboration revenue dropped to $71.5 million from $351.7 million, which included a $300.0 million Roche milestone in September 2025\. Royalty revenue, mostly from Novartis's Leqvio sales, more than doubled to $94.7 million, up 105%.

## Guidance holds, pipeline widens

Alnylam reiterated 2026 guidance of $4,700 million to $5,100 million in total net product revenues. Cash and marketable securities stood at $3.6 billion at September 30, up from $2.9 billion at the end of 2025.

The company is expanding enrollment in its Phase 3 nucresiran trial in ATTR-CM to about 2,250 patients from 1,750, and still expects a launch by 2030 if data and approval come through. It plans to start a pivotal Huntington's disease study of brezosiran in 2027, pending regulatory alignment.

CEO Yvonne Greenstreet said the company remains "laser focused on leveraging our commercial investments to expand the prescriber base."

The FDA's target decision date for Regeneron's cemdisiran in myasthenia gravis falls in November, and Alnylam would be eligible for royalties of up to 15% if it is approved.

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- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — ALNYLAM PHARMACEUTICALS, INC. (ALNY)](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000074/alny-20261029.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit alny2026q3earningsrelease.htm — ALNYLAM PHARMACEUTICALS, INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001178670/000117867026000074/alny2026q3earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Alnylam Pharmaceuticals Reports Third Quarter 2026 Financial Results and Highlights Recent Period Progress](https://www.businesswire.com/news/home/20261029142833/en/Alnylam-Pharmaceuticals-Reports-Third-Quarter-2026-Financial-Results-and-Highlights-Recent-Period-Progress?ref=bullished.co) — businesswire.com