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1. Company Snapshot

1.a. Company Description

Alnylam Pharmaceuticals, Inc., a biopharmaceutical company, focuses on discovering, developing, and commercializing novel therapeutics based on ribonucleic acid interference.The company's pipeline of investigational RNAi therapeutics focuses on genetic medicines, cardio-metabolic diseases, hepatic infectious diseases, and central nervous system (CNS)/ocular diseases.Its marketed products include ONPATTRO (patisiran), a lipid complex injection for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; GIVLAARI for the treatment of adults with acute hepatic porphyria (AHP); and OXLUMO (lumasiran) for the treatment of primary hyperoxaluria type 1 (PH1).


In addition, the company is developing givosiran for the treatment of adolescent patients with AHP; patisiran for the treatment of transthyretin amyloidosis, or ATTR amyloidosis, with cardiomyopathy; cemdisiran to treat complement-mediated diseases; ALN-AAT02 for the treatment of AAT deficiency-associated liver disease; ALN-HBV02 to treat chronic HBV infection; Zilebesiran to treat hypertension; and ALN-HSD to treat NASH.Further, it offers Fitusiran for the treatment of hemophilia and rare bleeding disorders, Inclisiran to treat hypercholesterolemia, lumasiran for the treatment of advanced PH1 and recurrent renal stones, and vutrisiran for the treatment of ATTR amyloidosis, which is in phase 3 clinical trial.Alnylam Pharmaceuticals, Inc.


has strategic collaborations with Regeneron Pharmaceuticals, Inc.to discover, develop, and commercialize RNAi therapeutics for a range of diseases by addressing therapeutic targets expressed in the eye and CNS; and Sanofi Genzyme to discover, develop, and commercialize RNAi therapeutics.It also has license and collaboration agreements with Novartis AG; Vir Biotechnology, Inc.; Dicerna Pharmaceuticals, Inc.; Ionis Pharmaceuticals, Inc.; and PeptiDream, Inc.


The company was founded in 2002 and is headquartered in Cambridge, Massachusetts.

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1.b. Last Insights on ALNY

Alnylam Pharmaceuticals' recent performance was negatively impacted by a reduction in stake by Yousif Capital Management LLC, which lessened its position in the company's shares by 6.3% during the second quarter. Despite beating earnings estimates with quarterly earnings of $2.9 per share, the company's stock traded lower following its third-quarter earnings report. The firm faced increased scrutiny on its key metrics, with analysts evaluating its performance beyond revenue and EPS. A milestone payment from Roche and booming Amvuttra sales drove the company's Q3 earnings and revenue surge.

1.c. Company Highlights

2. Alnylam Pharmaceuticals' Q3 2025 Earnings: A Strong Performance

Alnylam Pharmaceuticals reported a robust financial performance in Q3 2025, with total product revenues reaching $851 million, representing a 103% growth versus 2024. The company's TTR franchise revenues were $724 million, up 135% year-over-year, driven by the successful launch of AMVUTTRA in the U.S. The gross margin on product sales was 77% for the quarter, compared with 80% in the third quarter of 2024. The company's actual EPS came out at $2.9, significantly beating estimates of $0.561.

Publication Date: Nov -01

📋 Highlights
  • TTR Franchise Revenue Surpasses Expectations:: Generated $724 million in Q3, reflecting 135% year-over-year growth driven by the AMVUTTRA CM U.S. launch.
  • Total Product Revenues Exceed 100% Growth:: Reached $851 million for the quarter, up 103% from 2024, with TTR contributing 85% of total product sales.
  • Collaboration and Royalty Revenue Surge:: Collaboration revenue hit $352 million, while royalty income doubled to $46 million year-over-year.
  • Upgraded 2025 Revenue Guidance:: Raised net product revenue forecast to $2.95–$3.05 billion (from $2.65–$2.8 billion), reflecting 10% midpoint increase.
  • Phase III Pipeline Expansion:: Initiated two pivotal trials—ZENITH (zilebesiran for hypertension) and TRITON-PN (nucresiran for hATTR-PN)—advancing RNAi therapeutics into new therapeutic areas.

Revenue Growth and Guidance

The company's revenue growth was driven by the strong performance of its TTR franchise, with global TTR net revenues reaching $724 million, up 33% versus the prior quarter. Alnylam has increased its total net product revenue guidance for 2025 to a revised range of $2.95 billion to $3.05 billion, representing an increase of $275 million or 10% at the midpoint. Analysts estimate next year's revenue growth at 44.9%, indicating a strong outlook for the company.

Valuation Metrics

Alnylam's current valuation metrics indicate a high growth expectation. The company's P/S Ratio is 18.62, and the EV/EBITDA ratio is 231.57, suggesting that the market is pricing in significant future growth. The ROE is 26.13%, indicating a strong return on equity. However, the ROIC is -4.8%, suggesting that the company's investments are not yet generating returns. The current P/E Ratio is 1375.99, which is extremely high, indicating that the stock may be overvalued.

Pipeline Progress and Future Prospects

Alnylam is making significant progress with its pipeline, including the initiation of two new Phase III trials: the ZENITH Phase III cardiovascular outcomes trial of zilebesiran in hypertension and the TRITON-PN study of nucresiran in hATTR-PN. The company is also advancing its zilebesiran program in hypertension, which represents a significant opportunity to address major shortcomings of existing antihypertensive therapies. As Tolga Tanguler noted, "We're exceptionally well positioned within the expected category growth. We are well differentiated in terms of our mechanism, and we are continuing to invest in the category."

Conclusion on Financial Health

The company's financial health is strong, with $2.7 billion in cash, cash equivalents, and marketable securities. Alnylam has raised $600 million via new convertible notes and entered a $500 million revolving credit facility, providing significant financial flexibility. The company's non-GAAP operating income was $476 million, a $507 million increase from last year, driven by strong top-line results and revenue from collaborations.

3. NewsRoom

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Alnylam Pharmaceuticals Announces Changes to Board of Directors

Dec -03

Source: businesswire.com

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These Stocks Could Join the S&P 500 in Rebalancing

Dec -01

Source:

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American Century Ultra Fund Q3 2025 Contributors/Detractors And Notable Trades

Nov -30

Source: seekingalpha.com

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What's Going On With Alnylam Stock On Friday?

Nov -28

Source: benzinga.com

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Virtus Silvant Mid-Cap Growth Fund Q3 2025 Performance Review

Nov -26

Source: seekingalpha.com

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S&P 500 Retailer Leads Five Resilient Stocks After Nvidia-Led Market Sell-Off

Nov -22

Source: investors.com

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UK's drug-cost watchdog recommends Alnylam's heart disease drug

Nov -21

Source: reuters.com

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Catalyst Funds Management Pty Ltd Lowers Stock Holdings in Alnylam Pharmaceuticals, Inc. $ALNY

Nov -20

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.40%)

6. Segments

Discovery, Development and Commercialization of Rnai Therapeutics

Expected Growth: 15.4%

Alnylam Pharmaceuticals' RNAi therapeutics market growth is driven by the treatment of rare genetic diseases, increasing awareness of RNAi technology, and strategic collaborations, leading to a significant market share.

7. Detailed Products

ONPATTRO

A RNAi therapeutic for the treatment of hereditary transthyretin-mediated amyloidosis (hATTR amyloidosis)

GIVLAARI

A RNAi therapeutic for the treatment of acute hepatic porphyria (AHP)

OXLUMO

A RNAi therapeutic for the treatment of primary hyperoxaluria type 1 (PH1)

Leqvio

A RNAi therapeutic for the treatment of high cholesterol

8. Alnylam Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Alnylam Pharmaceuticals, Inc. has a low threat of substitutes due to its unique RNA interference (RNAi) technology, which provides a competitive advantage in the market.

Bargaining Power Of Customers

Alnylam Pharmaceuticals, Inc. has a medium bargaining power of customers due to the presence of a few large pharmaceutical companies and research institutions that purchase its products.

Bargaining Power Of Suppliers

Alnylam Pharmaceuticals, Inc. has a low bargaining power of suppliers due to its ability to manufacture its own products and reduce dependence on external suppliers.

Threat Of New Entrants

Alnylam Pharmaceuticals, Inc. has a high threat of new entrants due to the growing interest in RNAi technology and the potential for new companies to enter the market.

Intensity Of Rivalry

Alnylam Pharmaceuticals, Inc. operates in a moderately competitive market with a few established players, resulting in a medium intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 109.94%
Debt Cost 4.45%
Equity Weight -9.94%
Equity Cost 5.98%
WACC 4.30%
Leverage -1105.64%

11. Quality Control: Alnylam Pharmaceuticals, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
BridgeBio Pharma

A-Score: 5.3/10

Value: 8.0

Growth: 5.1

Quality: 5.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

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Krystal Biotech

A-Score: 4.8/10

Value: 1.2

Growth: 9.7

Quality: 9.1

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

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Alnylam Pharmaceuticals

A-Score: 4.6/10

Value: 0.0

Growth: 7.8

Quality: 5.2

Yield: 0.0

Momentum: 9.5

Volatility: 5.3

1-Year Total Return ->

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Insmed

A-Score: 4.3/10

Value: 6.0

Growth: 3.3

Quality: 4.1

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

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Bio-Techne

A-Score: 3.2/10

Value: 0.9

Growth: 4.2

Quality: 6.3

Yield: 0.0

Momentum: 2.5

Volatility: 5.3

1-Year Total Return ->

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IDEAYA Biosciences

A-Score: 3.2/10

Value: 6.6

Growth: 2.9

Quality: 5.1

Yield: 0.0

Momentum: 1.5

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

458.12$

Current Price

458.12$

Potential

-0.00%

Expected Cash-Flows