Recent News
On January 11, 2026 the company unveiled its “Alnylam 2030” strategic plan and outlined product-and-pipeline priorities for 2026. In December 2025–January 2026 Alnylam announced a $250 million investment to expand RNA-drug manufacturing capacity in Massachusetts and noted regulatory engagement for its siRELIS manufacturing platform. A board appointment became effective in January 2026 as part of routine governance updates.
Technical Analysis
ADX / DI+ / DI-: ADX at 27.24 indicates a strong trend environment; DI+ decreasing and DI- showing a dip-and-reversal together point to dominant negative directional pressure. That combination supports the near-term downside bias implied by short-term price structure.
MACD: MACD sits negative at -8.15 but has increased and crossed above its signal line (-9.34), which signals a bullish momentum shift inside a still-negative momentum regime; this raises the probability of short-covering rallies rather than trend reversals.
MRO (Momentum/Regression Oscillator): MRO reads 8.18 and recently dip-and-reversed; the positive reading indicates price sits modestly above the model target, suggesting limited downward pressure could reassert if momentum fades.
RSI: RSI at 39.31 with a peak-and-reversal pattern signals bearish exhaustion from a recent short-term top and increases vulnerability to further declines toward oversold territory before any sustained recovery.
Price Structure & Moving Averages: Last close $317.23 sits below the 20-day average ($324.97), the 50-day average ($348.52) and well below the 200-day average ($391.99); the 12-day EMA also trends downward. These placements favor continued near-term weakness, and the proximity to the lower Bollinger band underscores compressed downside risk into the next few sessions.
Volatility & Liquidity: 42-day beta (0.72) and subdued 42–52 week volatility indicate moves will likely be orderly rather than explosive; volume sits near recent averages, so breakouts or breakdowns will require a catalyst to change the status quo.
Fundamental Analysis
Profitability: EBIT totaled $290,474,000 with an EBIT margin of 26.48%. Operating margin sits at 12.01% and gross margin at 75.60%, reflecting strong product-level profitability and operating leverage from product sales.
Earnings: Reported EPS came in at $1.25 versus an estimate of $1.50, yielding an EPS surprise of -16.67%. Management’s full-year disclosures and filings confirm the move to profitability in the latest reporting period and provide updated forward objectives.
Growth & Cash Flow: Reported total revenue was $1,097,033,000 and YoY revenue growth registers as -12.17%. Free cash flow totaled $140,263,000, producing a free-cash-flow yield near 0.28%, while cash and short-term investments equal $2,908,484,000—providing liquidity to fund pipeline and manufacturing investments.
Capital Structure: Total debt stands at $1,278,389,000; debt-to-EBITDA measures 4.21x and interest coverage about 2.25x, indicating leverage increased relative to operating cash but remains serviceable given cash balances. Debt-to-equity at 1.62x signals meaningful leverage on the balance sheet.
Valuation: Market multiples show elevated investor expectations: P/E around 307.87x, forward P/E near 111.04x, P/B about 64.55x, and EV-to-revenue and enterprise multiples also read materially high. The current valuation as determined by WMDST classifies the stock as over-valued, and these multiples imply the market prices substantial future growth and margin expansion into the company’s pipeline and franchise execution.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 1.5 B |
| Operating Cash Flow | $ 163.6 M | |
| Capital Expenditures | $ -23.29 M | |
| Change In Working Capital | $ -73.15 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 166.0 M | |
| End Period Cash Flow | $ 1.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 707.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 267.7 M | |
| Depreciation | $ 13.5 M | |
| Depreciation and Amortization | $ 13.5 M | |
| Research and Development | $ 372.2 M | |
| Total Operating Expenses | $ 965.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 829.3 M | |
| EBITDA | $ 304.0 M | |
| EBIT | $ 290.5 M | |
| Operating Income | $ 131.7 M | |
| Interest Income | $ 26.6 M | |
| Interest Expense | $ 129.3 M | |
| Net Interest Income | $ -102.71 M | |
| Income Before Tax | $ 161.1 M | |
| Tax Provision | $ -25.28 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 186.4 M | |
| Net Income From Continuing Operations | $ 186.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.50 | |
| EPS Actual | $ 1.25 | |
| EPS Difference | $ -0.25 | |
| EPS Surprise | -16.667 % | |
| Forward EPS | $ 3.63 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.0 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 789.2 M | |
| Total Current Assets | $ 4.1 B | |
| Cash and Short-Term Investments | $ 2.9 B | |
| Cash | $ 1.7 B | |
| Net Receivables | $ 777.6 M | |
| Inventory | $ 82.7 M | |
| Long-Term Investments | $ 81.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 115.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | — | |
| Total Debt | $ 1.3 B | |
| Total Liabilities | $ 4.2 B | |
| EQUITY | ||
| Total Equity | $ 789.2 M | |
| Retained Earnings | $ -6.70 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.96 | |
| Shares Outstanding | 132.376 M | |
| Revenue Per-Share | $ 8.29 | |
| VALUATION | Market Capitalization | $ 50.9 B |
| Enterprise Value | $ 49.3 B | |
| Enterprise Multiple | 162.224 | |
| Enterprise Multiple QoQ | -14.938 % | |
| Enterprise Multiple YoY | -177.979 % | |
| Enterprise Multiple IPRWA | high: 170.423 ALNY: 162.224 median: 58.093 mean: 26.996 low: -160.468 |
|
| EV/R | 44.951 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.293 | |
| Asset To Liability | 1.189 | |
| Debt To Capital | 0.618 | |
| Debt To Assets | 0.257 | |
| Debt To Assets QoQ | -4.553 % | |
| Debt To Assets YoY | -15.788 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.267 ALNY: 0.257 median: 0.173 low: 0.0 |
|
| Debt To Equity | 1.62 | |
| Debt To Equity QoQ | -71.043 % | |
| Debt To Equity YoY | -91.615 % | |
| Debt To Equity IPRWA | ALNY: 1.62 high: 1.588 mean: 0.344 median: 0.109 low: -1.035 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 64.552 | |
| Price To Book QoQ | -74.009 % | |
| Price To Book YoY | -87.127 % | |
| Price To Book IPRWA | ALNY: 64.552 high: 19.873 median: 6.164 mean: 5.303 low: -10.511 |
|
| Price To Earnings (P/E) | 307.867 | |
| Price To Earnings QoQ | 102.555 % | |
| Price To Earnings YoY | -176.91 % | |
| Price To Earnings IPRWA | ALNY: 307.867 high: 177.393 median: 68.97 mean: 41.052 low: -196.849 |
|
| PE/G Ratio | -5.411 | |
| Price To Sales (P/S) | 46.437 | |
| Price To Sales QoQ | -0.154 % | |
| Price To Sales YoY | -18.122 % | |
| Price To Sales IPRWA | high: 728.195 mean: 49.7 ALNY: 46.437 median: 20.207 low: -51.498 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 111.039 | |
| Forward PE/G | -1.952 | |
| Forward P/S | 67.808 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.206 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.223 | |
| Asset Turnover Ratio QoQ | -15.751 % | |
| Asset Turnover Ratio YoY | 59.076 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 ALNY: 0.223 mean: 0.112 median: 0.109 low: -0.066 |
|
| Receivables Turnover | 1.259 | |
| Receivables Turnover Ratio QoQ | -22.778 % | |
| Receivables Turnover Ratio YoY | -19.417 % | |
| Receivables Turnover Ratio IPRWA | high: 4.104 median: 1.502 mean: 1.423 ALNY: 1.259 low: -1.505 |
|
| Inventory Turnover | 3.387 | |
| Inventory Turnover Ratio QoQ | 24.426 % | |
| Inventory Turnover Ratio YoY | 154.449 % | |
| Inventory Turnover Ratio IPRWA | ALNY: 3.387 high: 2.026 mean: 0.537 median: 0.473 low: 0.009 |
|
| Days Sales Outstanding (DSO) | 72.463 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 55.319 | |
| Cash Conversion Cycle Days QoQ | 69.241 % | |
| Cash Conversion Cycle Days YoY | -1.011 % | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 mean: 214.278 median: 192.562 ALNY: 55.319 low: -1235.527 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.424 | |
| CapEx To Revenue | -0.021 | |
| CapEx To Depreciation | -1.725 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ 789.2 M | |
| Net Working Capital | $ 2.6 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.983 | |
| Current Ratio | 2.762 | |
| Current Ratio QoQ | 8.704 % | |
| Current Ratio YoY | -0.556 % | |
| Current Ratio IPRWA | high: 30.664 mean: 5.528 median: 2.901 ALNY: 2.762 low: 0.35 |
|
| Quick Ratio | 2.706 | |
| Quick Ratio QoQ | 8.554 % | |
| Quick Ratio YoY | -0.209 % | |
| Quick Ratio IPRWA | high: 12.299 ALNY: 2.706 mean: 2.457 median: 2.27 low: 0.279 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.205 | |
| Cost Of Debt | 7.9 % | |
| Interest Coverage Ratio | 2.246 | |
| Interest Coverage Ratio QoQ | -64.812 % | |
| Interest Coverage Ratio YoY | -156.472 % | |
| Interest Coverage Ratio IPRWA | high: 224.172 mean: 5.336 median: 3.319 ALNY: 2.246 low: -376.787 |
|
| Operating Cash Flow Ratio | 0.258 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 53.183 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.363 % | |
| Revenue Growth | -12.169 % | |
| Revenue Growth QoQ | -119.807 % | |
| Revenue Growth YoY | -166.078 % | |
| Revenue Growth IPRWA | high: 219.093 % mean: 15.667 % median: 3.233 % ALNY: -12.169 % low: -111.016 % |
|
| Earnings Growth | -56.897 % | |
| Earnings Growth QoQ | -91.49 % | |
| Earnings Growth YoY | 125.005 % | |
| Earnings Growth IPRWA | high: 111.538 % median: -23.077 % mean: -23.844 % ALNY: -56.897 % low: -170.677 % |
|
| MARGINS | ||
| Gross Margin | 75.596 % | |
| Gross Margin QoQ | -9.978 % | |
| Gross Margin YoY | -8.552 % | |
| Gross Margin IPRWA | high: 102.453 % median: 79.505 % mean: 78.786 % ALNY: 75.596 % low: -13.436 % |
|
| EBIT Margin | 26.478 % | |
| EBIT Margin QoQ | 16.71 % | |
| EBIT Margin YoY | -201.336 % | |
| EBIT Margin IPRWA | high: 1116.376 % ALNY: 26.478 % median: 21.964 % mean: -67.782 % low: -4014.615 % |
|
| Return On Sales (ROS) | 12.007 % | |
| Return On Sales QoQ | -59.246 % | |
| Return On Sales YoY | -145.953 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.569 % ALNY: 12.007 % mean: -72.628 % low: -4225.417 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 140.3 M | |
| Free Cash Flow Yield | 0.275 % | |
| Free Cash Flow Yield QoQ | -48.98 % | |
| Free Cash Flow Yield YoY | -189.286 % | |
| Free Cash Flow Yield IPRWA | high: 14.775 % median: 0.544 % mean: 0.396 % ALNY: 0.275 % low: -21.858 % |
|
| Free Cash Growth | -55.183 % | |
| Free Cash Growth QoQ | -144.342 % | |
| Free Cash Growth YoY | -84.78 % | |
| Free Cash Growth IPRWA | high: 144.964 % median: -23.687 % mean: -25.413 % ALNY: -55.183 % low: -201.25 % |
|
| Free Cash To Net Income | 0.752 | |
| Cash Flow Margin | 34.449 % | |
| Cash Flow To Earnings | 2.027 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.797 % | |
| Return On Assets QoQ | -28.788 % | |
| Return On Assets YoY | -291.381 % | |
| Return On Assets IPRWA | high: 18.9 % ALNY: 3.797 % median: 1.475 % mean: -1.879 % low: -43.276 % |
|
| Return On Capital Employed (ROCE) | 8.299 % | |
| Return On Equity (ROE) | 0.236 | |
| Return On Equity QoQ | -77.995 % | |
| Return On Equity YoY | -118.92 % | |
| Return On Equity IPRWA | high: 0.553 ALNY: 0.236 median: 0.058 mean: 0.009 low: -0.745 |
|
| DuPont ROE | 36.442 % | |
| Return On Invested Capital (ROIC) | 12.77 % | |
| Return On Invested Capital QoQ | -27.315 % | |
| Return On Invested Capital YoY | 45.86 % | |
| Return On Invested Capital IPRWA | high: 19.946 % ALNY: 12.77 % median: 3.016 % mean: 0.543 % low: -38.753 % |
|