Alnylam Pharmaceuticals, Inc. · NASDAQ:ALNY
Alnylam Pharmaceuticals — Q2 2026 Earnings Presentation
33 slides from Alnylam Pharmaceuticals's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results July 30, 2026 © 2026 Alnylam Pharmaceuticals, Inc. 1
Slide 2: Agenda
Agenda Josh Brodsky 01 Welcome Vice President, Investor Relations Yvonne Greenstreet, M.D. 02 Overview Chief Executive Officer Jeff Poulton 03 Financial Summary Chief Financial Officer Tolga Tanguler 04 Commercial Highlights Chief Commercial Officer Pushkal Garg, M.D. 05 R&D and Pipeline Perspective
Slide 3: Alnylam Forward-Looking Statements
Alnylam Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical statements of fact regarding Alnylam’s expectations, b
Slide 4: Overview
Overview Yvonne Greenstreet, M.D. Chief Executive Officer 4
Slide 5: Q2 2026 Results Summary
Q2 2026 Results Summary TTR Leadership Financial Performance Pipeline Progress Q2 Total Net $1,030M Q2 Total TTR $1,172M Product New AI Partnership to Accelerate (+89% YoY) Net Revenues (+74% YoY) Revenues Discovery Timelines and Unlock Innovative Oligonucleotide Designs First Quarter >$1B AMVUTTRA
Slide 6: Alnylam 2030
Alnylam 2030 Accelerating Innovation. Scaling Impact. Achieve Global TTR Leadership BUILD A DURABLE TTR FRANCHISE • Lead TTR market in revenue by 2030 and cumulatively across 5-year period • Launch best-in-class, next-gen silencer, nucresiran, in PN by 2028 and CM by 2030 Grow Through Sustainable In
Slide 7: Financial Summary
Financial Summary Jeff Poulton Chief Financial Officer 7
Slide 8: Q2 2026 Financial Summary
Q2 2026 Financial Summary Q2 2026 vs Q2 2026 vs ($ in millions except where noted as percentages) Q2 2025 Q2 2026 Q2 2025 Q2 2025 (Reported) (CER2) Total Net Product Revenues $672 $1,172 74% 74% Net Revenues from Collaborations & Royalties 101 119 17% Collaboration Revenue 61 47 -23% Royalty Revenue
Slide 9: 2026 Revised Full Year Guidance
2026 Revised Full Year Guidance Item Prior FY 2026 Guidance Updated FY 2026 Guidance Total Net Product Revenues1 $4,900 to $5,300 million $4,700 to $5,100 million • Total Rare Net Product Revenues $500 to $600 million Reiterate (GIVLAARI, OXLUMO) • Total TTR Net Product Revenues $4,400 to $4,700 mil
Slide 10: Commercial Highlights
Commercial Highlights Tolga Tanguler Chief Commercial Officer 10
Slide 11: Well Positioned to Deliver on 2030 TTR Leadership Ambitions
Well Positioned to Deliver on 2030 TTR Leadership Ambitions Our Progress Our Ambition AMVUTTRA in ATTR-CM4 OCREVUS1 +25% CAGR Quarterly Revenue WINREVAIR1 $5.50B $1.15B $3.71B VYVGART1 ATTRUBY1 $1.23B VYNDA family1 $4.35B $2.49B LEQVIO2 SAPHNELO1 0 1 2 3 4 5 2025 2026 2030 Quarters Post Launch TTR -
Slide 12: Continued Commercial Execution in Q2 2026
Continued Commercial Execution in Q2 2026 Q2 2026 Overall Portfolio $1.17B +74% +13% YoY growth1 QoQ growth1 Combined Net Product Revenues vs. Q2’25 vs. Q1’26 TTR Franchise Rare Franchise 1 With FX impact. For growth at CER = constant exchange rate – see the Financial Summary slide for more informat
Slide 13: Robust Patient Demand Fuels Sustained ATTR-CM Growth
Robust Patient Demand Fuels Sustained ATTR-CM Growth $1.03B Total TTR Global Q2 2026 Net Product Revenues Q2 2026 TTR Franchise Highlights QoQ % Growth YoY % Growth +$120M +89% +13% Global TTR U.S. 15% 114% $1,030M vs. Q1 ROW 7% 31% +$14M Global 13% 89% $910M $203M ROW TTR $859M vs. Q1 $187M $9M $72
Slide 14: First Half 2026 U.S. TTR Revenue Dynamics
First Half 2026 U.S. TTR Revenue Dynamics Q2 reflects a reacceleration in demand +$106M -$21M $819M -$2M Q1 demand impacted by seasonal phasing $129M +$59M -$5M $713M $6M $58M $654M Q4’25 Demand Inv. Price Q1’26 Demand Inv. Price Q2’26 14
Slide 15: AMVUTTRA Delivers a Highly Differentiated Clinical Profile
AMVUTTRA Delivers a Highly Differentiated Clinical Profile tafamidis acoramidis eplontersen Approved for the treatment of ATTR-CM in adults in the U.S. ✓ ✓ ✓ Approved for the treatment of hATTR-PN in adults in the U.S. ✓ ✓ Consistency in treatment effect with or without ✓ background stabilizer Quart
Slide 16: Insights Reinforcing Our Long-Term TTR Strategy
Insights Reinforcing Our Long-Term TTR Strategy 2L Inflow AMVUTTRA Favorable Accelerating Volume Established as Competitive Category Normalizing 1L Option Developments Growth Growth of inflow in AMVUTTRA gaining Delay in expected Unmet need driving earlier stabilizer progressor traction as compellin
Slide 17: Drivers of Future TTR Growth
Drivers of Future TTR Growth Opportunity Maintaining Driving 1L HCP Investing to Broad & and Patient Expand Favorable Preference Prescriber Access Base We continue to experience We are capturing >50% of ~1/3 of all active TTR broad coverage and efficient new patient starts from treaters have prescri
Slide 18: Pipeline
Pipeline Pushkal Garg, M.D. Chief Research & Development Officer 18
Slide 19: AMVUTTRA: Powerful Efficacy from HELIOS-B Supports First-Line Use
AMVUTTRA: Powerful Efficacy from HELIOS-B Supports First-Line Use Time-to-First CV Event or ACM1 Time to ACM1 Large reductions in all-cause mortality and cardiovascular events Benefits greatest when initiated early in disease Early Patients Realize Greatest Benefit2 Consistent Effect Across Backgrou
Slide 20: Ongoing Nucresiran TRITON Phase 3 Program
Ongoing Nucresiran TRITON Phase 3 Program Next-generation silencer with potential for greater TTR knockdown, improved efficacy, and biannual dosing Targeting Launch by 2030 • Randomized, double-blind, event-driven outcomes study of nucresiran versus placebo – Enrollment expanded from N ~1,250 to ~1,
Slide 21: Key Questions for Cardio-TTRansform Data Presentation
Key Questions for Cardio-TTRansform Data Presentation Patient characteristics TTR knockdown disease severity across subgroups; background meds depth and time to achieve; variability Safety & tolerability Study execution adherence to study drug; competing risks completeness of follow-up Outcomes impa
Slide 22: High Confidence in TRITON-CM Based on Data & Experience
High Confidence in TRITON-CM Based on Data & Experience Our Molecule Our Study Our Track Record >15 years in TTR drug RNAi ~1,750 patients development Deep patient-level >95% TTR knockdown Event driven insights from prior studies Meticulous study execution 2 prior studies showing Enriched for patien
Slide 23: Benefit on Top of Stabilizers Supported by Strong Clinical Data
Benefit on Top of Stabilizers Supported by Strong Clinical Data ATTR Cardiomyopathy hATTR Polyneuropathy Steady state KD Estimated proportion of All-Cause Mortality in Patients on Background Stabilizer (median) pts w/ TTR KD ≥80%5 Vutrisiran3 HELIOS-B (N=259)1 Up to 42-month follow-up HR=0.59 (0.32,
Slide 24: RNAi Drives Deep, Consistent Knockdown of TTR
RNAi Drives Deep, Consistent Knockdown of TTR Median Knockdown (%) Estimated Percent Above or Below Threshold1 100 100 99% 95% 91% 90 90 84% 82% 80 80 70 70 67% 60 60 50 50 40 40 33% 30 30 20 20 18% 10 10 1% 0 0 Eplontersen Vutrisiran Nucresiran Eplontersen Vutrisiran Nucresiran % ≥80% % <80% Eplont
Slide 25: Industry Leading Pipeline of RNAi Therapeutics
Industry Leading Pipeline of RNAi Therapeutics PHASE 1 PHASE 2 PHASE 3 Nucresiran ATTR Amyloidosis with Cardiomyopathy TTR Nucresiran hATTR Amyloidosis with Polyneuropathy Zilebesiran2 Hypertension CARDIOVASCULAR Zilebesiran REVERSIR2 Hypertension Rapirosiran (ALN-HSD)1 Metabolic Dysfunction-Associa
Slide 26: Expect Significant Clinical Milestones Over Next Two Years
Expect Significant Clinical Milestones Over Next Two Years 1 Product launch* 4+ Pivotal studies ongoing 5+ Pivotal studies ongoing 3 Pivotal studies ongoing 4 Key data readouts 5+ Key data readouts 5+ Key data readouts 2026 2027 2028 3-4 New IND Filings Per Year * Assuming positive phase 3 data and
Slide 27: 2026 Pipeline Goals to Drive Our Next Phase of Growth
2026 Pipeline Goals to Drive Our Next Phase of Growth Advance TRITON-CM Phase 3 Trial Ongoing Nucresiran ATTR Amyloidosis Advance TRITON-PN Phase 3 Trial Ongoing Zilebesiran Hypertension Advance ZENITH Phase 3 Trial Ongoing Cerebral Amyloid Complete Enrollment of cAPPricorn-1 Phase 2 Trial H1 Mivels
Slide 28: Q&A Session
Q&A Session Q2 2026 Financial Results 28
Slide 29: Silence disease, Amplify life
Silence disease@@aa, & Amplify life Wri fl 15 \! “YAlnylam
Slide 30: Appendix
Appendix Q2 2026 Financial Results 30
Slide 31: Reconciliation of Selected GAAP Measures to Non-GAAP Measures
Alnylam Pharmaceuticals, Inc. Reconciliation of Selected GAAP Measures to Non-GAAP Measures (In thousands) Please note that the figures presented above may not sum exactly due to rounding 31
Slide 32: Reconciliation of Product Revenue and Growth at Constant Currency
Alnylam Pharmaceuticals, Inc. Reconciliation of Product Revenue and Growth at Constant Currency Constant Currency = Constant Exchange Rate, or CER 32
Slide 33: Q2 2026: Sustained Rare Franchise Performance
Q2 2026: Sustained Rare Franchise Performance $142M Total Rare Global Q2 2026 Net Product Revenues Q2 2026 Rare Franchise Highlights QoQ % Growth YoY % Growth +11% $142M GIVLAARI 21% 11% $136M $128M $126M $126M $34M OXLUMO 2% 11% $32M $31M $32M $34M TOTAL Rare 13% 11% $19M $18M $16M $21M $17M $30M $
Alnylam Pharmaceuticals — Q2 2026 Earnings Presentation on 6ix