Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY)

Sector: Healthcare Industry: Biotechnology CIK: 0001178670
Market Cap 43.66 Bn
P/B 55.33
P/E 139.17
P/S 11.76
ROIC (Qtr) 16.11
Div Yield % 0.00
Rev 1y % (Qtr) 84.95
Total Debt (Qtr) 2.97 Bn
Debt/Equity (Qtr) 3.76
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About

Investment thesis

Bull case

  • Healthy cash reserves of 1.66B provide 6.24x coverage of short-term debt 265.59M, demonstrating strong liquidity position and minimal refinancing risk.
  • Robust free cash flow of 465.38M exceeds capital expenditure of 58.70M by 7.93x, indicating strong organic growth funding capability.
  • Tangible assets of 4.97B provide exceptional 1025.04x coverage of deferred revenue 4.84M, showing strong service capability backing.
  • Operating cash flow of 524.08M provides strong 108.17x coverage of deferred revenue 4.84M, indicating service delivery capability.
  • Operating cash flow of 524.08M fully covers other non-current liabilities 2.75M by 190.64x, showing strong long-term stability.

Bear case

  • Investment activities of 436.33M provide weak support for R&D spending of 1.32B, which is 0.33x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • High receivables of 777.57M relative to inventory of 82.72M (9.40 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • The company's operating cash flow of 524.08M shows concerning coverage of stock compensation expenses of 348.24M, with a 1.50 ratio indicating potential earnings quality issues.
  • Free cash flow of 465.38M represents just -0.84x of debt issuance (555.22M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Short-term investments of 1.25B exceed receivables of 777.57M by 1.61x, indicating potentially inefficient capital allocation given collection cycle needs.

Product and Service Breakdown of Revenue (2025)

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,204.25 Bn -1,306.67 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 486.51 Bn 7,097.20 97.84 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 122.05 Bn 30.87 10.17 1.85 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 83.00 Bn 18.42 5.79 2.71 Bn
5 ARGX Argenx Se 50.78 Bn 33.71 26,480.10 -
6 ALNY Alnylam Pharmaceuticals, Inc. 43.66 Bn 139.17 11.76 2.97 Bn
7 BNTC Benitec Biopharma Inc. 43.61 Bn -941.82 0.00 0.00 Bn
8 INSM INSMED Inc 28.88 Bn -24.40 64.61 0.74 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 9.14 11.06
EV to Cash from Ops. EV/CFO 86.60 26.32
EV to Debt EV to Debt 15.29 762.61
EV to EBIT EV/EBIT 78.83 -13.49
EV to EBITDA EV/EBITDA 81.45 8.61
EV to Free Cash Flow [EV/FCF] EV/FCF 97.52 25.66
EV to Market Cap EV to Market Cap 1.04 203.37
EV to Revenue EV/Rev 12.22 156.31
Price to Book Value [P/B] P/B 55.33 20.59
Price to Earnings [P/E] P/E 139.17 -0.88
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -12.64
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.14
Interest Coverage Int. cover (Qtr) 2.28 956.66
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -71.24 7.87
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 71.48 753.48
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 422.02 -57.63
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 563.53 8.83
EBIT Growth (1y) % EBIT 1y % (Qtr) 344.47 -67.21
EBT Growth (1y) % EBT 1y % (Qtr) 185.63 -23.74
EPS Growth (1y) % EPS 1y % (Qtr) 209.63 -7.02
FCF Growth (1y) % FCF 1y % (Qtr) 1,192.73 -40.48
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 57.52 264.51
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.75 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 1.13 3.92
Current Ratio Curr Ratio (Qtr) 2.76 7.33
Debt to Equity Ratio Debt/Equity (Qtr) 3.76 0.48
Interest Cover Ratio Int Coverage (Qtr) 2.28 956.66
Times Interest Earned Times Interest Earned (Qtr) 2.28 956.66
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 17.00 -17,888.70
EBIT Margin % EBIT Margin % (Qtr) 15.50 -18,246.34
EBT Margin % EBT Margin % (Qtr) 8.70 -19,108.08
Gross Margin % Gross Margin % (Qtr) 81.60 -10.30
Net Profit Margin % Net Margin % (Qtr) 8.40 -19,056.96