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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 sales missing estimates despite strong revenue growth. The company's Q4 earnings beat, with $1.25 per share, exceeding the Zacks Consensus Estimate of $1.16 per share. However, booming Amvuttra demand failed to lift shares. Institutional investors, such as Merit Financial Group LLC, increased their holdings, while others, like Principal Financial Group Inc., reduced their positions. Analysts' evaluations and key metrics indicate a mixed outlook.

1.c. Company Highlights

2. Alnylam Pharmaceuticals' Q4 2025 Earnings: Strong Growth and Future Prospects

Alnylam Pharmaceuticals reported a robust Q4 2025, with combined net product revenues reaching $995 million, representing a 121% year-over-year growth and 17% growth versus the prior quarter. The company's full-year 2025 revenues were nearly $3 billion, driven primarily by the strong performance of its TTR franchise, which grew 151% year over year. The actual EPS came out at $0.82, missing estimates of $1.16. The company's non-GAAP operating income for the full year 2025 was $850 million, a significant increase from the previous year.

Publication Date: Feb -13

📋 Highlights
  • Revenue Growth:: 2025 net product revenues reached $3 billion, up 81% YoY, with Q4 revenues of $995 million, reflecting 121% YoY growth.
  • TTR Franchise Expansion:: TTR revenue grew 151% YoY in 2025, driven by Amvuttra's launch for ATTR cardiomyopathy, with U.S. TTR growth at 222% YoY in Q4.
  • Profitability Milestone:: Achieved full-year 2025 non-GAAP operating income of $850 million (up $755 million YoY) and reported GAAP/Non-GAAP net income for the first time.
  • 2030 Strategic Goals:: Aims to double net product revenues to $6–7 billion by 2030, targeting mid-40s operating margins and two+ transformative medicines beyond TTR.

Revenue Growth Drivers

The TTR franchise was the primary driver of Alnylam's revenue growth, with an 18% increase versus the prior quarter and 151% growth year over year. The U.S. market was a significant contributor, with net revenues for the TTR franchise growing 20% compared to Q3 2025. The company's guidance for 2026 suggests continued growth, with combined net product revenues expected to range from $4.9 billion to $5.3 billion, representing a 71% increase over 2025.

Pipeline Progress and Future Opportunities

Alnylam is making significant progress in its pipeline, with three Phase 3 studies initiated in 2025, including the ZENITH study for zalesiran, TRITON-CM for nuceresiran in ATTR cardiomyopathy, and TRITON-PN for nuceresiran in hereditary ATTR polyneuropathy. The company's R&D efforts are focused on delivering transformative medicines beyond TTR, with a potential best-in-class profile expected for nuceresiran. As noted by Jeffrey V. Poulton, the company is confident in its 2026 guidance, driven by improved first-line access and strengthening physician and patient preference.

Valuation and Growth Expectations

Analysts estimate Alnylam's revenue growth at 27.3% for the next year. With a current P/S Ratio of 12.7 and EV/EBITDA of 225.35, the market is pricing in significant growth expectations. The company's ROE is 26.13%, indicating a strong return on equity. However, the ROIC is -10.44%, suggesting that the company's investments are not yet generating returns. As Alnylam continues to execute on its pipeline and commercial strategy, investors will be watching to see if the company can deliver on its ambitious growth plans.

3. NewsRoom

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Alnylam to Webcast Presentation at TD Cowen 46th Annual Health Care Conference

15:00

Source: businesswire.com

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Alnylam Pharmaceuticals, Inc. $ALNY Shares Bought by Lansforsakringar Fondforvaltning AB publ

11:05

Source: defenseworld.net

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Drug-Delivery Breakthroughs, Cross-Indication Research Accelerate New Momentum in CNS and Oncology Development

Feb -19

Source: globenewswire.com

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Alnylam Pharmaceuticals, Inc. $ALNY Shares Purchased by Merit Financial Group LLC

Feb -18

Source: defenseworld.net

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Alnylam Pharmaceuticals, Inc. $ALNY Shares Sold by Skandinaviska Enskilda Banken AB publ

Feb -18

Source: defenseworld.net

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Why Alnylam Pharmaceuticals Stock Was Soaring on Monday

Feb -17

Source: fool.com

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Principal Financial Group Inc. Sells 45,114 Shares of Alnylam Pharmaceuticals, Inc. $ALNY

Feb -17

Source: defenseworld.net

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Aberdeen Group plc Sells 61,228 Shares of Alnylam Pharmaceuticals, Inc. $ALNY

Feb -16

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: 3.0

1-Year Total Return ->

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Krystal Biotech

A-Score: 5.1/10

Value: 0.8

Growth: 9.8

Quality: 8.9

Yield: 0.0

Momentum: 7.0

Volatility: 4.3

1-Year Total Return ->

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IDEAYA Biosciences

A-Score: 4.6/10

Value: 6.7

Growth: 2.9

Quality: 5.1

Yield: 0.0

Momentum: 9.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Alnylam Pharmaceuticals

A-Score: 4.5/10

Value: 0.0

Growth: 7.8

Quality: 4.7

Yield: 0.0

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
Insmed

A-Score: 4.4/10

Value: 6.0

Growth: 3.3

Quality: 4.0

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Bio-Techne

A-Score: 3.5/10

Value: 0.9

Growth: 4.2

Quality: 6.3

Yield: 1.0

Momentum: 3.5

Volatility: 5.3

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

329.35$

Current Price

329.35$

Potential

-0.00%

Expected Cash-Flows