Start here if you're new
what it is
Alnylam makes RNAi medicines, which means drugs that silence harmful genes before they make bad proteins.
how it gets paid
Last year Alnylam Pharm made $3.7B in revenue.
why it's growing
Revenue grew 65.2% last year on ~$3.7B. Latest-quarter vs. prior year % can look extreme after launches—anchor on the ~$1.1B Q4 revenue line in coverage below, not a mis-scaled headline.
what just happened
Q4 revenue was about $1.10B (below some forecasts), while EPS still missed consensus—profitability is less smooth than the growth story.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
70.5x trailing p/e — you're paying up for this one
61.5% return on capital — a money-printing machine
xvary composite: 45/100 — below average
What they do
Alnylam makes RNAi medicines, which means drugs that silence harmful genes before they make bad proteins.
Alnylam wins because RNAi therapeutics means gene silencing drugs → medicines that shut off disease-causing instructions → one platform can keep spawning new products. You can see the payoff in a 61.5% return on capital and a 20.5% net profit margin, versus many biotech peers that still burn cash.
How they make money
$3.7B
annual revenue · their business grew +65.2% last year
total revenue
$3.7B
+65.2%
The products that matter
approved RNAi drug sales
RNAi therapeutics portfolio
$3.7B revenue · +65.2%
this portfolio generated all $3.7B of reported revenue last year. that's good news because commercial proof exists. it's also concentration risk in plain sight because one line still carries the whole visible business.
entire revenue base
Key numbers
$397
18-month target
That target is 26% above $314.40, which tells you the upside case exists, but the $252 low case says the ride will not be polite.
70.5x
trailing p/e
P/e means stock price divided by past earnings → you are paying 70.5 years of trailing profit for one share → expectations are extreme.
61.5%
return on capital
Return on capital means profit earned on money put into the business → Alnylam turns every $1 into about $0.62 of operating profit → that is elite.
$7B
2029 revenue
That forecast is nearly 1.9 times today's $3.7B revenue, so the market is really underwriting scale, not just science.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $1.0B (2% of capital)
- net profit margin 20.5% — keeps 20 cents of every dollar in revenue
- return on equity 94% — $0.94 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ALNY 3 years ago → it's now worth $14,140.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Q4 revenue landed near ~$1.10B, but EPS still missed consensus as profitability proved less smooth than the top line.
vs. prior year growth stayed strong versus smaller year-ago comps, while EPS came in at $1.37 versus about $1.64 consensus (~16% light). A feed line labeled ~13.5% “gross margin” for this print does not match how RNAi product economics are usually reported—if your source shows high-70s/80s+ product gross elsewhere, treat 13.5% as a mapping error and use the filing.
~$1.10B
Q4 revenue (coverage)
$1.37
eps
~16%
EPS shortfall vs cons.
the number that mattered
The key number was the ~16% EPS miss versus consensus (same shortfall as the detail block above), because that tells you this stock trades on execution precision, not just growth.
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investor support for alnylam pharmaceuticals has weakened since our latenovember report.
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at the recent quotation, these shares have declined roughly 30% in value.
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the wide 52-week trading range denotes the equity’s penchant for volatility.in this instance, the selloff became more pronounced after the biotechnology company reported 2025 financial results.
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although revenue and share earnings results were compelling in the december and full-year periods, the fourth-quarter top-line figure fell short of expectations, tallying at $1.10 billion versus the $1.18 billion that had been forecasted.
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our forward-looking outlook eclipses the recent revenue miss.
source: company earnings report, 2026
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What could go wrong
the main risk is not "biotech is risky." that's too generic to help you. the real issue is simpler: ALNY is a $42B stock with $3.7B of revenue, a 70.5x trailing p/e, and a market that already expects the platform to keep scaling toward roughly $6B.
med
commercial growth slows before the valuation does
Revenue grew 65.2% to $3.7B, and analysts expect roughly $6B this year. That's a steep ramp. If launch momentum cools, the multiple becomes the first problem instead of the last.
at 70.5x trailing earnings, a growth disappointment hits the story and the stock at the same time
med
pipeline or regulatory setbacks puncture the platform premium
ALNY is not valued like a sleepy drug company. It is valued like an RNAi platform with more shots ahead. That means clinical and regulatory outcomes still matter even after $3.7B of revenue.
a setback would not just dent sentiment. it would challenge why the market pays a premium multiple for the whole platform
med
pricing pressure squeezes a margin story the market already believes
Rare-disease drugs can command strong economics until payers push back. With a 28.0% operating margin and a 12.8% net margin, ALNY now has profitability worth arguing over.
margin pressure matters because this setup assumes commercial scale keeps converting into real earnings, not just revenue growth
all $3.7B of current revenue and the roughly $6B consensus target sit inside a stock already valued at 70.5x trailing earnings. if execution slips again, there is not much valuation cushion waiting for you.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue versus the roughly $6B target
That estimate is the cleanest scoreboard on the page. If revenue stops tracking toward it, the premium multiple starts losing its reason to exist.
risk
whether q4 was a blip or a pattern
The last quarter came in at $1.10B versus a $1.18B forecast. One miss happens. Two turns into a valuation problem.
calendar
next clinical and regulatory milestones
This is still a platform stock. New approvals and readouts matter because the market is pricing more than the current revenue line.
trend
volatility staying elevated
A 20/100 price-stability score and a $206–$427 range tell you the stock can re-rate hard in either direction, even when the underlying business looks better.
Analyst rankings
short-term outlook
below average
momentum score 4 — analysts see weaker-than-average near-term performance from here. in human-speak: they are not rushing to buy the dip.
risk profile
average
stability score 3 — the balance sheet looks manageable, but your stock still trades like biotech sentiment has a microphone.
chart momentum
top 5%
technical score 1 — the tape looks much better than the mood after earnings. welcome to a stock where price action and fundamentals argue in public.
earnings predictability
30 / 100
the business is real, but forecasting it is still messy. expect surprises around launches, timing, and how much the market punishes small misses.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 485 buyers vs. 265 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$252
$542
$314
current price
$397
target midpoint · +26% from current · 3-5yr high: $480 (+55% · 11% ann'l return)
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