Alnylam Pharmaceuticals

ALNY · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

ALNY · Last close · November 6, 2026

$155.94

Alnylam Pharmaceuticals' revenue rose 65.2% to $3.7 billion in fiscal 2025. Its operating margin was 13.5%, up from −7.9% a year earlier. Free cash flow was $465 million. The diluted share count rose 5.5%.

ALNYLAM PHARMACEUTICALS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001628280-26-007497 Updated November 5, 2026

Revenue

$3.7B

65.2%

Operating margin

13.5%

21.4 pts

Net income

$314M

Free cash flow

$465M

Return on equity

73.3%

Market cap

$21.0B

Nov 6 close

P/E

66.9x

On $2.33 EPS, FY25

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Alnylam Pharmaceuticals does

Alnylam is a drug company that develops medicines based on RNA interference, or RNAi. RNAi is a natural process in cells that switches off the instructions for making a particular protein. Alnylam designs short pieces of RNA that do this for proteins tied to disease, aiming to stop the problem before the protein is made.

It has six approved RNAi medicines: Amvuttra, Onpattro, Givlaari, Oxlumo, Leqvio and Qfitlia. Two of the six are sold by partners rather than by Alnylam. Amvuttra is approved in the United States, Europe, Japan and other countries for a nerve disease caused by a faulty protein called transthyretin (ATTR amyloidosis), and in the United States since March 2025 for the heart form of that disease. Alnylam earns money from product sales, and from royalties on Leqvio, which Novartis sells.

The company has more than 20 clinical programs, including several in late-stage development. It is working on delivery to the liver, the brain and spinal cord, the eye, the heart and other tissues. At the end of 2025 it had about 2,500 full-time employees.

Its biggest risks, as it describes them

Failing to sustain and grow sales of Amvuttra, its largest product.
Launches of its approved products selling less than expected.
A history of losses and the chance it may not stay profitable.
A need for large amounts of money to fund research and sales, which could force it to cut back.
Negative developments for Leqvio, which would reduce the royalties it receives.

From Alnylam Pharmaceuticals's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,369	2,164	2,428	2,686	2,908
Debt incl. finance leases	0	1,017	1,021	1,025	1,008
Net debt (negative means net cash)	−2,369	−1,147	−1,407	−1,662	−1,901
Net debt to EBITDA	—	—	—	—	−3.4x
Debt to equity	0.0x	—	—	—	1.3x
Interest coverage	−5.0x	−5.0x	−2.3x	−1.2x	2.0x
Current ratio	4.0x	3.5x	3.1x	2.8x	2.8x
Quick ratio	3.9x	3.3x	3.0x	2.7x	2.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Alnylam Pharmaceuticals' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Alnylam Pharmaceuticals' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Alnylam Pharmaceuticals shares on the open market, and 7 insiders sold $40.4 million, $26.6 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 1, 2026	David E I PyottDirector	Sold plan	3,830	$299.18	$1.1 million	Form 4
Apr 6, 2026	Melissa McLaughlinChief Human Resources Officer	Sold plan	2,286	$330.42	$755,329	Form 4
Apr 2, 2026	Melissa McLaughlinChief Human Resources Officer	Sold plan	1,624	$319.59	$519,014	Form 4
Mar 5, 2026	Pushkal GargEVP Chief R&D	Sold plan	2,404	$323.96	$778,812	Form 4
Mar 5, 2026	Kevin Joseph FitzgeraldCSO & EVP, Head of Research	Sold plan	658	$323.98	$213,177	Form 4
Mar 4, 2026	Yvonne GreenstreetChief Executive Officer, Director	Sold	2,933	$323.08	$947,581	Form 4
Mar 4, 2026	Jeffrey V. PoultonEVP, Chief Financial Officer	Sold	2,468	$323.08	$797,351	Form 4
Mar 4, 2026	Tolga TangulerEVP, Chief Commercial Officer	Sold	2,309	$323.08	$745,984	Form 4
Mar 4, 2026	Kevin Joseph FitzgeraldCSO & EVP, Head of Research	Sold plan	633	$323.08	$204,508	Form 4
Mar 3, 2026	Pushkal GargEVP Chief R&D	Sold plan	1,775	$319.74	$567,546	Form 4
Mar 3, 2026	Kevin Joseph FitzgeraldCSO & EVP, Head of Research	Sold plan	1,652	$319.73	$528,189	Form 4
Mar 2, 2026	Yvonne GreenstreetChief Executive Officer, Director	Sold	6,799	$327.65	$2.2 million	Form 4

The latest 12 of 28 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	5 of 9	6 of 9
Rule of 40	78.5%	21.1%	77.7%
Altman Z''	−3.07	−2.60	−0.11
Accruals ratio	−14.8%	−6.7%	−4.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Fail	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	5 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Alnylam Pharmaceuticals side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Alnylam Pharmaceuticals	FY25	65.2%	13.5%	12.5%	—	−3.4x	6
Perrigo	FY25	−2.8%	−26.4%	3.4%	−13.2%	—	4	Compare
Jazz Pharmaceuticals	FY25	4.9%	−10.1%	30.4%	−4.2%	—	4	Compare
Amneal Pharmaceuticals	FY25	8.1%	13.1%	8.9%	16.1%	3.8x	7	Compare
Elanco	FY25	6.2%	—	6.0%	−0.1%	5.2x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	47	90	75	220	493	844	1,037	1,828	2,248	3,714
Revenue growth	—	90.7%	−16.7%	193.4%	124.3%	71.3%	22.9%	76.2%	23.0%	65.2%
Gross profit	—	90	73	195	419	729	897	1,560	1,942	3,037
Research and development	382	391	505	655	655	792	883	1,004	1,126	1,320
Operating income	−425	−500	−815	−939	−828	−709	−785	−282	−177	502
Net income	−410	−491	−762	−886	−858	−853	−1,131	−440	−278	314
Diluted EPS (US$)	−4.79	−5.42	−7.57	−8.11	−7.46	−7.20	−9.30	−3.52	−2.18	2.33
Diluted shares (millions)	86	91	101	109	115	118	122	125	128	135
Cash flow
Cash from operations	−308	−383	−563	−278	−615	−642	−541	104	−8	524
Capital expenditure	65	104	127	140	70	76	72	62	34	59
Free cash flow	−372	−487	−690	−419	−685	−718	−613	42	−43	465
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	76	93	158	175	140	166	231	222	272	348
Balance sheet at fiscal year end
Cash and short-term investments	618	1,691	1,083	1,522	1,830	2,369	2,164	2,428	2,686	2,908
Debt incl. finance leases	—	—	—	—	—	0	1,017	1,021	1,025	1,008
Total assets	1,263	1,995	1,575	2,395	3,407	3,643	3,546	3,830	4,240	4,966
Total liabilities	343	228	273	956	2,391	3,055	3,705	4,050	4,173	4,177
Shareholders' equity	920	1,766	1,302	1,439	1,016	588	−158	−221	67	789
Margins and ratios
Gross margin	—	100.0%	97.6%	88.6%	85.0%	86.4%	86.5%	85.3%	86.4%	81.8%
Operating margin	−900.3%	−556.2%	−1,087.6%	−427.5%	−168.1%	−83.9%	−75.7%	−15.4%	−7.9%	13.5%
Net margin	−869.6%	−546.0%	−1,016.6%	−403.2%	−174.2%	−101.0%	−109.0%	−24.1%	−12.4%	8.4%
Free cash flow margin	−789.4%	−541.6%	−920.5%	−190.5%	−139.1%	−85.0%	−59.1%	2.3%	−1.9%	12.5%
Rule of 40 (growth + FCF margin)	—	−451.0%	−937.1%	2.9%	−14.8%	−13.7%	−36.2%	78.5%	21.1%	77.7%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−37.5%	−36.5%	−49.6%	−64.7%	−69.9%	−106.3%	−526.1%	—	—	73.3%
Return on assets	−31.0%	−30.1%	−42.7%	−44.6%	−29.6%	−24.2%	−31.5%	−11.9%	−6.9%	6.8%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	−3.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Alnylam Pharmaceuticals' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Alnylam Pharmaceuticals.