Alnylam Pharmaceuticals, Inc. (ALNY)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$4.8B

Revenue growth

95.1%

Net income, last twelve months

$808.0M

Earnings per share

$5.38

Gross margin

79.8%

Operating margin

20.8%

Net margin

16.8%

Free cash flow

$793.9M

Return on equity

59.7%

Market value

$31.1B

Price to earnings

43.2x

Cash

$1.7B

Debt

$1.0B

Debt to equity

0.75

Shares outstanding

133.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 29 October 2026.

• Net product revenues rose 52 percent. Net product revenues were $1,292 million against $851 million, with TTR at $1,150 million and Rare at $142 million.
• Operating income lower than prior year. Total revenues were $1,458 million, up 17%. GAAP income from operations was $346 million, down 6%, and non-GAAP operating income was $425 million, down 11%.
• Diluted EPS higher than last year. GAAP diluted EPS was $15.72 against $2.14. Non-GAAP diluted EPS was $16.26 against $3.19, on 138.0 million weighted-average diluted shares.
• GAAP net income well above prior year. GAAP net income was $2,167 million against $293 million. Non-GAAP net income was $2,242 million against $438 million.
• AMVUTTRA drove TTR growth. AMVUTTRA reached $1,130 million, up 65% (66% at constant exchange rates). ONPATTRO fell to $20 million from $39 million, down 50%.
• U.S. TTR revenue bridge from Q2. U.S. TTR revenue rose $99 million on the quarter: demand added $81 million, an inventory benefit $17 million, and net price a modest increase, with about $10 million from gross-to-net adjustments.
• International TTR growth from launches. International TTR revenue rose $20 million from Q2, mainly from ATTR-CM launches in Japan, Germany and Italy and the timing of partner-market orders.
• HELIOS-B subgroup analysis at ESC. A late-breaking HELIOS-B subgroup analysis, also published in JACC, showed benefit on mortality and recurrent cardiovascular events with or without tafamidis at baseline.
• Rare products grew 12 percent. GIVLAARI reached $89 million, up 21%, and OXLUMO $53 million, down 1%. Total Rare net product revenues were $142 million.
• GIVLAARI patient growth noted. Total net product growth included more patients on GIVLAARI, partly offset by fewer patients on ONPATTRO.
• Collaboration revenue down on Roche milestone. Collaboration revenue was $71 million against $352 million. The prior-year quarter included a Roche milestone tied to dosing the first ZENITH patient.
• Leqvio royalties increased. Royalty revenue was $95 million against $46 million, driven by higher volume and rate of royalties on Novartis's global Leqvio sales.
• Cost of goods sold ratio rose. Cost of goods sold was 28.0% of net product revenues against 23.2%, reflecting higher AMVUTTRA sales and a higher blended royalty rate payable on AMVUTTRA.
• R&D expense up on pipeline trials. GAAP R&D was $409 million, up 14%, and non-GAAP R&D was $376 million, up 21%, mainly from zilebesiran, nucresiran and preclinical programs.

Company events

The newest 8-K filings of 272 held.

Every filing

The newest filings with the SEC of 536 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

875 funds held it at 30 Jun 2026: 387 added and 281 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Alnylam Pharmaceuticals is a global commercial-stage biopharmaceutical company that develops medicines based on ribonucleic acid interference, or RNAi. It was founded in 2002. The company has six marketed products: AMVUTTRA (vutrisiran), ONPATTRO (patisiran), GIVLAARI (givosiran), OXLUMO (lumasiran), Leqvio (inclisiran) and Qfitlia (fitusiran). Two of these, Leqvio and Qfitlia, are commercialized by collaborators. It also has more than 20 clinical programs, including several in late-stage development.

How its medicines work

RNAi is a pathway within cells that silences genes. Alnylam's therapeutics use small interfering RNA, or siRNA, to silence messenger RNA that encodes proteins implicated in disease, so those proteins are not made. Getting the siRNA to the right tissue is the main technical task. For the liver, the company uses either a GalNAc conjugate, which allows subcutaneous dosing, or lipid nanoparticles, which are given intravenously. For the central nervous system and the eye, it uses a hexadecyl (C16) conjugate. It is also working on delivery to the heart, skeletal muscle and adipose tissue. Alnylam has set up six major collaborations, including with the UK BioBank and Our Future Health, to source genetically validated targets and access genetic databases.

What it sells

- AMVUTTRA is given subcutaneously, designed for quarterly dosing. It treats hATTR amyloidosis with polyneuropathy and ATTR amyloidosis with cardiomyopathy. It is approved in the United States, the European Union, the United Kingdom, Japan and other countries. - ONPATTRO is given intravenously and treats the polyneuropathy of hATTR amyloidosis. It uses lipid nanoparticles. - GIVLAARI treats acute hepatic porphyria, which the company estimates affects approximately 3,000 diagnosed patients with active disease in the United States and European Union. - OXLUMO treats primary hyperoxaluria type 1, an ultra-rare genetic disease. - Leqvio lowers LDL cholesterol. It is developed and commercialized by Novartis and is registered in 108 countries, with commercial availability in 89. - Qfitlia is for routine prophylaxis in people aged 12 and older with hemophilia A or B. Sanofi commercializes it.

The company estimates that ATTR amyloidosis with cardiomyopathy affects more than 300,000 people worldwide, and hATTR amyloidosis with polyneuropathy fewer than 30,000.

How partners fit in

- Sanofi holds global rights to Qfitlia. Alnylam receives tiered royalties on its sales. Under a separate license, Alnylam pays Sanofi tiered royalties on global AMVUTTRA sales, running from 15% to 30%, plus royalties on ONPATTRO sales in certain territories. - Novartis holds the PCSK9 license behind Leqvio. - Blackstone acquired 50% of royalties and 75% of commercial milestones on Leqvio. It also funds part of the development of vutrisiran and zilebesiran, and receives a 1% royalty on vutrisiran net sales for ten years. - Roche co-develops zilebesiran. Alnylam bears 40% and Roche 60% of global development costs, and the two share US profits and losses equally. Roche commercializes outside the United States and pays tiered royalties. - Regeneron works with Alnylam on eye and CNS targets and is solely responsible for cemdisiran. - Vir Biotechnology is advancing elebsiran for chronic hepatitis delta.

What is in development

Nucresiran, a next-generation RNAi therapeutic for ATTR amyloidosis, is in Phase 3 trials, TRITON-PN in polyneuropathy and TRITON-CM in cardiomyopathy. Zilebesiran, targeting angiotensinogen for hypertension, is in the Phase 3 ZENITH cardiovascular outcomes trial. Mivelsiran, which targets amyloid precursor protein, is in development for cerebral amyloid angiopathy and Alzheimer's disease, and Alnylam holds full global rights to it. ALN-HTT02 for Huntington's disease is in a Phase 1b trial with Regeneron. ALN-6400, which targets plasminogen, is in a Phase 2 trial in hereditary hemorrhagic telangiectasia. The company says its Alnylam 2030 strategy aims for more than 40 clinical programs and 10 tissue types by the end of 2030.

Who it competes with

Alnylam names three groups of competitors: other RNAi and microRNA companies, antisense developers, and makers of existing drugs for the same diseases. In ATTR amyloidosis these include Ionis and AstraZeneca (WAINUA), Pfizer (VYNDAQEL/VYNDAMAX) and BridgeBio (ATTRUBY). For Leqvio, rivals include Amgen's REPATHA and Sanofi's PRALUENT. For Qfitlia, they include factor replacement products and gene therapy.

Patents and regulation

The company holds patents on siRNA structures, chemical modifications, delivery technologies and its products, and seeks regulatory exclusivities. AMVUTTRA has new chemical entity exclusivity in the United States until 13 June 2027. Its orphan drug exclusivity runs until 13 June 2029 for polyneuropathy and 20 March 2032 for cardiomyopathy. In the European Union its data exclusivity runs until 16 September 2030. In the United States its products are subject to Medicaid, Medicare and 340B pricing programs.

*From Alnylam's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm)*

From the company's 10-K.