Alnylam Pharmaceuticals Q4 Earnings Miss Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 12 2026
0mins
Should l Buy ALNY?
Source: seekingalpha
Alnylam Pharmaceuticals' stock fell 3.67% as it hit a 20-day low amid disappointing earnings results.
The company reported a Q4 non-GAAP EPS of $1.25, missing expectations by $0.25, which raises concerns about profitability and investor confidence. Additionally, revenue growth of 83.8% year-over-year to $1.09 billion fell short of expectations by $70 million, indicating weaker market demand than anticipated. Despite projecting total TTR net product revenues between $4.4 billion and $4.7 billion for 2026, the cautious outlook reflects ongoing market dynamics that could impact future strategies.
These results may lead to a reassessment of Alnylam's market position, especially as it prepares for future earnings announcements and navigates investor sentiment.
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Analyst Views on ALNY
Wall Street analysts forecast ALNY stock price to rise
17 Analyst Rating
14 Buy
3 Hold
0 Sell
Strong Buy
Current: 332.610
Low
351.00
Averages
479.53
High
580.00
Current: 332.610
Low
351.00
Averages
479.53
High
580.00
About ALNY
Alnylam Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company. The Company is engaged in discovering, developing, manufacturing and commercializing novel therapeutics based on ribonucleic acid interference (RNAi). Its marketed products include AMVUTTRA (vutrisiran) for the treatment of hereditary transthyretin-mediated amyloidosis (hATTR) with polyneuropathy in adults; ONPATTRO (patisiran) for the treatment of the polyneuropathy of hATTR amyloidosis in adults; GIVLAARI (givosiran) for the treatment of adults with acute hepatic porphyria; OXLUMO (lumasiran) for the treatment of primary hyperoxaluria type 1, and Leqvio (inclisiran), which is being developed and commercialized by its partner, Novartis AG, for the treatment of adults with hypercholesterolemia or mixed dyslipidemia. The Company’s clinical development programs include Cemdisiran, Fitusiran, Zilebesiran, Elebsiran, Mivelsiran and ALN-HTT02. It is developing Cemdisiran to treat complement-mediated diseases.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Shifting Trends in Biotechnology Mergers and Acquisitions
- Evolving M&A Strategies: Pharmaceutical companies are increasingly prioritizing clinical-stage and late-stage programs, particularly those supported by clear human data, indicating a market preference for mature assets that demonstrate safety and efficacy.
- OT-101 IP Expansion: Oncotelic Therapeutics recently announced the expansion of international intellectual property coverage for OT-101, enhancing protection across neurology, oncology, and CNS drug delivery technologies, thereby solidifying its market position in these areas.
- Importance of Clinical Validation: Biopharmaceutical deal activity reflects a growing preference for programs that have achieved clinical validation, particularly in oncology and CNS, highlighting investors' focus on reducing development risks associated with drug discovery.
- Cross-Applicability Platforms: Oncotelic's TGF-β modulation strategy illustrates its broad application potential across oncology and neurological diseases, indicating the company's pursuit of greater market opportunities across multiple indications, thereby enhancing its long-term strategic value.
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Alnylam Pharmaceuticals Price Target Downgrade Analysis
- Price Target Adjustment: Morgan Stanley lowered Alnylam Pharmaceuticals' price target from $408 to $360 while maintaining an Equal Weight rating, indicating increased confidence in the company's fourth-quarter revenue and 2026 TTR sales guidance despite near-term pressures.
- RBC Capital's Downgrade: On the same day, RBC Capital reduced its price target from $465 to $450, keeping an Outperform rating, acknowledging strong commercial execution in 2025 while noting the company faces near-term headwinds but remains a high-quality firm.
- Market Opportunity: RBC Capital highlighted that 80% of the 300,000 global TTR-CM patients remain undiagnosed, presenting a significant market opportunity for Alnylam to capture and expand its market share.
- Business Expansion Strategy: Alnylam aims to grow beyond its TTR franchise by targeting treatments for Huntington's disease, obesity, and HHT, demonstrating the company's strategic intent to diversify its product offerings.
See More
Analysts Bullish on Alnylam Stock Outlook
- Analyst Upgrade: Ilya Zubkov of Freedom Capital Markets upgraded Alnylam's rating from hold to buy, despite lowering the price target to $410, reflecting confidence in the company's growth potential, particularly driven by strong sales of the Amvuttra drug.
- Stock Price Surge: On the first day of the holiday-shortened trading week, Alnylam's stock rose over 6% to $332.66, indicating a positive market reaction to the analysts' bullish comments, which bolstered investor confidence in the company's outlook.
- Performance Discrepancy: Although Alnylam exceeded earnings expectations for Q4 and full-year 2025, the revenue fell short of consensus estimates, disappointing investors; analysts believe the market's reaction was overly harsh.
- Optimistic Market Outlook: Whitney Ijem from Canaccord Genuity also raised Alnylam's price target to $429, emphasizing the strong sales momentum of Amvuttra, which is expected to continue driving growth for the company, despite potential pricing pressures in the future.
See More
Alnylam Pharmaceuticals Reports Mixed Q4 and 2025 Results
- Significant Revenue Growth: Alnylam Pharmaceuticals reported nearly $1.1 billion in Q4 2025 revenue, nearly doubling year-over-year, indicating strong performance in the biotech sector, yet falling short of the $1.15 billion analyst forecast.
- Substantial Net Income Increase: The company’s non-GAAP net income soared to $169.8 million, or $1.25 per share, a significant rise from just over $8 million a year ago, surpassing the analyst estimate of $1.19 per share, reflecting a marked improvement in profitability.
- Key Product Sales Driver: The net sales of Amvuttra accounted for 83% of the company’s net product revenue, with the drug receiving FDA approval in March 2025 for treating transthyretin amyloid cardiomyopathy, driving robust sales and demonstrating strong market demand.
- Cautious Future Outlook: Alnylam projects total revenue for 2026 to be between $5.3 billion and $5.8 billion, with the analyst consensus at $5.55 billion, but did not provide a net income forecast, indicating uncertainty regarding future profitability.
See More
Alnylam Pharmaceuticals Reports Strong 2025 Earnings Despite Stock Decline
- Significant Revenue Growth: Alnylam Pharmaceuticals reported nearly $1.1 billion in revenue for Q4 and full-year 2025, nearly doubling year-over-year, although it fell short of the $1.15 billion analyst forecast, indicating strong performance in the biotech sector.
- Substantial Net Income Increase: The company's non-GAAP net income surged to approximately $169.8 million, or $1.25 per share, compared to just over $8 million last year, surpassing the consensus estimate of $1.19 per share, reflecting improved profitability.
- Amvuttra Revenue Driver: The net sales of Amvuttra accounted for 83% of Alnylam's net product revenue, highlighting the strong market demand for this drug in treating transthyretin amyloid cardiomyopathy, which is crucial for the company's growth.
- Optimistic Future Outlook: Alnylam is guiding for total revenue between $5.3 billion and $5.8 billion for 2026, with the analyst consensus at $5.55 billion, indicating confidence in the sales potential of its new indication despite not providing a net income forecast.
See More
ALNYLAM PHARMACEUTICALS INC PROJECTS FY TOTAL NET PRODUCT REVENUE BETWEEN $4.9 BILLION AND $5.3 BILLION
- Financial Overview: The total net product revenue for the company is projected to be between $4.9 billion and $5.3 billion.
- Market Expectations: This revenue forecast indicates a positive outlook for the company's performance in the pharmaceutical sector.
See More
Shifting Trends in Biotechnology Mergers and Acquisitions
- Evolving M&A Strategies: Pharmaceutical companies are increasingly prioritizing clinical-stage and late-stage programs, particularly those supported by clear human data, indicating a market preference for mature assets that demonstrate safety and efficacy.
- OT-101 IP Expansion: Oncotelic Therapeutics recently announced the expansion of international intellectual property coverage for OT-101, enhancing protection across neurology, oncology, and CNS drug delivery technologies, thereby solidifying its market position in these areas.
- Importance of Clinical Validation: Biopharmaceutical deal activity reflects a growing preference for programs that have achieved clinical validation, particularly in oncology and CNS, highlighting investors' focus on reducing development risks associated with drug discovery.
- Cross-Applicability Platforms: Oncotelic's TGF-β modulation strategy illustrates its broad application potential across oncology and neurological diseases, indicating the company's pursuit of greater market opportunities across multiple indications, thereby enhancing its long-term strategic value.
See More
Alnylam Pharmaceuticals Price Target Downgrade Analysis
- Price Target Adjustment: Morgan Stanley lowered Alnylam Pharmaceuticals' price target from $408 to $360 while maintaining an Equal Weight rating, indicating increased confidence in the company's fourth-quarter revenue and 2026 TTR sales guidance despite near-term pressures.
- RBC Capital's Downgrade: On the same day, RBC Capital reduced its price target from $465 to $450, keeping an Outperform rating, acknowledging strong commercial execution in 2025 while noting the company faces near-term headwinds but remains a high-quality firm.
- Market Opportunity: RBC Capital highlighted that 80% of the 300,000 global TTR-CM patients remain undiagnosed, presenting a significant market opportunity for Alnylam to capture and expand its market share.
- Business Expansion Strategy: Alnylam aims to grow beyond its TTR franchise by targeting treatments for Huntington's disease, obesity, and HHT, demonstrating the company's strategic intent to diversify its product offerings.
See More
Analysts Bullish on Alnylam Stock Outlook
- Analyst Upgrade: Ilya Zubkov of Freedom Capital Markets upgraded Alnylam's rating from hold to buy, despite lowering the price target to $410, reflecting confidence in the company's growth potential, particularly driven by strong sales of the Amvuttra drug.
- Stock Price Surge: On the first day of the holiday-shortened trading week, Alnylam's stock rose over 6% to $332.66, indicating a positive market reaction to the analysts' bullish comments, which bolstered investor confidence in the company's outlook.
- Performance Discrepancy: Although Alnylam exceeded earnings expectations for Q4 and full-year 2025, the revenue fell short of consensus estimates, disappointing investors; analysts believe the market's reaction was overly harsh.
- Optimistic Market Outlook: Whitney Ijem from Canaccord Genuity also raised Alnylam's price target to $429, emphasizing the strong sales momentum of Amvuttra, which is expected to continue driving growth for the company, despite potential pricing pressures in the future.
See More
Alnylam Pharmaceuticals Reports Mixed Q4 and 2025 Results
- Significant Revenue Growth: Alnylam Pharmaceuticals reported nearly $1.1 billion in Q4 2025 revenue, nearly doubling year-over-year, indicating strong performance in the biotech sector, yet falling short of the $1.15 billion analyst forecast.
- Substantial Net Income Increase: The company’s non-GAAP net income soared to $169.8 million, or $1.25 per share, a significant rise from just over $8 million a year ago, surpassing the analyst estimate of $1.19 per share, reflecting a marked improvement in profitability.
- Key Product Sales Driver: The net sales of Amvuttra accounted for 83% of the company’s net product revenue, with the drug receiving FDA approval in March 2025 for treating transthyretin amyloid cardiomyopathy, driving robust sales and demonstrating strong market demand.
- Cautious Future Outlook: Alnylam projects total revenue for 2026 to be between $5.3 billion and $5.8 billion, with the analyst consensus at $5.55 billion, but did not provide a net income forecast, indicating uncertainty regarding future profitability.
See More
Alnylam Pharmaceuticals Reports Strong 2025 Earnings Despite Stock Decline
- Significant Revenue Growth: Alnylam Pharmaceuticals reported nearly $1.1 billion in revenue for Q4 and full-year 2025, nearly doubling year-over-year, although it fell short of the $1.15 billion analyst forecast, indicating strong performance in the biotech sector.
- Substantial Net Income Increase: The company's non-GAAP net income surged to approximately $169.8 million, or $1.25 per share, compared to just over $8 million last year, surpassing the consensus estimate of $1.19 per share, reflecting improved profitability.
- Amvuttra Revenue Driver: The net sales of Amvuttra accounted for 83% of Alnylam's net product revenue, highlighting the strong market demand for this drug in treating transthyretin amyloid cardiomyopathy, which is crucial for the company's growth.
- Optimistic Future Outlook: Alnylam is guiding for total revenue between $5.3 billion and $5.8 billion for 2026, with the analyst consensus at $5.55 billion, indicating confidence in the sales potential of its new indication despite not providing a net income forecast.
See More
ALNYLAM PHARMACEUTICALS INC PROJECTS FY TOTAL NET PRODUCT REVENUE BETWEEN $4.9 BILLION AND $5.3 BILLION
- Financial Overview: The total net product revenue for the company is projected to be between $4.9 billion and $5.3 billion.
- Market Expectations: This revenue forecast indicates a positive outlook for the company's performance in the pharmaceutical sector.
See More
