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Alnylam Stock Drops 25% Despite Revenue Growth as Investors Focus on TTR Sales

Steven Levine1 min read
Scientist in protective gear examining samples under a microscope.
Illustrative photo by Artem Podrez on Pexels

Alnylam Pharmaceuticals (NASDAQ: ALNY) shares fell 25.1% on Thursday, October 29, after the RNA-interference drugmaker reported third-quarter results and discussed its commercial outlook. The quarter showed strong product-revenue growth, but management described uncertainties around the pace of new patient starts and access to its TTR medicines, according to historical share-price data.

Product revenue grew, led by AMVUTTRA

Global net product revenue increased 52% year over year to $1.292 billion. AMVUTTRA generated $1.13 billion, up 65%, and total TTR product revenue reached $1.15 billion, up 59%, according to Alnylam's results. The company said it remained on track to meet its 2026 financial guidance.

Management described commercial and access uncertainties

Alnylam expects full-year TTR product sales toward the low end of its $4.2 billion to $4.5 billion range. On the earnings call, management discussed a slower-than-planned pace in translating commercial activity into patient starts, changes to first-line AMVUTTRA access in part of the Medicare Advantage market, and possible fourth-quarter ordering volatility as providers assess proposed changes to the 340B drug-discount program. A call transcript summarizes those comments.

The issues are forward-looking uncertainties, not a report that current prescriptions or access have collapsed. Alnylam said it was evaluating ways to maintain health-system access and alternative sites of care, and deferred 2027 product-revenue guidance until its February report as it assesses how ordering patterns may change.

The contrast between 52% product-revenue growth and the stock's decline reflects the market's focus on future sales conversion and access conditions. It does not by itself establish whether those risks will materially change the company's longer-term growth.

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Published October 29, 2026. This article is informational and is not investment advice.

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