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Alnylam Pharmaceuticals

ALNY
52
Biotechnology · Healthcare
Also trades as: 0HD2.L
Price
$223.35
+2.15 (+0.97%)
Market Cap
$29.89B
Exchange
NASDAQ
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 12, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+13.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 118.5M (2021) → 134.7M (2025)

Alnylam Pharmaceuticals is a biotech company that makes medicines using a technology called RNA interference, or RNAi. This technology works by silencing specific genes in the body that cause disease. Alnylam focuses on rare and serious conditions, including a nerve disease called hereditary transthyretin amyloidosis (hATTR) and high triglycerides, selling drugs like Onpattro, Amvuttra, and Leqvio to patients and healthcare systems worldwide.

The company earns money primarily through drug sales and also through royalties and partnerships with larger pharmaceutical companies like Novartis. Alnylam operates mainly in the US and Europe, with a growing global footprint, and its core competitive advantage is its pioneering position in RNAi — a platform that took decades and billions of dollars to develop, making it hard for rivals to replicate quickly. The key growth driver is expanding its approved drug portfolio and pipeline into more common diseases like cardiovascular conditions, though the main risk is the high cost of developing new drugs and potential competition from other gene-silencing technologies.

Winston Score History

Politician Trades

4 trades / 12mo

3 Congressional buys and 1 sell on ALNY in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+66.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+341.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1.3B/ year

Rising (+18% vs prior year)

35.7% of revenue

2.0x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

0.4%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Alnylam Pharmaceuticals grew revenue 67% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
76.9%
Premium pricing power — 76.9% gross margin
Operating Margin
17.9%
Healthy — 17.9% operating margin
ROCE
8.8%
Below par — 8.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+95.1%
Fast-growing sales (+95.1% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
79%
Modest — 79% of profit becomes cash
FCF Margin
11.3%
Modest free cash flow (11.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.94
Moderate — manageable debt (0.94)
Interest Cover
3.08x
Tight — interest eats into profit (3.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
36.6x
Pricey — P/E 36.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+20.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (36.6 → 16.0)

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Dividends

Not applicable for this business.
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