Alnylam Pharmaceuticals: Strong Long-Term Growth Strategy But Balanced Risk/Reward Supports Hold Rating

Morgan Stanley analyst Michael Ulz has maintained their neutral stance on ALNY stock, giving a Hold rating on January 6.

Michael Ulz has given his Hold rating due to a combination of factors that balance Alnylam’s solid growth outlook with a valuation and profit profile that already reflect much of this potential. He notes that fourth-quarter 2025 product and TTR sales modestly trailed Street expectations, even though full-year 2025 TTR revenues landed within guidance and showed very strong year-on-year expansion. At the same time, management’s 2026 revenue outlook for both the TTR franchise and total product sales is robust, exceeding consensus and aligning closely with his own projections and prevailing buyside expectations. This suggests meaningful continued growth, especially as Amvuttra’s TTR-CM momentum builds and ex-US launches are expected to provide an additional lift.
Ulz also incorporates the company’s new “Alnylam 2030” strategic plan, which targets more than 25% compound annual revenue growth through 2030 and over $11 billion in total revenue, reinforcing the long-term growth story but largely matching what the market already anticipates. By contrast, the roughly 30% non-GAAP operating margin goal is more conservative than many investors had hoped, tempering the earnings power implied by the top-line ambitions. In his view, Alnylam’s leadership position in TTR and its advancing pipeline are attractive, yet these positives are counterbalanced by near-term execution risks and a profitability trajectory that is less aggressive than prior expectations. Taken together, Ulz sees a compelling franchise but believes the risk/reward is currently fair rather than clearly skewed to the upside, supporting his Hold recommendation.

In another report released on January 6, Wells Fargo also maintained a Hold rating on the stock with a $479.00 price target.