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Alnylam Pharmaceuticals (ALNY) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Alnylam Pharmaceuticals (ALNY) Q3 2026 earnings results →

Q3 2026 Revenue up 17% year over year to $1.5B · 149¢ of every $1 of revenue kept as net profit · operating margin 23.7%

Alnylam Pharmaceuticals made $1.5B in Q3 2026 (+17% Y/Y): Net product revenues $1.3B, Total Rare $142M, ONPATTRO $19.6M. Operating margin 23.7%, net earnings $2.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$1.5B
Year over year+17%
Operating margin23.7%
Net earnings$2.2B
Operating cash flow$341M

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Alnylam Pharmaceuticals Q3 2026 revenue breakdown: Sankey diagram of revenue (Net product revenues, Total Rare, ONPATTRO), costs, profit and cash flow
Alnylam Pharmaceuticals Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.5B in Q3 2026, up 17% year over year and up 13% from the previous quarter. AMVUTTRA was the largest line at 78% of revenue. AMVUTTRA added $0.45B year over year (up 65%), 213% of the total change. Net revenues from collaborations declined 80%.

Operating profit was $0.35B, a 23.7% margin (down 5.7 points year over year). Operating profit fell $0.02B even though revenue rose $0.21B versus Q3 2025, so costs grew faster than sales. Total costs grew 26% against revenue growth of 17%. The fastest-growing cost line was Cost of revenue (+83%). Net earnings were $2.2B, up 641% year over year. The tax line was a benefit of $1.9B on pre-tax earnings of $0.30B.

Operating cash flow was $0.34B (up 15% year over year), 16% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $1.9B. Capital expenditures of $0.07B left free cash flow of $0.27B.

Quarterly history

Alnylam Pharmaceuticals revenue by quarterAlnylam Pharmaceuticals revenue by quarter$593MQ4 2024$594MQ1 2025$774MQ2 2025$1.2BQ3 2025$1.1BQ4 2025$1.3BQ2 2026$1.5BQ3 2026
Alnylam Pharmaceuticals net earnings by quarterAlnylam Pharmaceuticals net earnings by quarter−$83.8MQ4 2024−$57.5MQ1 2025−$66.3MQ2 2025$251MQ3 2025$112MQ4 2025$164MQ2 2026$2.2BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$1.5B+17%23.7%$2.2B$341M
Q2 202610-QJul 30, 2026$1.3B+67%17.9%$164M—
Q4 202510-KFeb 12, 2026$1.1B+85%12.0%$112M$164M
Q3 202510-QOct 30, 2025$1.2B+149%29.5%$251M$325M
Q2 202510-QJul 31, 2025$774M+17%-2.1%−$66.3M$154M
Q1 202510-QMay 1, 2025$594M+20%3.0%−$57.5M−$118M
Q4 202410-KFeb 13, 2025$593M+35%-17.7%−$83.8M−$94.7M

Charts

Alnylam Pharmaceuticals: revenue growth, year over year and quarter over quarterAlnylam Pharmaceuticals: revenue growth, year over year and quarter over quarterY/YQ/Q+35%Q4 2024+20%+0%Q1 2025+17%+30%Q2 2025+149%+61%Q3 2025+85%-12%Q4 2025+67%+18%Q2 2026+17%+13%Q3 2026
Latest (Q3 2026): Y/Y +17%, Q/Q +13%.
Alnylam Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Alnylam Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$956MOther investing−$588MCash drawn (+) / kept (−)−$263MCapital spending−$150MShares issued$104MNet borrowing (+) / repaid (−)−$52.9MExchange rates−$16.5MOther financing$10.5M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Alnylam Pharmaceuticals: profit against cash, quarter by quarterAlnylam Pharmaceuticals: profit against cash, quarter by quarterNet incomeOperating cash flow−$83.8M−$94.7MQ4 2024−$18.3M−$118MQ1 2025−$72.2M$128MQ2 2025$293M$297MQ3 2025$112M$218MQ4 2025$206MQ1 2026$164MQ2 2026$2.2B$341MQ3 2026
Latest (Q3 2026): Net income $2.2B, Operating cash flow $341M.
Alnylam Pharmaceuticals: diluted shares by fiscal yearAlnylam Pharmaceuticals: diluted shares by fiscal year115MFY2020118MFY2021122MFY2022125MFY2023128MFY2024135MFY2025
+17.1% since FY2020: more shares outstanding (issuance, stock pay).
Alnylam Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)Alnylam Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMALNY (+17%, 24%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Sells to

About Alnylam Pharmaceuticals

Alnylam Pharmaceuticals, Inc. (also referred to as Alnylam, the Company, we, our or us) is a global commercial-stage biopharmaceutical company developing novel therapeutics based on ribonucleic acid interference, or RNAi. RNAi is a naturally occurring biological pathway within cells for sequence-specific silencing and regulation of gene expression. By harnessing the RNAi pathway, we have pioneered a new class of innovative medicines, known as RNAi therapeutics. RNAi therapeutics are comprised of small interfering RNA, or siRNA, that function upstream of conventional medicines by potently silencing messenger RNA, or mRNA, that encode for proteins implicated in the cause or pathway of disease, thus preventing them from being made. We believe this is a revolutionary approach with the potential to transform the care of patients across a broad range of disease areas and indications.

In its own words, from its 10-K, filed Feb 12, 2026.

Alnylam Pharmaceuticals against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +10%. Operating margin: 23.7% against the peers' median 23.7%.

CompanyQuarterRevenueY/YOp. margin
ALNY Alnylam PharmaceuticalsQ3 2026$1.5B+17%23.7%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Alnylam Pharmaceuticals 10-Q on SEC EDGAR · CIK 1178670 · Pharmaceutical Preparations

Guidance and outlook

Alnylam Pharmaceuticals Revenue: guidance against what was reportedAlnylam Pharmaceuticals Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2025$3.7BFY2026
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns ALNY and who is buying

Largest holders of ALNY (13F)Largest holders of ALNY (13F)Vanguard Group$5.4BFMR LLC$4.5BCapital World Investors$3.4BBlackRock$3.3BCapital Research Global Investors$2.9BVanguard Portfolio Management LLC$2.0BVanguard Capital Management LLC$1.8BT. Rowe Price Investment Manageme…$1.7BInvesco$1.1BState Street$1.1B
Funds' net buying of ALNY by quarter (13F)Funds' net buying of ALNY by quarter (13F)$881M2024-09−$528M2024-12$437M2025-03$1.1B2025-06−$1.6B2025-09$373M2025-12−$618M2026-03$904M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ALNY

History

Every quarter: Q3 2026 results · Q2 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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