Alnylam Pharmaceuticals, Inc.
- Open
- 246.48
- Day high
- 258.29
- Day low
- 246.48
- Prev close
- 246.11
- Volume
- 282K
- Mkt cap
- $32.9B
- P/E (TTM)
- 40.3
- EPS (TTM)
- $6.25
- P/B
- 24.3
- P/S
- 6.9
- Yield
- —
- Per share
- —
Alnylam Pharmaceuticals, Inc. (ALNY) is a Healthcare company listed on NASDAQ. The stock is down 46% over the past year.
Alnylam Pharmaceuticals, Inc. (ALNY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 15 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ALNY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.63 | $1.21 | -25.8% | $1.3B | -2.7% |
| Apr 30, 2026 | $0.87 | $1.51 | +73.2% | $1.2B | +5.3% |
| Feb 12, 2026 | $1.16 | $0.82 | -29.3% | $1.1B | -3.5% |
| Oct 30, 2025 | $0.56 | $2.90 | +416.9% | $1.2B | +33.2% |
| Jul 31, 2025 | $-0.54 | $0.32 | +158.9% | $774M | +15.8% |
| May 1, 2025 | $-0.89 | $-0.01 | +98.9% | $594M | +1.3% |
| Feb 13, 2025 | $-0.62 | $0.06 | +109.7% | $593M | +2.2% |
| Oct 31, 2024 | $-0.92 | $-0.50 | +45.5% | $501M | -13.2% |
| Aug 1, 2024 | $-1.07 | $0.56 | +152.3% | $660M | +45.7% |
| May 2, 2024 | $-1.12 | $-0.16 | +85.7% | $494M | +13.7% |
| Feb 15, 2024 | $-1.20 | $-1.10 | +8.3% | $440M | -2.5% |
| Nov 2, 2023 | $-1.34 | $1.15 | +185.8% | $751M | +87.9% |
ALNY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 3, 2026 | PYOTT DAVID E Idirector | Sell | 1,175 | $298.91 |
| Jun 3, 2026 | PYOTT DAVID E Idirector | Sell | 495 | $300.72 |
| Jun 3, 2026 | PYOTT DAVID E Idirector | Sell | 1,222 | $299.87 |
| Jun 3, 2026 | PYOTT DAVID E Idirector | Option | 3,830 | — |
| Jun 3, 2026 | PYOTT DAVID E Idirector | Sell | 17 | $302.65 |
| Jun 3, 2026 | Cravatt Benjamindirector | Grant | 4,393 | $295.63 |
| Jun 3, 2026 | PYOTT DAVID E Idirector | Sell | 921 | $297.71 |
| May 22, 2026 | HAMBURG MARGARET Adirector | Grant | 1,441 | $298.48 |
| May 22, 2026 | BRANDICOURT OLIVIERdirector | Grant | 671 | — |
| May 22, 2026 | Ausiello Dennis Adirector | Grant | 1,441 | $298.48 |
| May 22, 2026 | Ausiello Dennis Adirector | Grant | 671 | — |
| May 22, 2026 | Arbuckle Stuart Adirector | Grant | 671 | — |
| May 22, 2026 | SCHULMAN AMY Wdirector | Grant | 1,802 | $298.48 |
| May 22, 2026 | Sigal Charles Elliottdirector | Grant | 671 | — |
| May 22, 2026 | KELLOGG PETER Ndirector | Grant | 671 | — |
Source: ALNY SEC Form 4 filings, latest Jun 3, 2026. For informational purposes only — not investment advice.
See the full ALNY insider & 13F page →Alnylam Pharmaceuticals, Inc. company profile
Overview
Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is a pioneering biopharmaceutical company founded in 2002 and headquartered in Cambridge, Massachusetts. The company went public in 2004 and has established itself as a leader in RNA interference (RNAi) therapeutics, a revolutionary approach to treating diseases by silencing specific genes that cause illness. Alnylam has successfully commercialized multiple RNAi-based medicines and maintains a robust pipeline targeting both rare genetic diseases and more prevalent conditions including cardiovascular, metabolic, and neurological disorders.
Business
Alnylam operates in the biotechnology sector, specifically focusing on RNA interference (RNAi) therapeutics. RNAi is a natural cellular process that can be harnessed to "silence" or turn off specific genes that produce disease-causing proteins. Think of it as a molecular switch that can stop the body from making harmful proteins at their source - the genetic level. This approach is particularly powerful for treating diseases caused by the overproduction of toxic proteins or the production of defective proteins. The company's business is organized around several key therapeutic areas: 1. TTR (Transthyretin) Franchise - approximately 60% of product revenue: This includes ONPATTRO (patisiran) and AMVUTTRA (vutrisiran) for treating hereditary transthyretin-mediated amyloidosis (hATTR), a rare genetic disease where misfolded proteins accumulate in organs causing progressive damage to the nervous system and heart. AMVUTTRA was recently approved for ATTR cardiomyopathy, significantly expanding the addressable patient population. 2. Rare Disease Franchise - approximately 25% of product revenue: This includes GIVLAARI (givosiran) for acute hepatic porphyria, a rare metabolic disorder causing severe abdominal pain attacks, and OXLUMO (lumasiran) for primary hyperoxaluria type 1, a rare kidney disease that can lead to kidney stones and kidney failure. 3. Pipeline Programs - approximately 15% from collaboration revenues: The company has numerous investigational drugs in development targeting hypertension (zilebesiran), Alzheimer's disease, Huntington's disease, and other conditions. Many of these programs are conducted through strategic partnerships with major pharmaceutical companies like Sanofi, Regeneron, and Roche.
Revenue model
Alnylam generates revenue through multiple business models. Product sales constitute the primary revenue source, accounting for approximately 75% of total revenues in 2024. The company sells its approved RNAi therapeutics directly to healthcare providers, hospitals, and specialty pharmacies. These are high-value, low-volume specialty medicines typically priced between $400,000-$500,000 annually per patient, reflecting their life-saving nature and the significant research investment required for rare disease treatments. Collaboration and licensing revenues provide the remaining 25% of revenues through partnerships with major pharmaceutical companies. These arrangements typically involve upfront payments, milestone payments upon achieving development and regulatory goals, and royalties on future sales. Notable partnerships include agreements with Sanofi for multiple programs, Regeneron for eye and central nervous system therapeutics, and Roche for the hypertension drug zilebesiran. Several factors significantly impact Alnylam's margins and profitability. Positive margin drivers include the high-value nature of RNAi therapeutics which command premium pricing due to their transformative clinical benefits for patients with limited treatment options. The company's manufacturing scale is improving as patient volumes grow, leading to better cost absorption. Additionally, the recent approval of AMVUTTRA for ATTR cardiomyopathy dramatically expands the addressable patient population from approximately 5,000 polyneuropathy patients to potentially 50,000+ cardiomyopathy patients globally. Margin pressures come from the substantial ongoing R&D investments required to advance the pipeline, with the company targeting nine proprietary investigational new drug applications by end of 2025. Manufacturing costs remain significant due to the complex nature of RNAi therapeutics production. Competitive pressures are emerging in the TTR space with new entrants, though market growth has continued despite increased competition. Regulatory risks also persist, as demonstrated by clinical holds on certain programs like ALN-APP for Alzheimer's disease.
Competitive moat
Alnylam possesses a moderately strong moat built primarily on its technological leadership and intellectual property in RNAi therapeutics. The company has established itself as the pioneer and leader in translating RNAi from a laboratory discovery into approved medicines, with over two decades of experience developing the complex delivery systems required to get RNAi molecules to target tissues effectively. This technological expertise creates significant barriers to entry, as competitors must overcome substantial scientific and manufacturing challenges. The company's intellectual property portfolio provides additional protection, though many foundational RNAi patents are beginning to expire. More importantly, Alnylam has built disease-specific expertise and regulatory pathways that create switching costs for both physicians and patients. The company's established relationships with key opinion leaders, specialized treatment centers, and payer organizations in rare diseases provide network effects that are difficult for competitors to replicate quickly. However, the moat faces several challenges. Large pharmaceutical companies are increasingly investing in RNAi and related genetic medicines, bringing substantial resources that could accelerate competitive threats. Companies like Novartis, Roche, and others have either developed internal capabilities or acquired RNAi companies. The core RNAi technology, while complex, is not proprietary to Alnylam, meaning the fundamental approach can be pursued by well-funded competitors. The company's expansion beyond rare diseases into larger markets like hypertension and Alzheimer's disease, while offering significant growth opportunities, also exposes Alnylam to more intense competition from established players in these therapeutic areas. The regulatory and commercial requirements for prevalent diseases differ significantly from rare diseases, potentially diminishing some of Alnylam's accumulated advantages.
Risks & safety
Alnylam presents a moderate margin of safety with mixed financial health indicators that require careful consideration. • Liquidity and Solvency: Strong cash position of $1.02 billion as of Q1 2025, providing substantial runway. Current ratio of 3.04 indicates solid short-term liquidity. However, the company burned $127 million in free cash flow during Q1 2025, though this has improved from historical levels. • Debt Concerns: High debt-to-equity ratio of 11.28 reflects significant leverage, though much of this represents milestone obligations and convertible debt rather than traditional bank debt. The company has managed debt service adequately but leverage remains elevated. • Profitability Trajectory: Achieved first full year of non-GAAP operating profitability in 2024 ($95 million), marking an important inflection point. However, GAAP losses continue due to stock-based compensation and other charges. • Valuation Metrics: Trading at high multiples with EV/EBITDA over 770x based on Q1 2025 trailing metrics, though this reflects the transition to profitability. Revenue growth of 28% year-over-year provides some justification for premium valuation. • Other Considerations: Regulatory risks remain significant given the specialized nature of RNAi therapeutics and ongoing clinical trials. The recent ATTR cardiomyopathy approval provides substantial growth runway but execution risks remain for this major market expansion.
Recent development
Over the past few years, Alnylam has executed several strategic pivots that have transformed the company from a rare disease specialist into a platform company targeting both rare and prevalent diseases. The most significant development has been the expansion of the TTR franchise with the approval of AMVUTTRA (vutrisiran) for ATTR cardiomyopathy in early 2025, following positive results from the HELIOS-B Phase 3 study that demonstrated a 35-36% reduction in mortality. This approval represents a pivotal moment as it expands the addressable patient population from approximately 5,000 polyneuropathy patients to potentially 50,000+ cardiomyopathy patients globally. The company has also made substantial investments in central nervous system (CNS) RNAi therapeutics, achieving the first-ever demonstration of RNAi-mediated gene silencing in the human brain through its ALN-APP program for Alzheimer's disease. Despite facing a partial clinical hold in the US, the program continues internationally and has been complemented by the initiation of studies for mivelsiran in cerebral amyloid angiopathy and ALN-HTT02 for Huntington's disease. Strategic partnerships have become increasingly important, with landmark collaborations including the Roche partnership for zilebesiran in hypertension and expanded agreements with Regeneron for CNS and ocular programs. These partnerships provide validation of Alnylam's platform while sharing development costs and risks for programs targeting larger patient populations. The company has set ambitious pipeline expansion goals, targeting nine proprietary investigational new drug applications by the end of 2025, representing a significant acceleration in R&D productivity. This includes advancing programs in metabolic diseases like type 2 diabetes, though some programs like ALN-KHK have been discontinued based on clinical results.
ALNY company profile · for informational purposes only — not investment advice.
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