At a glance
Alnylam Pharmaceuticals Inc is worth $30.38B, about 97 times its fiscal 2025 earnings. Revenue grew 65.2% to $3.71B in fiscal 2025, with 8.4% kept as profit; over 5 years it has grown 49.8% a year. It pays no dividend. The stock returned −52.6% over the past year with dividends reinvested and +3.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.0% in the 2020 crash (S&P 500: 33.7%) and 30.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 3 months after the lows.
The business in plain English
Alnylam Pharmaceuticals is a biotech company built on RNA interference, or RNAi. RNAi is a natural process that cells use to switch off specific genes. Alnylam's medicines are short strands of small interfering RNA, or siRNA. They silence messenger RNA, the instructions a cell uses to build a protein, so a disease-causing protein never gets made. Alnylam has six approved RNAi medicines and more than 20 drug programs in human trials.
Most revenue comes from selling its own drugs for rare diseases. In fiscal 2025, revenue was $3.71 billion, up 65.2% from fiscal 2024. AMVUTTRA alone brought in 62.3%. It treats ATTR amyloidosis, a disease in which deposits of a protein called transthyretin (TTR) build up in the nerves and heart. US regulators approved it for the heart form of the disease in March 2025. GIVLAARI, for acute hepatic porphyria, added 8.3%. OXLUMO, for the rare genetic disorder primary hyperoxaluria type 1, added 5.2%, and ONPATTRO, a second TTR drug, added 4.7%.
Partner deals supply the rest. Collaboration revenue was 14.9% and royalties were 4.7%. Novartis sells Leqvio, a cholesterol drug, and Sanofi sells Qfitlia, a hemophilia drug. Under its Alnylam 2030 plan, the company aims for average revenue growth of at least 25% a year through 2030. Two drugs in final-stage (Phase 3) trials are part of that plan: nucresiran, a next-generation TTR drug, and zilebesiran, a blood-pressure drug developed with Roche.
Price history
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ALNY -52.6% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| AMVUTTRA | $2.31B | 62.3% |
| Net revenues from collaborations | $553.4M | 14.9% |
| GIVLAARI | $308.5M | 8.3% |
| OXLUMO | $191.4M | 5.2% |
| Royalty revenue | $174.0M | 4.7% |
| ONPATTRO | $172.8M | 4.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.46B, up 16.7% from a year earlier, and net income was $2.17B (+640.5%).
- For fiscal 2025, revenue was $3.71B (+65.2% year over year; +49.8% a year from FY2020 to FY2025) with a 8.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +49.8% good |
|---|---|
| Operating margin | 13.5% watch |
| Free cash flow margin | 12.5% good |
| Return on equity (FY2025) | 39.8% good |
| Return on assets (FY2025) | 6.3% watch |
| Net cash (cash minus debt) | $2.57B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $492.9M | $-858.3M | $-685.3M |
| FY2021 | $844.3M | $-852.8M | $-718.1M |
| FY2022 | $1.04B | $-1.13B | $-613.3M |
| FY2023 | $1.83B | $-440.2M | $41.9M |
| FY2024 | $2.25B | $-278.2M | $-42.6M |
| FY2025 | $3.71B | $313.7M | $465.4M |
Valuation snapshot
| Market value | $30.38B |
|---|---|
| P/E ratio | 97.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Alnylam Pharmaceuticals’s market value went from $3.21B at the end of 2016 to $30.38B on Oct 27, 2026, about 9.5 times as much; since the end of 2025 it is down 42%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $30.38B | -42.2% |
| 2025 | $52.54B | +73.1% |
| 2024 | $30.35B | +26.4% |
| 2023 | $24.02B | -17.8% |
| 2022 | $29.24B | +44.2% |
| 2021 | $20.28B | +34.3% |
| 2020 | $15.10B | +17.6% |
| 2019 | $12.84B | +74.3% |
| 2018 | $7.37B | -37.5% |
| 2017 | $11.78B | +266.7% |
| 2016 | $3.21B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ALNY price data to Oct 27, 2026 | -43.0% | -52.6% | +14.3% | +3.5% | +20.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -43.0% |
| 2025 | +69.0% |
| 2024 | +22.9% |
| 2023 | -19.5% |
| 2022 | +40.1% |
| 2021 | +30.5% |
| 2020 | +12.8% |
| 2019 | +58.0% |
| 2018 | -42.6% |
| 2017 | +239.3% |
| 2016 | -60.2% |
| 2015 | -3.0% |
| 2014 | +50.9% |
| 2013 | +252.3% |
| 2012 | +123.9% |
| 2011 | -17.3% |
| 2010 | -44.0% |
| 2009 | -28.8% |
| 2008 | -15.0% |
| 2007 | +35.9% |
| 2006 | +60.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.6% over that stretch · deepest drop along the way 58.6%, back to its old high 51.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.2% over that stretch · deepest drop along the way 30%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 6.4% over that stretch · deepest drop along the way 30.8%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 116 sales ($10.7M), 71 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 2, 2026 | Bryan Supran EVP, CLO and Secretary | sell | $399K |
| Jun 1, 2026 | David E I Pyott Director | sell (plan) | $366K |
| Jun 1, 2026 | David E I Pyott Director | sell (plan) | $351K |
| Mar 4, 2026 | Yvonne Greenstreet Chief Executive Officer, Director | sell | $315K |
| Apr 6, 2026 | Melissa McLaughlin Chief Human Resources Officer | sell (plan) | $300K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 11% | Mar 31, 2026 |
| Capital World Investors | 8.2% | Mar 31, 2026 |
| Capital Research Global Investors | 7.1% | Mar 31, 2026 |
| Vanguard Capital Management | 5.35% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.03% | Sep 30, 2026 |
ETFs with the most weight in ALNY
| MNTL Tema Neuroscience and Mental Health ETF | 5.01% |
| GNOM Global X Genomics & Biotechnology ETF | 4.67% |
| MEDX Horizon Kinetics Medical ETF | 4.49% |
| BBH VanEck Biotech ETF | 4.24% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 3.69% |
| IBB iShares Biotechnology ETF | 3.58% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 3.56% |
| FMED Fidelity Disruptive Medicine ETF | 3.01% |
What could go wrong
- One drug brings in most sales. AMVUTTRA made up 62.3% of fiscal 2025 revenue. The 10-K warns that if Alnylam cannot sustain and grow its sales, the business would suffer and the share price would likely fall.
- Patient numbers may be smaller than hoped. The 10-K says nobody knows precisely how many people have ATTR amyloidosis, acute hepatic porphyria or primary hyperoxaluria type 1. Fewer patients than estimated, or slow progress on diagnosis, could hold back sales.
- A short record of profits. Alnylam lost money every year from 2020 through 2024, including $1.13 billion in 2022. It earned $313.7 million in fiscal 2025 but warns it may not stay profitable.
- New drugs could fail or stall. Growth plans lean on experimental drugs such as nucresiran and zilebesiran, both in final-stage (Phase 3) trials. Trials can fail, run late, struggle to enroll patients or uncover side effects that block approval.
- Patent challenges and generic copies. Alnylam's products depend on patents, some licensed from other owners. If those patents are successfully challenged, competitors could launch generic versions of AMVUTTRA or other products, which the 10-K says could sharply cut sales.
- Pressure on drug prices and coverage. Alnylam's sales depend on insurers and governments agreeing to pay for its medicines. US healthcare reform, government pricing programs and strict price controls abroad could reduce what it earns.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
- Other company announcement
- Executive or board change
For income and retirement investors
Alnylam does not pay a dividend, and it spent nothing on share buybacks from fiscal 2021 through fiscal 2025. Any return comes only from changes in the share price, so anyone relying on the stock for income would need to sell shares. The share count also rose 11.4% between February 4, 2022, and October 23, 2026, which spreads future profits over more shares. Its convertible notes due 2028 are bonds that can be swapped for shares, and they could add more shares if the company settles them in stock.
The stock has swung sharply in market downturns. It dropped 58.6% in the 2008 financial crisis and did not get back to its old high until July 2013. It fell 30% in the 2020 COVID crash but had recovered by April 17, 2020. In the 2022 bear market it fell 30.8% by May 11, then recovered by August 3. In the year to October 27, 2026, it lost 52.6%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Alnylam make money?
Mostly by selling its own RNAi medicines, which switch off disease-causing genes, for rare diseases. Of $3.71 billion in fiscal 2025 revenue, AMVUTTRA, a treatment for ATTR amyloidosis, brought in 62.3%. GIVLAARI added 8.3%, OXLUMO 5.2% and ONPATTRO 4.7%. Collaborations with drug companies supplied 14.9% and royalties 4.7%. Partners sell two of its six approved medicines: Novartis sells the cholesterol drug Leqvio, and Sanofi sells Qfitlia for hemophilia.
Does Alnylam pay a dividend?
No. Alnylam pays no dividend and spent nothing on dividends or share buybacks from fiscal 2021 through fiscal 2025, so any return comes from the share price alone. Investors who want income from it would have to sell shares. Under its Alnylam 2030 plan, the company intends to reinvest about 30% of revenue in research and development. Its share count also rose 11.4% between February 2022 and October 2026.
Is Alnylam profitable?
Yes, as of fiscal 2025, after years of losses. Alnylam lost money every year from 2020 through 2024, including $1.13 billion in 2022. In fiscal 2025 it earned $313.7 million, or $2.33 per diluted share, as revenue grew 65.2% to $3.71 billion. Free cash flow, the cash left after running the business and paying for equipment, was $465.4 million. As of September 30, 2026, it held $3.59 billion in cash and investments and $1.01 billion of debt.
How volatile is Alnylam stock?
Very volatile. As of October 27, 2026, the share price was down 43% since the start of 2026 and down 52.6% over one year, after a 69% gain in 2025. Its one-year volatility, a measure of how widely the price swings, was 51.1%. Over 10 years the price rose 526% in total, but at one point in its history it fell 83.6% from a peak. It traded at about 97 times fiscal 2025 earnings per share, a high price relative to profits.
Which ETFs hold Alnylam stock?
Alnylam is held by 152 ETFs. The funds that give it the largest weight include Tema Neuroscience and Mental Health ETF (MNTL) at 5.01%, Global X Genomics & Biotechnology ETF (GNOM) at 4.67%, Horizon Kinetics Medical ETF (MEDX) at 4.49% and VanEck Biotech ETF (BBH) at 4.24%. The iShares Biotechnology ETF (IBB) gives it a 3.58% weight. Weights change over time. Holding it through a fund spreads the risk of relying on one drug across many companies.