Alnylam Pharmaceuticals Inc (ALNY)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business model clearly works: six approved medicines, $3,713.9 million of revenue in 2025, a first profit, $3,009.2 million of liquidity as of March 31, 2026, an undrawn credit facility and covenants comfortably met. What keeps us from green is an unanswered operational question: earnings power rests on a single product that triggers a higher royalty rate to Sanofi with every increment — cost of goods sold has already risen from 15.0 to 20.0 percent of net product revenues, and further increases are announced. Add $1,697.2 million of future income sold in advance against $1,075.4 million of equity, and one buyer accounting for 45 percent of revenues. This is not a solvency issue — cash, interest coverage and covenants argue clearly against that — but it is more than a formality. Hence yellow: proven strength, unproven durability of the margin. The decision is yours.
symbol.quality_note
Alnylam booked the first profitable year in its history in 2025: $3,713.9 million in revenue, up 65.2 percent, and $313.7 million of net income. First-quarter 2026 revenue jumped another 96 percent to $1,167.2 million. Yet the stock sat 40.84 percent below its high as of July 24, 2026. The quarterly report filed April 30, 2026, explains why that is not necessarily a contradiction: the royalty owed to Sanofi climbs to 30 percent as AMVUTTRA grows, cost of goods sold rose from 15.0 to 20.0 percent of net product revenues, and the balance sheet carries $1,697.2 million of future income that has already been sold. We do the math on what actually stays in Cambridge.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at ALNY since then.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 205.50 $ — 0% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIAlnylam verkauft keine KI-Produkte, setzt sie aber nach eigener Darstellung im Quartalsbericht zum 31. März 2026 bereits in verschiedenen Bereichen des Betriebs ein und will den Einsatz zur Produktivitätssteigerung ausweiten; im Geschäftsbericht 10-K für 2025 kommt KI noch gar nicht vor.
View the full file — quotes, sources, reviewed filings
„We have implemented certain artificial intelligence, or AI, technologies into various aspects of our operations, and we may further expand our use of AI to improve productivity as the technology continues to evolve."
Wir haben bestimmte Technologien der künstlichen Intelligenz (KI) in verschiedene Bereiche unseres Betriebs eingeführt, und wir werden unseren Einsatz von KI möglicherweise weiter ausbauen, um die Produktivität zu steigern, während sich die Technologie weiterentwickelt.
„Although we have implemented and continue to evaluate appropriate controls to ensure output quality, the use, development, and integration of AI and machine learning technologies present risks and challenges that could materially and adversely affect our business, financial condition, and results of operations."
Obwohl wir geeignete Kontrollen zur Sicherung der Ergebnisqualität eingeführt haben und weiterhin prüfen, bergen Einsatz, Entwicklung und Einbindung von KI- und maschinellen Lerntechnologien Risiken und Herausforderungen, die unser Geschäft, unsere Finanzlage und unsere Ertragslage wesentlich beeinträchtigen könnten.
Filings Reviewed: 10-Q 2026-04-30 · 10-K 2026-02-12 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2025-02-13
Rated on July 26, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 88.0% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 30
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 8.95 | 7.77 – 10.71 | 5,507 | 76.1% | 15 |
| 12/31/2027 | 12.73 | 8.63 – 17.74 | 7,077 | 42.2% | 15 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.65 | – | 593 | 34.90 | -14.10 | -95 | -104 |
| 2025: Q1 | -0.44 | – | 594 | 20.20 | -9.70 | -118 | -127 |
| 2025: Q2 | -0.55 | – | 774 | 17.30 | -8.60 | 154 | 139 |
| 2025: Q3 | 1.83 | – | 1,249 | 149.30 | 20.10 | 325 | 313 |
| 2025: Q4 | 1.37 | – | 1,097 | 84.90 | 17.00 | 164 | 140 |
| 2026: Q1 | 1.49 | – | 1,167 | 96.40 | 17.60 | 71 | 49 |
| 2026: Q2 | 1.21 | 320.00 | 1,291 | 66.80 | 12.70 | – | – |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 47 | -425 | -410 | -4.79 | -308 | 920 | 1,263 |
| 2017 | 90 | -500 | -491 | -5.42 | -383 | 1,766 | 1,995 |
| 2018 | 75 | -815 | -762 | -7.57 | -563 | 1,302 | 1,575 |
| 2019 | 220 | -939 | -886 | -8.11 | -278 | 1,439 | 2,395 |
| 2020 | 493 | -828 | -858 | -7.46 | -615 | 1,016 | 3,407 |
| 2021 | 844 | -709 | -853 | -7.20 | -642 | 588 | 3,643 |
| 2022 | 1,037 | -785 | -1,131 | -9.30 | -541 | -158 | 3,546 |
| 2023 | 1,828 | -282 | -440 | -3.52 | 104 | -221 | 3,830 |
| 2024 | 2,248 | -177 | -278 | -2.18 | -8 | 67 | 4,240 |
| 2025 | 3,714 | 502 | 314 | 2.33 | 524 | 789 | 4,966 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue rose 65.2 percent in 2025 to $3,713.9 million and another 96 percent in the first quarter of 2026 to $1,167.2 million. The driver is the March 2025 approval of AMVUTTRA for the cardiac form of ATTR amyloidosis: $889.9 million of quarterly revenue, up 187 percent, and up 255 percent in the U.S. That is genuine patient demand rather than pricing — the quarterly report explicitly cites the higher number of patients treated.
2025 produced the first profit: $313.7 million after losses of $278.2 million in 2024 and $440.2 million in 2023; the first quarter of 2026 added $206.0 million. Operating cash flow of $524.1 million exceeded net income in 2025 but fell well short of it in the first quarter of 2026, at $70.5 million. On top of that, $66.2 million of the quarter's $69.3 million of interest expense is non-cash accretion — the profit is real, but its cash conversion swings.
The royalty owed to Sanofi steps up to 30 percent of global annual AMVUTTRA net sales above $1.50 billion. Cost of goods sold accordingly climbed from 15.0 percent of net product revenues in Q1 2025 to 20.0 percent in Q1 2026, with the company announcing a further rise for 2026. Growth here makes itself more expensive — until the royalty-free successor molecule nucresiran is approved.
As of March 31, 2026 the balance sheet carries $1,697.2 million of liabilities from sold royalties and development funding — more than the $1,075.4 million of equity (ratio 21.0 percent). The billion received from Blackstone Royalties in 2020 has grown to $1,489.6 million and added a further $10.4 million in the first quarter of 2026 alone. The effective annual interest rate on the development funding is 49 percent for vutrisiran and 32 percent for zilebesiran.
AMVUTTRA accounts for 85.9 percent of first-quarter 2026 net product revenues, and a single distributor for 45 percent of gross revenues and 45 percent of gross receivables (December 31, 2025, up from 28 percent and 16 percent respectively). The annual report names two approved competitors for the same indication that are taken as pills and carry lower U.S. list prices than the injected AMVUTTRA.
As of March 31, 2026 the company held $3,009.2 million in cash and short-term securities, its $500.0 million revolving facility was undrawn and all financial covenants were met. The convertible notes carry coupons of 0.00 and 1.00 percent; the more expensive 1.00 percent tranche was largely repurchased during 2025. Roche funds 60 percent of zilebesiran development costs and had paid $675.0 million in upfront and milestone payments through September 2025.
In 2025 Alnylam cleared the hurdle most biotech companies never do: a first profit, $3,713.9 million of revenue (up 65.2 percent), $524.1 million of operating cash flow, and another 96 percent of revenue growth in the first quarter of 2026. The price of all that is in the filings too: a royalty staircase to Sanofi reaching 30 percent, $1,697.2 million of sold-forward future on the balance sheet, one product at 85.9 percent of net product revenues, and one distributor at 45 percent. Investing here is a bet that the royalty-free successor molecule nucresiran arrives in time to win the margin back. Not investment advice.
- Alnylam reached our research list through the quality screen "Fundamental Rank (A / A+)" of our in-house stock scanner (fundamental rating 77 out of 100, inclusion from 75; 38 U.S. hits, as of July 26, 2026). On the same day the stock also appeared on the screens "Ben Bennett: Focus List", "NASDAQ Growth Stars" and "Pros 80%". These lists are recalculated daily.
- Cut-off dates: annual figures from the 10-K for 2025 (filed February 12, 2026), quarterly figures from the 10-Q as of March 31, 2026 (filed April 30, 2026). Every filing after that date was reviewed: current reports 8-K dated April 30 and May 27, 2026, insider filings on Form 4 through June 3, 2026, and Schedule 13G/A ownership filings through May 14, 2026. Metrics and market picture carry a data date of July 24, 2026.
- Valuation figures are dated and evergreen: the price anchors come from primary documents — insider sales at weighted-average prices between $297.71 and $302.65 on June 1, 2026 (Form 4) and the volume-weighted average price of $478.63 on September 9, 2025 cited in the convertible note offering. The market capitalization drawn from fundamental data (roughly $38.9 billion, as of July 24, 2026) was cross-checked against 133,444,000 shares times $297.71; the deviation is roughly 2 percent.
About the Company
Alnylam Pharmaceuticals, Inc. entdeckt, entwickelt, fertigt und kommerzialisiert Therapeutika auf Basis von RNA-Interferenz in den USA, Europa und international.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 2,500 |
| Headquarters | Cambridge, MA |
| Address | 675 West Kendall Street, 02142 Cambridge, United States |
| Phone | 617 551 8200 |
| Website | alnylam.com |
| IPO Date | 28. May 2004 |
| ISIN | US02043Q1076 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Yvonne L. Greenstreet M.B.A., M.D. | CEO & Director | 1963 |
| Phillip A. Sharp Ph.D. | Co-Founder, Member of the Scientific Advisory Board | 1945 |
| Jeffrey V. Poulton M.B.A. | CFO & Executive VP | 1968 |
| Bryan Andrew Supran J.D. | Chief Legal Officer | 1970 |
| Pushkal P. Garg M.D. | Executive VP & Chief Research & Development Officer | 1968 |
| Tolga Tanguler M.B.A. | Executive VP & Chief Commercial Officer | 1973 |
| Timothy J. Maines | Chief Technical Operations & Quality Officer | – |
| Kevin Joseph Fitzgerald Ph.D. | Executive VP, Chief Scientific Officer and Head of Early Research & Early Development | 1968 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.