Alnylam Pharmaceuticals Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Business and growth
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.
Quality of earnings
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.
Margin structure and dependence on Sanofi
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.
Balance sheet and sold-forward future
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.
Concentration risk
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.
Financial strength and headroom
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ALNY since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 205.50 $ to 491.20 $ · Last price: 245.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/17/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Roivant Sciences Ltd ROIV | 28.0 | – | 0.7 | -9,610.9 | -14,675.1 | -71.6 | 161.7 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 55.0 | 20.7 | 5.1 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 | – | – |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 8.85 | 7.77 – 10.71 | 5,483 | 74.1% | 14 |
| 12/31/2027 | 12.47 | 8.63 – 17.74 | 6,928 | 41.0% | 14 |
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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 22.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $542.5M |
|---|---|
| Market cap | $32.58B |
| Free cash flow in year ten | $4.21B |
| Terminal value as a share of market value | 68.1% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Alnylam 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.
10-Q · 2026-04-30 · View SEC filing
„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.
10-Q · 2026-04-30 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 53.0%
- More than 10% revenue growth is expected for the coming year 30.2%
- Share count grows by less than 3% a year 3.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 77.7%
- Gross margin at 40% or higher and without meaningful erosion 81.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 1,630 m net cash
- Operating cash flow covers the profits of the last three years 1,025 m
- Return on capital at 15% or higher, or up versus two years ago 14.3%
- Insiders hold at least 10% or are net buyers 0.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 62.4%
- Exp. sales growth 3Y > 5% 36.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 131.4%
- Net debt < 4x EBIT -3.2x
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 160.5%
- ROCE > 15% 14.3%
- Expected return > 10% 134.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
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
- 05/28/2004
- 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 Commercialization 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 |
| Joshua Brodsky | Vice President of Investor Relations | – |
| Piyush Sharma J.D. | Chief Ethics & Compliance Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/30/2026 ALNYLAM PHARMACEUTICALS, INC. (ALNY): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.