Abstract

Alnylam Pharmaceuticals will report its quarterly earnings on February 12, 2026 Pre-Market; this preview consolidates recent financials and forecasts to frame expectations for revenue, margin profile, GAAP net profit, and adjusted EPS alongside institutional commentary since January 01, 2026.

Market Forecast

Consensus and company-provided projections for this quarter point to revenue of USD 1.17 billion, EBIT of USD 203.88 million, and adjusted EPS of USD 1.16; forecast year-over-year figures indicate revenue growth of 100.90%, EBIT growth of 421.65%, and adjusted EPS growth of 285.85%. Forecast highlights suggest continued momentum in core product sales and steady contract revenue, while licensing remains a smaller contributor; the largest growth driver is expected to be the product business with multi-hundred-million revenue and robust year-over-year gains based on prior run-rate.

Last Quarter Review

Alnylam Pharmaceuticals delivered last quarter revenue of USD 1.25 billion, a gross profit margin of 83.98%, GAAP net profit attributable to the parent company of USD 0.25 billion with a quarter-on-quarter increase of 478.84%, a net profit margin of 20.10%, and adjusted EPS of USD 2.11 with year-over-year growth of 342.53%. A notable highlight was a significant positive earnings surprise versus estimates across revenue, EBIT, and EPS, reflecting both operational leverage and stronger-than-expected product performance. Main business revenue was led by Products at USD 851.08 million, supported by Contracts at USD 351.74 million and Licensing at USD 46.20 million, with Products demonstrating the central contribution to topline expansion.

Current Quarter Outlook

Main Commercial Franchise

The company’s core revenue engine is the product segment, which generated USD 851.08 million last quarter, underpinning the bulk of total revenue and margin resilience. The strong gross profit margin of 83.98% sets up favorable economics for incremental revenue translating into EBIT and EPS expansion, consistent with the forecasted EBIT of USD 203.88 million and adjusted EPS of USD 1.16 this quarter. Operational focus will likely remain on maximizing market penetration and adherence in approved indications, while managing pricing and reimbursement dynamics in the United States and other key markets. Sequential stability in contract revenues at USD 351.74 million further supports the revenue base, but the earnings sensitivity lies with product mix, volume growth, and potential inventory or channel timing effects.

Largest Growth Potential Business

Products remain the highest-growth opportunity, evidenced by last quarter’s USD 851.08 million contribution and the significant upside surprise versus expectations. This quarter’s revenue forecast of USD 1.17 billion suggests ongoing scale effects, and the prior quarter’s margin of 83.98% implies that favorable mix can sustain net profit margin around the low double digits to high teens, contingent on commercial execution. The year-over-year growth embedded in the forecast indicates sustained demand and potentially broader geographic uptake, while licensing and contracts provide ancillary revenue but are not expected to match the products segment in growth velocity. The key watch item is whether revenue growth remains volume-led versus price-led, affecting long-term sustainability and margin trajectory.

Stock Price Drivers This Quarter

Earnings delivery versus consensus—particularly adjusted EPS and EBIT—will be a core determinant for share performance given the prior quarter’s substantial surprise. Margin cadence will be closely monitored; if gross margin stays near 83.98% and net margin trends close to 20.10%, the market may extrapolate durable operating leverage, supporting valuation. Commentary on the revenue breakdown, especially product segment growth and any visibility for contract renewals or expansions, will shape expectations for subsequent quarters. Additionally, management’s color on year-over-year growth drivers relative to the forecast—revenue growth of 100.90%, EBIT growth of 421.65%, and adjusted EPS growth of 285.85%—will be assessed for sustainability and risk, including any timing-related boosts or non-recurring items.

Analyst Opinions

Institutional sentiment is predominantly bullish over the past six months, with multiple buy ratings reaffirmed. Goldman Sachs (analyst Salveen Richter) maintained a Buy rating with a price target of USD 566.00, highlighting strong market performance and a promising pipeline. Evercore ISI (analyst Cory Kasimov) reiterated a Buy rating with a price target of USD 515.00, indicating confidence in near-term execution and growth. Bernstein (analyst William Pickering) reaffirmed a Buy rating with a target of USD 491.00, suggesting upside based on expected earnings delivery and commercial traction. RBC Capital (analyst Luca Issi) maintained a Buy rating with targets near USD 500.00, reinforcing the broad positive stance. The aggregate balance of commentary points to a majority bullish view, centered on revenue growth outperformance, margin durability, and the potential for continued upside in adjusted EPS and EBIT against the upcoming quarter’s projections.