Investment Thesis
Alnylam demonstrates exceptional financial momentum with 65.2% revenue growth, transformative profitability improvements (net income +212.8% YoY), and strong cash generation (FCF of $465.4M). The company exhibits solid financial health with a current ratio of 2.76x, manageable leverage at 0.86x debt-to-equity, and robust interest coverage of 14.2x, positioning it well for sustained growth and operational flexibility.
ALNY Strengths
- Explosive revenue growth of 65.2% YoY indicating strong market traction and demand for pipeline products
- Outstanding earnings leverage with net income up 212.8% YoY and net margin of 8.4%, demonstrating significant operational leverage
- Healthy balance sheet with $1.7B cash, current ratio of 2.76x, and manageable debt-to-equity ratio of 0.86x
- Strong free cash flow generation of $465.4M with 12.5% FCF margin supporting dividend potential and R&D investments
- Superior liquidity metrics with quick ratio of 2.71x indicating ability to meet short-term obligations
- Exceptional ROE of 39.8% reflecting highly efficient capital deployment
ALNY Risks
- Heavy reliance on pharmaceutical revenue with limited gross margin visibility in disclosed data
- Significant insider activity (27 Form 4 filings in 90 days) warrants monitoring for potential concern signals
- Operating margin of 13.5% compressed relative to net margin of 8.4% suggests elevated non-operating expenses or tax burden
- Long-term debt of $677.7M requires ongoing servicing despite strong cash flow generation
- Pharmaceutical sector exposure to regulatory changes, patent cliffs, and competitive pressures
Key Metrics to Watch
- Revenue growth sustainability and pipeline approval status
- Gross margin trends and product mix evolution
- Free cash flow consistency and cash conversion rate
- Debt reduction trajectory and leverage ratios
- Operating expense management and margin expansion potential
- R&D spending efficiency and pipeline advancement
ALNY Financial Metrics
ALNY Profitability Ratios
ALNY Balance Sheet & Liquidity
ALNY 5-Year Financial Trend
5-Year Trend Summary: ALNYLAM PHARMACEUTICALS, INC.'s revenue has grown significantly by 1,590% over the 5-year period, indicating strong business expansion. The most recent EPS of $-3.52 indicates the company is currently unprofitable.
ALNY Growth Metrics (YoY)
ALNY Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $500.9M | -$16.9M | $-0.87 |
| Q2 2025 | $659.8M | -$16.9M | $-0.13 |
| Q1 2025 | $494.3M | -$57.5M | $-0.44 |
| Q3 2024 | $500.9M | -$16.9M | $-0.87 |
| Q2 2024 | $318.8M | -$16.9M | $-0.13 |
| Q1 2024 | $319.3M | -$65.9M | $-0.52 |
| Q3 2023 | $264.3M | $147.8M | $1.15 |
| Q2 2023 | $224.8M | -$174.1M | $-2.21 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ALNY Capital Allocation
ALNY SEC Filings
Access official SEC EDGAR filings for ALNYLAM PHARMACEUTICALS, INC. (CIK: 0001178670)