ALNYLAM PHARMACEUTICALS, INC.ALNY
ALNYLAM PHARMACEUTICALS, INC. Financial Overview 2021–2025
Updated Aug 15, 2026Alnylam Pharmaceuticals swung from chronic developmental cash burns to generating $370.5 million in net income over the first six months of FY2026, proving its RNAi platform yields blockbuster economics. The investment thesis is clear: Alnylam has successfully transitioned from an early-stage research outfit into a profitable commercial juggernaut anchored by its expanding amyloidosis franchise.
Net product revenues expanded dramatically, growing from $662.1 million in FY2021 to an estimated $2.99 billion in FY2025. This acceleration was largely fueled by AMVUTTRA, which generated $1.90 billion in sales alone during the first half of FY2026 as it effectively cannibalized the older ONPATTRO therapy. The company also unlocked massive partnership value, highlighted by a $300 million milestone payment from Roche in Q3 2025. To support long-term pipeline expansion, research and development spending remained heavy, climbing to $778 million in the first half of FY2026, yet the company maintained robust liquidity bolstered by a $661.3 million convertible debt issuance in FY2025.
As operational profitability finally materialized, the market aggressively rewarded this inflection point. At the close of FY2025, Alnylam reached a $52.6 billion market capitalization and traded at $397.65 per share. Having just reported positive annual earnings of $2.33 per share, the stock priced at a steep 170.7x earnings multiple at the end of FY2025, reflecting premium market expectations for sustained commercial growth.
Recent Developments (Q1 and Q2 2026)
Alnylam demonstrated exceptional top-line momentum, reporting a 96% year-over-year increase in total revenues to $1.17 billion for Q1 2026. Year-to-date net product revenues surged 94% to $2.21 billion. Conversely, older ONPATTRO sales plummeted 62% to $38.9 million, while collaboration revenues fell 20% as legacy research terms expired.
In Q1 2026, the board granted CEO Yvonne Greenstreet an $18.0 million performance award requiring a minimum $500 share price by 2029 for vesting. Dr. Benjamin F. Cravatt also joined the board during Q2 2026. Bulls argue the compressed valuation presents an attractive entry point for a scaling commercial platform, trading at 88.2x earnings as of the July 30, 2026 reporting date. Bears warn that falling collaboration revenues leave the company highly dependent on solitary franchise expansion to satisfy growth expectations.
What to watch: CEO equity performance milestones; Phase 3 trials for nucresiran and zilebesiran.
Rev
$3.71B
FY2025
NI
$313.7M
FY2025
EPS
$2.39
FY2025
OCF
$524.1M
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All ALNY Financial Metrics(57)
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Recent SEC Filings
ALNYLAM PHARMACEUTICALS, INC. 8-K Report, Financial Results (Jul 30, 2026)
Alnylam Pharmaceuticals, Inc. (ALNY) has filed an 8-K on July 30, 2026, primarily to announce its financial results for the second quarter ended June 30, 2026. While the filing itself does not contain the detailed financial figures, it directs investors to an accompanying press release (Exhibit 99.1) for the full earnings announcement. Investors should refer to this press release for critical information regarding the company's performance, revenue, profitability, and any forward-looking guidance.
ALNYLAM PHARMACEUTICALS, INC. 8-K Report, Executive Changes (May 27, 2026)
Alnylam Pharmaceuticals, Inc. (ALNY) has filed an 8-K report detailing key governance and shareholder decisions made at its recent Annual Meeting and a board expansion. The company has appointed Dr. Benjamin F. Cravatt to its Board of Directors as a Class III director, effective June 1, 2026, filling a newly created vacancy and also serving on the Science and Technology Committee. This appointment is accompanied by a standard non-employee director compensation package, including an annual cash retainer and initial and ongoing equity awards, designed to align director interests with shareholders. Furthermore, the filing provides an update on the outcomes of the Annual Meeting, including the re-election of three Class I directors, a strong advisory vote of approval for executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent auditor for the fiscal year ending December 31, 2026. These events reflect the company's commitment to robust corporate governance and shareholder engagement.
ALNYLAM PHARMACEUTICALS, INC. 8-K Report, Financial Results (Apr 30, 2026)
Alnylam Pharmaceuticals, Inc. (ALNY) has filed an 8-K report on April 30, 2026, to disclose its financial results for the first quarter ended March 31, 2026. While the report itself provides minimal operational detail, it serves as an official notification that the company has issued a press release containing its quarterly financial performance. Investors should refer to Exhibit 99.1, the furnished press release, for the specific financial data and operational updates for the period. This filing indicates that Alnylam is adhering to its reporting schedule and providing investors with timely, albeit summarized, financial information through an accompanying press release. The key takeaway for investors is to access and review the press release (Exhibit 99.1) for comprehensive details regarding Alnylam's Q1 2026 performance. This includes revenue figures, profitability, any significant developments in its drug pipeline, and forward-looking guidance. The 8-K filing serves as the formal channel for this information, emphasizing the importance of consulting the supplementary materials provided for a complete understanding of the company's financial health and strategic progress.
ALNYLAM PHARMACEUTICALS, INC. 8-K Report, Executive Changes (Mar 4, 2026)
Alnylam Pharmaceuticals, Inc. announced on March 4, 2026, the grant of a significant special equity award to its CEO, Yvonne Greenstreet, M.D., M.B.A. This award, effective March 2, 2026, is designed to retain and incentivize Dr. Greenstreet over the next several years, aligning her compensation with substantial future stock price appreciation. The Board recognizes her critical role in the company's recent successes, including nearly 100% stockholder return, key product launches like AMVUTTRA, and the achievement of the 'Alnylam P5x25' goals, including profitability in 2025. The special award is entirely performance-based, with vesting contingent upon the company's stock price reaching specific, ambitious thresholds by December 31, 2029. The award has a target value of $18.0 million, represented by 55,373 performance share units. The terms stipulate that 50% of the target shares vest if the average stock price reaches $500, and 200% vest if it reaches $800, with linear interpolation for performance in between. Importantly, no shares will vest if the stock price does not reach a baseline threshold of $500, which is above the all-time high at the grant date. This structure strongly links executive compensation to significant long-term value creation for shareholders.
ALNYLAM PHARMACEUTICALS, INC. 8-K Report, Financial Results (Feb 12, 2026)
Alnylam Pharmaceuticals, Inc. (ALNY) filed an 8-K on February 12, 2026, to announce its financial results for the fourth quarter and full year ended December 31, 2025. The report primarily serves as a vehicle to furnish the accompanying press release containing detailed financial and operational performance information. Investors should refer to Exhibit 99.1, the press release itself, for the substantive details of these results, as this 8-K filing does not contain the specific figures but rather points to the document where they can be found. The company is utilizing this filing to meet its disclosure obligations regarding material events, specifically the release of its earnings. While the 8-K itself is brief, the furnished press release (Exhibit 99.1) is expected to contain crucial information regarding Alnylam's revenue performance, profitability, key product sales (such as ONPZEO, GIVLAARI, and OXLUMO), pipeline advancements, and any forward-looking guidance for the upcoming fiscal year. Investors will be keen to understand the company's financial health, operational execution, and strategic direction as outlined in the earnings announcement. It is imperative for stakeholders to review the content of the press release for a comprehensive understanding of Alnylam's recent performance and future outlook.
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