# Alnylam Pharmaceuticals (ALNY.US)

Canonical: https://gigainvestors.com/s/ALNY

Analysis as of: 2026-10-16T07:26:24.870Z. Financial observations: FY2004–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $234.03 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 8

- Operating margin variation: 1.42×

Chart: Operating margin; fiscal year observations.

- FY2017: -5.56×

- FY2018: -10.88×

- FY2019: -4.27×

- FY2020: -1.68×

- FY2021: -0.84×

- FY2022: -0.76×

- FY2023: -0.15×

- FY2024: -0.08×

- FY2025: 0.14×

- LTM to Jun 2026: 0.21×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -48.0%

- ROIC, second-lowest year: -359.7%

- Typical minus recent gross margin: 3.1 pp

- Typical gross margin (annual median): 84.9%

- Recent gross margin (lower of latest and 3-year median): 81.8%

- Years with nonpositive capital: 6

- Capital spending / revenue: 11.7%

- ROIC including acquisitions, ten-year median: -372.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -241.1%

- FY2017: -384.1%

- FY2018: -206.3%

- FY2019: -359.7%

- FY2020: -42.6%

- FY2021: -35.3%

- FY2022: -53.4%

- FY2023: -20.6%

- FY2024: -10.3%

- FY2025: 23.6%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$2.4B

- Net income, five-year total: -$2.4B

- Return on incremental invested capital: 63.2%

- Working capital / revenue, annual change: 5.9 pp

- Working capital / revenue, change between three-year averages: 46.6 pp

- Working capital / revenue, final three-year average: 19.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$853M

- FY2022: -$1.1B

- FY2023: -$440M

- FY2024: -$256M

- FY2025: $314M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -241.1% vs -10.3%

- Per-share earnings: -4.79 to -2.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.8%

- Ordinary dilution, 5-year annual growth: 3.2%

- Market cap gain: $49B

- Cumulative retained earnings: -$5.0B

- Diluted shares, 10-year annual growth: 4.8%

- Diluted shares, 5-year annual growth: 3.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $2.61

- Per-share value, starting three-year median: -$4.79

- Per-share value, ending three-year median: -$2.18

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: -$5.8B

- ROIC, first three-year median: -241.1%

- ROIC, last three-year median: -10.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$4.79

- FY2017: -$5.42

- FY2018: -$7.57

- FY2019: -$8.11

- FY2020: -$7.46

- FY2021: -$7.20

- FY2022: -$9.30

- FY2023: -$3.52

- FY2024: -$2.18

- FY2025: $2.33

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 66.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.67×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.75×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.1%

- FY2017: -5.4%

- FY2018: -12.6%

- FY2019: -25.4%

- FY2020: -7.1%

- FY2021: -5.8%

- FY2022: -16.6%

- FY2023: -14.2%

- FY2024: -6.4%

- FY2025: -4.2%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Oct 2025 · "ALNY Stock Tanks 28% as Q2 Earnings Miss Estimates, '26 Sales View Cut" (finance.yahoo.com, Jul 2026) · sales +29.4%

Story as of 2026-10-16T09:58:16.974Z; price observation 2026-10-15.

- 2025-05-02: Alnylam Q1 Earnings Beat Estimates, Product Revenues Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/alnylam-q1-earnings-beat-estimates-145100032.html))

- 2025-07-31: Alnylam jumps on full year revenue guidance raise ([seekingalpha.com](https://seekingalpha.com/news/4475634-alnylam-jumps-on-full-year-revenue-guidance-raise?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-01: ALNY Q2 Earnings Top Estimates on Higher Amvuttra Revenues, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/news/alny-q2-earnings-top-estimates-154900283.html))

- 2026-01-13: Alnylam Pharmaceuticals (ALNY) Is Down 9.0% After Ambitious 2026 Guidance And 2030 Plan Reveal ([finance.yahoo.com](https://finance.yahoo.com/news/alnylam-pharmaceuticals-alny-down-9-233004540.html))

- 2026-07-31: ALNY Stock Tanks 28% as Q2 Earnings Miss Estimates, '26 Sales View Cut ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/alny-stock-tanks-28-q2-152500660.html))

- 2026-08-31: Alnylam's Latest Data Strengthen Outlook for Nucresiran, TRITON-CM, Oppenheimer Says ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/alnylam-apos-latest-data-strengthen-154044834.html))

### Sales · FY2025–2026

sales +29.4%; source https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm; observed 2026-02-12.

- FY2017: $90M 

- FY2018: $75M 

- FY2019: $220M 

- FY2020: $493M 

- FY2021: $844M 

- FY2022: $1.0B 

- FY2023: $1.8B 

- FY2024: $2.2B 

- FY2025: $3.7B 

- FY2026: $4.8B 

### Gross margin · FY2025

gross margin 81.8%; source https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm; observed 2026-02-12.

- FY2018: 97.6% 

- FY2019: 88.6% 

- FY2020: 84.2% 

- FY2021: 83.4% 

- FY2022: 83.7% 

- FY2023: 83.0% 

- FY2024: 85.6% 

- FY2025: 81.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 3.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm (filed 2026-02-12); FY2025: revenue 3713937000; grossProfit 3036771000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALNY.US: 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.

### Why customers stay

Margins ranged from 81.8% to 85.6% during 2023–25; it lost 48% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 83%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 85.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 81.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,-2.4110735490734485],[2017,-3.840585610545656],[2018,-2.063448562204033],[2019,-3.5965093310976823],[2020,-0.42568667573804697],[2021,-0.3530311799444443],[2022,-0.5337293775951464],[2023,-0.20550328510992927],[2024,-0.1025129921005681],[2025,0.23553315055355983]]; median -0.4797080266665967. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 84% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm (filed 2026-02-12); Gross margin observations: [[2021,0.8340090514244564],[2022,0.8372719578800445],[2023,0.8302207743620822]]; range within 2 percentage points.

### Where the cash goes

Spends 1% of cash earnings on expansion; paid no dividends in 10 years.

- Source: https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm (filed 2026-02-12); FY2025: growth capex 3039000; upkeep 55658000; owner earnings 313747000. Growth capex / owner earnings = 0.009686148393450774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALNY.US SharesStats.PercentInsiders = 0.182 percentage points; cache date 2026-10-16.

### What could break it

"If we are unable to sustain and grow revenues from sales of AMVUTTRA" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm (filed 2026-02-12); If we are unable to sustain and grow revenues from sales of AMVUTTRA

### What the price says

The price is 8.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Closing price 234.03 USD; reporting-to-trading FX 1; FY2025 annual sales per share 27.57519081702355; price multiple 8.48697662884427. FY2025 cash earnings/share 2.3295046182174572. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $35.60 per share

- 2016-11: $43.87 per share

- 2016-12: $37.44 per share

- 2017-01: $39.99 per share

- 2017-02: $51.64 per share

- 2017-03: $51.25 per share

- 2017-04: $53.60 per share

- 2017-05: $65.46 per share

- 2017-06: $79.76 per share

- 2017-07: $82.74 per share

- 2017-08: $85.73 per share

- 2017-09: $117.49 per share

- 2017-10: $121.84 per share

- 2017-11: $134.54 per share

- 2017-12: $127.05 per share

- 2018-01: $129.98 per share

- 2018-02: $120.16 per share

- 2018-03: $119.10 per share

- 2018-04: $94.53 per share

- 2018-05: $99.47 per share

- 2018-06: $98.49 per share

- 2018-07: $95.00 per share

- 2018-08: $122.67 per share

- 2018-09: $87.52 per share

- 2018-10: $80.43 per share

- 2018-11: $81.16 per share

- 2018-12: $72.91 per share

- 2019-01: $83.53 per share

- 2019-02: $85.00 per share

- 2019-03: $93.45 per share

- 2019-04: $89.34 per share

- 2019-05: $67.52 per share

- 2019-06: $72.56 per share

- 2019-07: $77.59 per share

- 2019-08: $80.69 per share

- 2019-09: $80.42 per share

- 2019-10: $86.74 per share

- 2019-11: $117.14 per share

- 2019-12: $115.17 per share

- 2020-01: $114.79 per share

- 2020-02: $117.66 per share

- 2020-03: $108.85 per share

- 2020-04: $131.70 per share

- 2020-05: $135.27 per share

- 2020-06: $148.11 per share

- 2020-07: $145.76 per share

- 2020-08: $132.64 per share

- 2020-09: $145.60 per share

- 2020-10: $122.97 per share

- 2020-11: $129.91 per share

- 2020-12: $129.97 per share

- 2021-01: $150.48 per share

- 2021-02: $148.10 per share

- 2021-03: $141.19 per share

- 2021-04: $140.64 per share

- 2021-05: $141.99 per share

- 2021-06: $169.52 per share

- 2021-07: $178.94 per share

- 2021-08: $201.43 per share

- 2021-09: $188.81 per share

- 2021-10: $159.56 per share

- 2021-11: $183.80 per share

- 2021-12: $169.58 per share

- 2022-01: $137.60 per share

- 2022-02: $157.85 per share

- 2022-03: $163.29 per share

- 2022-04: $133.43 per share

- 2022-05: $125.80 per share

- 2022-06: $145.85 per share

- 2022-07: $142.04 per share

- 2022-08: $206.67 per share

- 2022-09: $200.16 per share

- 2022-10: $207.26 per share

- 2022-11: $220.59 per share

- 2022-12: $237.65 per share

- 2023-01: $226.40 per share

- 2023-02: $191.45 per share

- 2023-03: $200.32 per share

- 2023-04: $199.20 per share

- 2023-05: $185.01 per share

- 2023-06: $189.94 per share

- 2023-07: $195.40 per share

- 2023-08: $197.82 per share

- 2023-09: $177.10 per share

- 2023-10: $151.80 per share

- 2023-11: $168.25 per share

- 2023-12: $191.41 per share

- 2024-01: $172.91 per share

- 2024-02: $151.09 per share

- 2024-03: $149.45 per share

- 2024-04: $143.95 per share

- 2024-05: $148.43 per share

- 2024-06: $243.00 per share

- 2024-07: $237.46 per share

- 2024-08: $262.69 per share

- 2024-09: $275.03 per share

- 2024-10: $266.59 per share

- 2024-11: $253.07 per share

- 2024-12: $235.31 per share

- 2025-01: $271.31 per share

- 2025-02: $246.75 per share

- 2025-03: $270.02 per share

- 2025-04: $263.24 per share

- 2025-05: $304.56 per share

- 2025-06: $326.09 per share

- 2025-07: $392.24 per share

- 2025-08: $446.51 per share

- 2025-09: $456.00 per share

- 2025-10: $456.04 per share

- 2025-11: $451.23 per share

- 2025-12: $397.65 per share

- 2026-01: $338.06 per share

- 2026-02: $332.92 per share

- 2026-03: $330.87 per share

- 2026-04: $309.49 per share

- 2026-05: $301.98 per share

- 2026-06: $301.03 per share

- 2026-07: $205.52 per share

- 2026-08: $240.69 per share

- 2026-09: $246.74 per share

- 2026-10: $223.82 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:00.731Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.