Alnylam Q3 2026: product revenue up 52.0%, but EPS is a tax story
Alnylam's quarter is a commercial win inside an accounting one. Net product revenue rose 52.0% to $1.29 billion and total revenue 17.0% to $1.46 billion, yet GAAP EPS of $15.72 came almost entirely from a $1.87 billion tax benefit. Read the top line as the real result and the bottom line as a one-time release of valuation allowances.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $15.72 against a $1.63 consensus looks like a blowout, but $1.87 billion of the profit is a non-cash tax benefit from releasing valuation allowances on US deferred tax assets. Strip that out and pre-tax income was $295.81 million, with operating income down 6.0% to $345.80 million. Even the $16.26 non-GAAP figure carries the same credit, so it is an accounting event rather than an operating surprise.
Total revenue rose 17.0% to $1.46 billion, but that comparison is distorted because last year's quarter carried $300.00 million of Roche milestone revenue that did not repeat. Net product revenue, the number that matters, grew 52.0% to $1.29 billion, led by AMVUTTRA at $1.13 billion. Royalty revenue from Novartis's Leqvio more than doubled to $94.66 million.
Management reiterated full-year 2026 total net product revenue of $4.70–5.10 billion, a $4.90 billion midpoint with a 4.1% tolerance band. Nine-month product revenue was $3.50 billion, so the guide implies $1.20–1.60 billion in the fourth quarter. The midpoint was cut from $5.10 billion to $4.90 billion earlier in the year and has now been held for two quarters.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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