olivLaw · US equity research
Alnylam Pharmaceuticals, Inc. ALNY
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Alnylam Pharmaceuticals, Inc. is a global commercial-stage biopharmaceutical company focused on RNAi therapeutics, which reported its first profitable year in 2025 with total revenues of 3713.9 million USD. In the second quarter of 2026 product revenues reached 1172.1 million USD, but the company lowered its 2026 TTR guidance to 4200-4500 million USD, suggesting the ATTR-CM launch could progress more slowly than expected.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Alnylam Pharmaceuticals, Inc. (ALNY) stock was 161.08 USD (+0.74% on the day), with market capitalisation 21.6 bn USD, P/E 69.1 on diluted EPS of 2.33 USD over the last 12 months, beta 0.86, 52-week range 158.00–473.29 USD. Latest reported quarter (Q3 2026): revenue of 1.5 bn USD (+16.7% YoY), net income of 2.2 bn USD (+640.5% YoY), diluted EPS 15.72 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 23.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 155.45 – 268.91
- in the lower half of the band · %B 0.05 · band width 53.5%
- SMA 50 / 200
- 231.83 / 282.50
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -18.73 / -11.43
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −26.7% | −1.1% | −25.6 pp | — |
| 3 months | −29.6% | −0.5% | −29.1 pp | — |
| 6 months | −46.8% | +4.4% | −51.2 pp | — |
| Year to date | −59.5% | +12.3% | −71.8 pp | — |
| 1 year | −62.0% | +13.5% | −75.5 pp | +25.9% |
| 3 years | −3.7% | +76.4% | −80.2 pp | +82.1% |
| 5 years | −14.0% | +63.7% | −77.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 593.2 m | 594.2 m | 773.7 m | 1.2 bn | 1.1 bn | — | 1.3 bn | 1.5 bn |
| Cost of revenue | 102.6 m | 70.2 m | 142.0 m | 197.2 m | 267.7 m | — | 298.3 m | 361.8 m |
| Research & development | 300.2 m | 265.1 m | 323.6 m | 358.8 m | 372.2 m | — | 413.1 m | 408.5 m |
| SG&A | 295.3 m | 239.9 m | 323.3 m | 322.1 m | 325.4 m | — | 347.9 m | 342.0 m |
| Operating income | -105.2 m | 18.1 m | -16.2 m | 368.0 m | 131.7 m | — | 231.4 m | 345.8 m |
| Depreciation & amortisation | 14.2 m | 14.4 m | 13.9 m ≈ | 13.8 m ≈ | 13.5 m | — | — | 14.5 m ≈ |
| Interest expense | 39.0 m | 58.3 m | 61.5 m | 67.5 m | 65.4 m | — | 82.1 m | 84.4 m |
| Pre-tax income | -194.0 m | -2.4 m | -41.3 m | 280.6 m | 86.3 m | — | 177.8 m | 295.8 m |
| Income tax | -110.2 m | 15.9 m | 30.9 m | -12.1 m | -25.3 m | — | 13.3 m | -1.9 bn |
| Net income | -83.8 m | -18.3 m | -72.2 m | 292.7 m | 111.5 m | 206.0 m | 164.5 m | 2.2 bn |
| Diluted EPS | -0.65 ≈ | -0.14 | -0.55 | 2.14 | 0.82 ≈ | — | 1.21 | 15.72 |
| Operating cash flow | -94.7 m | -118.3 m | 127.8 m ≈ | 296.9 m ≈ | 217.7 m | — | — | 341.0 m ≈ |
| Capex | 9.1 m | 9.0 m | 14.3 m ≈ | 12.1 m ≈ | 23.3 m | — | — | 69.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 175.3, median 372.2, max 569.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74.9 m | 219.8 m | 492.9 m | 844.3 m | 1.0 bn | 1.8 bn | 2.2 bn | 3.7 bn |
| Revenue YoY | −16.7% | — | +124.3% | +71.3% | +22.9% | +76.2% | +23.0% | +65.2% |
| Net income | -761.5 m | -886.1 m | -858.3 m | -852.8 m | -1.1 bn | -440.2 m | -278.2 m | 313.7 m |
| Net income YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -8.11 | -7.46 | -7.20 | -9.30 | -3.52 | -2.18 | 2.33 |
| Diluted EPS YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1,016.6% | -403.2% | -174.1% | -101.0% | -109.0% | -24.1% | -12.4% | 8.4% |
| Free cash flow | -689.5 m | -418.6 m | -685.3 m | -718.1 m | -613.3 m | 41.9 m | -42.6 m | 465.4 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 789.2 m USD
- Total assets
- 5.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.76x
- ROE
- 73.3%
- ROA
- 6.8%
- FCF margin
- 12.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 492.9 m | 844.3 m | 1.0 bn | 1.8 bn | 2.2 bn | 3.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 74.2 m | 115.0 m | 140.2 m | 268.2 m | 306.5 m | 677.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 418.7 m ≈ | 729.3 m ≈ | 897.2 m ≈ | 1.6 bn ≈ | 1.9 bn ≈ | 3.0 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Research & development | 654.8 m | 792.2 m | 883.0 m | 1.0 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 588.4 m | 620.6 m | 770.7 m | 795.6 m | 975.5 m | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | -828.4 m | -708.7 m | -785.1 m | -282.2 m | -176.9 m | 501.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 34.8 m | 47.6 m | 44.5 m | 54.1 m | 56.7 m | 55.7 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | -793.7 m ≈ | -661.1 m ≈ | -740.6 m ≈ | -228.1 m ≈ | -120.2 m ≈ | 557.2 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 84.5 m | 143.0 m | 156.0 m | 121.2 m | 141.9 m | 252.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | -855.6 m | -852.1 m | -1.1 bn | -433.5 m | -377.4 m | 323.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 2.7 m | 680.0 k | 4.2 m | 6.7 m | -99.2 m | 9.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | -858.3 m | -852.8 m | -1.1 bn | -440.2 m | -278.2 m | 313.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | -7.46 | -7.20 | -9.30 | -3.52 | -2.18 | 2.33 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 115.0 m | 118.5 m | 121.7 m | 124.9 m | 127.7 m | 134.7 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 496.6 m | 820.0 m | 866.4 m | 812.7 m | 966.4 m | 1.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 102.4 m | 198.6 m | 238.0 m | 327.8 m | 405.3 m | 777.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 75.2 m | 86.4 m | 129.0 m | 89.1 m | 78.5 m | 82.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 2.6 bn | 2.8 bn | 2.7 bn | 3.0 bn | 3.3 bn | 4.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 465.0 m | 502.0 m | 523.5 m | 526.1 m | 502.8 m | 513.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 3.4 bn | 3.6 bn | 3.5 bn | 3.8 bn | 4.2 bn | 5.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 52.0 m | 73.4 m | 98.1 m | 55.5 m | 88.4 m | 115.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 191.3 m | 675.7 m | — | — | — | — | SEC (XBRL)· 28 Apr 2022verified |
| Current liabilities | 585.3 m | 695.7 m | 767.9 m | 967.8 m | 1.2 bn | 1.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 2.4 bn | 3.1 bn | 3.7 bn | 4.1 bn | 4.2 bn | 4.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 1.0 bn † | 588.2 m † | -158.2 m † | -220.6 m † | 67.1 m † | 789.2 m † | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -615.0 m | -641.7 m | -541.3 m | 104.2 m | -8.3 m | 524.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 70.4 m | 76.4 m | 72.1 m | 62.2 m | 34.3 m | 58.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | -685.3 m ≈ | -718.1 m ≈ | -613.3 m ≈ | 41.9 m ≈ | -42.6 m ≈ | 465.4 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -435.5 m | -273.3 m | 169.4 m | -336.4 m | -116.8 m | 436.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 995.0 m | 1.2 bn | 425.8 m | 172.1 m | 294.2 m | -305.2 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 21.6 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 377.59 – 854.41 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E377.59 – 854.41 (Mid 576.55)8 companies used · median multiple 29.1x · quartiles 19.1x – 43.2xABT, BMY, PFE, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 52.8% | 100 (vs peers) | 13% |
| FCF conversion · Quality | 30.4% | 1 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 53.0% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.2x | 27 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 8.1x | 100 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.7% | 47 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet56/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation76/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALNYLAM PHARMACEUTICALS, INC. (ALNY). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.7 bn USD in 2025; YoY growth 65.2%; net margin 52.8%; ROE 126.6%.
The estimated value range is 377.59–854.41 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 576.55 USD, the price of 161.08 USD leaves a potential of 257.9% (value / price − 1) and a margin of safety of 72.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 52.8%
- Revenue CAGR 3Y: 53.0%
- Current ratio: 2.5x
- P/E (TTM): 8.1x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 30.4%
- Interest coverage: 3.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 12 companies
Only companies with a capitalisation between 3.8 bn and 243.3 bn (within 8× of the company's); 363 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −62% / −4% |
| REGNRegeneron Pharmaceuticals, Inc. | — | 20.6 | 14.9% | 28.5% | +1.0% | +19% / +13% |
1- and 3-year price returns: for ALNY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 105.26 Total return -35% · Per year -35% | 185.24 Total return 15% · Per year 15% | 277.86 Total return 73% · Per year 73% |
| 3 years | 124.86 Total return -22% · Per year -8% | 244.98 Total return 52% · Per year 15% | 400.12 Total return 148% · Per year 35% |
| 5 years | 148.10 Total return -8% · Per year -2% | 323.99 Total return 101% · Per year 15% | 576.18 Total return 258% · Per year 29% |
- Exit P/E± 61.25
- Net margin± 42.87
- Annual revenue growth± 31.97
- Annual dilution± 3.60
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Alnylam Pharmaceuticals, Inc. is a global commercial-stage biopharmaceutical company focused on RNAi therapeutics, which reported its first profitable year in 2025 with total revenues of 3713.9 million USD 1. In the second quarter of 2026 product revenues reached 1172.1 million USD 3, but the company lowered its 2026 TTR guidance to 4200-4500 million USD 3, suggesting the ATTR-CM launch could progress more slowly than expected.
SWOT
Strengths
- The company became profitable in 2025 and has six approved RNAi medicines, giving it a solid financial and technological base 1.
- The TTR franchise holds a leading position with AMVUTTRA approved for the full spectrum of the disease, and sales have grown quickly in recent quarters 3.
- GalNAc, LNP and C16 delivery platforms allow targeting of the liver, central nervous system and other tissues 1.
Weaknesses
- Dependence on a single major product is significant, since a large share of revenues comes from AMVUTTRA 1.
- The company has incurred substantial cumulative losses since its founding and may not sustain profitability 1.
- Cost of goods sold rises with royalties paid to Sanofi, which could reduce margins 1.
Opportunities
- If the ATTR-CM launch continues, the company could significantly expand the patient base it treats 3.
- Phase 3 studies of nucresiran and zilebesiran could open new therapeutic markets if results are favorable 2.
- AI partnerships and expansion in China could accelerate molecule discovery and access to new markets 3.
Risks
- Dependence on AMVUTTRAhigh
If AMVUTTRA revenues do not sustain or grow, the business could be significantly affected 1.
- Reduced TTR guidancehigh
The reduction of 2026 guidance shows the launch pace may be slower than expected 3.
- Pricing and reimbursement pressuremedium
Price control measures in the US and other countries could reduce net prices and patient access 1.
- Indebtedness and convertible notesmedium
The convertible notes and any cash settlement of conversions could affect liquidity 1.
- Clinical development riskmedium
Early-stage and Phase 3 programs may fail or be delayed, postponing future launches 1.
Investment thesis
What would need to be true (bull case)
- Rapid TTR sales growth in recent quarters shows solid demand for AMVUTTRA, and if the trend continues the company could reach its 2030 strategy targets 3.
- Profitability achieved in 2025 and revenues from collaborations and royalties provide a more stable financial base than before 1.
- A portfolio of Phase 2 and Phase 3 programs, including hypertension and next-generation ATTR, could extend activity beyond TTR 2.
What would break the thesis
- Dependence on one product and the reduced 2026 guidance could signal a slowdown in growth 3.
- Rising royalties to Sanofi could limit margin improvement, especially if AMVUTTRA sales grow faster than expected 1.
- Competition and price pressure could reduce market share or revenue per patient in the coming years 1.
What to watch
- Quarterly results and the 2026 TTR guidanceQ3 2026
- FDA decision on cemdisiran in generalized myasthenia gravisNovember 2026
- Phase 1 results of ALN-HTT02 in Huntington's diseaseOctober 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Alnylam develops medicines based on RNA interference (RNAi), which silence messenger RNA implicated in disease and prevent the corresponding protein from being made. The company has obtained approval for six such medicines, including AMVUTTRA, ONPATTRO, GIVLAARI, OXLUMO, Leqvio and Qfitlia, two of which are commercialized by partners 1. The Alnylam 2030 strategy aims to grow total revenues at a compound annual rate above 25 percent through year-end 2030 and reach a non-GAAP operating margin of about 30 percent 1.
The cost structure is shaped by royalties paid to Sanofi on AMVUTTRA sales, which rise as sales grow 1. Cost of goods sold was 22.7 percent of product revenues in 2025 1, and the company expects this ratio to increase in 2026 as AMVUTTRA sales advance 1.
Market context
Alnylam's core market is TTR amyloidosis, where AMVUTTRA is presented as the only product approved for the full spectrum of the disease 3. The company notes that after the initial phase of the ATTR-CM launch, growth in second-line volume has normalized as pent-up demand was satisfied 3.
Over the longer term the company is pursuing zilebesiran for hypertension and nucresiran for ATTR, with an ATTR-CM launch targeted by 2030 if data and approval are favorable 2. These programs depend on the outcomes of ongoing Phase 3 trials.
Trends
- Growing demand in ATTR-CMtailwind
Demand for AMVUTTRA in cardiomyopathy grew quickly after the March 2025 approval 13. If diagnosis and treatment of ATTR-CM keep expanding, this demand could support revenues.
- Normalization of second-line growthheadwind
The company lowered its 2026 TTR guidance and explained that part of the pent-up patient demand has been satisfied 3. Growth could slow as a result.
- Sanofi royalty pressureheadwind
Royalties paid to Sanofi rise in tiers as AMVUTTRA sales advance 1. Higher sales could therefore compress product gross margin.
- International expansion and regional partnershipsmixed
New launches such as Spain and the BeOne partnership for China extend access to AMVUTTRA 3. The effect depends on regulatory approvals and reimbursement conditions in each country.
Competitive position
The company states that the pharmaceutical market is intensely competitive and that existing therapies, including generic versions, could affect AMVUTTRA sales 1. Competitors may develop similar platforms or emerging technologies 1.
In TTR amyloidosis Alnylam differentiates itself with AMVUTTRA approved for both polyneuropathy and cardiomyopathy 3. Direct competition from other ATTR-CM therapies is cited as a factor that could influence future growth 1.
- Other therapies for ATTR-CM and hATTR-PN
The sources mention competing therapies, including generic versions, without naming them.
- Sanofi (Genzyme), partner and licensor
Sanofi commercializes Qfitlia and receives royalties on AMVUTTRA sales, and is also a relevant player in hemophilia.
- Novartis, partner for Leqvio
Novartis commercializes Leqvio, a product that generates royalties for Alnylam.
- Regeneron Pharmaceuticals
Regeneron develops cemdisiran together with Alnylam and is a potential competitor in complement-mediated diseases.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- STAT+: Alnylam says Huntington’s drug shows promise in early studySTAT News · 23 Oct 2026 · EN
- Here’s Why Alnylam Pharmaceuticals (ALNY) DeclinedYahoo Finance — News · 10 Sept 2026 · EN
- STAT+: Alnylam defends heart disease drugs after failure of AstraZeneca’s WainuaSTAT News · 30 Aug 2026 · EN
- STAT+: AstraZeneca and Ionis detail surprise failure of heart disease drug, with Alnylam closely watchingSTAT News · 28 Aug 2026 · EN
- STAT+: Alnylam’s heart drug troubles take center stage at a cardiology conferenceSTAT News · 27 Aug 2026 · EN
The latest news item in our archive is from 23 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report27 May 2026Departure or appointment of officers · Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement06 Apr 2026
- Current report04 Mar 2026Departure or appointment of officers
- Annual report12 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Alnylam Pharmaceuticals, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alnylam Pharmaceuticals, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Alnylam Pharmaceuticals, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.