Alnylam Pharma (ALNY) AI Stock Analysis

• Market Cap: $42.26B
• Dividend Yield: N/A
• Average Volume (3M): 1.45M
• Price to Earnings (P/E): 141.2
• Beta (1Y): 1.00
• Revenue Growth: 53.24%
• EPS Growth: N/A
• Country: US
• Employees: 2,230
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.82
• Shares Outstanding: 132,623,140
• 10 Day Avg. Volume: 1,128,365
• 30 Day Avg. Volume: 1,451,620
• PEG Ratio: -0.79
• Price to Book (P/B): 66.01
• Price to Sales (P/S): 14.03
• P/FCF Ratio: 111.94
• Enterprise Value/Market Cap: 1.02
• Enterprise Value/Revenue: 11.59
• Enterprise Value/Gross Profit: 14.18
• Enterprise Value/Ebitda: 91.03
• 1Y Price Target: $455.84
• Price Target Upside: 43.05% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 20
• EPS Forecast (FY): 6.8
• Revenue Forecast (FY): $5.56B

• Rating: 57 Neutral
• Price Target: $330.00 ▲(3.56% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is supported primarily by the fundamental inflection to profitability and strong free cash flow, plus upbeat 2026 growth guidance and pipeline momentum from the earnings call. Offsetting this are elevated leverage and historical volatility, bearish technical trend signals, and a very high P/E that leaves little valuation cushion.

Positive Factors

Revenue Scale & Growth

A near-$3.0B revenue base and 81% YoY growth in 2025 show durable commercial traction for Amvuttra and ONPATTRO. This scale supports predictable product cash generation, channel relationships, and reinvestment capacity that underpin multi-year revenue expansion and execution of Alnylam 2030 targets.

Improved Cash Generation

Positive operating and free cash flow in 2025, with strong conversion (~89% of net income), materially improves self-funding ability for launches and late‑stage trials. Sustained FCF would reduce reliance on external financing and support disciplined R&D investment and balance-sheet flexibility over coming years.

Deep Pipeline & Manufacturing Scale

Multiple Phase 3 programs plus a proprietary manufacturing push (Cyrillis platform noted elsewhere in highlights) create structural advantages: diversified late-stage assets increase probability of future blockbusters while in‑house scale and COGS improvements can sustain higher long‑term margins and market competitiveness.

Negative Factors

High Leverage

An elevated and volatile debt-to-equity (~3.8) leaves Alnylam exposed to refinancing and interest-rate risk, reducing financial flexibility. In adverse clinical or commercial scenarios, high leverage could force costly capital raises or constrain R&D spending, magnifying execution risk over the medium term.

Historical Profitability Volatility

Prior multi-year losses and swings in operating performance mean last year's profitability may not be persistent without continued execution. This history makes forecasting earnings and cash flows less certain and increases the risk that funding needs or margin pressures re-emerge if growth slows.

Clinical & Execution Risk for Key Assets

Long‑term margin and growth upside materially depend on successful Phase 3 outcomes and approvals (notably nuceresiran). Clinical or regulatory setbacks would erode projected margins and revenue trajectories, making the firm's strategic targets (>25% CAGR, mid‑40s margins post‑2030) contingent on binary development outcomes.

Alnylam Pharma Business Overview & Revenue Model

Company Description

Alnylam Pharmaceuticals, Inc., a biopharmaceutical company, focuses on discovering, developing, and commercializing novel therapeutics based on ribonucleic acid interference. The company's pipeline of investigational RNAi therapeutics focuses on genetic medicines, cardio-metabolic diseases, hepatic infectious diseases, and central nervous system (CNS)/ocular diseases. Its marketed products include ONPATTRO (patisiran), a lipid complex injection for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; GIVLAARI for the treatment of adults with acute hepatic porphyria (AHP); and OXLUMO (lumasiran) for the treatment of primary hyperoxaluria type 1 (PH1). In addition, the company is developing givosiran for the treatment of adolescent patients with AHP; patisiran for the treatment of transthyretin amyloidosis, or ATTR amyloidosis, with cardiomyopathy; cemdisiran to treat complement-mediated diseases; ALN-AAT02 for the treatment of AAT deficiency-associated liver disease; ALN-HBV02 to treat chronic HBV infection; Zilebesiran to treat hypertension; and ALN-HSD to treat NASH. Further, it offers Fitusiran for the treatment of hemophilia and rare bleeding disorders, Inclisiran to treat hypercholesterolemia, lumasiran for the treatment of advanced PH1 and recurrent renal stones, and vutrisiran for the treatment of ATTR amyloidosis, which is in phase 3 clinical trial. Alnylam Pharmaceuticals, Inc. has strategic collaborations with Regeneron Pharmaceuticals, Inc. to discover, develop, and commercialize RNAi therapeutics for a range of diseases by addressing therapeutic targets expressed in the eye and CNS; and Sanofi Genzyme to discover, develop, and commercialize RNAi therapeutics. It also has license and collaboration agreements with Novartis AG; Vir Biotechnology, Inc.; Dicerna Pharmaceuticals, Inc.; Ionis Pharmaceuticals, Inc.; and PeptiDream, Inc. The company was founded in 2002 and is headquartered in Cambridge, Massachusetts.

How the Company Makes Money

Alnylam Pharmaceuticals generates revenue primarily through the commercialization of its proprietary drug products, particularly ONPATTRO and AMVUTTRA, which are sold to healthcare providers and patients. The company also earns revenue through collaboration agreements and partnerships with larger pharmaceutical companies, which may include upfront payments, milestone payments, and royalties on sales of products developed under these partnerships. These collaborations can enhance Alnylam's financial stability and provide additional funding for research and development of new therapies. Furthermore, the company may receive grants or funding from government and non-profit organizations to support its ongoing research projects.

Alnylam Pharma Financial Statement Overview

Summary

Strong 2025 inflection with rapid revenue scaling, positive operating profit and ~8% net margin, and robust free cash flow (~$465M) with solid conversion vs. net income. The key offset is balance-sheet risk: historically unstable equity and still-elevated leverage (debt-to-equity ~3.8 in 2025), plus prior-year volatility in earnings and cash flow.

Income Statement

Revenue has scaled rapidly over the cycle (up strongly from 2020 to 2025, including ~16% growth in 2025), and profitability inflected meaningfully in 2025 with positive operating profit and a positive net margin (~8%). Gross margins remain very strong and stable (low-to-mid 80% range), supporting long-term earnings power. Offsetting this, results were loss-making from 2020–2024 with negative operating and net margins, highlighting historical volatility and execution risk around sustaining the new profitability level.

Balance Sheet

Leverage is the key constraint: total debt is sizable and the debt-to-equity profile has been highly volatile, including periods of very thin or negative equity (e.g., 2022–2023) and an extremely elevated debt-to-equity in 2024. While equity improved by 2025 and return on equity turned positive, the capital structure still looks aggressive with debt-to-equity at ~3.8 in 2025, leaving the company more exposed to funding/refinancing and earnings volatility than a conservatively financed peer.

Cash Flow

Cash generation improved sharply in 2025 with solid positive operating cash flow (~$524M) and free cash flow (~$465M), a major reversal versus negative cash flow in 2024 and several earlier years. Free cash flow conversion versus net income in 2025 was strong (free cash flow at ~89% of net income), indicating earnings quality improved. The main weakness is inconsistency: operating cash flow has swung materially year-to-year (including negative periods), which raises confidence risk in forecasting sustained self-funding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.71B	2.25B	1.83B	1.04B	844.29M
Gross Profit	3.04B	1.92B	1.52B	868.60M	704.14M
EBITDA	557.24M	-178.85M	-258.24M	-926.56M	-661.56M
Net Income	313.75M	-278.16M	-440.24M	-1.13B	-852.82M
Balance Sheet
Total Assets	4.97B	4.24B	3.83B	3.55B	3.64B
Cash, Cash Equivalents and Short-Term Investments	2.91B	2.69B	2.44B	2.19B	2.44B
Total Debt	1.28B	2.74B	1.31B	1.32B	997.59M
Total Liabilities	4.18B	4.17B	4.05B	3.70B	3.06B
Stockholders Equity	789.18M	67.09M	-220.64M	-158.22M	588.20M
Cash Flow
Free Cash Flow	465.38M	-42.59M	41.95M	-613.33M	-718.07M
Operating Cash Flow	524.08M	-8.31M	104.16M	-541.27M	-641.69M
Investing Cash Flow	436.33M	-116.84M	-336.35M	169.35M	-273.30M
Financing Cash Flow	-305.19M	294.16M	172.13M	425.75M	1.25B

Alnylam Pharma Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 318.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALNY, the sentiment is Negative. The current price of 318.65 is below the 20-day moving average (MA) of 329.48, below the 50-day MA of 359.53, and below the 200-day MA of 390.85, indicating a bearish trend. The MACD of -9.15 indicates Negative momentum. The RSI at 37.32 is Neutral, neither overbought nor oversold. The STOCH value of 27.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALNY.

Alnylam Pharma Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INCY	83 Outperform	$19.52B	15.32	29.87%	―	18.09%	3563.21%
ARGX	75 Outperform	$46.40B	35.49	20.17%	―	89.58%	―
VRTX	74 Outperform	$120.48B	30.93	22.54%	―	10.53%	―
GMAB	66 Neutral	$16.95B	17.74	17.65%	―	24.98%	127.06%
ALNY	57 Neutral	$42.26B	141.18	73.28%	―	53.24%	―
BNTX	53 Neutral	$24.23B	―	-2.94%	―	7.04%	-25.24%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Alnylam Pharma Corporate Events

Alnylam Grants CEO New Performance-Based Equity Award

Effective March 2, 2026, Alnylam’s board granted CEO Yvonne Greenstreet a special, fully performance-based equity award designed to retain and incentivize her as the company pursues its new “Alnylam 2030” five-year goals, after she led nearly 100% shareholder return and achievement of the “P5x25” profitability targets by 2025. The award, with a face value of about $18 million at grant, can vest between 50% and 200% of 55,373 performance share units only if Alnylam’s stock sustains substantial appreciation to at least $500 over a 30-day average before December 31, 2029, with vesting and forfeiture terms tied to continued service, termination conditions and change-in-control pricing to closely align her incentives with long-term shareholder value.

The most recent analyst rating on (ALNY) stock is a Hold with a $360.00 price target. To see the full list of analyst forecasts on Alnylam Pharma stock, see the ALNY Stock Forecast page.

Alnylam Pharma Announces Convertible Notes Buyback

On December 10, 2025, Alnylam Pharmaceuticals announced it had entered into privately negotiated repurchase agreements to buy back approximately $34.4 million of its 1.00% convertible senior notes due 2027 for about $51.9 million. This strategic financial move is expected to close shortly after an agreed measurement period, leaving approximately $362.8 million of the notes outstanding. The repurchase is part of Alnylam’s broader financial strategy, maintaining its capped call transactions and potentially impacting its financial profile and stakeholder interests.

The most recent analyst rating on (ALNY) stock is a Buy with a $508.00 price target. To see the full list of analyst forecasts on Alnylam Pharma stock, see the ALNY Stock Forecast page.