Alnylam Pharmaceuticals (ALNY)
NASDAQ:ALNY
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Alnylam Pharma
(NASDAQ:ALNY)
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Rating:57Neutral
Price Target:
$330.00
▲(3.98% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Alnylam Pharma (ALNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$42.09B
Dividend YieldN/A
Average Volume (3M)1.11M
Price to Earnings (P/E)166.0
Beta (1Y)1.02
Revenue Growth53.24%
EPS GrowthN/A
CountryUS
Employees2,230
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.82
Shares Outstanding132,623,140
10 Day Avg. Volume1,276,059
30 Day Avg. Volume1,110,819
Financial Highlights & Ratios
PEG Ratio-0.79
Price to Book (P/B)66.01
Price to Sales (P/S)14.03
P/FCF Ratio111.94
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue11.23
Enterprise Value/Gross Profit13.74
Enterprise Value/Ebitda88.24
Forecast
1Y Price Target
$448.34Price Target Upside41.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)6.8
Revenue Forecast (FY)$5.56B
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 g...
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 col...
Alnylam Pharma Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes income from different business areas, highlighting which segments drive growth and profitability, and indicating strategic focus areas.
Analyzes income from different business areas, highlighting which segments drive growth and profitability, and indicating strategic focus areas.
Data provided by:
The Fly
The FlyAlnylam Pharma Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive outlook supported by transformational 2025 results — nearly $3B product sales (81% YoY), robust Q4 performance, GAAP profitability, a deep and advancing pipeline (three Phase 3 starts) and ambitious 2030 goals — while responsibly acknowledging near-term headwinds including margin pressure from royalties, expected mid-single-digit net price declines, Q1 phasing impacts (notably a ~ $25M international adjustment), and higher planned R&D/SG&A investments. Management provided clear 2026 guidance (product revenue $4.9B–$5.3B, TTR $4.4B–$4.7B) and articulated how platform, pipeline, and manufacturing scale underpin sustained growth. Overall, the positives (strong growth, profitability, pipeline depth, funded strategy) materially outweigh the manageable near-term challenges.Positive Updates
Record Full-Year Product Revenue and Strong Growth
Total global net product revenues for 2025 were nearly $3.0 billion, representing 81% growth versus 2024, driven primarily by the Amvuttra ATTR cardiomyopathy launch.
Negative Updates
Gross Margin Compression
Full-year gross margin on product sales was 77%, a 4 percentage point decrease versus 2024, primarily driven by higher royalties payable to Sanofi as Amvuttra revenue increased.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Product Revenue and Strong Growth
Total global net product revenues for 2025 were nearly $3.0 billion, representing 81% growth versus 2024, driven primarily by the Amvuttra ATTR cardiomyopathy launch.
Read all positive updates
Company Guidance
Alnylam reiterated 2026 combined net product revenue guidance of $4.9–$5.3 billion (midpoint up ~71% vs. 2025, >$2.1B growth), split into Rare $500–$600M (≈10% growth at midpoint) and TTR $4.4–$4.7B (≈83% growth at midpoint); collaboration and royalty revenue is guided to $400–$500M (midpoint down ~38% vs. 2025, reflecting the non‑recurrence of a $300M zalesiran milestone), and combined non‑GAAP R&D+SG&A is guided to $2.7–$2.8B (midpoint ≈26% growth vs. 2025). Assumptions include brisk U.S. TTR category growth, a mid‑single‑digit net price decline for Amvuttra in 2026 (expected to be gradual across the year), and international TTR dollar growth similar to 2025; Q1 TTR growth is expected to be considerably lower (including an approx. $25M Q1 international revenue reduction tied to the Germany cardiomyopathy pricing change, fewer shipping weeks and insurance reauthorizations). Company highlights also note 2025 results of nearly $3.0B net product revenues (+81% vs. 2024), 77% product gross margin, $850M non‑GAAP operating income, GAAP and non‑GAAP profitability for FY2025, and year‑end cash and marketable securities of ~$2.9B; longer‑term targets include investing ~30% of revenues in non‑GAAP R&D across the period, >25% revenue CAGR through 2030, a 30% non‑GAAP operating margin through 2030, and the potential to reach mid‑40s operating margins post‑2030 if nuceresiran achieves a best‑in‑class profile.Alnylam Pharma Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
43
Neutral
Cash Flow
58
Neutral
| 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
Negative
317.36
Price Trends
331.57
Negative
377.10
Negative
392.87
Negative
Market Momentum
-4.44
Negative
45.75
Neutral
78.94
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 317.36 is below the 20-day moving average (MA) of 318.78, below the 50-day MA of 331.57, and below the 200-day MA of 392.87, indicating a bearish trend. The MACD of -4.44 indicates Negative momentum. The RSI at 45.75 is Neutral, neither overbought nor oversold. The STOCH value of 78.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALNY.
Alnylam Pharma Risk Analysis
Alnylam Pharma disclosed 46 risk factors in its most recent earnings report. Alnylam Pharma reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Alnylam Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $43.24B | 14.76 | 16.82% | ― | 89.58% | ― | |
74 Outperform | $17.97B | 14.98 | 29.15% | ― | 18.09% | 3563.21% | |
74 Outperform | $110.01B | 29.32 | 22.70% | ― | 10.53% | ― | |
66 Neutral | $15.96B | 19.82 | 14.32% | ― | 24.98% | 127.06% | |
57 Neutral | $42.09B | 166.04 | 90.35% | ― | 53.24% | ― | |
57 Neutral | $21.53B | -17.95 | -6.03% | ― | 7.04% | -25.24% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ALNY
Alnylam Pharma
317.36
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17.53%
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Alnylam Pharma Corporate Events
Business Operations and StrategyExecutive/Board Changes
Alnylam Grants CEO New Performance-Based Equity Award
Positive
Mar 4, 2026
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 s...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Alnylam Pharma Announces Convertible Notes Buyback
Neutral
Dec 11, 2025
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 f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.