Alnylam Pharmaceuticals, Inc. (ALNY) Stock

Alnylam Pharmaceuticals, Inc. (ALNY) is a Healthcare stock trading at $236.13 (as of 2026-08-21), with a market capitalization of $31.53B and a trailing P/E of 108.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Alnylam Pharmaceuticals, Inc., a biopharmaceutical company, focuses on discovering, developing, and commercializing novel therapeutics based on ribonucleic acid interference. The company's pipeline of investigational RNAi therapeutics focuses on genetic medicines, cardio-metabolic diseases, hepatic infectious diseases, and central nervous system (CNS)/ocular diseases. Its marketed products include ONPATTRO (patisiran), a lipid complex injection for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; GIVLAARI for the treatment of adults with acute hepatic porphyria (AHP); and OXLUMO (lumasiran) for the treatment of primary hyperoxaluria type 1 (PH1). In addition, the company is developing givosiran for the treatment of adolescent patients with AHP; patisiran for the treatment of transthyretin amyloidosis, or ATTR amyloidosis, with cardiomyopathy; cemdisiran to treat complement-mediated diseases; ALN-AAT02 for the treatment of AAT deficiency-associated liver disease; ALN-HBV02 to treat chronic HBV infection; Zilebesiran to treat hypertension; and ALN-HSD to treat NASH. Further, it offers Fitusiran for the treatment of hemophilia and rare bleeding disorders, Inclisiran to treat hypercholesterolemia, lumasiran for the treatment of advanced PH1 and recurrent renal stones, and vutrisiran for the treatment of ATTR amyloidosis, which is in phase 3 clinical trial. Alnylam Pharmaceuticals, Inc. has strategic collaborations with Regeneron Pharmaceuticals, Inc. to discover, develop, and commercialize RNAi therapeutics for a range of diseases by addressing therapeutic targets expressed in the eye and CNS; and Sanofi Genzyme to discover, develop, and commercialize RNAi therapeutics. It also has license and collaboration agreements with Novartis AG; Vir Biotechnology, Inc.; Dicerna Pharmaceuticals, Inc.; Ionis Pharmaceuticals, Inc.; and PeptiDream, Inc. The company was founded in 2002 and is headquartered in Cambridge, Massachusetts.

Understand Alnylam Pharmaceuticals, Inc.: how it makes money

Alnylam develops and commercializes RNA interference therapeutics, including ONPATTRO and AMVUTTRA for hereditary transthyretin-mediated amyloidosis and GIVLAARI for acute hepatic disease, and it makes money mainly from net product sales, with additional revenue from collaborations and royalties.

The profit engine is the scale of its marketed RNAi medicines, especially the TTR franchise net product revenues from ONPATTRO and AMVUTTRA (PTR), supplemented by smaller contributions from other marketed products and non-product income like collaboration and royalty revenue.

Revenue by segment (latest quarter)
PTR	$0.9B
GIVLAARI	$0.1B
Collab	$0.1B
Royalty	$0.1B

Business quality (Strong): The business and product drivers are clear from the provided facts, but segment coverage is limited to the listed revenue line items, so the full mix of total revenue beyond those items is not fully broken out.

Valuation: At 121× earnings, ALNY trades 621% above the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

Commercial momentum in the TTR franchise: A large share of the provided revenue line items is tied to PTR net revenues from Vutrisa(n) and ONPATTRO, which supports the core marketed-product revenue stream.
High profitability at the gross and operating levels (per provided quarter): The provided gross margin is 84.2% and the operating margin is 29.5% for the 2025-09-30 period.
Multiple revenue sources beyond core TTR products: In addition to PTR net revenues, the company has provided values for GIVLAARI net product revenues, collaboration revenue, and royalty revenue.

Bear case

Concentration risk in marketed product revenues: Because the largest provided revenue component is PTR net revenues, results may be sensitive to changes affecting ONPATTRO and AMVUTTRA demand, access, or uptake.
Pipeline execution and clinical risk (structural): The business depends on discovering, developing, and commercializing RNAi therapeutics, which inherently involves uncertainty in advancing investigational programs in multiple disease areas.
Non-product revenue variability: Collaboration and royalty revenue are separate provided line items, and the sustainability and timing of those streams are not detailed in the provided facts.

Valuation — source: SEC EDGAR (first-party)
Price	$236.13
Market Cap	$31.53B
P/E Ratio	108.0
EV / EBITDA	42.6
Price / Book	23.28
Price / Sales	8.07
FCF Yield	2.2%
DCF Value (model)	$272.55
DCF Upside vs Price	15.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$3.71B
Net Margin	8.4%
Revenue Growth (YoY)	65.2%
EPS Growth (YoY)	-209.6%
FCF Growth (YoY)	-1192.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	4.31 (safe)

Valuation vs Sector & Industry
Stock P/E	108.0
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2
vs Sector	397.0%
vs Industry	529.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($5.39B)
Institutional Holders Tracked	10
Congressional Trades (recent)	7

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Yvonne L. Greenstreet
Employees	2,230
Country	US
IPO Date	2004-06-01

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.