New York, Jan 12, 2026, 16:34 (EST) — After-hours
- Alnylam shares slipped after investors digested updated 2026 sales projections alongside the unveiling of the “Alnylam 2030” strategic plan
- Amvuttra, the company’s leading drug, posted preliminary Q4 sales near $827 million
- Management aims for revenue to grow at a compound annual rate exceeding 25% until 2030, with a non-GAAP operating margin near 30%
Alnylam Pharmaceuticals shares dropped in late Monday trading after the RNA interference drugmaker unveiled a new five-year plan and provided early 2026 sales guidance, along with preliminary figures for 2025. The stock slipped roughly 6.7% to $370.91.
The company unveiled its “Alnylam 2030” initiative, aiming for “leadership in ATTR amyloidosis” and “sustained, profitable growth.” It’s targeting total revenue compound annual growth above 25% through 2030, along with a non-GAAP operating margin near 30%. For 2026, combined net product revenue is expected between $4.9 billion and $5.3 billion, spanning AMVUTTRA, ONPATTRO, GIVLAARI, and OXLUMO. The bulk of that—$4.4 billion to $4.7 billion—is projected to come from its transthyretin (TTR) franchise. (Alnylam Investor Relations)
Traders zeroed in on the short-term numbers. Alnylam’s preliminary Q4 Amvuttra sales landed around $827 million, falling shy of certain Wall Street estimates. Still, the company held firm on its long-term targets. (Investors)
Amvuttra is Alnylam’s leading drug for transthyretin amyloid cardiomyopathy (ATTR-CM), a rare, progressive heart condition caused by misfolded transthyretin protein accumulating in the heart. The field is crowded: Pfizer’s Vyndaqel (tafamidis) and BridgeBio’s Attruby (acoramidis) are oral therapies that stabilize the TTR protein, while Amvuttra targets the disease earlier by cutting TTR production. (Reuters)
Alnylam’s strategy sets sights on topping the TTR market in revenue by 2030. The company aims to roll out nucresiran, a next-gen “silencer,” targeting polyneuropathy by 2028 and cardiomyopathy by 2030.
Management highlighted a pipeline-heavy 2026, with plans to push Phase 3 programs for nucresiran, launch a Phase 3 cardiovascular outcomes trial for hypertension drug candidate zilebesiran (in partnership with Roche), and either start or report results from multiple early-stage studies.
The guidance signals a strong focus on the TTR franchise following a big sales jump over the last year. Alnylam put preliminary 2025 net product revenues around $2.987 billion, with total TTR revenues estimated at about $2.487 billion.
Bulls are buying into that growth narrative, while skeptics want proof it holds up quarter after quarter. Even one slightly weaker quarter can shake the stock when expectations run this high and the ATTR-CM market is evolving into a three-way contest.
Alnylam announced it will offer updated guidance on collaboration and royalty revenue, along with operating expenses, in its upcoming fourth-quarter and full-year 2025 earnings report.
But things can easily veer off course. If ATTR-CM demand grows slower than forecast, or if pricing and switching battles intensify, Amvuttra’s momentum—and the wider “Alnylam 2030” targets—will face serious challenges. Then there are the typical clinical and regulatory risks tied to pipeline timelines.
Investors will get a more concrete update with the full earnings report and a clearer picture of expenses for 2026. While the company hasn’t set an exact date, market calendars suggest it will land around Feb. 12. (Marketbeat)
