Early Stage Pipeline Coming into Focus: Multiple Updates Expected 2H26

研报英文原文证据摘录

Early Stage Pipeline Coming into Focus: Multiple Updates Expected 2H26

Idea

June 24, 2026 04:05 AM GMT

Morgan Stanley & Co. LLCMAlnylam Pharmaceuticals Inc | North America Michael E Ulz

Equity Analyst

Early Stage Pipeline Coming Mike.Ulz@morganstanley.comAvraham Novick +1 212 761-4650

Research Associate

Avi.Novick@morganstanley.com +1 212 761-2231

into Focus: Multiple Updates Rohit Bhasin

Rohit.Bhasin@morganstanley.com +1 212 761-0534

Expected 2H26

Alnylam Pharmaceuticals Inc (ALNY.O, ALNY US)

While we expect focus to remain on the TTR-CM franchise Biotechnology | United States of America

Stock Rating Equal-weight

(growth trajectory and pending competitor data), interest has Industry View Attractive

begun to turn to the pipeline as investors look for the next PriceShr price,targetclose (Jun 23, 2026) $370.00$288.18

growth driver, and multiple pipeline readouts expected later this Mkt cap, curr (mm) $38,813

52-Week Range $495.55-273.11

year could provide early insights. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS ($)** 5.08 9.05 14.44 18.86

Key Takeaways Prior EPS ($)** - - - -

P/E 78.3 31.9 20.0 15.3

Beyond TTR, Alnylam expects to deliver 2+ blockbuster therapies in the next 5 EPS ($)§ 2.38 7.41 10.94 13.78

Div yld (%) - - - -

years as part of the "Alnylam 2030" strategy.

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

Multiple pipeline readouts expected in 2H26 could provide early visibility into framework

** = Based on consensus methodology

next legs of growth; we provide a brief background and what to expect on each. § = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

These include: 1) Ph2 data for ALN-6400 in HHT, 2) Ph1b data for ALN-HTT02 in Quarterly EPS ($)

2026e 2026e 2027e 2027e