Detailed financial statements for Alnylam Pharmaceuticals, Inc. (ALNY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Alnylam Pharmaceuticals, Inc. is a biopharmaceutical company primarily dedicated to the discovery, development, and commercialization of innovative therapeutic solutions leveraging ribonucleic acid interference (RNAi) technology. Its robust pipeline of RNAi-based treatments addresses a range of critical therapeutic areas, including inherited genetic disorders, cardio-metabolic conditions, hepatic infectious diseases, and central nervous system (CNS) and ocular disorders.
Analysis Summary
Alnylam Pharmaceuticals, Inc. reported revenue of $3.71B in the most recent fiscal year, growing at a 5-year CAGR of 49.8%.
Trailing-twelve-month margins: gross margin 77.3%, operating margin 19.5%, net margin 54.3%.
At $165.00 (closing price, October 30, 2026), ALNY trades at a P/E of 8.33 and an ROE of 159.72%. Market capitalisation stands at $22.1B, placing it among large-cap names.
Balance sheet quality for ALNY: debt-to-equity ratio of 0.35, current ratio of 2.48 over the last 12 months, net cash position of $1.63B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $465.4M represents 148% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.2M | $89.9M | $74.9M | $219.8M | $492.9M | $844.3M | $1.04B | $1.83B | $2.25B | $3.71B |
| Cost of Revenue | 0 | $13.4M | $1.8M | $25.1M | $78.1M | $140.1M | $168.8M | $310.4M | $323.4M | $677.2M |
| Gross Profit | $47.2M | $76.5M | $73.1M | $194.7M | $414.8M | $704.1M | $868.6M | $1.52B | $1.92B | $3.04B |
| Research & Development | $382.4M | $390.6M | $505.4M | $655.1M | $654.8M | $792.2M | $883.0M | $1.00B | $1.13B | $1.32B |
| Selling, General & Admin | $89.4M | $199.4M | $382.4M | $479.0M | $588.4M | $620.6M | $770.7M | $795.6M | $975.5M | $1.21B |
| Operating Expenses | $471.7M | $590.0M | $887.8M | $1.13B | $1.24B | $1.41B | $1.65B | $1.80B | $2.10B | $2.54B |
| Operating Income | -$424.6M | -$500.1M | -$814.7M | -$939.4M | -$828.4M | -$708.7M | -$785.1M | -$282.2M | -$176.9M | $501.6M |
| EBITDA | -$409.5M | -$488.2M | -$754.2M | -$830.9M | -$696.7M | -$661.6M | -$926.6M | -$258.2M | -$178.8M | $631.4M |
| Interest Expense | 0 | 0 | 0 | 0 | $84.5M | $143.0M | $156.0M | $121.2M | $141.9M | $252.6M |
| Pre-tax Income | -$410.1M | -$490.9M | -$760.7M | -$885.3M | -$855.6M | -$852.1M | -$1.13B | -$433.5M | -$377.4M | $323.2M |
| Income Tax | 0 | 0 | $823,000 | $863,000 | $2.7M | $680,000 | $4.2M | $6.7M | -$99.2M | $9.4M |
| Net Income | -$410.1M | -$490.9M | -$761.5M | -$886.1M | -$858.3M | -$852.8M | -$1.13B | -$440.2M | -$278.2M | $313.7M |
| EPS | -$4.79 | -$5.42 | -$7.57 | -$8.11 | -$7.46 | -$7.20 | -$9.30 | -$3.52 | -$2.18 | $2.39 |
| EPS (Diluted) | -$4.79 | -$5.42 | -$7.57 | -$8.11 | -$7.46 | -$7.20 | -$9.30 | -$3.52 | -$2.18 | $2.33 |
| Shares Outstanding (Diluted) | 85.6 M | 90.6 M | 100.6 M | 109.3 M | 115.0 M | 118.5 M | 121.7 M | 124.9 M | 127.7 M | 134.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.10B | $1.17B | $1.29B | $1.46B |
| Gross Profit | $829.3M | $956.1M | $992.7M | $1.10B |
| Operating Income | $131.7M | $268.6M | $231.4M | $345.8M |
| EBITDA | $304.0M | $304.5M | $245.1M | $394.7M |
| Net Income | $186.4M | $206.0M | $164.5M | $2.17B |
| EPS | $1.41 | $1.55 | $1.23 | $16.19 |
| EPS (Diluted) | $1.37 | $1.51 | $1.20 | $15.72 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $193.6M | $645.4M | $420.1M | $547.2M | $496.6M | $820.0M | $866.4M | $812.7M | $966.4M | $1.66B |
| Short-term Investments | $433.2M | $1.05B | $664.0M | $989.0M | $1.38B | $1.62B | $1.33B | $1.63B | $1.73B | $1.25B |
| Receivables | $23.3M | $34.0M | $18.8M | $43.0M | $602.4M | $198.6M | $238.0M | $327.8M | $405.3M | $777.6M |
| Inventory | 0 | 0 | $24.1M | $56.3M | $75.2M | $86.4M | $129.0M | $89.1M | $78.5M | $82.7M |
| Total Current Assets | $671.9M | $1.76B | $1.20B | $1.72B | $2.61B | $2.81B | $2.69B | $2.98B | $3.30B | $4.05B |
| Property, Plant & Equipment | $114.6M | $181.9M | $320.7M | $646.4M | $706.5M | $733.6M | $738.6M | $725.8M | $693.9M | $708.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.26B | $1.99B | $1.57B | $2.40B | $3.41B | $3.64B | $3.55B | $3.83B | $4.24B | $4.97B |
| Accounts Payable | $54.5M | $28.4M | $59.7M | $49.9M | $52.0M | $73.4M | $98.1M | $55.5M | $88.4M | $115.7M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $131.7M | $144.3M | $179.5M | $352.6M | $585.3M | $695.7M | $767.9M | $967.8M | $1.19B | $1.47B |
| Long-term Debt | $150.0M | $30.0M | $30.0M | 0 | $191.3M | $675.7M | $1.02B | $1.02B | $1.02B | $1.01B |
| Total Liabilities | $342.6M | $228.3M | $272.8M | $956.4M | $2.39B | $3.06B | $3.70B | $4.05B | $4.17B | $4.18B |
| Retained Earnings | -$1.66B | -$2.15B | -$2.84B | -$3.73B | -$4.59B | -$5.44B | -$6.57B | -$7.01B | -$7.29B | -$6.70B |
| Total Equity | $920.2M | $1.77B | $1.30B | $1.44B | $1.02B | $588.2M | -$158.2M | -$220.6M | $67.1M | $789.2M |
| Total Debt | $150.0M | $30.0M | $30.0M | $303.8M | $521.2M | $997.6M | $1.32B | $1.31B | $1.30B | $1.28B |
| Net Debt | -$476.8M | -$1.66B | -$1.05B | -$1.23B | -$1.35B | -$1.44B | -$872.2M | -$1.13B | -$1.40B | -$1.63B |
| Working Capital | $540.2M | $1.62B | $1.02B | $1.36B | $2.03B | $2.11B | $1.92B | $2.01B | $2.11B | $2.58B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.66B | $1.71B | $1.71B | $1.75B |
| Total Assets | $4.97B | $5.13B | $5.56B | $7.99B |
| Total Liabilities | $4.18B | $4.05B | $4.20B | $4.39B |
| Total Equity | $789.2M | $1.08B | $1.35B | $3.60B |
| Total Debt | $1.28B | $1.27B | $1.27B | $1.26B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$410.1M | -$490.9M | -$761.5M | -$886.1M | -$858.3M | -$852.8M | -$1.13B | -$440.2M | -$278.2M | $313.7M |
| Depreciation & Amortization | $15.1M | $13.4M | $6.4M | $54.4M | $74.4M | $47.6M | $44.5M | $54.1M | $56.7M | $55.7M |
| Stock-based Compensation | $75.5M | $92.8M | $157.8M | $174.8M | $139.9M | $165.7M | $230.6M | $221.7M | $272.1M | $348.2M |
| Change in Working Capital | $17.2M | -$2.9M | $45.1M | $402.4M | -$12.7M | -$162.8M | -$35.6M | $10.8M | -$214.1M | -$444.8M |
| Operating Cash Flow | -$307.7M | -$382.8M | -$562.6M | -$278.4M | -$615.0M | -$641.7M | -$541.3M | $104.2M | -$8.3M | $524.1M |
| Capital Expenditure | -$64.6M | -$104.2M | -$126.9M | -$140.2M | -$70.4M | -$76.4M | -$72.1M | -$62.2M | -$34.3M | -$58.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$596,000 | -$257,000 | -$3.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$372.3M | -$487.0M | -$689.5M | -$418.6M | -$685.3M | -$718.1M | -$613.3M | $41.9M | -$42.6M | $465.4M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $163.6M | $70.5M | $75.3M | $341.0M |
| Capital Expenditure | -$23.3M | -$21.8M | -$34.7M | -$69.8M |
| Free Cash Flow | $140.3M | $48.7M | $40.6M | $271.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $71.6M | $70.2M | $86.6M | $79.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +90.7% | -16.7% | +193.4% | +124.3% | +71.3% | +22.9% | +76.2% | +23.0% | +65.2% | |
| Net Income Growth (YoY) | -19.7% | -55.1% | -16.4% | +3.1% | +0.6% | -32.6% | +61.1% | +36.8% | +212.8% | |
| EPS Growth (YoY) | -13.2% | -39.7% | -7.1% | +8.0% | +3.5% | -29.2% | +62.2% | +38.1% | +209.6% | |
| Shares Change (YoY) | +5.8% | +11.1% | +8.6% | +5.2% | +3.0% | +2.7% | +2.6% | +2.2% | +5.5% | |
| FCF Growth (YoY) | -30.8% | -41.6% | +39.3% | -63.7% | -4.8% | +14.6% | +106.8% | -201.5% | +1,192.7% | |
| Gross Margin | 100.0% | 85.1% | 97.6% | 88.6% | 84.2% | 83.4% | 83.7% | 83.0% | 85.6% | 81.8% |
| Operating Margin | -900.3% | -556.2% | -1,087.6% | -427.5% | -168.1% | -83.9% | -75.7% | -15.4% | -7.9% | 13.5% |
| EBITDA Margin | -868.2% | -543.0% | -1,006.9% | -378.1% | -141.4% | -78.4% | -89.3% | -14.1% | -8.0% | 17.0% |
| Net Margin | -869.6% | -545.9% | -1,016.6% | -403.2% | -174.1% | -101.0% | -109.0% | -24.1% | -12.4% | 8.4% |
| FCF Margin | -789.4% | -541.6% | -920.5% | -190.5% | -139.1% | -85.0% | -59.1% | 2.3% | -1.9% | 12.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.1% | -0.1% | -0.3% | -0.1% | -0.4% | -1.6% | 26.3% | 2.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$4.35 | -$5.38 | -$6.85 | -$3.83 | -$5.96 | -$6.06 | -$5.04 | $0.34 | -$0.33 | $3.46 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 85.6 M | 90.6 M | 100.6 M | 109.3 M | 115.0 M | 118.5 M | 121.7 M | 124.9 M | 127.7 M | 131.0 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 159.72% |
| Return on Invested Capital | 15.42% |
| Return on Assets | 34.08% |
| Gross Margin | 77.28% |
| Operating Margin | 19.50% |
| Net Margin | 54.34% |
Financial Health
| Debt / Equity | 0.35 |
| Current Ratio | 2.48 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 7.30 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -7.82 | -23.44 | -9.63 | -14.20 | -17.42 | -23.55 | -25.55 | -54.38 | -107.94 | 166.38 |
| P/B | 3.48 | 6.51 | 5.63 | 8.75 | 14.71 | 34.15 | -182.78 | -108.36 | 447.73 | 66.01 |
| P/S | 67.96 | 127.96 | 97.91 | 57.26 | 30.32 | 23.79 | 27.88 | 13.08 | 13.36 | 14.03 |
| Gross Margin | 100.0% | 85.1% | 97.6% | 88.6% | 84.2% | 83.4% | 83.7% | 83.0% | 85.6% | 81.8% |
| Operating Margin | -900.3% | -556.2% | -1,087.6% | -427.5% | -168.1% | -83.9% | -75.7% | -15.4% | -7.9% | 13.5% |
| Net Margin | -869.6% | -545.9% | -1,016.6% | -403.2% | -174.1% | -101.0% | -109.0% | -24.1% | -12.4% | 8.4% |
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Explore sector: Healthcare · Biotechnology
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