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

Alnylam Pharmaceuticals has achieved solid profitability with Q2 2026 net income of $164.5 million and revenue growth of 67% year-over-year, yet its stock has plunged over 40% this year. The decline is attributed to a revenue guidance cut for its drug Amvuttra due to demand normalization and investor concerns about a rival drug's clinical setback. However, Wall Street remains bullish with 19 of 23 analysts recommending a buy, citing the company's strong financials, robust product growth, and promising pipeline.