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Alnylam Pharmaceuticals Inc Financials

ALNY
FY2025 annual
Revenue $3.7B +65.2% YoY
Net Income $313.7M +212.8% YoY
EPS (Diluted) $2.33 +206.9% YoY
Free Cash Flow $465.4M +1192.7% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Alnylam Pharmaceuticals Inc (ALNY) reported $3.7B in revenue for fiscal year 2025, up 65.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ALNY FY2025

Research-heavy investment shifted from cash consumption to positive operating leverage as revenue scale absorbed operating costs.

Operating leverage drove the earnings inflection: operating margin moved from -7.9% in FY2024 to 13.5% in FY2025. Because gross margin simultaneously declined from 86.4% to 81.8%, the improvement came primarily from operating-cost absorption rather than stronger gross economics.

Earnings quality improved materially: FY2025 operating cash flow of $524M exceeded net income of $314M, indicating reported profitability was accompanied by cash generation rather than remaining purely accounting-based. After $59M of capital expenditures, free cash flow still reached $465M, showing limited physical reinvestment needs relative to earnings.

The company remains development-expense intensive but physically asset-light: research and development consumed $1.3B in FY2025, while capital expenditures were far smaller, so much of its investment burden runs through operating expenses rather than equipment. Equity rebuilt from $67M in FY2024 to $789M in FY2025, driving debt-to-equity down from 62.2x to 5.3x; that ratio improvement is mainly denominator-driven, not evidence of a comparable debt reduction.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 51 / 100
Financial Health Score 51/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Alnylam Pharmaceuticals Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
38

Alnylam Pharmaceuticals Inc has an operating margin of 13.5%, meaning the company retains $14 of operating profit per $100 of revenue. This results in a moderate score of 38/100, indicating healthy but not exceptional operating efficiency. This is up from -7.9% the prior year.

Growth
93

Alnylam Pharmaceuticals Inc's revenue surged 65.2% year-over-year to $3.7B, reflecting rapid business expansion. This strong growth earns a score of 93/100.

Leverage
10

Alnylam Pharmaceuticals Inc has elevated debt relative to equity (D/E of 5.29), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 10/100, reflecting increased financial risk.

Liquidity
74

With a current ratio of 2.76, Alnylam Pharmaceuticals Inc holds $2.76 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.

Cash Flow
53

Alnylam Pharmaceuticals Inc has a free cash flow margin of 12.5%, earning a moderate score of 53/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
40

Alnylam Pharmaceuticals Inc's ROE of 39.8% shows moderate profitability relative to equity, earning a score of 40/100. This is up from -414.6% the prior year.

Altman Z-Score Safe
4.37

Alnylam Pharmaceuticals Inc scores 4.37, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($31.7B) relative to total liabilities ($4.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
5/8

Alnylam Pharmaceuticals Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.67x

For every $1 of reported earnings, Alnylam Pharmaceuticals Inc generates $1.67 in operating cash flow ($524.1M OCF vs $313.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
1.99x

Alnylam Pharmaceuticals Inc earns $1.99 in operating income for every $1 of interest expense ($501.6M vs $252.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.7B
YoY+65.2%
5Y CAGR+49.8%

Alnylam Pharmaceuticals Inc generated $3.7B in revenue in fiscal year 2025. This represents an increase of 65.2% from the prior year.

EBITDA
$557.2M
YoY+563.5%

Alnylam Pharmaceuticals Inc's EBITDA was $557.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 563.5% from the prior year.

Net Income
$313.7M
YoY+212.8%

Alnylam Pharmaceuticals Inc reported $313.7M in net income in fiscal year 2025. This represents an increase of 212.8% from the prior year.

EPS (Diluted)
$2.33
YoY+206.9%

Alnylam Pharmaceuticals Inc earned $2.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 206.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$465.4M
YoY+1192.7%

Alnylam Pharmaceuticals Inc generated $465.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1192.7% from the prior year.

Cash & Debt
$1.7B
YoY+71.5%
5Y CAGR+27.3%
10Y CAGR+24.8%

Alnylam Pharmaceuticals Inc held $1.7B in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding
133M
YoY+2.4%
5Y CAGR+2.5%
10Y CAGR+4.5%

Alnylam Pharmaceuticals Inc had 133M shares outstanding in fiscal year 2025. This represents an increase of 2.4% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin
81.8%
YoY-4.6pp
5Y CAGR-3.2pp

Alnylam Pharmaceuticals Inc's gross margin was 81.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.6 percentage points from the prior year.

Operating Margin
13.5%
YoY+21.4pp

Alnylam Pharmaceuticals Inc's operating margin was 13.5% in fiscal year 2025, reflecting core business profitability. This is up 21.4 percentage points from the prior year.

Net Margin
8.5%
YoY+20.8pp

Alnylam Pharmaceuticals Inc's net profit margin was 8.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 20.8 percentage points from the prior year.

Return on Equity
39.8%
YoY+454.4pp

Alnylam Pharmaceuticals Inc's ROE was 39.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 454.4 percentage points from the prior year.

Capital Allocation

R&D Spending
$1.3B
YoY+17.2%
5Y CAGR+15.0%
10Y CAGR+16.9%

Alnylam Pharmaceuticals Inc invested $1.3B in research and development in fiscal year 2025. This represents an increase of 17.2% from the prior year.

Capital Expenditures
$58.7M
YoY+71.2%
5Y CAGR-3.6%
10Y CAGR+16.3%

Alnylam Pharmaceuticals Inc invested $58.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 71.2% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

ALNY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ALNY quarterly income statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue$1.3BN/AN/A$1.2B+61.4%$773.7MN/A$593.2M+18.4%$500.9M
Cost of Revenue$298.3MN/AN/A$197.2M+38.9%$142.0MN/A$102.6M+25.2%$82.0M
Gross Profit$992.7MN/AN/A$1.1B+66.5%$631.7MN/A$490.5M+17.1%$418.9M
R&D Expenses$413.1MN/AN/A$358.8M+10.9%$323.6MN/A$300.2M+10.8%$270.9M
SG&A Expenses$347.9MN/AN/A$322.1M-0.4%$323.3MN/A$295.3M+33.6%$221.0M
Operating Income$231.4MN/AN/A$368.0M+2371.6%-$16.2MN/A-$105.2M-36.7%-$76.9M
Interest Expense$82.1MN/AN/A$44.4M-27.8%$61.5MN/A$39.0M+13.4%$34.4M
Income Tax$13.3MN/AN/A-$12.1M-139.2%$30.9MN/A-$110.2M-3890.7%$2.9M
Net Income$164.5M-20.1%$206.0MN/A$251.1M+447.6%-$72.2M-295.7%-$18.3M+78.2%-$83.8M+24.9%-$111.6M
EPS (Diluted)$1.21N/A$0.82-55.4%$1.84+434.5%-$0.55N/A-$0.65+25.3%-$0.87

ALNY Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ALNY quarterly balance sheet
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Total Assets$5.6BN/A$5.0B+2.4%$4.9B+6.3%$4.6B+8.4%$4.2B-0.6%$4.2B+0.8%$4.2B
Current Assets$4.6BN/A$4.1B+2.5%$4.0B+8.5%$3.6B+11.5%$3.3B-0.8%$3.3B-1.8%$3.4B
Cash & Equivalents$1.7BN/A$1.7B+11.2%$1.5B+33.8%$1.1BN/A$966.4M-12.1%$1.1B
Inventory$97.1MN/A$82.7M+9.7%$75.4M+5.2%$71.7M+9.3%$65.6M-16.5%$78.5M+3.3%$76.0M
Accounts Receivable$912.7MN/A$777.6M-19.4%$964.8M+70.1%$567.1M+35.7%$418.0M+3.1%$405.3M+14.5%$353.9M
Total Liabilities$4.2BN/A$4.2B-9.5%$4.6B+7.0%$4.3B+5.3%$4.1B-1.8%$4.2B0.0%$4.2B
Current Liabilities$1.5BN/A$1.5B-5.7%$1.6B+19.6%$1.3B+20.9%$1.1B-9.3%$1.2B-2.8%$1.2B
Total Equity$1.4B+25.9%$1.1B+36.3%$789.2M+237.4%$233.9M-57.9%$555.3M+30.3%$426.1M+535.2%$67.1M+107.4%$32.4M
Retained Earnings-$6.3BN/A-$6.7B+6.4%-$7.2B+3.4%-$7.4B-0.9%-$7.3B-0.8%-$7.3B-1.2%-$7.2B

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

ALNY Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ALNY quarterly cash flow statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Cash FlowN/AN/A$163.6M-53.4%$351.0MN/AN/A-$94.7M-316.6%$43.7M
Capital ExpendituresN/AN/A$23.3M+91.8%$12.1MN/AN/A$9.1M+116.9%$4.2M
Free Cash FlowN/AN/A$140.3M-58.6%$338.9MN/AN/A-$103.8M-362.6%$39.5M
Investing Cash FlowN/AN/A-$37.2M-107.4%$501.1MN/AN/A-$52.9M-74.9%-$30.3M
Financing Cash FlowN/AN/A$45.3M+109.6%-$474.3MN/AN/A$31.0M-69.8%$102.8M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

ALNY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

ALNY quarterly financial ratios
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Gross Margin76.9%N/AN/A84.2%+2.6pp81.6%N/A82.7%-0.9pp83.6%
Operating Margin17.9%N/AN/A29.5%+31.5pp-2.1%N/A-17.7%-2.4pp-15.3%
Net Margin12.7%N/AN/A20.1%+29.4pp-9.3%N/A-14.1%+8.2pp-22.3%
Return on Equity12.2%-7.0pp19.2%N/A107.3%+120.4pp-13.0%-8.7pp-4.3%+120.6pp-124.9%+220.0pp-344.8%
Return on Assets3.0%N/AN/A5.2%+6.8pp-1.6%-1.2pp-0.4%+1.6pp-2.0%+0.7pp-2.6%
Current Ratio3.05N/A2.76+0.2x2.54-0.3x2.80-0.2x3.04+0.3x2.780.0x2.75
Debt-to-Equity3.11N/A5.29-14.4x19.74+12.0x7.77-1.8x9.62-52.6x62.20-66.8x128.97
FCF MarginN/AN/AN/A27.1%N/AN/A-17.5%-25.4pp7.9%

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Frequently Asked Questions

What is Alnylam Pharmaceuticals Inc's annual revenue?

Alnylam Pharmaceuticals Inc (ALNY) reported $3.7B in total revenue for fiscal year 2025. This represents a 65.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Alnylam Pharmaceuticals Inc's revenue growing?

Alnylam Pharmaceuticals Inc (ALNY) revenue grew by 65.2% year-over-year, from $2.2B to $3.7B in fiscal year 2025.

Is Alnylam Pharmaceuticals Inc profitable?

Yes, Alnylam Pharmaceuticals Inc (ALNY) reported a net income of $313.7M in fiscal year 2025, with a net profit margin of 8.5%.

Alnylam Pharmaceuticals Inc (ALNY) reported diluted earnings per share of $2.33 for fiscal year 2025. This represents a 206.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Alnylam Pharmaceuticals Inc (ALNY) had EBITDA of $557.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Alnylam Pharmaceuticals Inc (ALNY) had a gross margin of 81.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Alnylam Pharmaceuticals Inc (ALNY) had an operating margin of 13.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Alnylam Pharmaceuticals Inc (ALNY) had a net profit margin of 8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Alnylam Pharmaceuticals Inc (ALNY) has a return on equity of 39.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Alnylam Pharmaceuticals Inc (ALNY) generated $465.4M in free cash flow during fiscal year 2025. This represents a 1192.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Alnylam Pharmaceuticals Inc (ALNY) generated $524.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Alnylam Pharmaceuticals Inc (ALNY) had $5.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Alnylam Pharmaceuticals Inc (ALNY) invested $58.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Alnylam Pharmaceuticals Inc (ALNY) invested $1.3B in research and development during fiscal year 2025.

Alnylam Pharmaceuticals Inc (ALNY) had 133M shares outstanding as of fiscal year 2025.

Alnylam Pharmaceuticals Inc (ALNY) had a current ratio of 2.76 as of fiscal year 2025, which is generally considered healthy.

Alnylam Pharmaceuticals Inc (ALNY) had a debt-to-equity ratio of 5.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Alnylam Pharmaceuticals Inc (ALNY) had a return on assets of 6.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Alnylam Pharmaceuticals Inc (ALNY) has an Altman Z-Score of 4.37, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Alnylam Pharmaceuticals Inc (ALNY) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Alnylam Pharmaceuticals Inc (ALNY) has an earnings quality ratio of 1.67x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Alnylam Pharmaceuticals Inc (ALNY) has an interest coverage ratio of 1.99x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Alnylam Pharmaceuticals Inc (ALNY) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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