Recent News
On April 30, Alnylam reported first-quarter 2026 financial results and hosted a conference call discussing quarterly performance and near-term expectations. On March 30 the company presented new data at ACC.26 supporting vutrisiran benefits in ATTR-CM and preliminary potential for zilebesiran. On May 12 new analyses at Heart Failure 2026 reaffirmed consistent clinical benefit of vutrisiran-related data. On June 3 Alnylam announced a strategic AI collaboration with Inceptive to accelerate RNAi discovery efforts.
Technical Analysis
Directional indicators show bullish reversal signals: DI+ displays a dip-and-reverse and DI- shows a peak-and-reversal. With ADX at 19.07, trend strength reads as no trend, implying those directional flips may produce short-lived rallies rather than sustained directional moves.
MACD sits negative at -4.20 with a dip-and-reverse trend, indicating improving momentum; MACD remains below the signal line (-3.88), so momentum improvement lacks a confirmed bullish crossover and requires follow-through to validate upside.
MRO reads positive at 10.53 with an increasing trajectory, signaling the current price sits above the model target and implying downside pressure via mean reversion; this technical overvaluation reinforces the valuation-based caution.
RSI at 45.3 shows a dip-and-reverse, reflecting recovery from a recent pullback but remaining in neutral territory and not signaling durable overbought conditions.
Price activity sits at $288.18. The 12-day EMA at $287.63 offers immediate support just below the close, while the 20-day average ($289.83), 50-day average ($299.17) and 200-day average ($372.76) sit above the current price, indicating the medium-to-longer-term averages remain resistive to sustained upside. Bollinger bands place the stock between the 1x and 2x upper/lower bands, and implied volatility measures remain low; average daily volume currently trails the 10-day and 200-day averages, suggesting limited conviction behind short-term moves.
Fundamental Analysis
Profitability: EBIT of $290,939,000 yields an EBIT margin of 24.93%; operating margin equals 23.02%. Both margins declined markedly year-over-year: EBIT margin YoY change -51.26% and operating margin YoY change -47.40%. The company recorded net income of $205,991,000 and gross profit of $956,053,000 for the period.
Growth and earnings: Total revenue reached $1,167,175,000 with YoY revenue growth of 36.17% and a reported QoQ revenue change of -152.54% (as provided). EPS came in at $1.99 versus an estimate of $1.47, producing an EPS surprise of 35.37% and a forward EPS of $3.44.
Liquidity and leverage: Cash and short-term investments total $3,009,223,000 with cash of $1,710,779,000; current ratio stands at 3.13 and quick ratio at 3.06, indicating high near-term liquidity. Total debt equals $1,273,058,000 and debt-to-EBITDA measures 4.18, reflecting leveraged operating coverage relative to earnings.
Valuation: Trailing P/E equals 166.32x and forward P/E about 98.69x; price-to-book sits at 41.07x while enterprise-value-to-revenue and enterprise multiple remain elevated (EVR 36.35). Free cash flow yield registers at 0.11%, signaling minimal cash return relative to market value. WMDST values the stock as over-valued given these stretched multiples and low cash yield.
Peer context: EBIT margin at 24.93% sits above the industry peer mean (approximately -1.21%) and above the industry peer median (approximately 0.23%), indicating substantially stronger operating profitability versus peers on that metric. Price-to-book at 41.07x sits well above the industry peer mean (about 7.55x), reinforcing relative valuation premium versus peers.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | $ 1.7 B |
| Operating Cash Flow | $ 70.5 M | |
| Capital Expenditures | $ -21.83 M | |
| Change In Working Capital | $ -297.73 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 53.6 M | |
| End Period Cash Flow | $ 1.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.2 B | |
| Forward Revenue | $ 650.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 211.1 M | |
| Depreciation | $ 13.6 M | |
| Depreciation and Amortization | $ 13.6 M | |
| Research and Development | $ 364.9 M | |
| Total Operating Expenses | $ 898.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 956.1 M | |
| EBITDA | $ 304.5 M | |
| EBIT | $ 290.9 M | |
| Operating Income | $ 268.6 M | |
| Interest Income | $ 26.6 M | |
| Interest Expense | $ 69.3 M | |
| Net Interest Income | $ -42.69 M | |
| Income Before Tax | $ 221.7 M | |
| Tax Provision | $ 15.7 M | |
| Tax Rate | 7.066 % | |
| Net Income | $ 206.0 M | |
| Net Income From Continuing Operations | $ 206.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.47 | |
| EPS Actual | $ 1.99 | |
| EPS Difference | $ 0.52 | |
| EPS Surprise | 35.374 % | |
| Forward EPS | $ 3.44 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 4.2 B | |
| Cash and Short-Term Investments | $ 3.0 B | |
| Cash | $ 1.7 B | |
| Net Receivables | $ 884.0 M | |
| Inventory | $ 84.0 M | |
| Long-Term Investments | $ 85.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 126.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.3 B | |
| Net Debt | — | |
| Total Debt | $ 1.3 B | |
| Total Liabilities | $ 4.1 B | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ -6.50 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.06 | |
| Shares Outstanding | 133.444 M | |
| Revenue Per-Share | $ 8.75 | |
| VALUATION | Market Capitalization | $ 44.2 B |
| Enterprise Value | $ 42.4 B | |
| Enterprise Multiple | 139.35 | |
| Enterprise Multiple QoQ | -14.1 % | |
| Enterprise Multiple YoY | -94.866 % | |
| Enterprise Multiple IPRWA | ALNY: 139.35 high: 75.51 median: 27.492 mean: 9.191 low: -126.596 |
|
| EV/R | 36.354 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.77 | |
| Asset To Liability | 1.265 | |
| Debt To Capital | 0.542 | |
| Debt To Assets | 0.248 | |
| Debt To Assets QoQ | -3.586 % | |
| Debt To Assets YoY | -19.657 % | |
| Debt To Assets IPRWA | high: 1.112 ALNY: 0.248 mean: 0.165 median: 0.028 low: 0.0 |
|
| Debt To Equity | 1.184 | |
| Debt To Equity QoQ | -26.92 % | |
| Debt To Equity YoY | -89.501 % | |
| Debt To Equity IPRWA | high: 1.864 ALNY: 1.184 mean: 0.165 median: 0.051 low: -1.172 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 41.071 | |
| Price To Book QoQ | -36.375 % | |
| Price To Book YoY | -85.377 % | |
| Price To Book IPRWA | ALNY: 41.071 high: 20.609 mean: 7.548 median: 5.613 low: -11.267 |
|
| Price To Earnings (P/E) | 166.321 | |
| Price To Earnings QoQ | -45.976 % | |
| Price To Earnings YoY | -129.213 % | |
| Price To Earnings IPRWA | ALNY: 166.321 high: 74.242 mean: -2.303 median: -14.354 low: -125.804 |
|
| PE/G Ratio | 2.809 | |
| Price To Sales (P/S) | 37.841 | |
| Price To Sales QoQ | -18.511 % | |
| Price To Sales YoY | -30.65 % | |
| Price To Sales IPRWA | high: 864.732 mean: 65.9 ALNY: 37.841 median: 29.192 low: 0.192 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 98.691 | |
| Forward PE/G | 1.667 | |
| Forward P/S | 67.029 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.025 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.231 | |
| Asset Turnover Ratio QoQ | 3.468 % | |
| Asset Turnover Ratio YoY | 64.487 % | |
| Asset Turnover Ratio IPRWA | high: 0.403 ALNY: 0.231 mean: 0.097 median: 0.094 low: 0.0 |
|
| Receivables Turnover | 1.405 | |
| Receivables Turnover Ratio QoQ | 11.569 % | |
| Receivables Turnover Ratio YoY | -2.661 % | |
| Receivables Turnover Ratio IPRWA | high: 6.246 ALNY: 1.405 mean: 1.259 median: 1.161 low: 0.013 |
|
| Inventory Turnover | 2.532 | |
| Inventory Turnover Ratio QoQ | -25.229 % | |
| Inventory Turnover Ratio YoY | 156.809 % | |
| Inventory Turnover Ratio IPRWA | ALNY: 2.532 high: 2.101 mean: 0.384 median: 0.345 low: 0.003 |
|
| Days Sales Outstanding (DSO) | 64.949 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 52.065 | |
| Cash Conversion Cycle Days QoQ | -5.882 % | |
| Cash Conversion Cycle Days YoY | 16.461 % | |
| Cash Conversion Cycle Days IPRWA | high: 1575.417 mean: 237.429 median: 208.031 ALNY: 52.065 low: -1586.264 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.407 | |
| CapEx To Revenue | -0.019 | |
| CapEx To Depreciation | -1.611 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.1 B | |
| Net Invested Capital | $ 2.1 B | |
| Invested Capital | $ 2.1 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 2.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 2.23 | |
| Current Ratio | 3.127 | |
| Current Ratio QoQ | 13.185 % | |
| Current Ratio YoY | 2.901 % | |
| Current Ratio IPRWA | high: 32.587 mean: 3.969 ALNY: 3.127 median: 2.404 low: 0.016 |
|
| Quick Ratio | 3.064 | |
| Quick Ratio QoQ | 13.243 % | |
| Quick Ratio YoY | 2.917 % | |
| Quick Ratio IPRWA | high: 9.985 ALNY: 3.064 mean: 2.752 median: 2.568 low: 0.054 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.181 | |
| Cost Of Debt | 5.047 % | |
| Interest Coverage Ratio | 4.199 | |
| Interest Coverage Ratio QoQ | 86.97 % | |
| Interest Coverage Ratio YoY | -5601.245 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 ALNY: 4.199 median: -17.114 mean: -79.268 low: -1643.72 |
|
| Operating Cash Flow Ratio | 0.091 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.301 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.286 % | |
| Revenue Growth | 6.394 % | |
| Revenue Growth QoQ | -152.543 % | |
| Revenue Growth YoY | 3617.442 % | |
| Revenue Growth IPRWA | high: 242.212 % ALNY: 6.394 % median: -7.18 % mean: -10.861 % low: -242.388 % |
|
| Earnings Growth | 59.2 % | |
| Earnings Growth QoQ | -204.048 % | |
| Earnings Growth YoY | -283.236 % | |
| Earnings Growth IPRWA | high: 200.0 % ALNY: 59.2 % median: -8.571 % mean: -15.818 % low: -247.826 % |
|
| MARGINS | ||
| Gross Margin | 81.912 % | |
| Gross Margin QoQ | 8.355 % | |
| Gross Margin YoY | -6.965 % | |
| Gross Margin IPRWA | high: 100.0 % ALNY: 81.912 % median: 81.433 % mean: 77.2 % low: -98.223 % |
|
| EBIT Margin | 24.927 % | |
| EBIT Margin QoQ | -5.858 % | |
| EBIT Margin YoY | -5125.605 % | |
| EBIT Margin IPRWA | high: 2524.194 % ALNY: 24.927 % median: 23.412 % mean: -121.134 % low: -7259.515 % |
|
| Return On Sales (ROS) | 23.016 % | |
| Return On Sales QoQ | 91.688 % | |
| Return On Sales YoY | -4740.323 % | |
| Return On Sales IPRWA | high: 100.302 % ALNY: 23.016 % median: 20.658 % mean: -121.045 % low: -7394.476 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 48.7 M | |
| Free Cash Flow Yield | 0.11 % | |
| Free Cash Flow Yield QoQ | -60.0 % | |
| Free Cash Flow Yield YoY | -127.99 % | |
| Free Cash Flow Yield IPRWA | high: 11.709 % ALNY: 0.11 % median: 0.103 % mean: -0.541 % low: -45.34 % |
|
| Free Cash Growth | -65.3 % | |
| Free Cash Growth QoQ | 18.334 % | |
| Free Cash Growth YoY | -387.97 % | |
| Free Cash Growth IPRWA | high: 253.163 % mean: 6.667 % median: -14.781 % ALNY: -65.3 % low: -239.224 % |
|
| Free Cash To Net Income | 0.236 | |
| Cash Flow Margin | 10.517 % | |
| Cash Flow To Earnings | 0.596 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.081 % | |
| Return On Assets QoQ | 7.48 % | |
| Return On Assets YoY | -400.074 % | |
| Return On Assets IPRWA | high: 38.074 % ALNY: 4.081 % median: -9.211 % mean: -14.186 % low: -67.817 % |
|
| Return On Capital Employed (ROCE) | 7.697 % | |
| Return On Equity (ROE) | 0.192 | |
| Return On Equity QoQ | -18.91 % | |
| Return On Equity YoY | -138.469 % | |
| Return On Equity IPRWA | high: 0.797 ALNY: 0.192 median: -0.147 mean: -0.357 low: -1.265 |
|
| DuPont ROE | 22.096 % | |
| Return On Invested Capital (ROIC) | 12.969 % | |
| Return On Invested Capital QoQ | 1.558 % | |
| Return On Invested Capital YoY | -8467.097 % | |
| Return On Invested Capital IPRWA | high: 41.877 % ALNY: 12.969 % median: 2.185 % mean: -0.35 % low: -51.333 % |
|