Alnylam Is Now Solidly Profitable. Why Are Investors Treating It Like a Broken Biotech?

Alnylam (ALNY) posted Q2 2026 net income of $164.5 million on 67% year-over-year revenue growth, yet the stock has dropped more than 40% this year. The disconnect is the story: a company now solidly profitable is trading like a broken biotech.

Two catalysts drove the selloff. First, ALNY cut revenue guidance for Amvuttra, attributing the reduction to demand normalization. Second, investors reacted to a clinical setback at a rival drug, adding pressure on top of the guidance reset.

Wall Street has not followed the stock lower. Nineteen of 23 analysts rate ALNY a buy, pointing to the company's financial strength, product growth, and pipeline.

Interpretation: a 67% revenue jump alongside a guidance cut suggests the market is pricing the slowdown in Amvuttra demand, not the profit base. The rival's setback appears to have compounded sentiment damage rather than changed ALNY's reported results. The 19-of-23 buy skew shows analysts see the drawdown as an overreaction, though the consensus has yet to lift the shares.