Muffett Investments
Earnings Watch · Stock Analysis Division
Earnings Review
1 August 2026
◆ Healthcare · Biotechnology
Alnylam Pharmaceuticals, Inc.
Report Period
Q2 FY2026
Reported: 2026-07-30
Headline
Strong Beat
✓ Strong Beat
Key Metrics at a Glance
Revenue Growth
+66.9%
YoY
Operating Margin
17.9%
+2002bps YoY
Free Cash Flow
$292.0M
+152.8% YoY
Net Position
Net Cash
$440.9M
EPS (Diluted)
$5.73
N/A
Financial Metrics — Detailed Breakdown
| Metric | Q2 FY2026 | Q2 FY2025 | YoY Change | Consensus Est. | vs. Estimate |
|---|---|---|---|---|---|
| Total Revenue | $1.3B | $773.7M | +66.9% | — | N/A |
| Gross Profit | $992.5M | $630.7M | +57.4% | — | N/A |
| Gross Margin | 76.9% | 81.5% | -464bps | — | N/A |
| Operating Income | $231.4M | -$16.2M | +1528.7% | — | N/A |
| Operating Margin | 17.9% | -2.1% | +2002bps | — | N/A |
| Net Income | $164.5M | -$72.2M | +327.7% | — | N/A |
| Net Margin | 12.7% | -9.3% | +2208bps | — | N/A |
| Operating Cash Flow | $326.7M | $129.8M | +151.7% | — | N/A |
| Free Cash Flow | $292.0M | $115.5M | +152.8% | — | N/A |
| FCF Margin | 22.6% | 14.9% | +769bps | — | N/A |
| Total Debt | $1.3B | $1.3B | -2.3% | — | N/A |
| Cash & Equivalents | $1.7B | $1.1B | +53.4% | — | N/A |
| Net Cash / (Debt) | $440.9M | -$183.4M | +340.4% | — | N/A |
| EPS (Diluted) | $5.73 | $N/A | N/A | $— | N/A |
⚠ Management Commentary — Signals
- No significant red flags detected in EDGAR filing.
📈 Price Reaction
Pre-Earnings Close
$286.62
2026-07-30
Post-Earnings Price
$205.48
Next trading session
1-Day Move
-28.31%
vs. market
52-Week Range
$197.81 – $495.55
Price data sourced from Yahoo Finance. Reaction shown vs. prior trading session close.
Our Verdict
Very Bullish
Alnylam reported a strong beat quarter, with revenue grew +66.9% YoY to $1.3B. operating margins expanded by 2002bps to 17.9%. Free cash flow came in at $292.0M. The balance sheet remains healthy with a net cash position.
- Revenue grew strongly at +66.9% YoY — well above average.
- Operating margin expanded strongly by 2002bps — profitability improving.
- Free cash flow grew +152.8% YoY — strong cash generation continues.
- Net cash position of $440.9M — fortress balance sheet underpins shareholder returns.
- Stock fell -28.3% on earnings — market disappointed; risk of further downside if guidance underwhelms.
