Alnylam Pharmaceuticals Inc
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+ FollowMarket Cap$22.21B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong commercial momentum in TTR franchise (but demand growth still not where they want it)
- Q3 total net product revenues: ~$1.29B, +52% YoY (10% vs Q2, incl. FX).
- TTR revenues (AMVUTTRA + related): $1.15B in Q3, +59% YoY (and +12% vs Q2).
- AMVUTTRA growth drivers: continued uptake; investor call emphasizes “trial begets preference” and the need to convert prescriber engagement into more patient starts.
- Key “good but not sufficient” metric: AMVUTTRA represents ~24% of all TTR prescriptions (CM+PM) ~18 months post-launch, and share of new-to-brand prescriptions stayed >30%, but underlying demand growth is slower than expected.
Field expansion is increasing prescriber engagement, yet conversion to patients is lagging (challenge)
- 2,000+ new unique prescribers have prescribed AMVUTTRA since U.S. launch (early signal of broadened reach).
- Management attributes slower demand translation to newer prescribers having fewer CM patients and more entrenched prescribing habits, plus time needed to build familiarity and overcome operational friction.
- Near-term outlook implication: company said not to expect acceleration of growth in Q4 2026, but they’re intensifying efforts to drive “new starts.”
TRITON-CM (nucresiran) protocol change: enrollment expanded by 500 to address event-rate uncertainty (surprising detail investors care about)
- Company expanded TRITON-CM enrollment to ~2,250 patients (from prior plan), maintaining expected ATTR-CM launch timing ~2030 (subject to results + regulatory approval).
- Rationale: secular trends/background therapy (e.g., more SGLT2 inhibitor use, earlier diagnosis) may be reducing event rates and study power, so they added patients to preserve robustness.
- Management argues key design/endpoint logic remains intact (event-driven, all-cause mortality + recurrent CV events); change is mainly to ensure adequate events/power, not to change the core therapeutic thesis.
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$160.69
0.2% downside
Current Fair Value
0.2% downsideOvervalued by 0.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $22.21 Billion |
|---|---|
| Enterprise Value | $21.77 Billion |
| Earnings per Share | $2.39 |
| Beta | 0.27 |
| Outstanding Shares | 133,828,000 |
Return
| Return on Equity | 201.18% |
|---|---|
| Return on Assets | 49.01% |
| Return on Invested Capital | 21.28% |
Valuation & Multiples
| P/E Ratio | 8.1 |
|---|---|
| PEG | 1.06 |
| Price to Sales | 4.35 |
| Price to Book Ratio | 16.11 |
| Enterprise Value to Revenue | 4.34 |
| Enterprise Value to EBIT | 25.29 |
| Enterprise Value to Net Income | 7 |
| Total Debt to Enterprise | 0.06 |
| Debt to Equity | 0.94 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.66
Consensus analyst estimateRevenue Estimate
$1.43 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$1.72
Consensus analyst estimateRevenue Estimate
$1.53 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 45.59% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 59,700▼ 90.96% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.35%▼ 99.62% |
|---|---|
| Total Invested | $444.18M▼ 98.90% |
| Investors Holding | 207▼ 623.00% |
About Alnylam Pharmaceuticals Inc
2,500 employees
CEO: John Maraganore
Alnylam Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the exploration, advancement, and marketing of innovative therapies rooted in RNA interference (RNAi) technology. The company's research pipeline for RNAi treatmen...