Alnylam Pharmaceuticals, Inc. · NASDAQ:ALNY
Alnylam Pharmaceuticals — Q1 2026 Earnings Presentation
30 slides from Alnylam Pharmaceuticals's earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results April 30, 2026 © 2026 Alnylam Pharmaceuticals, Inc. 1
Slide 2: Agenda
Agenda Christine Akinc 01 Welcome Chief Corporate Communications Officer Yvonne Greenstreet, M.D. 02 Overview Chief Executive Officer Tolga Tanguler 03 Commercial Highlights Chief Commercial Officer Pushkal Garg, M.D. 04 Pipeline Chief Research & Development Officer Jeff Poulton 05 Financial Summary
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: Strong Performance Sets Stage for Continued Growth
Strong Performance Sets Stage for Continued Growth TTR Leadership Pipeline Progress Strong Financial Performance Q1 Total Net $910M Q1 Total TTR $1,036M Product (+153% YoY) Net Revenues (+121% YoY) Revenues New Data Further Support Benefits of Vutrisiran in ATTR-CM and First Quarter >$1B Product Rev
Slide 6: Alnylam: A Unique Profile in the Biotech Industry
Alnylam: A Unique Profile in the Biotech Industry Established, Sustainable Innovation Engine and Commercial Excellence to Drive Durable Growth Leadership in RNAi, with a Proven, Organic Product Engine High-Yielding Pipeline with >25 Active Clinical Programs 6 Medicines Collectively Generating Multi-
Slide 7: 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 8: Commercial Highlights
Commercial Highlights Tolga Tanguler Chief Commercial Officer 8
Slide 9: Continued Commercial Execution in Q1 2026
Continued Commercial Execution in Q1 2026 Q1 2026 Overall Portfolio $1,036M +121% +4% YoY growth1 QoQ growth1 Combined Net Product Revenues vs. Q1’25 vs. Q4’25 TTR Franchise Rare Franchise 1 With FX impact. For growth at CER = constant exchange rate – see the Financial Summary slide for more informa
Slide 10: Q1 2026: Sustained Rare Franchise Performance
Q1 2026: Sustained Rare Franchise Performance $126M Total Rare Global Q1 2026 Q1 2026 Rare Franchise Highlights Net Product Revenues QoQ % Growth YoY % Growth +15% GIVLAARI -14% 11% $136M $128M $127M $126M OXLUMO 3% 22% $109M $31M $32M TOTAL Rare -8% 15% $32M Revenues ($M) $34M $38M $18M $16M • GIVL
Slide 11: Continued ATTR-CM Growth Driven by Patient Demand
Continued ATTR-CM Growth Driven by Patient Demand $910M Total TTR Global Q1 2026 Q1 2026 TTR Franchise Highlights Net Product Revenues QoQ % Growth YoY % Growth +153% +$52M Global TTR $910M vs. Q4 U.S. 9% 234% $858M $187M -$7M ROW TTR ROW -3% 35% vs. Q4 $724M $185M $10M Global 6% 153% Revenues ($M)
Slide 12: We Have Built a Foundation for Durable Growth
We Have Built a Foundation for Durable Growth Preference Patient Access Provider & Utilization & Affordability Network Established 1L leadership among >90% first-line access; ~90% of patients in the HCPs who have tried AMVUTTRA improved vs. 2025 U.S. can receive AMVUTTRA within ~10 miles of home Maj
Slide 13: Accelerating the Next Phase of Launch
Accelerating the Next Phase of Launch Breadth of Sustained Adherence / Prescribers Category Growth Persistence >1,200 +77% >90% new AMVUTTRA prescribers since competitive launches patient retention rate QoQ since CM launch (CAGR: Dec’24 – Dec’25) Significant opportunity U.S. metrics 13
Slide 14: Making AMVUTTRA Available Worldwide
Making AMVUTTRA Available Worldwide Commercial Access Strong Forward Unlocked Momentum Launched in U.S., Japan, Germany, Advancing pricing and Austria, UK, Switzerland, and Italy reimbursement negotiations LAUNCHED IN PROCESS and others 14
Slide 15: Pipeline
Pipeline Pushkal Garg, M.D. Chief Research & Development Officer 15
Slide 16: 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 17: Vutrisiran Enabled High Adherence, Improved Clinical Outcomes
Vutrisiran Enabled High Adherence, Improved Clinical Outcomes Regardless of Baseline Diastolic Dysfunction Adherence to vutrisiran Rates of persistence and over treatment period2 discontinuation at 12 months3 120 Percentage of patients (%) Rate of discontinuation Rate of persistence Real-world data
Slide 18: 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 19: Alnylam 2030 – Growth Through Sustainable Innovation
Alnylam 2030 – Growth Through Sustainable Innovation Delivering Therapies that Prevent, Halt, or Reverse Disease Deliver 2+ new transformative medicines beyond TTR with blockbuster potential Expand to 10 tissue types & >40 clinical programs Invest ~30% of revenues in non-GAAP R&D, including select e
Slide 20: 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 21: Next Wave of Potential Transformative Medicines
Next Wave of Potential Transformative Medicines CARDIOVASCULAR HEMATOLOGY NEUROSCIENCE + METABOLIC ALN-6400 ZILEBESIRAN ALN-HTT02 Targeting Plasminogen to Address Targeting Angiotensinogen to Achieve Targeting Exon 1 of Huntington Gene to Wide Range of Bleeding Disorders Continuous Control of Blood
Slide 22: Highlighting Sustainable Innovation at Alnylam
Highlighting Sustainable Innovation at Alnylam Q2 HEMATOLOGY ALN-6400 Potential pipeline-in-a-product to treat many bleeding disorders Q3 Q4 CARDIOVASCULAR NEUROSCIENCE + METABOLIC ZILEBESIRAN ALN-HTT02 Potential to reduce the risk of Unique targeting strategy aiming cardiovascular events by providi
Slide 23: Financial Summary
Financial Summary Jeff Poulton Chief Financial Officer 23
Slide 24: Q1 2026 Financial Summary
Q1 2026 Financial Summary Q1 2026 vs Q1 2026 vs Q1 ($ in millions except where noted as percentages) Q1 2025 Q1 2026 Q1 2025 2025 (Reported) (CER2) Total Net Product Revenues $469 $1,036 121% 117% Net Revenues from Collaborations & Royalties 126 131 4% Collaboration Revenue 99 82 -17% Royalty Revenu
Slide 25: 2026 Reiterated Full Year Guidance
2026 Reiterated Full Year Guidance Item FY 2026 Guidance Key Assumptions Total Net Product Revenues1 $4,900 to $5,300 million • Total Rare Net Product Revenues $500 to $600 million (GIVLAARI, OXLUMO) • U.S. TTR category growth consistent with recent run rate • Total TTR Net Product Revenues • U.S. A
Slide 26: Q&A Session
Q&A Session Q1 2026 Financial Results 26
Slide 27: Silence disease, Amplify life
Silence disease@@aa, & Amplify life Wri fl 15 \! “YAlnylam
Slide 28: Appendix
Appendix Q1 2026 Financial Results 28
Slide 29: 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 29
Slide 30: 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 30
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