• Tenaya Therapeutics recently announced a research collaboration with Alnylam Pharmaceuticals to validate up to 15 gene targets for cardiovascular disease over two years, with Tenaya receiving up to US$10,000,000 upfront plus cost reimbursement and potential milestone payments of up to US$1.13 billion if all targets lead to approved therapies.
• This agreement could broaden Alnylam’s RNAi pipeline beyond its core transthyretin focus by adding genetically validated cardiovascular targets that Alnylam would later develop and commercialize.
• We’ll now examine how Alnylam’s new cardiovascular gene-target collaboration with Tenaya could influence its existing RNAi-focused investment narrative.

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Alnylam Pharmaceuticals Investment Narrative Recap

To own Alnylam, you need to believe RNAi can keep translating into commercial drugs, with the TTR franchise funding a broader platform. The Tenaya deal adds long-term cardiovascular upside but does not materially change the near term focus on AMVUTTRA execution and pricing dynamics, or the key risk of revenue concentration in TTR and potential margin pressure from rebates and royalties.

The upcoming TTR Investor Webinar on March 24, 2026, looks particularly relevant here, as it should update investors on ATTR-CM progress and long term TTR plans that sit alongside new efforts such as the Tenaya cardiovascular collaboration, helping frame how new targets might complement, rather than replace, the existing RNAi story.

Yet while the growth story is compelling, the heavy dependence on AMVUTTRA and evolving pricing pressures are risks investors should be aware of...

Alnylam Pharmaceuticals' narrative projects $7.0 billion revenue and $1.9 billion earnings by 2028.

Uncover how Alnylam Pharmaceuticals' forecasts yield a $491.92 fair value, a 53% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were already modeling revenue of about US$12.3 billion and earnings of US$5.8 billion by 2028, so this new Tenaya collaboration may eventually support that outlook, but it also highlights how uncertain long term pipeline success can be compared with those bullish forecasts.

Explore 5 other fair value estimates on Alnylam Pharmaceuticals - why the stock might be worth as much as 93% more than the current price!

Reach Your Own Conclusion

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Alnylam Pharmaceuticals research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Alnylam Pharmaceuticals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Alnylam Pharmaceuticals' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.