Alnylam Pharmaceuticals Inc

ALNY

Healthcare|Biotechnology|USA

$298.76

-14.03 (-4.49%)

Tangible Book

$8.06

Graham Number

$32.23

Financials

Financial Snapshot

Market Cap

$39.89B

Enterprise Value

$1.74B

Revenue (TTM)

$4.29B

Net Income (TTM)

$577.2M

Cash & Equivalents

—

Net Cash/Share

$-7.83

Free Cash Flow (TTM)

$643.3M

Operating CF (TTM)

$714.9M

Debt/Equity

1.18

Cash Runway & Burn Rate

Company is cash-flow positive.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$626.8M	$1.69B	$1.08B	$1.54B	$1.87B	$2.44B	$2.19B	$2.44B	$2.69B	$2.91B	$3.01B
Operating Cash Flow	$-307.7M	$-382.8M	$-562.6M	$-278.4M	$-615.0M	$-641.7M	$-541.3M	$104.2M	$-8.3M	$524.1M	$714.9M
Free Cash Flow	$-372.3M	$-487.0M	$-689.5M	$-418.6M	$-685.3M	$-718.1M	$-613.3M	$41.9M	$-42.6M	$465.4M	$643.3M
Capital Expenditure	$-64.6M	$-104.2M	$-126.9M	$-140.2M	$-70.4M	$-76.4M	$-72.1M	$-62.2M	$-34.3M	$-58.7M	$-71.6M
Financing Cash Flow	$177.8M	$1.12B	$65.5M	$823.2M	$995.0M	$1.25B	$425.8M	$172.1M	$294.2M	$-305.2M	$-335.6M

R&D Spending

R&D (TTM)

$1.42B

R&D Intensity

33.1%

R&D Growth YoY

+7.6%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$47.2M	$89.9M	$74.9M	$219.8M	$492.9M	$844.3M	$1.04B	$1.83B	$2.25B	$3.71B	$4.29B
R&D Expense	$382.4M	$390.6M	$505.4M	$655.1M	$654.8M	$792.2M	$883.0M	$1.00B	$1.13B	$1.32B	$1.42B
R&D % of Revenue	810.9%	434.5%	674.7%	298.1%	132.9%	93.8%	85.1%	54.9%	50.1%	35.5%	33.1%
SG&A	$89.4M	$199.4M	$382.4M	$479.0M	$588.4M	$620.6M	$770.7M	$795.6M	$975.5M	$1.21B	$1.29B

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$47.2M	$89.9M	$74.9M	$219.8M	$492.9M	$844.3M	$1.04B	$1.83B	$2.25B	$3.71B	$4.29B
Cost of Goods Sold	$0.00	$0.00	$1.8M	$25.1M	$78.1M	$140.1M	$168.8M	$310.4M	$323.4M	$681.9M	$822.0M
Gross Profit	$47.2M	$89.9M	$73.1M	$194.7M	$414.8M	$704.1M	$868.6M	$1.52B	$1.92B	$3.03B	$3.46B
R&D	$382.4M	$390.6M	$505.4M	$655.1M	$654.8M	$792.2M	$883.0M	$1.00B	$1.13B	$1.32B	$1.42B
SG&A	$89.4M	$199.4M	$382.4M	$479.0M	$588.4M	$620.6M	$770.7M	$795.6M	$975.5M	$1.21B	$1.29B
Operating Income	$-424.6M	$-500.1M	$-814.7M	$-939.4M	$-828.4M	$-708.7M	$-785.1M	$-282.2M	$-176.9M	$501.6M	$752.1M
Interest Expense	$0.00	$0.00	$0.00	$0.00	$-84.5M	$-143.0M	$-156.0M	$-121.2M	$-141.9M	$-252.6M	$-283.3M
Pretax Income	$-410.1M	$-490.9M	$-760.7M	$-885.3M	$-855.6M	$-852.1M	$-1.13B	$-433.5M	$-377.4M	$323.2M	$586.4M
Net Income	$-410.1M	$-490.9M	$-761.5M	$-886.1M	$-858.3M	$-852.8M	$-1.13B	$-440.2M	$-278.2M	$313.7M	$577.2M
EPS (Diluted)	-4.79	-5.42	-7.57	-8.11	-7.46	-7.20	-9.30	-3.52	-2.18	2.33	3.66
EBITDA	$-409.5M	$-488.2M	$-745.4M	$-830.9M	$-696.7M	$-619.4M	$-926.6M	$-258.2M	$-178.8M	$631.4M	$924.5M
Shares Out. (M)	85.60	90.55	100.59	109.26	114.99	118.45	121.69	124.91	127.65	134.68	138.23

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$193.6M	$645.4M	$420.1M	$547.2M	$496.6M	$820.0M	$866.4M	$812.7M	$966.4M	$1.66B	$1.71B
Marketable Securities	$433.2M	$1.05B	$664.0M	$989.0M	$1.38B	$1.62B	$1.33B	$1.63B	$1.73B	$1.25B	$1.30B
Total Current Assets	$671.9M	$1.76B	$1.20B	$1.72B	$2.61B	$2.81B	$2.69B	$2.98B	$3.30B	$4.05B	$4.22B
Total Assets	$1.26B	$1.99B	$1.57B	$2.40B	$3.41B	$3.64B	$3.55B	$3.83B	$4.24B	$4.97B	$5.13B
Total Current Liabilities	$131.7M	$144.3M	$179.5M	$352.6M	$585.3M	$695.7M	$767.9M	$967.8M	$1.19B	$1.47B	$1.35B
Long-Term Debt	$150.0M	$30.0M	$30.0M	$0.00	$191.3M	$675.7M	$1.02B	$1.02B	$1.02B	$1.01B	$1.01B
Total Liabilities	$342.6M	$228.3M	$272.8M	$956.4M	$2.39B	$3.06B	$3.70B	$4.05B	$4.17B	$4.18B	$4.05B
Stockholders' Equity	$920.2M	$1.77B	$1.30B	$1.44B	$1.02B	$588.2M	$-158.2M	$-220.6M	$67.1M	$789.2M	$1.08B
Retained Earnings	$-1.66B	$-2.15B	$-2.84B	$-3.73B	$-4.59B	$-5.44B	$-6.57B	$-7.01B	$-7.29B	$-6.70B	$-6.50B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-307.7M	$-382.8M	$-562.6M	$-278.4M	$-615.0M	$-641.7M	$-541.3M	$104.2M	$-8.3M	$524.1M	$714.9M
Capital Expenditure	$-64.6M	$-104.2M	$-126.9M	$-140.2M	$-70.4M	$-76.4M	$-72.1M	$-62.2M	$-34.3M	$-58.7M	$-71.6M
Free Cash Flow	$-372.3M	$-487.0M	$-689.5M	$-418.6M	$-685.3M	$-718.1M	$-613.3M	$41.9M	$-42.6M	$465.4M	$643.3M
Investing Cash Flow	$142.6M	$-290.4M	$272.9M	$-417.7M	$-435.5M	$-273.3M	$169.4M	$-336.4M	$-116.8M	$436.3M	$297.0M
Financing Cash Flow	$177.8M	$1.12B	$65.5M	$823.2M	$995.0M	$1.25B	$425.8M	$172.1M	$294.2M	$-305.2M	$-335.6M
Issuance of Stock	$14.3M	$1.16B	$0.00	$781.9M	$99.5M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Repurchase of Stock	$-596.0K	$-257.0K	$-3.5M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$150.0M	$0.00	$0.00	$30.0M	$200.0M	$500.0M	$1.02B	$0.00	$0.00	$645.7M	$-680.0K
Payments of Debt	$0.00	$-120.0M	$0.00	$-30.0M	$0.00	$0.00	$-762.1M	$0.00	$0.00	$-1.19B	$-52.3M
Stock Based Comp.	$75.5M	$92.8M	$157.8M	$174.8M	$139.9M	$165.7M	$230.6M	$221.7M	$272.1M	$348.2M	$361.7M
Net Change in Cash	$12.7M	$451.7M	$-224.2M	$127.0M	$-50.6M	$323.1M	$46.4M	$-53.7M	$153.8M	$690.2M	$690.2M

Dilution Tracker

Shares Outstanding

138M

5-Year Share Growth

+16.7%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	85.60	90.55	100.59	109.26	114.99	118.45	121.69	124.91	127.65	134.68	138.23
YoY Change %	—	5.8%	11.1%	8.6%	5.2%	3.0%	2.7%	2.6%	2.2%	5.5%	2.6%
Stock Issuance	$14.3M	$1.16B	$0.00	$781.9M	$99.5M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Repurchase	$-596.0K	$-257.0K	$-3.5M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$75.5M	$92.8M	$157.8M	$174.8M	$139.9M	$165.7M	$230.6M	$221.7M	$272.1M	$348.2M	$361.7M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	97.6%	88.6%	84.2%	83.4%	83.7%	83.0%	85.6%	81.6%	80.8%
Operating Margin %	-900.3%	-556.2%	-1087.6%	-427.5%	-168.1%	-83.9%	-75.7%	-15.4%	-7.9%	13.5%	17.5%
Net Margin %	-869.6%	-545.9%	-1016.6%	-403.2%	-174.1%	-101.0%	-109.0%	-24.1%	-12.4%	8.4%	13.5%
EBITDA Margin %	-868.2%	-543.0%	-995.1%	-378.1%	-141.4%	-73.4%	-89.3%	-14.1%	-8.0%	17.0%	21.6%
FCF Margin %	-789.4%	-541.6%	-920.5%	-190.5%	-139.1%	-85.0%	-59.1%	2.3%	-1.9%	12.5%	15.0%
ROE %	-37.5%	-36.5%	-49.6%	-64.7%	-69.9%	-106.3%	-526.1%	0.0%	0.0%	73.3%	117.1%
ROA %	-31.0%	-30.1%	-42.7%	-44.6%	-29.6%	-24.2%	-31.5%	-11.9%	-6.9%	6.8%	12.2%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)81.63

Historical75.98 / 163.26 / 891.98

Industry Med.27.41

P/S9.48

Historical8.83 / 30.78 / 222.78

Industry Med.9.51

P/B37.07

Historical2.85 / 11.76 / 1179.00

Industry Med.2.93

EV/EBITDA41.27

Historical-529.70 / -20.68 / 276.80

Industry Med.13.14

EV/Revenue8.90

Historical8.49 / 29.36 / 200.54

Industry Med.8.71

P/FCF62.99

Historical58.63 / 166.56 / 2573.30

Industry Med.27.54

Intrinsic Value Models

Tangible Book

$8.06

Net Current Assets

$1.240

Graham Number

$32.23

Median P/S Value

$1091.35

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	170.67	81.63
PS Ratio	67.95	127.95	97.87	57.27	30.32	23.79	27.88	13.08	13.36	14.42	9.48
PB Ratio	3.50	7.17	5.67	8.98	14.89	34.65	0.00	0.00	453.39	66.70	37.07
EV/EBITDA	-6.69	-22.54	-8.48	-14.07	-19.78	-30.58	-30.84	-88.85	-162.29	80.78	41.27
EV/Revenue	58.12	122.36	84.41	53.19	27.96	22.44	27.55	12.55	12.91	13.73	8.90

Analyst Estimates & Quality

Altman Z-Score

6.20

Safe

Piotroski F-Score

Strong

Beneish M-Score

-1.74

Possible Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$5,577M	$7,294M	$8,736M
Net Income	$1,026M	$1,527M	$1,943M
EPS	7.30	10.97	14.26
Book Value per Share	16.00	29.88	46.35
Operating Cash Flow per Share	9.68	13.85	11.98
Operating CF	$1,337.34M	$1,913.74M	$1,655.95M

Dividends

Revenue Segments

By Business

Segment	2025
AMVUTTRA	$2.31B
GIVLAARI	$308.5M
Net revenues from collaborations	$553.4M
ONPATTRO	$172.8M
OXLUMO	$191.4M
Royalty revenue	$174.0M

By Geography

Segment	2025
United States	$2.07B
Europe	$651.1M
Net revenues from collaborations	$553.4M
Rest of World	$267.9M
Royalty revenue	$174.0M