New York, Jan 12, 2026, 20:02 EST — Market closed
- Alnylam shares slid about 7% after the company flagged preliminary fourth-quarter sales for its flagship drug Amvuttra
- The drugmaker set 2026 product revenue guidance at $4.9 billion to $5.3 billion and outlined a five-year “Alnylam 2030” plan
- Investors are watching for detail on Amvuttra’s heart-disease rollout and a fuller update when results land in February
Alnylam Pharmaceuticals’ shares fell sharply on Monday after the drugmaker’s preliminary fourth-quarter sales for its flagship heart drug Amvuttra came in below Wall Street expectations.
The decline hit as investors digested the company’s new five-year strategy and 2026 revenue outlook, rolled out around the J.P. Morgan Healthcare Conference in San Francisco.
Why it matters now: early-January “preannouncements” can reset the bar ahead of earnings season, and Amvuttra has become Alnylam’s core growth driver.
A small miss on that product can outweigh upbeat long-range targets, at least for a session or two, because it feeds straight into models for 2026 and beyond.
Alnylam shares last traded at $370.91 after the close, down 6.7% on the day. The stock ranged from $353.52 to $399.00 and traded about 3.8 million shares, market data showed.
The company is pitching an “Alnylam 2030” plan built around dominating the transthyretin, or TTR, market — diseases driven by a misfolded protein that can build up in nerves and the heart. It also set financial targets tied to non-GAAP metrics, which exclude certain items such as some one-time costs.
Alnylam said preliminary 2025 net product revenue rose 81% to about $2.987 billion, driven mainly by its TTR franchise. Fourth-quarter net product revenue for Amvuttra was about $827 million; Onpattro was about $32 million, while Givlaari and Oxlumo were about $87 million and $50 million. CEO Yvonne Greenstreet called the past five years “transformational” as Alnylam forecast 2026 combined net product revenue of $4.9 billion to $5.3 billion and said it expects to announce complete results in February 2026. (Business Wire)
Analysts had been looking for roughly $852 million in fourth-quarter Amvuttra revenue, Investing.com reported in a write-up of a Bank of America note. BofA trimmed its price target by $1 to $529 while keeping a buy rating, the report said. (Investing.com)
The miss is what traders are circling. Amvuttra is a quarterly injection, and the heart indication is where investors expect the fastest ramp, but also the most scrutiny on launch pace, payer friction and prescribing trends.
Beyond sales, Alnylam is trying to keep attention on its pipeline. The company said it expects to push forward late-stage studies for next-generation TTR candidate nucresiran and advance other programs including zilebesiran for hypertension with Roche.
Competition sits in the background even when it’s not on the slide deck. Amvuttra’s U.S. heart-disease approval put it up against Pfizer’s Vyndaqel and BridgeBio’s Attruby; BofA analyst Tazeen Ahmad said the drug could become “the new standard of care” in ATTR-CM, while RBC’s Luca Issi called the label expansion “close to the best case scenario.” (Reuters)
But there are moving parts. Alnylam’s figures are preliminary and subject to adjustment, and it has not yet provided a full expense and collaboration revenue picture for 2026.
If Amvuttra’s heart rollout slows further — or rivals bite off share — investors could start treating the 2030 targets as ambition rather than a baseline.
For Tuesday’s session, traders will watch for follow-on analyst revisions and any fresh color from conference meetings. The next hard catalyst is Alnylam’s full fourth-quarter report in February, when it plans to flesh out guidance beyond product sales.
