Alnylam grew into profitability; the stock has declined 19.1% over six months and 11.6% over 12 months.
Shares closed at 287.11 on 2026-07-29 (down 0.5% that day). Over six months the name is down 19.1% and over a year down 11.6%.
The turnaround is real on the ledger. Revenue jumped to 3.7B in 2025, a year-over-year increase of 65.2%. The company swung to positive margins: operating margin finished at +13.5% and net margin at +8.4%. The income statement improved — operating margin improved by 21.4 percentage points and net margin by 20.8 percentage points versus the prior year. Operating cash flow covered net income at 1.67x in the latest annual period.
That’s the bull-case starting point: Alnylam is profitable. The wrinkle is valuation.
The market values the company at a market cap of 38.7B and an enterprise value of 37.0B. On the earnings line the stock trades at a P/E of 123.2x. Its EV/sales sits at 10.0x (vs peers -53.1%). Earnings yield is +0.8% and cash-flow yield +1.4% — low yields for a biotech that recently became profitable.
There’s also a dilution thread. Diluted shares rose 5.5% in the latest annual period, which matters because growth financed by share issuance increases the number of shares that must be justified by the market given the current multiple.
Put another way: valuation multiples play a large role in outcomes relative to revenue growth. The company’s own mechanical scenarios — derived from its recent two-year history — show how sensitive outcomes are to the exit multiple used.
Mechanical scenario drivers from the company’s two-year snapshot are: Bull: revenue CAGR +40.0%, exit P/E 123.2x; Base: revenue CAGR +30.0%, exit P/E 123.2x; Bear: revenue CAGR +12.0%, exit P/E 35.4x.
That range underlines the sensitivity to the exit multiple: keeping the P/E near today’s 123.2x versus re-rating closer to the mid‑30s produces materially different outcomes.
There are other facts that feed both narratives: revenue growth and margin expansion on one hand; share dilution and a high P/E on the other. The company’s listed partners and peers — names like [REGN](https://jodie.ai/t/REGN), [NVS](https://jodie.ai/t/NVS), [SNY](https://jodie.ai/t/SNY) and competitors [PFE](https://jodie.ai/t/PFE) and [NVO](https://jodie.ai/t/NVO) — are part of the commercial map, but they don’t change the core arithmetic: profit now exists; value depends on the multiple.
2025 resulted in a materially different income statement. The remaining disagreement lives squarely in the price the market is willing to assign to that income statement.
*Figures and scenario drivers from Alnylam Pharmaceuticals filings.*