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Alnylam Pharmaceuticals, Inc.
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NASDAQ: ALNY Healthcare Pharma 🔎 Screen
Nasdaq 100
🏹 Trader: 📊 High Volume View all →
$22.4B
Market Cap
76.7
P/E
—
PEG
16.9%
ROCE
42.1%
ROE
0.83
D/E
19.5%
OPM
-66.6%
% from 52W High
11
α RS
🔍 ALNY is showing a multi-screen setup because it matches 7 of 39 tracked screener presets and Sector RRG has Health Care in the Leading quadrant with the trail still weakening further. The main caution: the Price Pessimism preset's Backtest win rate is only 48%. Net: Mixed signal stack, not a recommendation. ? Conviction RRG Backtest
Sources
Conviction 7/39 · Health Care in Leading quadrant · Backtest win rate 48%
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🌏 Global Investor Returns
Currency-adjusted total returns for ALNY including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
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About

Alnylam Pharmaceuticals, Inc. discovers, develops, manufactures, and commercializes therapeutics based on ribonucleic acid interference in the United States, Europe, and internationally. The company offers ONPATTRO for hereditary transthyretin-mediated (hATTR) amyloidosis; AMVUTTRA for ATTR and hATTR amyloidosis; Leqvio for hypercholesterolemia; Qfitlia for hemophilia A or B; GIVLAARI for acute hepatic porphyria; and OXLUMO for primary hyperoxaluria type 1. It also develops a range of products in Phase 3 trial, such as Nucresiran for ATTR amyloidosis; Zilebesiran for hypertension; Cemdisiran for myasthenia gravis, paroxysmal nocturnal hemoglobinuria, and geographic atrophy; and Elebsiran for hepatitis D virus infections. In addition, the company is developing various products in Phase 2 trial, including Rapirosiran for metabolic dysfunction-associated steatohepatitis; ALN-ANG3 for diabetic kidney disease; ALN-4324 for type 2 diabetes mellitus; Mivelsiran for cerebral amyloid angiopathy, as well as in Phase 1 trial for Alzheimer’s disease; and ALN-6400 for bleeding disorders. Further, it develops a range of products in Phase 1 trial, such as ALN-2232 for obesity and weight management; ALN-PNP for non-alcoholic fatty liver disease; ALN-APOC3 for dyslipidemia; ALN-CIDEB for metabolic dysfunction-associated steatohepatitis; ALN-HTT02 for Huntington’s disease; ALN-5288 for Alzheimer’s disease; ALN-SOD for SOD1 amyotrophic lateral sclerosis; ALN-SNCA for Parkinson’s disease; AG-236 for polycythemia vera; ALN-CFB for paroxysmal nocturnal hemoglobinuria; ALN-BCAT for hepatocellular carcinoma; and ALN-4285, ALN-4915, and ALN-F1202 for healthy volunteers. The company has collaborations with Regeneron Pharmaceuticals, Inc.; Roche Holding AG; Sanofi S.A.; Novartis AG; PeptiDream, Inc; Dicerna Pharmaceuticals, Inc.; and Ionis Pharmaceuticals, Inc. Alnylam Pharmaceuticals, Inc. was founded in 2002 and is headquartered in Cambridge, Massachusetts.

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Mixed quarter Investor Presentation One-Pager? Q2 2026
Global Net Product Revenue
$1.172B
+74% YoY
Total TTR Revenue
$1.030B
+89% YoY
Gross Margin (Product Sales)
75%
-4pp YoY
Non-GAAP Operating Income
$318M
more than triple YoY
What Went Right
  • AMVUTTRA revenues exceeded $1B in a single quarter for the first time, at $1.012B.
  • U.S. TTR demand rose $129M in Q2, more than double the Q1 demand increase.
  • First-line patients now drive ~80% of category growth, with AMVUTTRA representing >50% of new starts among experienced prescribers.
What to Watch
  • Full-year 2026 TTR net revenue guidance was cut by $200M at the midpoint to $4.2-4.5B due to normalization of second-line demand after pent-up demand.
  • Q2 U.S. TTR revenue was held back by ~$21M of inventory changes and modest net price erosion.
  • CARDIO-TTRansform failure raises external questions about silencer-on-stabilizer benefit, though management maintains confidence in TRITON-CM.
Management Guidance
  • No explicit Q3 2026 guidance provided; FY26 total net product revenues revised to $4.7-5.1B.
  • FY26 TTR net product revenues revised to $4.2-4.5B, down from $4.4-4.7B.
  • FY26 collaboration and royalty revenues raised to $575-625M; remaining non-GAAP guidance unchanged.
Investor Lens
The quarter's headline growth was exceptional, but the guide-down reveals a softer second-line demand baseline after pent-up demand cleared. Management's confidence now rests on a real shift to first-line starts, a broadening prescriber base, and a more favorable competitive landscape — eplontersen's failure and tafamidis LOE delayed to 2031. Near-term estimates need to reset, but the long-term TTR leadership thesis looks intact if first-line momentum continues.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Strong Q2 growth overshadowed by $200M guidance cut—execution still solid.
Revenue
Global net product revenues were $1.172B, up 74% YoY, with TTR revenues of $1.030B (+89% YoY) crossing $1B for the first time. U.S. TTR grew 15% QoQ and international TTR grew 7% QoQ, with U.S. demand up $129M in the quarter.
Profitability
Non-GAAP operating income was $318M, more than triple the prior-year level. Net income was not disclosed on the call.
Margins
Reported product gross margin was 75%, down 4pp YoY due to higher royalties payable to Sanofi on AMVUTTRA. Non-GAAP R&D rose 38% to $377M and SG&A rose 14% to $297M, reflecting launch and pipeline investment.
Balance Sheet
Cash, equivalents and marketable securities increased to $3.3B at June 30, 2026, from $2.9B at year-end 2025, driven primarily by operating performance. No debt or CapEx figures were discussed.
Key Risks
Management flagged normalized second-line demand after pent-up demand was satisfied, driving the $200M guidance cut. Q2 also included ~$21M of inventory headwind and modest net price erosion, while the CARDIO-TTRansform failure raises external questions about stabilizer combination benefit.
Outlook
Full-year 2026 total net product revenue guidance was revised to $4.7-5.1B and TTR revenue to $4.2-4.5B, implying continued quarter-over-quarter growth similar to Q2. Collaboration and royalty guidance was raised to $575-625M, and management expects modest U.S. net price declines to persist.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Q2 net product revenues surged 74% year-over-year to $1.2 billion, led by AMVUTTRA’s strong first-line growth and robust U.S. and international demand. 2026 revenue guidance was revised down by $200 million due to normalized second-line demand, but long-term growth targets remain intact, supported by favorable market dynamics and pipeline progress.
Q1 2026 Q1 2026 2026-04-30
Q1 2026 saw record net product revenues exceeding $1 billion, driven by robust TTR franchise growth and strong rare disease performance. The company reiterated full-year guidance, advanced its pipeline, and maintained high gross margins despite royalty headwinds.
Q4 2025 Q4 2025 2026-02-12
Blockbuster AMVUTTRA launch drove 81% revenue growth and GAAP profitability in 2025, with strong TTR and rare disease franchise momentum. 2026 guidance projects 71% revenue growth, continued pipeline expansion, and disciplined investment, while pricing and competitive dynamics are factored into outlook.
Q3 2025 Q3 2025 2025-10-30
Q3 2025 saw 103% year-over-year revenue growth, driven by the U.S. AMVUTTRA® ATTR-CM launch and robust TTR franchise performance. Guidance for 2025 was raised, with ex-U.S. expansion expected in 2026 and continued pipeline advancement in RNAi therapeutics.
Q2 2025 Q2 2025 2025-07-31
Q2 net product revenues surged 64% year-over-year to $672 million, driven by the U.S. AMVUTTRA launch for ATTR-CM and robust TTR franchise growth. 2025 revenue guidance was raised by 27% at the midpoint, reflecting strong demand and expanding international launches.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
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