Alnylam Pharmaceuticals (ALNY)
NASDAQ:ALNY
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Alnylam Pharma
(NASDAQ:ALNY)
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Rating:68Neutral
Price Target:
$322.00
▲(3.99% Upside)
Action:Reiterated
Date:05/28/26
The score is driven primarily by ALNY’s improving financial profile (profitability and strong free cash flow) and a positive earnings call (record revenues and reiterated guidance). Offsetting these are weak technical trends (price below key moving averages with negative MACD) and a relatively high valuation (P/E ~53) with no dividend yield support.
Positive Factors
Improved cash generation
Sustained TTM operating cash flow and strong free cash flow growth materially reduce Alnylam's dependence on external financing. Robust cash generation supports continued heavy R&D investment, commercial launches and debt servicing, increasing the firm's durable ability to fund pipeline progression and strategy execution.
Negative Factors
Rising royalty pressure on gross margins
Higher, sales-linked royalty rates create a structural headwind to product-level gross margins as volumes grow. This recurring margin pressure reduces operating leverage from top-line growth, compresses free cash flow conversion and can materially affect long-term profitability unless offset by price, mix or lower COGS.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
Sustained TTM operating cash flow and strong free cash flow growth materially reduce Alnylam's dependence on external financing. Robust cash generation supports continued heavy R&D investment, commercial launches and debt servicing, increasing the firm's durable ability to fund pipeline progression and strategy execution.
Read all positive factors
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 (ALNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$40.32B
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)69.5
Beta (1Y)0.91
Revenue Growth82.57%
EPS GrowthN/A
CountryUS
Employees2,230
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)4.36
Shares Outstanding133,512,570
10 Day Avg. Volume950,234
30 Day Avg. Volume1,078,461
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/Revenue9.30
Enterprise Value/Gross Profit11.50
Enterprise Value/Ebitda64.99
Forecast
1Y Price Target
$446.53Price Target Upside44.20% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)7.49
Revenue Forecast (FY)$5.61B
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 primarily makes money through (1) product sales of its commercialized RNAi therapeutics and (2) collaboration and licensing-related revenue from partnerships.
1) Product (net) revenue: The company generates revenue from selling its approv...
Alnylam Pharma Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a strong commercial and financial quarter highlighted by record product revenues, robust TTR franchise growth, profitability and substantial pipeline progress including accelerated Phase III enrollment and supportive real-world evidence. Challenges noted were margin pressure from rising royalties, higher R&D/SG&A investments, an expected Germany pricing adjustment that transiently impacted international results, and typical seasonal/operational phasing headwinds. Management reiterated full-year guidance and communicated confidence in ongoing launch dynamics and pipeline execution, while acknowledging competitive and timing uncertainties.Positive Updates
Record Quarterly Product Revenues
Combined net product revenues of $1.036 billion in Q1 2026 — the company's first quarter exceeding $1 billion; +121% year-over-year and +4% sequentially versus Q4 2025.
Negative Updates
Gross Margin Pressure from Royalties
Gross margin on product sales was 80% in Q1 2026, a 5 percentage-point decrease versus Q1 2025. Decline driven by increased average royalty rates payable to Sanofi on AMVUTTRA as sales grow and an annual royalty-rate reset, with expectation of continued margin pressure as sales ramp.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Product Revenues
Combined net product revenues of $1.036 billion in Q1 2026 — the company's first quarter exceeding $1 billion; +121% year-over-year and +4% sequentially versus Q4 2025.
Read all positive updates
Company Guidance
Alnylam reiterated its full‑year 2026 guidance, reiterating $4.4–$4.7 billion in TTR product sales and noting it expects significantly higher quarter‑over‑quarter TTR revenue growth for the balance of the year to reach that range; Q1 provides the starting base with combined net product revenues of $1.036 billion (first quarter in company history >$1B), TTR net revenues of $910 million (up 153% YoY and 6% QoQ), rare disease revenue of $126 million (up 15% YoY), collaboration revenue of $82 million (down 17% YoY), and royalty revenue of $49 million (up 85% YoY). Financials also showed an 80% gross margin on product sales (down 5% YoY) with the company warning average royalties to Sanofi on AMVUTTRA will rise as sales grow (pressuring margins), non‑GAAP R&D of $335 million (up 39% YoY), non‑GAAP SG&A of $283 million (up 36% YoY), non‑GAAP operating income of $339 million (>4x YoY), and cash, cash equivalents and marketable securities of $3.0 billion (vs. $2.9 billion at 12/31/25); management also cited a modest Q1 selling‑week timing headwind (12 Wednesdays vs 14 in Q4) that it expects will normalize across upcoming quarters.Alnylam Pharma Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
55
Neutral
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.29B | 3.71B | 2.25B | 1.83B | 1.04B | 844.29M |
| Gross Profit | 3.47B | 3.04B | 1.92B | 1.52B | 868.60M | 704.14M |
| EBITDA | 613.59M | 557.24M | -178.85M | -258.24M | -926.56M | -661.56M |
| Net Income | 577.22M | 313.75M | -278.16M | -440.24M | -1.13B | -852.82M |
Balance Sheet | ||||||
| Total Assets | 5.13B | 4.97B | 4.24B | 3.83B | 3.55B | 3.64B |
| Cash, Cash Equivalents and Short-Term Investments | 3.01B | 2.91B | 2.69B | 2.44B | 2.19B | 2.44B |
| Total Debt | 1.27B | 1.28B | 2.74B | 1.31B | 1.32B | 997.59M |
| Total Liabilities | 4.05B | 4.18B | 4.17B | 4.05B | 3.70B | 3.06B |
| Stockholders Equity | 1.08B | 789.18M | 67.09M | -220.64M | -158.22M | 588.20M |
Cash Flow | ||||||
| Free Cash Flow | 641.34M | 465.38M | -42.59M | 41.95M | -613.33M | -718.07M |
| Operating Cash Flow | 712.90M | 524.08M | -8.31M | 104.16M | -541.27M | -641.69M |
| Investing Cash Flow | 297.02M | 436.33M | -116.84M | -336.35M | 169.35M | -273.30M |
| Financing Cash Flow | -333.56M | -305.19M | 294.16M | 172.13M | 425.75M | 1.25B |
Alnylam Pharma Technical Analysis
Neutral
309.66
Price Trends
308.93
Negative
325.47
Negative
385.64
Negative
Market Momentum
-2.54
Negative
51.02
Neutral
78.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALNY, the sentiment is Neutral. The current price of 309.66 is above the 20-day moving average (MA) of 295.65, above the 50-day MA of 308.93, and below the 200-day MA of 385.64, indicating a neutral trend. The MACD of -2.54 indicates Negative momentum. The RSI at 51.02 is Neutral, neither overbought nor oversold. The STOCH value of 78.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ALNY.
Alnylam Pharma Risk Analysis
Alnylam Pharma disclosed 56 risk factors in its most recent earnings report. Alnylam Pharma reported the most risks in the "Finance & Corporate" 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $19.33B | 13.47 | 29.31% | ― | 21.48% | 1853.63% | |
77 Outperform | $113.59B | 26.21 | 23.93% | ― | 11.75% | ― | |
75 Outperform | $51.57B | 45.40 | 16.82% | ― | 90.23% | 51.88% | |
68 Neutral | $40.32B | 69.53 | 98.29% | ― | 82.57% | ― | |
63 Neutral | $15.85B | 6.24 | 20.51% | ― | 21.02% | -24.83% | |
55 Neutral | $24.26B | -16.64 | -6.67% | ― | 10.01% | -71.78% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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Alnylam Pharma Corporate Events
Executive/Board ChangesShareholder Meetings
Alnylam Shareholders Reaffirm Board, Pay Practices and Auditor
Positive
May 27, 2026
At its Annual Meeting held after a March 25, 2026 record date, Alnylam shareholders re-elected Class I directors Stuart A. Arbuckle, Yvonne L. Greenstreet, M.D., and Elliott Sigal, M.D., Ph.D., to terms running until the 2029 annual meeting, while...
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...
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.