Alnylam Pharmaceuticals (ALNY) traded lower Friday, May 1, 2026, with shares down about 3% to $300.94, as the market reacted to the company’s first-quarter 2026 earnings release filed and furnished via an SEC Form 8-K dated April 30, 2026. The move appears tied to post-results repositioning, with investors weighing strong growth metrics against elevated expectations embedded in the stock’s valuation.

For the quarter ended March 31, 2026, Alnylam reported total revenues of about $1.167 billion and global net product revenues of $1.036 billion, representing 96% and 121% growth, respectively, versus Q1 2025. The company also reported GAAP net income of about $206.0 million (GAAP diluted EPS $1.51) and non-GAAP net income of about $273.0 million (non-GAAP diluted EPS $1.99), highlighting the operating leverage from its expanding commercial portfolio.

Alnylam reiterated 2026 financial guidance, including combined net product revenues of $4.9 billion to $5.3 billion and total TTR net product revenues of $4.4 billion to $4.7 billion. Management emphasized growth in its TTR franchise, led by AMVUTTRA (vutrisiran), which posted Q1 AMVUTTRA net product revenues of about $889.9 million, while ONPATTRO contributed about $20.5 million.

In addition to the financial print, Alnylam disclosed an update to the TRITON-CM Phase 3 study of nucresiran in ATTR-CM, stating enrollment is proceeding faster than anticipated and that it will use a pre-specified protocol option to expand target enrollment from 1,250 to approximately 1,750 patients. While the company said it still expects to launch nucresiran in ATTR-CM by 2030 assuming positive data and regulatory approval, the enrollment expansion can draw added investor scrutiny around trial timelines, cost, and the risk/reward profile as the company scales multiple late-stage programs.