Alnylam Pharmaceuticals, Inc. (ALNY) Income Statement

The 65.2% TTM revenue growth is a clear acceleration from the mid-20% growth seen in early 2025, driven by the ATTR-CM expansion and the Roche collaboration. However, the 149.3% YoY spike in 2025Q3 likely included one-time milestones, so investors should monitor the core product run-rate excluding collaboration revenue to gauge durability.

The dip in gross margin in 2025Q4 and 2026Q2 may reflect increased manufacturing costs or a shift toward lower-margin collaboration revenue. Despite this, the 81.77% average gross margin underscores the platform's cost efficiency, though investors should watch for margin pressure as the company scales into primary care indications like hypertension.

The transition to profitability is notable, with operating leverage evident as revenue grew 66.9% while operating expenses grew at a slower pace. However, the 23.0% operating margin in 2026Q1 was not sustained, suggesting that expense discipline may be challenged by pipeline investments. The high fixed-cost base means margin expansion is sensitive to revenue growth sustainability.

The combined operating expenses grew from $471.8M in 2024Q1 to $761.0M in 2026Q2, a 61% increase, while revenue grew over 160% in the same period, indicating improving cost discipline. However, the absolute level of spending remains high, and the company's ability to control SG&A as it expands into primary care will be critical to sustaining profitability.