Alnylam Pharmaceuticals
ALNY · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Alnylam Pharmaceuticals reported revenue of $3.7B in the fiscal year ended Dec 2025, up 65.2% from the year before. Operating income was $502M, an operating margin of 13.5%, and net income was $314M. Operating cash flow of $524M less capital expenditure of $59M left free cash flow of $465M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $844M | $1B | $1.8B | $2.2B | $3.7B |
| Cost of revenue | $115M | $140M | $268M | $307M | $677M |
| Gross profit | $729M | $897M | $1.6B | $1.9B | $3B |
| Research & development | $792M | $883M | $1B | $1.1B | $1.3B |
| Selling, general & admin | $621M | $771M | $796M | $976M | $1.2B |
| Operating income | −$709M | −$785M | −$282M | −$177M | $502M |
| Interest expense | $143M | $156M | $121M | $142M | $253M |
| Pre-tax income | −$852M | −$1.1B | −$434M | −$377M | $323M |
| Income tax | $680,000 | $4M | $7M | −$99M | $9M |
| Net income | −$853M | −$1.1B | −$440M | −$278M | $314M |
| Diluted EPS | −7.20 | −9.30 | −3.52 | −2.18 | 2.33 |
| Diluted shares | 118M | 122M | 125M | 128M | 135M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $820M | $866M | $813M | $966M | $1.7B |
| Receivables | $199M | $238M | $328M | $405M | $778M |
| Inventory | $86M | $129M | $89M | $79M | $83M |
| Current assets | $2.8B | $2.7B | $3B | $3.3B | $4.1B |
| Net PP&E | $502M | $523M | $526M | $503M | $513M |
| Total assets | $3.6B | $3.5B | $3.8B | $4.2B | $5B |
| Payables | $73M | $98M | $56M | $88M | $116M |
| Deferred revenue | $149M | $42M | $103M | $55M | $5M |
| Current liabilities | $696M | $768M | $968M | $1.2B | $1.5B |
| Long-term debt | $676M | – | – | – | – |
| Total liabilities | $3.1B | $3.7B | $4.1B | $4.2B | $4.2B |
| Shareholders' equity | $588M | −$158M | −$221M | $67M | $789M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$642M | −$541M | $104M | −$8M | $524M |
| Capital expenditure | $76M | $72M | $62M | $34M | $59M |
| Free cash flow | −$718M | −$613M | $42M | −$43M | $465M |
| Depreciation & amortisation | $48M | $44M | $54M | $57M | $56M |
| Stock-based compensation | $166M | $231M | $222M | $272M | $348M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.9% | 76.2% | 23.0% | 65.2% |
| Gross margin | 86.4% | 86.5% | 85.3% | 86.4% | 81.8% |
| Operating margin | −83.9% | −75.7% | −15.4% | −7.9% | 13.5% |
| Net margin | −101.0% | −109.0% | −24.1% | −12.4% | 8.4% |
| Return on equityBlank when equity is negative | −145.0% | – | – | −414.6% | 39.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −24.0% | −28.3% | −9.9% | −5.8% | 14.3% |
| Free cash flow margin | −85.0% | −59.1% | 2.3% | −1.9% | 12.5% |
| Cash conversion (CFO ÷ net income) | 0.75x | 0.48x | −0.24x | 0.03x | 1.67x |
| Receivable days | 86 | 84 | 65 | 66 | 76 |
| Inventory days | 274 | 336 | 121 | 93 | 45 |
| Payable days | 233 | 255 | 76 | 105 | 62 |
| Interest cover | −4.95x | −5.03x | −2.33x | −1.25x | 1.99x |
| Debt ÷ equity | 1.15x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$144M | – | – | – | – |
| Current ratio | 4.04x | 3.51x | 3.08x | 2.78x | 2.76x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.