# Alnylam Pharmaceuticals, Inc. (ALNY)

> Source: Nexqual · https://nexqual.com/ALNY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Alnylam Pharmaceuticals, Inc. (ALNY), nexqual.com/ALNY" · informational, not investment advice.

**Price:** USD 227.28 (+0.97% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 225.1 · day 223.8–229.82 · 52w 197.81–485.36 · market cap $30.4B · NMS

## Key facts
- Valuation: P/E 41.5x (avg 170.7x at the last 1 fiscal year-ends), net cash $2.30B.
- 1 of 80 tracked superinvestors hold ALNY (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $2.8M; 1 not under a Rule 10b5-1 plan ($399K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.03 on a 1–5 scale) (30 analysts), mean target USD 368.7 (range 250–536).
- Total return with dividends: 1Y -51.0% vs S&P 500 +14.9%; 5Y +14.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.25, revenue estimate $1.43B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $844M | $1.04B | $1.83B | $2.25B | $3.71B | — |
| Gross profit | $729M | $897M | $1.56B | $1.94B | $3.04B | — |
| Operating income | -$709M | -$785M | -$282M | -$177M | $502M | — |
| Net income | -$853M | -$1.13B | -$440M | -$278M | $314M | $733M |
| EPS (diluted) | -$7.20 | -$9.30 | -$3.52 | -$2.18 | $2.33 | — |
| Free cash flow | -$718M | -$613M | $41.9M | -$42.6M | $465M | — |
| Gross margin | 86.4% | 86.5% | 85.3% | 86.4% | 81.8% | — |
| Operating margin | -83.9% | -75.7% | -15.4% | -7.9% | 13.5% | — |
| Net margin | -101.0% | -109.0% | -24.1% | -12.4% | 8.4% | — |
| Revenue growth | +71.3% | +22.9% | +76.2% | +23.0% | +65.2% | — |
| Cash + short-term investments | $2.37B | $2.16B | $2.43B | $2.69B | $2.91B | — |
| Total debt | $676M | $1.02B | $1.02B | $1.02B | $1.01B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 41.5x · P/B 22.5x · Earnings yield 2.41% · Net cash $2.30B · EV $28.1B
P/E at fiscal year-ends: Dec 2025 170.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ALNY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.31% | $589M | Added +1.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Supran Bryan | EVP, CLO and Secretary | 1,758 | $399K | 12.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Pyott David E I | Director | 3,830 | $1.1M | 11.5% | Yes (adopted November 12, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-02…2026-04-06 | McLaughlin Melissa | Chief Human Resources Officer | 3,910 | $1.3M | 29.3% | Yes (adopted December 16, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.03 on a 1–5 scale), 30 analysts; mean target USD 368.7 (low 250, high 536).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Citigroup | Target lowered | Buy | $340 → $320 |
| 2026-10-14 | Wells Fargo | Target lowered | Equal-Weight | $256 → $253 |
| 2026-10-08 | RBC Capital | Target lowered | Outperform | $350 → $345 |
| 2026-09-30 | JP Morgan | Target lowered | Overweight | $375 → $369 |
| 2026-09-21 | HC Wainwright & Co. | Reiterated | Buy | $455 |
| 2026-09-08 | Jefferies | Target raised | Hold | $230 → $260 |
| 2026-09-02 | HC Wainwright & Co. | Reiterated | Buy | $455 |
| 2026-08-19 | BMO Capital | Initiated | Outperform | $318 |
| 2026-08-14 | Wells Fargo | Target lowered | Equal-Weight | $316 → $256 |
| 2026-08-04 | Truist Securities | Target lowered | Buy | $410 → $315 |
| 2026-08-04 | HC Wainwright & Co. | Target lowered | Buy | $485 → $455 |
| 2026-08-03 | Raymond James | Upgrade | Outperform → Strong Buy | $420 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -51.0% | +14.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -51.1% | +2.7% |
| Volatility (annualized) | 51.4% | 50.3% |
| Max drawdown | -57.3% (Oct 2025→Jul 2026) | -57.3% (Oct 2025→Jul 2026) |

## Peers (Biotechnology)
ROIV (Roivant Sciences Ltd.) USD 37.45 +1.77% · RPRX (Royalty Pharma plc) USD 63.75 +2.57% · GMAB (Genmab A/S) USD 40 +1.09% · INCY (Incyte Corporation) USD 116.93 +3.08% · RVMD (Revolution Medicines, Inc.) USD 187.69 -3.39% · BNTX (BioNTech SE) USD 89.67 -1.77%

## More
Full page: https://nexqual.com/ALNY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ALNY's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | AGILENT TECHNOLOGIES, INC. (A) | "In 2020, we amended our commercial supply agreement with Agilent to provide for Agilent to supply, subject to any conflicting obligations under our third-party agreements, a specified percentage of the API for certain of…" |
| Partner | REGENERON PHARMACEUTICALS, INC. (REGN) | "Our collaborator, Regeneron Pharmaceuticals, Inc., or Regeneron, is advancing cemdisiran in combination with its anti-C5 monoclonal antibody, pozelimab, in a Phase 3 clinical trial" |
| Partner | NOVARTIS AG (NVS) | "Leqvio (inclisiran) is being developed and commercialized by our collaborator Novartis AG, or Novartis, and has received marketing authorization from the European Commission, or EC, for the treatment of adults with hyper…" |
| Partner | Sanofi (SNY) | "Qfitlia (fitusiran) is being commercialized by our collaborator, Genzyme Corporation, a Sanofi Company, or Sanofi, and was approved by the FDA in March 2025 for routine prophylaxis to prevent or reduce the frequency of b…" |
| Partner | Vir Biotechnology, Inc. (VIR) | "Elebsiran (formerly ALN-HBV02 (VIR-2218)) is a subcutaneously administered, investigational RNAi therapeutic targeting the HBV genome for the treatment of chronic hepatitis delta, or CHD, which is being advanced by our c…" |
| Partner | IONIS PHARMACEUTICALS INC (IONS) | "Ionis Pharmaceuticals, Inc. In January 2015, we and Ionis Pharmaceuticals, Inc., or Ionis, entered into a second amended and restated strategic collaboration and license agreement, which we further amended in July 2015, …" |
| Partner | PeptiDream | "In addition, we are exploring peptide and antibody-based approaches for targeted siRNA delivery to new tissues, including as part of our collaboration with PeptiDream, Inc., which aims to discover and develop novel conju…" |
| Partner | ADARx Pharmaceuticals, Inc. (ADRX) | "Companies working on chemically synthesized siRNAs include but are not limited to ADARx Pharmaceuticals, Inc., or ADARx, Amgen Inc., Argo Biopharmaceutical Co., Ltd., or Argo, Aro Biotherapeutics, Arrowhead Pharmaceutica…" |
| Partner | Novo Nordisk (NVO) | "Companies working on chemically synthesized siRNAs include but are not limited to ADARx Pharmaceuticals, Inc., or ADARx, Amgen Inc., Argo Biopharmaceutical Co., Ltd., or Argo, Aro Biotherapeutics, Arrowhead Pharmaceutica…" |
| Partner | Hoffmann-La Roche | "Hoffmann-La Roche Ltd. and Genentech, Inc. or, collectively, Roche, pursuant to which we established a worldwide, strategic collaboration for the joint development and commercialization of zilebesiran." |
| Partner | Genentech | "Hoffmann-La Roche Ltd. and Genentech, Inc. or, collectively, Roche, pursuant to which we established a worldwide, strategic collaboration for the joint development and commercialization of zilebesiran." |
| Partner | AMGEN INC (AMGN) | "Companies working on chemically synthesized siRNAs include but are not limited to ADARx Pharmaceuticals, Inc., or ADARx, Amgen Inc., Argo Biopharmaceutical Co., Ltd., or Argo, Aro Biotherapeutics, Arrowhead Pharmaceutica…" |
| Partner | Argo Biopharmaceutical | "Companies working on chemically synthesized siRNAs include but are not limited to ADARx Pharmaceuticals, Inc., or ADARx, Amgen Inc., Argo Biopharmaceutical Co., Ltd., or Argo, Aro Biotherapeutics, Arrowhead Pharmaceutica…" |
| Competitor | Pfizer (PFE) | "For example, AMVUTTRA is administered through a subcutaneous injection and may not compete favorably with other available options for the treatment of ATTR-CM, including VYNDAQEL/VYNDAMAX, which is marketed by Pfizer and…" |

Other companies that name ALNY in their own reports (relationship from ALNY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Arbutus Biopharma Corp (ABUS) | 10-K 2026-03-23 | "In 2012, we entered into a license agreement with Alnylam that entitles Alnylam to develop and commercialize products with our LNP technology in exchange for milestone and royalty payments." |
| supplier | VEEVA SYSTEMS INC (VEEV) | 10-K 2026-03-20 | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sh…" |
| partner | Tenaya Therapeutics, Inc. (TNYA) | 10-K 2026-03-11 | "our collaboration with Alnylam, including potential targets, research and development strategy, the timing and duration of the collaboration, expected payments, and the achievement of milestones;" |
| partner | Vir Biotechnology, Inc. (VIR) | 10-K 2026-02-23 | "Collaboration and License Agreement with Alnylam" |
| partner | Krystal Biotech, Inc. (KRYS) | 10-K 2026-02-17 | "•Gene Silencing Approaches: We are aware of two companies, Takeda Pharmaceutical Company Limited (in partnership with Arrowhead Pharmaceutical Inc.) and Novo Nordisk A/S (in partnership with Alnylam P…" |
| partner | AGIOS PHARMACEUTICALS, INC. (AGIO) | 10-K 2026-02-12 | "•the amount and timing of future milestone and royalty payments potentially payable to Alnylam Pharmaceuticals, Inc. pursuant to the license agreement entered into in July 2023;" |
| partner | REGENERON PHARMACEUTICALS, INC. (REGN) | 10-K 2026-02-04 | "See the "Collaboration, License, and Other Agreements" section below for descriptions of our agreements with Alnylam Pharmaceuticals, Inc. and Intellia Therapeutics, Inc." |
| partner | NOVARTIS AG (NVS) | 20-F 2026-02-04 | "Novartis obtained global rights to develop, manufacture and commercialize Leqvio under a license and collaboration agreement with Alnylam Pharmaceuticals, Inc." |
| partner | ARROWHEAD PHARMACEUTICALS, INC. (ARWR) | 10-K 2025-11-25 | "Pursuant to this acquisition, Roche assigned to the Company its entire rights under certain licenses including: the License and Collaboration Agreement between Roche and Alnylam dated July 8, 2007; th…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net product revenues | $1.17B | 90.8% | +74.4% |
| — AMVUTTRA (part of Net product revenues) | $1.01B | 78.4% | +105.7% |
| — GIVLAARI (part of Net product revenues) | $89.8M | 7.0% | +11.0% |
| — Royalty revenue (part of Net product revenues) | $71.7M | 5.6% | +79.3% |
| Total TTR | $1.03B | 79.8% | +89.2% |
| Total Rare | $141.9M | 11.0% | +11.1% |
| OXLUMO | $52.1M | 4.0% | +11.2% |
| Net revenues from collaborations | $47.2M | 3.7% | -23.3% |
| ONPATTRO | $18.5M | 1.4% | -64.9% |
| Total revenue | $1.29B | 100% | — |
The lines above cover 190.7% of total revenue.

## Company outlook (8-K filed 2026-07-30)

- "We have lowered our TTR product sales guidance for full-year 2026 to reflect learnings from the initial phase of our launch in the evolving ATTR-CM market, in particular the normalization of growth in second line volume after satisfying pent-up demand from patients waiting for a new therapy."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.25 | $2.41 | -6.7% | $1.43B | 14 |
| Next quarter (ends 2026-12-31) | $2.85 | $2.89 | -1.6% | $1.57B | 13 |
| Current fiscal year (ends 2026-12-31) | $8.86 | $9.42 | -5.9% | $5.48B | 14 |
| Next fiscal year (ends 2027-12-31) | $12.36 | $13.44 | -8.1% | $6.89B | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±14.4%; last 8 reports averaged ±9.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 63.7% | ±14.4% |
| 2026-12-18 | 56 | 57.2% | ±18.1% |
| 2027-01-15 | 84 | 55.9% | ±21.6% |
| 2027-03-19 | 147 | 56.6% | ±28.7% |
| 2027-06-17 | 237 | 55.4% | ±35.5% |
| 2027-09-17 | 329 | 54.5% | ±40.9% |