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Alnylam Pharmaceuticals (ALNY)
NASDAQ:ALNY
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Alnylam Pharma
(NASDAQ:ALNY)50Neutral
Positive Factors
Pipeline Expansion
Alnylam is cementing its leadership in the space, targeting market expansion well into the 2040s with a franchise that could generate peak annual revenues of $20B-plus, if approved.
Therapeutic Advancements
Nucresiran could increase Alnylam net revenues by up to $1-2B/year, enhancing competitiveness in ATTR-CM.
Negative Factors
Approval Timelines
ALNY’s aspiration for 2030 approval seems aggressive to us.
Alnylam Pharma (ALNY) vs. S&P 500 (SPY)
Market Cap
$31.45B
Dividend YieldN/A
Average Volume (3M)737.85K
Price to Earnings (P/E)―
Beta (1Y)1.22
Revenue Growth22.97%
EPS Growth38.54%
CountryUS
Employees2,230
SectorHealthcare
Sector Strength74
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.17
Shares Outstanding129,457,150
10 Day Avg. Volume834,033
30 Day Avg. Volume737,845
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)13.99
Price to Cash Flow (P/CF)-83.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$329.87Price Target Upside32.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
Alnylam Pharma Business Overview & Revenue Model
Company DescriptionAlnylam Pharmaceuticals, Inc. operates as biopharmaceutical company, which engages in the discovery, development and commercialization of RNAi therapeutics. It is the translation of RNAi as a new class of innovative medicines with a core focus on RNAi therapeutics for the treatment of genetically defined diseases. The company was founded by John Kennedy Clarke, Paul R. Schimmel and Phillip A. Sharp on June 14, 2002 and is headquartered in Cambridge, MA.
How the Company Makes MoneyAlnylam Pharmaceuticals generates revenue primarily through the sales of its approved RNAi therapeutics. The company's key revenue streams include product sales, collaborations, and royalties. Alnylam has established strategic partnerships with other pharmaceutical companies to co-develop and commercialize its therapies, which provide upfront payments, milestone payments, and royalties on product sales. Additionally, the company invests in research and development to expand its pipeline and enhance its product offerings. Alnylam's significant partnerships with multinational companies like Sanofi and Regeneron contribute to its revenue through collaborative research efforts and shared commercialization rights.
Alnylam Pharma Financial Statement Overview
Summary
Alnylam Pharma demonstrates strong revenue growth and a high gross profit margin, but struggles with persistent losses and negative cash flows. The balance sheet's lack of equity and past high leverage raise concerns about financial health. Overall, while the revenue trajectory is promising, the company faces significant profitability and liquidity challenges that require careful management.Income Statement
The company shows a consistent growth in revenue, with a notable increase from $219.75M in 2019 to $2.25B in 2024. However, profitability remains a concern, as evidenced by negative EBIT and net income margins over the years. The gross profit margin is high at 100% for 2024, but the net profit margin is negative, indicating high operational costs or other expenses.55
Neutral
Balance Sheet
The balance sheet reveals a challenging financial structure with zero equity in 2024, indicating financial distress. Historically, the company has had a high debt burden, though it decreased to zero in 2024. This lack of equity and past high leverage pose significant risks to financial stability.40
Negative
Cash Flow
Cash flow analysis highlights a volatile free cash flow, with a drop from $41.95M in 2023 to negative figures in 2024. The operating cash flow is also negative in 2024, indicating potential liquidity issues. Despite these challenges, the company has shown the ability to raise cash through financing activities.50
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 884.25M | 2.25B | 1.83B | 1.04B | 844.29M | 492.85M | Gross Profit |
| 737.48M | 1.92B | 1.52B | 868.60M | 704.14M | 414.80M | EBIT |
| -714.66M | -176.88M | -282.18M | -785.07M | -708.65M | -828.44M | EBITDA |
| -773.79M | -178.85M | -258.24M | -926.56M | -661.56M | -736.33M | Net Income Common Stockholders |
| -980.72M | -278.16M | -440.24M | -1.13B | -852.82M | -858.28M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 2.37B | 2.69B | 2.44B | 2.19B | 2.44B | 1.87B | Total Assets |
| 3.82B | 4.24B | 3.83B | 3.55B | 3.64B | 3.41B | Total Debt |
| 2.68B | 1.30B | 2.68B | 1.32B | 997.59M | 521.19M | Net Debt |
| 2.00B | -127.13M | 1.87B | 453.85M | 177.62M | 24.61M | Total Liabilities |
| 4.04B | 4.17B | 4.05B | 3.70B | 3.06B | 2.39B | Stockholders Equity |
| -219.27M | 67.09M | -220.64M | -158.22M | 588.20M | 1.02B |
| Cash Flow | Free Cash Flow | ||||
| -660.05M | -42.59M | 41.95M | -613.33M | -718.07M | -685.32M | Operating Cash Flow |
| -578.19M | -8.31M | 104.16M | -541.27M | -641.69M | -614.96M | Investing Cash Flow |
| -506.30M | -116.84M | -336.35M | 169.35M | -273.30M | -435.52M | Financing Cash Flow |
| 931.42M | 294.16M | 172.13M | 425.75M | 1.25B | 994.98M |
Alnylam Pharma Technical Analysis
Neutral
249.23
Price Trends
254.26
Negative
260.00
Negative
246.53
Positive
Market Momentum
-4.86
Positive
45.65
Neutral
43.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALNY, the sentiment is Neutral. The current price of 249.23 is below the 20-day moving average (MA) of 256.04, below the 50-day MA of 254.26, and above the 200-day MA of 246.53, indicating a neutral trend. The MACD of -4.86 indicates Positive momentum. The RSI at 45.65 is Neutral, neither overbought nor oversold. The STOCH value of 43.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ALNY.
Alnylam Pharma Risk Analysis
Alnylam Pharma disclosed 45 risk factors in its most recent earnings report. Alnylam Pharma reported the most risks in the “Legal & Regulatory” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Alnylam Pharma Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $20.88B | 12.86 | 10.36% | ― | -1.60% | 39.71% | |
69 Neutral | $9.98B | 45.17 | 19.71% | ― | 52.97% | ― | |
64 Neutral | $124.86B | ― | -3.15% | ― | 11.64% | -114.72% | |
50 Neutral | $31.45B | ― | -414.62% | ― | 22.97% | 38.54% | |
49 Neutral | $7.05B | 0.34 | -55.09% | 2.46% | 25.27% | -3.43% | |
49 Neutral | $5.24B | ― | -93.03% | ― | -10.48% | -18.79% | |
47 Neutral | $2.16B | ― | -1216.44% | ― | -98.62% | -86.21% |
* Healthcare Sector Average
Performance Comparison
ALNY
Alnylam Pharma
249.23
99.57
66.53%
ARWR
Arrowhead Pharmaceuticals
17.35
-18.05
-50.99%
BIIB
Biogen
143.77
-73.79
-33.92%
IONS
Ionis Pharmaceuticals
33.75
-10.54
-23.80%
VRTX
Vertex Pharmaceuticals
491.64
79.79
19.37%
SRPT
Sarepta Therapeutics
107.67
-12.64
-10.51%
Alnylam Pharma Earnings Call Summary
Earnings Call Date: Feb 13, 2025 | % Change Since: -6.29% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Positive
The earnings call reflects a positive sentiment with significant revenue growth, profitability, and progress in clinical trials. Despite a slight decline in the rare franchise and anticipated decrease in gross margins, the strong performance and guidance in key areas like the TTR franchise and R&D pipeline suggest a positive outlook.Highlights
Strong Revenue Growth
Alnylam achieved combined net product revenues of over $1.6 billion, marking a 33% growth compared to 2023 and reaching the upper end of their revised guidance range.
Record Non-GAAP Operating Income
The company delivered $95 million in non-GAAP operating income, a significant milestone indicating profitability for the full year.
Positive Phase 3 Study Results
HELIOS-B Phase 3 study results for vutrisiran in ATTR cardiomyopathy were highly positive, leading to submissions of global regulatory filings.
TTR Franchise Growth
The TTR franchise achieved $343 million in global net product revenues in Q4, representing a 35% increase compared to Q4 2023.
R&D Pipeline Expansion
Alnylam advanced its robust pipeline, including the initiation of four new Phase 1 programs and progress in multiple clinical areas.
Lowlights
Rare Franchise Decline
The combined product sales for GIVLAARI and OXLUMO saw a 3% decline in Q4 compared to Q3 2024, driven by purchase patterns.
Expected Decrease in Gross Margin
The gross margin on product sales is expected to decrease due to higher royalty rates payable on AMVUTTRA as its sales increase.
Company Guidance
During the call, Alnylam Pharmaceuticals provided guidance for 2025, projecting combined net product revenues of $2.05 billion to $2.25 billion, representing a 31% growth compared to 2024. The TTR franchise, including the anticipated approval and launch of AMVUTTRA for ATTR cardiomyopathy, is expected to drive growth, with projected sales between $1.6 billion and $1.725 billion, marking a 36% increase from 2024. The Rare franchise is projected to generate $450 million to $525 million, reflecting a 15% growth. Collaboration and royalty revenue is expected to be between $650 million and $750 million, with a significant portion driven by a $300 million milestone payment from Roche. Alnylam also aims to deliver non-GAAP operating income profitability in 2025, with combined non-GAAP R&D and SG&A expenses projected to grow 17% at the midpoint of their guidance range.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.