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Alnylam Pharmaceuticals (ALNY)
NASDAQ:ALNY
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Alnylam Pharma
(NASDAQ:ALNY)
62Neutral
Positive Factors
Financial Guidance
Alnylam reaffirmed 2025 financial guidance that calls for product revenues of $2.05B-$2.25B and reiterated confidence in achieving sustainable non-GAAP operating profitability.
Market Growth
The size of the ATTR-CM market is anticipated to grow rapidly, accommodating multiple players.
Sales Performance
Amvuttra sales in IQVIA have peaked, showing ~42% WoW increase, indicating that Amvuttra's uptake is ramping up.
Negative Factors
Market Uncertainty
Key debates on Amvuttra market share in 1L/switch patients and physician adoption of the buy-and-bill model remain to be answered.
Revenue Dependency
Management highlighted they are seeing strong momentum for Amvuttra in ATTR-CM but noted 1Q revenues were solely driven by ATTR-PN.
Alnylam Pharma (ALNY) vs. S&P 500 (SPY)
Market Cap
$35.23B
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue Growth17.21%
EPS Growth21.16%
CountryUS
Employees2,230
SectorHealthcare
Sector Strength48
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.44
Shares Outstanding130,388,400
10 Day Avg. Volume1,057,289
30 Day Avg. Volume1,081,154
Financial Highlights & Ratios
PEG Ratio-32.76
Price to Book (P/B)282.13
Price to Sales (P/S)0.00
P/FCF Ratio-434.40
Enterprise Value/Market Cap0.94
Enterprise Value/Revenue3.66
Enterprise Value/Gross Profit16.35
Enterprise Value/Ebitda-97.68
Forecast
1Y Price Target
$327.36Price Target Upside21.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering23
Alnylam Pharma Business Overview & Revenue Model
Company DescriptionAlnylam 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.
How the Company Makes MoneyAlnylam Pharmaceuticals generates revenue primarily through the sales of its approved RNAi therapeutics. The company's key revenue streams include product sales, collaborations, and royalties. Alnylam has established strategic partnerships with other pharmaceutical companies to co-develop and commercialize its therapies, which provide upfront payments, milestone payments, and royalties on product sales. Additionally, the company invests in research and development to expand its pipeline and enhance its product offerings. Alnylam's significant partnerships with multinational companies like Sanofi and Regeneron contribute to its revenue through collaborative research efforts and shared commercialization rights.
Alnylam Pharma Financial Statement Overview
Summary
Alnylam Pharma shows promising revenue growth but struggles with profitability and operational efficiency. The balance sheet reveals high leverage, posing financial risk, yet strong liquidity from cash reserves provides some stability. Cash flow challenges persist, despite positive financing activities. The company's trajectory suggests potential, but risks tied to profitability and leverage need to be addressed for sustainable growth.Income Statement
The income statement reveals a mixed performance for Alnylam Pharma. Despite a substantial revenue growth from $1.03 billion in 2022 to $2.35 billion TTM, the company continues to operate at a net loss, with a net profit margin of -11.49% TTM. Gross profit margin remains strong at 89.04% TTM, indicating efficient cost management. However, negative EBIT and EBITDA margins of -4.91% and -6.22% respectively, highlight ongoing operational challenges. While revenue growth is promising, the lack of profitability is a concern.62
Positive
Balance Sheet
Alnylam Pharma's balance sheet shows a high level of debt relative to equity, with a debt-to-equity ratio of 11.27 TTM, indicating significant leverage. The return on equity (ROE) remains negative due to ongoing losses. However, the equity ratio is 2.74% TTM, which is positive but still reflects a weak equity position. The company's high level of cash and short-term investments is a positive aspect, providing liquidity support.55
Neutral
Cash Flow
The cash flow statement highlights some positive trends, with a significant financing cash flow of $309.33 million TTM, bolstering liquidity. However, both operating cash flow and free cash flow remain negative, indicating ongoing cash burn from operations and capital expenditures. The operating cash flow to net income ratio is negative, further emphasizing cash flow challenges despite a minor improvement in free cash flow growth.58
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 2.35B | 2.25B | 1.83B | 1.04B | 844.29M | 492.85M | Gross Profit |
| 2.02B | 1.92B | 1.52B | 868.60M | 704.14M | 414.80M | EBIT |
| -115.37M | -176.88M | -282.18M | -785.07M | -708.65M | -828.44M | EBITDA |
| -152.67M | -178.85M | -258.24M | -926.56M | -661.56M | -736.33M | Net Income Common Stockholders |
| -269.70M | -278.16M | -440.24M | -1.13B | -852.82M | -858.28M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 2.69B | 2.69B | 2.44B | 2.19B | 2.44B | 1.87B | Total Assets |
| 4.30B | 4.30B | 3.83B | 3.55B | 3.64B | 3.41B | Total Debt |
| 1.30B | 1.30B | 2.68B | 1.32B | 997.59M | 521.19M | Net Debt |
| 329.62M | 329.62M | 1.87B | 453.85M | 177.62M | 24.61M | Total Liabilities |
| 4.17B | 4.17B | 4.05B | 3.70B | 3.06B | 2.39B | Stockholders Equity |
| 67.09M | 67.09M | -220.64M | -158.22M | 588.20M | 1.02B |
| Cash Flow | Free Cash Flow | ||||
| -75.39M | -42.59M | 41.95M | -613.33M | -718.07M | -685.32M | Operating Cash Flow |
| -45.11M | -8.31M | 104.16M | -541.27M | -641.69M | -614.96M | Investing Cash Flow |
| 64.55M | -116.84M | -336.35M | 169.35M | -273.30M | -435.52M | Financing Cash Flow |
| 309.33M | 294.16M | 172.13M | 425.75M | 1.25B | 994.98M |
Alnylam Pharma Technical Analysis
Positive
270.19
Price Trends
251.61
Positive
252.86
Positive
259.62
Positive
Market Momentum
4.81
Negative
57.03
Neutral
43.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALNY, the sentiment is Positive. The current price of 270.19 is above the 20-day moving average (MA) of 251.55, above the 50-day MA of 251.61, and above the 200-day MA of 259.62, indicating a bullish trend. The MACD of 4.81 indicates Negative momentum. The RSI at 57.03 is Neutral, neither overbought nor oversold. The STOCH value of 43.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ALNY.
Alnylam Pharma Risk Analysis
Alnylam Pharma disclosed 45 risk factors in its most recent earnings report. Alnylam Pharma reported the most risks in the “Legal & Regulatory” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Alnylam Pharma Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $19.04B | 13.52 | 16.57% | 2.56% | 1.15% | 37.75% | |
79 Outperform | $14.02B | 12.40 | 19.94% | ― | 19.85% | 21.16% | |
69 Neutral | $34.00B | 39.57 | 17.33% | ― | 78.01% | ― | |
62 Neutral | $35.23B | ― | -414.62% | ― | 17.21% | 21.16% | |
58 Neutral | $22.30B | ― | -3.87% | ― | 0.58% | -764.64% | |
53 Neutral | $17.79B | ― | -123.93% | ― | ― | -99.70% | |
52 Neutral | $5.21B | 3.49 | -43.30% | 2.83% | 14.70% | -0.24% |
* Healthcare Sector Average
Performance Comparison
ALNY
Alnylam Pharma
270.19
120.30
80.26%
UTHR
United Therapeutics
310.80
46.46
17.58%
SMMT
Summit Therapeutics
25.26
20.46
426.25%
ARGX
Argenx Se
560.90
201.42
56.03%
BNTX
BioNTech SE
97.27
4.55
4.91%
RPRX
Royalty Pharma
33.35
5.81
21.10%
Alnylam Pharma Earnings Call Summary
Earnings Call Date:May 01, 2025
(Q1-2025)
| % Change Since: 2.64%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Positive
The earnings call reflected a generally positive trajectory for Alnylam Pharmaceuticals, characterized by strong revenue growth and successful product launches. Despite some uncertainties related to regulatory policies and increased R&D expenses, the company's strategic focus on TTR leadership and sustainable financial performance supports a positive outlook.Q1-2025 Updates
Positive Updates
Strong Start to 2025
Alnylam Pharmaceuticals reported a strong start to 2025 with $469 million in combined net product revenues, representing 28% growth year-over-year. The U.S. TTR franchise saw robust 45% year-over-year growth driven by increased uptake in the hereditary polyneuropathy population.
Successful Product Launches
AMVUTTRA received expanded indication approvals in the U.S. and Brazil for ATTR cardiomyopathy, with a positive CHMP opinion in the EU. Additionally, Qfitlia for hemophilia A or B was approved, marking the sixth RNAi therapeutic discovered by Alnylam.
Strategic Focus and Future Growth
Alnylam's strategy centers on TTR leadership, growth through innovation, and strong financial performance. The company is on track to achieve sustainable non-GAAP profitability in 2025.
Negative Updates
Regulatory and Policy Uncertainty
Concerns were raised about potential impacts from evolving policies, tariffs, FDA personnel changes, and biotech industry initiatives, although Alnylam believes it is well-positioned to navigate these challenges.
Pipeline and R&D Expenses
While committed to innovation, Alnylam anticipates increased R&D expenses due to ongoing clinical trials. The need for continuous investment in pipeline progress presents a financial challenge.
Company Guidance
During the Alnylam Pharmaceuticals Q1 2025 earnings call, the company provided guidance underscoring a strong start to the year with $469 million in combined net product revenues, marking a 28% year-over-year growth. This was primarily driven by a robust 45% growth in their U.S. TTR franchise. The company reiterated its full-year guidance, projecting a 36% year-over-year growth in TTR franchise revenues and emphasized its goal of achieving sustainable non-GAAP profitability by the end of 2025. The call highlighted the successful launch of AMVUTTRA for ATTR cardiomyopathy, with early signs of broad uptake and favorable patient access. Alnylam also announced ongoing pipeline advancements, including the initiation of pivotal studies and expected regulatory approvals in key markets.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.