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Friday 6 November 2026
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Alnylam Pharmaceuticals, Inc.
ALNY Healthcare Biotechnology
Alnylam Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 65.2% from fiscal 2024.
- Revenue
- +16.7%
- EPS
- +747.6%
- Free cash flow
- −4.76%
- Total debt
- −2.66%
Quarter to September 2026, against a year earlier
158.55
1.89
+1.21%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 47 | 90 | 75 | 220 | 493 | 844 | 1,037 | 1,828 | 2,248 | 3,714 | 5,013 | +62.4% | 5,445 | 6,662 | 7,849 | +28.3% | |
| Gross margin, % | 100.00 | 100.00 | 97.59 | 88.60 | 84.16 | 83.40 | 83.73 | 83.02 | 85.62 | 81.64 | 77.28 | (18.4) pt | ||||||
| EBT | (410) | (491) | (761) | (885) | (856) | (852) | (1,127) | (434) | (377) | 323 | 782 | n/m | ||||||
| EBT margin, % | (869.63) | (545.95) | (1,015.48) | (402.85) | (173.60) | (100.93) | (108.63) | (23.71) | (16.79) | 8.70 | 15.59 | +878.3 pt | ||||||
| Net income | (410) | (491) | (761) | (886) | (858) | (853) | (1,131) | (440) | (278) | 314 | 2,649 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.55 | 0.99 | 0.74 | 2.01 | 4.29 | 7.13 | 8.53 | 14.64 | 17.61 | 28.35 | 37.46 | +54.9% | |||||
| Earnings | (4.79) | (5.42) | (7.57) | (8.11) | (7.46) | (7.20) | (9.30) | (3.52) | (2.18) | 2.39 | 19.81 | n/m | ||||||
| Cash flow | (3.59) | (4.23) | (5.59) | (2.55) | (5.35) | (5.42) | (4.45) | 0.83 | (0.07) | 4.00 | 7.14 | n/m | ||||||
| Capex | (0.75) | (1.15) | (1.26) | (1.28) | (0.61) | (0.64) | (0.59) | (0.50) | (0.27) | (0.45) | (1.12) | (5.6%) | ||||||
| Free cash flow | (4.35) | (5.38) | (6.85) | (3.83) | (5.96) | (6.06) | (5.04) | 0.34 | (0.33) | 3.55 | 6.02 | n/m | ||||||
| Book value | 10.75 | 19.51 | 12.94 | 13.17 | 8.84 | 4.97 | (1.30) | (1.77) | 0.53 | 6.02 | 26.93 | (6.2%) | ||||||
| Shares, m | 86 | 91 | 101 | 109 | 115 | 118 | 122 | 125 | 128 | 131 | 133 | +4.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 189.42 | 7.92 | 18.9 | |||||
| P/S | 70.13 | 132.79 | 97.91 | 57.26 | 30.32 | 23.79 | 27.40 | 13.32 | 13.36 | 14.16 | 4.19 | 48.0 | ||||||
| P/B | 3.59 | 6.76 | 5.63 | 8.75 | 14.71 | 34.15 | 0.00 | 0.00 | 447.73 | 66.63 | 5.83 | 58.8 | ||||||
| EV/Sales | 60.02 | 114.32 | 83.83 | 51.53 | 26.91 | 21.71 | 26.27 | 12.54 | 12.62 | 13.65 | 3.68 | 42.3 | ||||||
| EV/FCF | (7.60) | (21.11) | (9.11) | (27.05) | (19.35) | (25.52) | (44.43) | 546.65 | (666.08) | 108.90 | 22.86 | (16.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (308) | (383) | (563) | (278) | (615) | (642) | (541) | 104 | (8) | 524 | 956 | n/m | |||||
| Capex | (65) | (104) | (127) | (140) | (70) | (76) | (72) | (62) | (34) | (59) | (150) | (1.1%) | ||||||
| Free cash flow | (372) | (487) | (690) | (419) | (685) | (718) | (613) | 42 | (43) | 465 | 806 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 540 | 1,620 | 1,021 | 1,363 | 2,030 | 2,113 | 1,924 | 2,015 | 2,109 | 2,584 | 3,050 | +19.0% | |||||
| Net debt | (477) | (1,661) | (1,054) | (1,260) | (1,683) | (1,760) | (1,175) | (1,419) | (1,670) | (1,901) | (2,575) | +16.6% | ||||||
| Shareholders’ equity | 920 | 1,766 | 1,302 | 1,439 | 1,016 | 588 | (158) | (221) | 67 | 789 | 3,604 | (1.7%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (30.96) | (30.14) | (42.67) | (44.64) | (29.58) | (24.19) | (31.47) | (11.94) | (6.89) | 6.82 | 41.25 | +37.8 pt | |||||
| ROIC | (59.85) | (295.38) | (205.47) | (328.88) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 59.37 | +59.9 pt | ||||||
| ROE | (37.54) | (36.54) | (49.63) | (64.66) | (69.92) | (106.31) | (526.14) | 232.40 | 362.29 | 73.28 | 138.07 | +110.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 514 | 749 | 1,065 | 1,323 | 1,453 | 1,665 | 2,002 | 2,100 | 2,230 | 2,770 | — | +20.6% | |||||
| Revenue/emp, $m | 0.09 | 0.12 | 0.07 | 0.17 | 0.34 | 0.51 | 0.52 | 0.87 | 1.01 | 1.34 | — | +34.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Alnylam Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ROIV Roivant Sciences Ltd. | $26.5B | — (loss-making) | — (loss-making) | −33.55% (below 0%: shrinking) | n/m | −29.99% (below 0%: shrinking) | 80.31% | (25,380.93%) | Compare |
| INCY Incyte Corporation | $24.1B | 56.3× | 55.6× | +14.00% (above 0%: growing) | n/m | −232.97% (below 0%: shrinking) | 93.02% | (45.49%) | Compare |
| INSM Insmed, Inc. | $23.9B | — (loss-making) | — (loss-making) | +268.43% (above 0%: growing) | n/m | +81.06% (above 0%: growing) | 85.09% | (17.04%) | Compare |
| BNTX BioNTech SE Sponsored ADR | $21.6B | — (loss-making) | — (loss-making) | −16.42% (below 0%: shrinking) | n/m | −123.82% (below 0%: shrinking) | 91.99% | 9.70% | Compare |
| ALNY Alnylam Pharmaceuticals, Inc. | $21.0B | 7.9× | 13.5× | +16.74% (above 0%: growing) | +747.64% (above 0%: growing) | −4.76% (below 0%: shrinking) | 75.19% | 23.72% | |
| EXEL Exelixis, Inc. | $16.8B | 19.9× | 20.2× | +10.19% (above 0%: growing) | +22.22% (above 0%: growing) | −4.83% (below 0%: shrinking) | 96.02% | 40.75% | Compare |
| ASND Ascendis Pharma A/S | $16.6B | 18.3× | 15.4× | +119.88% (above 0%: growing) | n/m | +2,335.93% (above 0%: growing) | 91.85% | 64.98% | Compare |
| JAZZ Jazz Pharmaceuticals PLC | $14.6B | 62.6× | 35.9× | +10.38% (above 0%: growing) | n/m | −60.40% (below 0%: shrinking) | 91.10% | (33.26%) | Compare |
| BBIO BridgeBio Pharma, Inc. | $14.5B | — (loss-making) | — (loss-making) | +192.60% (above 0%: growing) | n/m | +60.46% (above 0%: growing) | 94.21% | (3.30%) | Compare |
| Median of peers | $19.2B | 38.1× | 28.0× | +12.19% | — | −17.41% | 91.92% | (10.17%) |
From the latest earnings call
- CEO Yvonne Greenstreet said early second-line AMVUTTRA demand had benefited from pent-up demand that later normalized, prompting Alnylam to lower its 2026 revenue guidance.
- Chief Commercial Officer Tolga Tanguler said Alnylam was expanding the AMVUTTRA prescriber base and helping community practices arrange injections as it pursued first-line patients.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
99.70%
Held by the ten largest
61.79%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Capital Group | 21.01m | 15.71% | +626.96k |
| Fidelity (FMR) | 15.02m | 11.23% | +444.80k |
| Vanguard | 13.83m | 10.34% | +190.17k |
| BlackRock | 10.91m | 8.16% | +462.77k |
| T. Rowe Price | 6.79m | 5.08% | +165.30k |
| Invesco | 3.75m | 2.81% | −320.80k |
| State Street | 3.56m | 2.66% | +232.99k |
| JPMorgan Chase | 2.68m | 2.00% | −3.65m |
| Geode Capital Management | 2.64m | 1.97% | −24.54k |
| Baillie Gifford | 2.44m | 1.82% | −53.98k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 6 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.87m | 77.43m | 305.96 |
| 2024 | 11.49m | 29.84m | 181.05 |
| 2023 | 8.90m | 11.41m | 147.27 |
| 2022 | 4.59m | 19.04m | 182.85 |
| 2021 | 10.18m | 17.51m | 130.48 |
Ownership
Directors and executive officers, together
less than 1%
FMR LLC
12.70%
Capital World Investors
12.40%
The Vanguard Group
9.80%
BlackRock, Inc.
6.40%
Capital Research Global Investors
5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Alnylam Pharmaceuticals, Inc. (ALNY) Latest News
30 Oct
29 Oct
28 Oct
26 Oct
23 Oct
22 Oct
ALNY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Alnylam Pharmaceuticals is a biopharmaceutical company that develops and sells medicines based on RNA interference, or RNAi. Founded in 2002 and headquartered in Cambridge, it is led by Chief Executive Officer Yvonne L. Greenstreet, M.D.
RNAi is a process cells use to regulate gene activity. Alnylam’s medicines use small pieces of RNA to silence messenger RNA, the instructions cells use to make proteins. The aim is to reduce proteins involved in disease before they are made. The company uses different delivery technologies to reach the liver and is developing approaches to reach other tissues, including the brain and eye.