One-glance verdict
Within fair range
$177.23 our estimate vs market $165.00
Wall Street consensus: $331.22 (86.9% higher than our fair-value estimate)
7% below our estimate
Fundamentals snapshot
Alnylam Pharmaceuticals, Inc.
ALNY · NMS · Healthcare · Biotechnology
Current price
$165.00
52-week range
$163.30 - $479.79
Market cap
$22.10B
Balance sheet
Healthy
1.99x Concerning
Net cash $590.40M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 37.2% last year.
- Reward Returns 138.1% on equity, ahead of 83% of its peers.
- Risk Forward P/E (14.5x) is higher than trailing (8.3x) - earnings are expected to drop.
- Risk Insider ownership is only 0.2% (peer median: 4.9%).
What this company does
Alnylam Pharmaceuticals, Inc.
Alnylam Pharmaceuticals develops new medicines for serious diseases using a technology that targets RNA. Their main income comes from selling these approved medicines, which they hope will grow as they bring more treatments to market. This matters because it shows their progress in creating innovative cures for patients.
How the company got here
Alnylam Pharmaceuticals was founded in 2002 by a group of scientists and investors who were inspired by the discovery of RNA interference (RNAi). RNAi is a natural process in the body that can "silence" genes, meaning it can stop them from producing certain proteins. Alnylam's mission was to harness this process to create a new class of medicines. The company has since pioneered the field of RNAi therapeutics, leading to the approval of its first commercial medicine in 2018. This breakthrough marked a significant milestone, validating the potential of RNAi technology to treat diseases. Alnylam has continued to build on this success, developing and launching several more RNAi-based therapies.
What it actually does
Alnylam Pharmaceuticals develops and commercializes medicines based on a technology called RNA interference (RNAi). Think of RNAi as a way to "turn down the volume" on specific genes in your body that are causing problems. By using RNAi, Alnylam aims to create treatments for diseases that are caused by the overproduction of certain proteins. The company's medicines are designed to target the root cause of these genetic diseases, offering a new approach to treatment.
ONPATTRO and AMVUTTRA (TTR Amyloidosis)
This business line focuses on treating a rare and serious condition called transthyretin-mediated amyloidosis (ATTR amyloidosis). This disease occurs when a protein called transthyretin (TTR) misfolds and forms deposits in organs, primarily the nerves and heart. ONPATTRO and AMVUTTRA are Alnylam's RNAi medicines designed to reduce the production of this faulty TTR protein. These treatments are a significant part of Alnylam's revenue, representing a substantial portion of their overall sales and growth.
GIVLAARI (Acute Hepatic Porphyria)
GIVLAARI is a medicine developed by Alnylam to treat acute hepatic porphyria (AHP). AHP is a group of rare genetic disorders that affect the liver and can cause severe abdominal pain and neurological problems. GIVLAARI works by targeting a specific gene to reduce the production of harmful substances that build up in the body during AHP attacks. This represents a smaller, but important, segment of Alnylam's business, addressing a specific unmet medical need.
OXLUMO (Primary Hyperoxaluria Type 1)
OXLUMO is Alnylam's treatment for primary hyperoxaluria type 1 (PH1), a rare genetic disease that causes the kidneys to produce too much oxalate. This excess oxalate can lead to kidney stones and kidney damage. OXLUMO works by reducing the production of oxalate in the liver. This segment, while not as large as their TTR franchise, is another example of Alnylam applying its RNAi technology to treat rare genetic conditions.
What management is betting on now
Alnylam's current strategy, known as "Alnylam 2030," is focused on expanding its leadership in treating ATTR amyloidosis and driving growth through continuous innovation. Management is heavily investing in research and development (R&D) to discover and advance new RNAi therapies for a wider range of diseases, including cardiovascular, metabolic, infectious, and central nervous system disorders. They are also prioritizing the expansion of their manufacturing capabilities to ensure they can produce enough medicine to meet growing demand and to lower future production costs. This strategic focus aims to deliver more transformative medicines to patients and achieve significant financial results.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-103.76M
FY2025 Q1
$-127.28M
FY2025 Q2
$139.44M
FY2025 Q3
$312.97M
FY2025 Q4
$140.26M
FY2026 Q2
$340.71M
FY2026 Q3
$271.15M
Revenue
$1.46B
Net income
$2.17B
Diluted EPS
15.72
Operating cash flow
$340.99M
Free cash flow
$271.15M
Fetching…
Sources
Revenue
$1.29B
Net income
$164.49M
Diluted EPS
1.21
Operating cash flow
$397.23M
Free cash flow
$340.71M
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Sources
Revenue
—
Net income
$205.99M
Diluted EPS
—
Operating cash flow
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Free cash flow
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Sources
Revenue
$1.10B
Net income
$186.42M
Diluted EPS
1.44
Operating cash flow
$163.56M
Free cash flow
$140.26M
Fetching…
Sources
Revenue
$1.25B
Net income
$251.08M
Diluted EPS
1.84
Operating cash flow
$325.11M
Free cash flow
$312.97M
Fetching…
Sources
Revenue
$773.69M
Net income
$-66.28M
Diluted EPS
-0.51
Operating cash flow
$153.73M
Free cash flow
$139.44M
Fetching…
Sources
Revenue
$594.19M
Net income
$-57.48M
Diluted EPS
-0.44
Operating cash flow
$-118.31M
Free cash flow
$-127.28M
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Sources
Revenue
$593.17M
Net income
$-83.76M
Diluted EPS
-0.66
Operating cash flow
$-94.66M
Free cash flow
$-103.76M
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Sources
Is it cheap or expensive?
Fair value $177.23 vs current price $165.00
Wall Street consensus is the average analyst price target: $331.22 (86.9% higher than our fair-value estimate).
Our most-likely fair value is $177.23 a share — about 7.4% away from today's price of $165.00, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $590.4M - more cash than debt. Interest coverage 2.0x.
Net debt
$-590.40M
Interest coverage
1.99x
Alnylam Pharmaceuticals, Inc.'s profit covers its interest bill about 2.0 times over. which is stronger than every peer shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ALNY
BASELINE
Alnylam Pharmaceuticals, Inc.
Total debt $3.00B Interest coverage 1.99x This is the baseline the peer rows are being compared against.
Total debt $2.19B Interest coverage -4.53x -100% vs ALNY This peer has almost no interest-payment cushion compared with ALNY.
Total debt $1.38B Interest coverage 1.10x -45% vs ALNY Carries about 1.8x less debt cushion than ALNY.
Total debt $1.29B Interest coverage -307.40x -100% vs ALNY This peer has almost no interest-payment cushion compared with ALNY.
Total debt $353.49M Interest coverage -45.12x -100% vs ALNY This peer has almost no interest-payment cushion compared with ALNY.
Total debt $1.06B Interest coverage -17.25x -100% vs ALNY This peer has almost no interest-payment cushion compared with ALNY.
What you should know
The case for and against ALNY
3 Rewards
2 Risks
Rewards
-
Revenue grew 37.2% last year.
-
Returns 138.1% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 2/10 years.
Risks
-
Forward P/E (14.5x) is higher than trailing (8.3x) - earnings are expected to drop.
-
Insider ownership is only 0.2% (peer median: 4.9%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
8.33x
Forward P/E
14.46x
P/B
6.13x
P/S
4.41x
EV/EBITDA
20.82x
PEG ratio
0.21x
Profitability
How much profit each dollar creates
Gross margin
77.3%
Operating margin
23.7%
Net margin
52.8%
ROE
138.1%
ROA
9.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.83x
Current ratio
2.48x
Quick ratio
2.27x
Total debt
$3.00B
Total cash
$3.59B
Growth
How the business has been compounding
Revenue TTM
$5.10B
Revenue 5Y CAGR
44.8%
EPS TTM
19.80
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$1.23B
Free CF TTM
$465.38M
FCF margin
9.1%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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