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ALNYLAM PHARMACEUTICALS, INC.ALNY

Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
Nasdaq

Stock Price $ALNY

Latest filings

You are here#38 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K121

ALNY filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 121 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  13. $3.71B
YoY changeLargest recent move+124.3%in FY20Latest +65.2%

1 older move runs past ±150% (largest +7477.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ALNY Financial Metrics57 metrics

Income Statement17

Balance Sheet24

Cash Flow12

Per Share4

02—Overview

ALNYLAM PHARMACEUTICALS, INC. Financial Overview 2021–2025

Updated Aug 15, 2026

Alnylam Pharmaceuticals swung from chronic developmental cash burns to generating $370.5 million in net incomea 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 millionb 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 capitalizationc 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 billiond 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 millione 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.

03—Filings

Recent SEC Filings

  1. 8-KALNYLAM PHARMACEUTICALS, INC. 8-K Report, Financial Results (Jul 30, 2026)Alnylam reported Q2 2026 total revenues of $1,290.9 million, up 67% year over year, with total net product revenues of $1,172.1 million (up 74%). Growth was driven primarily by TTR franchise sales: AMVUTTRA net product revenue reached $1,011.8 million (up 106%), and total TTR net product revenues were $1,030.2 million (up 89%), with the U.S. ATTR-CM launch the main contributor. GAAP income from operations was $231.4 million versus a loss of $16.2 million a year earlier, and GAAP net income was $164.5 million, or $1.21 per diluted share. Cash, cash equivalents and marketable securities rose to $3.3 billion from $2.9 billion at year-end 2025. The most important investor item is a cut to full-year 2026 guidance. Total TTR net product revenue guidance was lowered to $4.2–4.5 billion from $4.4–4.7 billion, and total net product revenue guidance was lowered to $4.7–5.1 billion from $4.9–5.3 billion. Management attributed the change to normalization of second-line U.S. AMVUTTRA demand after a pent-up demand benefit in the early launch period. Collaboration and royalty revenue guidance was raised to $575–625 million from $400–500 million, and non-GAAP R&D and SG&A guidance was reiterated. Pipeline and business development activity continued, including Phase 2 starts for ALN-6400 (von Willebrand disease) and mivelsiran (Down syndrome-associated Alzheimer's disease), a China commercialization agreement for AMVUTTRA with BeOne Medicines, and an AI collaboration with Inceptive. Regeneron's cemdisiran NDA for generalized myasthenia gravis has a target FDA action date in November 2026. The filing does not disclose a cause for the guidance cut beyond management's commentary, and the rising interest expense and royalty-financing liabilities warrant continued monitoring.
  2. 8-KALNYLAM 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.
  3. 8-KALNYLAM PHARMACEUTICALS, INC. 8-K Report, Financial Results (Apr 30, 2026)Alnylam Pharmaceuticals reported first quarter 2026 results on April 30, 2026, with total revenues of $1,167 million, up 96% year over year (93% at constant exchange rates). Total net product revenues reached $1,036 million, up 121%, driven by AMVUTTRA (vutrisiran) for ATTR-CM, which generated $890 million, up 187%. Management highlighted that this was the first quarter in company history with over $1 billion in product revenue, marking one year since the U.S. launch of AMVUTTRA for ATTR-CM. Total TTR net product revenue was $910 million, while Rare disease products (GIVLAARI and OXLUMO) contributed $126 million, up 15%. ONPATTRO declined 59% to $20 million as patients shifted to AMVUTTRA. Profitability improved sharply. GAAP income from operations rose to $269 million from $18 million a year earlier, and GAAP net income was $206 million, or $1.51 per diluted share, versus a net loss of $18 million in the prior-year period. Non-GAAP net income was $273 million, or $1.99 per diluted share. Gross margin pressure is visible, with cost of goods sold rising to 20% of net product revenues from 15%, reflecting higher AMVUTTRA royalty obligations. R&D and SG&A expenses increased, driven by Phase 3 trials (ZENITH, TRITON-CM, TRITON-PN) and commercial launch spending. Cash, cash equivalents and marketable securities totaled $3.0 billion at quarter end, and stockholders' equity rose to $1,075 million from $789 million. Management reiterated full-year 2026 guidance: total net product revenues of $4.9 billion to $5.3 billion, including $4.4 billion to $4.7 billion from TTR products, and non-GAAP R&D and SG&A expenses of $2.7 billion to $2.8 billion. The company also expanded the TRITON-CM Phase 3 trial of nucresiran from 1,250 to about 1,750 patients due to faster-than-expected enrollment, while still targeting a 2030 launch. Several clinical readouts are expected in the second half of 2026.
  4. 8-KALNYLAM 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.
  5. 8-KALNYLAM PHARMACEUTICALS, INC. 8-K Report, Financial Results (Feb 12, 2026)Alnylam reported fourth quarter and full year 2025 results on February 12, 2026, marking a major inflection point: the company reached GAAP and non-GAAP profitability for the full year. Q4 2025 total net product revenues were $995 million, up 121% year over year (119% at constant exchange rates), driven overwhelmingly by AMVUTTRA's ATTR-CM launch in the U.S. AMVUTTRA alone generated $827 million in Q4 and $2.31 billion for the full year. Full-year total revenues reached $3.71 billion, up 65%, and GAAP income from operations swung to $502 million from a $177 million loss in 2024. Q4 GAAP net income was $112 million, or $0.82 per diluted share. The balance sheet strengthened meaningfully, with cash, cash equivalents and marketable securities of $2.91 billion at year-end, up from $2.69 billion. Stockholders' equity rose to $789 million from $67 million. Management also introduced its five-year "Alnylam 2030" strategy and provided 2026 guidance calling for total net product revenues of $4.9 billion to $5.3 billion (64% to 77% growth), with Rare product revenues of $500 million to $600 million and collaboration and royalty revenues of $400 million to $500 million. Non-GAAP R&D and SG&A expenses are guided to $2.7 billion to $2.8 billion, excluding $300 million to $400 million of stock-based compensation. Key considerations for investors include the concentration of growth in AMVUTTRA, rising cost of goods sold as a share of product sales due to the associated increase in the blended royalty rate payable on AMVUTTRA, and continued reliance on sale-of-royalty and development-funding liabilities (about $1.69 billion combined at year-end). The company also disclosed a planned $250 million investment in a new enzymatic-ligation manufacturing facility in Norton, Massachusetts, and a 2026 pipeline slate of clinical readouts and new trial initiations, with several key data updates expected in the second half of the year.
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04—See also

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