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ALNY

Alnylam Pharmaceuticals, Inc.

ALNY

Alnylam Pharmaceuticals, Inc. • NASDAQ
$451.23 ▲ 1.37% (+6.11)
Market Cap $59.61 B
52w High $495.55
52w Low $205.87
Dividend Yield 0%
P/E 1410.09
Volume 563.87K
Outstanding Shares 132.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.249B ▲ $683.813M ▲ $251.084M ▲ 20.102% ▲ $1.91 ▲ $297.17M ▲
Q2-2025 $773.689M ▲ $646.935M ▲ $-66.277M ▼ -8.566% ▲ $-0.51 ▼ $18.832M ▲
Q1-2025 $594.189M ▲ $505.071M ▼ $-57.479M ▲ -9.674% ▲ $-0.44 ▲ $11.455M ▲
Q4-2024 $593.166M ▲ $595.508M ▲ $-83.763M ▲ -14.121% ▲ $-0.65 ▲ $-140.911M ▼
Q3-2024 $500.919M $491.919M $-111.57M -22.273% $-0.87 $-60.305M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.725B ▼ $4.852B ▲ $4.618B ▲ $233.894M ▼
Q2-2025 $2.858B ▲ $4.566B ▲ $4.315B ▲ $250.591M ▲
Q1-2025 $2.632B ▼ $4.214B ▼ $4.098B ▼ $115.435M ▲
Q4-2024 $2.695B ▼ $4.24B ▲ $4.173B ▲ $67.088M ▲
Q3-2024 $2.78B $4.205B $4.173B $32.354M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $251.084M ▲ $325.109M ▲ $501.107M ▲ $-448.348M ▼ $376.941M ▲ $312.967M ▲
Q2-2025 $-66.277M ▼ $153.73M ▲ $-141.381M ▼ $53.757M ▲ $93.612M ▲ $139.437M ▲
Q1-2025 $-57.479M ▲ $-118.314M ▼ $113.769M ▲ $44.084M ▲ $53.597M ▲ $-127.284M ▼
Q4-2024 $-83.763M ▲ $-94.662M ▼ $-52.91M ▼ $30.997M ▼ $-133.846M ▼ $-103.756M ▼
Q3-2024 $-111.57M $43.707M $-30.25M $102.755M $131.305M $39.515M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
GIVLAARI
GIVLAARI
 $70.00M ▲$60.00M ▼$70.00M ▲$80.00M ▲
ONPATTRO
ONPATTRO
 $50.00M ▲$0 ▼$50.00M ▲$50.00M ▲
Product
Product
 $420.00M ▲$450.00M ▲$470.00M ▲$670.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the past five years, showing that Alnylam’s products and partnerships are gaining commercial traction. Gross margins are high, which is typical for innovative biotech drugs and suggests solid pricing power and efficient production once therapies are approved. Despite this, the company is still posting sizable losses at the operating and net income levels, reflecting heavy spending on research, clinical trials, commercialization, and infrastructure. The encouraging sign is that losses have been narrowing in recent years, indicating improving operating leverage as revenue scales, though the path to consistent profitability is not yet secured and will depend heavily on future product uptake and pipeline success.

Balance Sheet

Balance Sheet The balance sheet shows a sizable base of assets and a meaningful cash reserve, which provides some financial flexibility to fund ongoing R&D and commercialization. Debt has increased compared with earlier years and now represents an important part of the capital structure, so interest and refinancing risk are factors to watch over time. Shareholders’ equity dipped into negative territory and has only recently turned slightly positive again, which indicates that accumulated losses have nearly consumed the historical capital base. Overall, the company is asset-rich for a biotech, but the equity cushion is thin, making long-term value creation highly dependent on converting the current pipeline and portfolio into durable earnings.

Cash Flow

Cash Flow Cash generation has been gradually improving. Historically, Alnylam burned cash from operations, but it has moved close to break-even in the last couple of years, even briefly turning modestly positive. Free cash flow has followed a similar pattern, with only light spending on physical assets, which means most cash use is tied to R&D and commercial investments rather than facilities. The current cash balance gives the company some runway, but since cash flows are still hovering around break-even and not yet reliably positive, the business remains sensitive to setbacks in product sales or clinical programs that could increase cash burn again.

Competitive Edge

Competitive Edge Alnylam holds a leading position in RNA interference therapies, with a first-mover advantage, multiple first-in-class products, and a long history of focused work in this niche. Its portfolio of approved drugs in rare diseases and cardiometabolic conditions, along with a cholesterol-lowering therapy commercialized by a large pharma partner, demonstrates both scientific credibility and commercial capability. A broad patent estate and specialized delivery technologies create meaningful barriers to entry and make it hard for new players to replicate its platform quickly. At the same time, the company operates in a highly competitive and fast-evolving field, facing rival modalities such as gene therapies and other genetic medicines, as well as pricing and reimbursement pressures common in advanced biologics and rare-disease treatments. Its advantage is strong but must be continually defended through new data, new indications, and ongoing innovation.

Innovation and R&D

Innovation and R&D The business model is built around heavy, sustained investment in innovation. Alnylam’s RNAi platform allows it to design drugs that silence specific disease-causing genes, giving it a versatile toolkit to address previously “undruggable” targets. The company is expanding beyond liver-focused drugs into the central nervous system and potentially other tissues, which could significantly widen its addressable market if the science translates into safe and effective medicines. Late- and mid-stage programs—such as a potentially infrequent-dosing treatment for hypertension in partnership with Roche and an early-stage effort in Alzheimer’s with Regeneron—illustrate both the scale of ambition and the associated clinical and regulatory risks. High R&D spending is the main reason for ongoing losses, but it is also the key driver of future value if pivotal trials and label expansions succeed.

Summary

Alnylam is transitioning from a purely development-stage biotech into a more mature commercial company, with strong revenue growth and a growing portfolio of approved RNAi therapies. Financially, it remains loss-making but is showing clear improvement in operating performance and cash use, edging closer to self-funding operations. The balance sheet has solid cash and significant assets, but a higher debt load and a thin equity base highlight the importance of continued execution. Strategically, the company’s leadership in RNA interference, extensive patent protection, specialized delivery technologies, and high-profile partnerships support a strong competitive position. The central question for the next phase is whether Alnylam can convert its scientific edge and pipeline—especially in larger indications like hypertension and neurological diseases—into sustainable, profitable growth while managing the inherent risks of biotech development and reimbursement dynamics.

NEWS

November 8, 2025 · 4:57 PM UTC

New Post Hoc Analysis from the HELIOS-B Phase 3 Study Shows Vutrisiran Improved Measures of Heart Structure and Function in Patients with ATTR-CM

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October 30, 2025 · 8:00 AM UTC

Alnylam Pharmaceuticals Reports Third Quarter 2025 Financial Results and Highlights Recent Period Progress

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October 16, 2025 · 8:00 AM UTC

Alnylam to Webcast Conference Call Discussing Third Quarter 2025 Financial Results

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October 1, 2025 · 7:30 AM UTC

Alnylam Announces First Patient Dosed in ZENITH Global Phase 3 Cardiovascular Outcomes Trial of Zilebesiran

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September 28, 2025 · 11:13 AM UTC

New Data from HELIOS-B Phase 3 Study Demonstrate Lower Rates of Gastrointestinal Events in ATTR-CM Patients Treated with Vutrisiran

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