Comprehensive Stock Comparison
Compare Ionis Pharmaceuticals, Inc. (IONS) vs Alnylam Pharmaceuticals, Inc. (ALNY) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ALNY | 65.2% revenue growth vs IONS's 33.9% |
| Quality / Margins | ALNY | 8.4% net margin vs IONS's -40.4% |
| Stability / Safety | IONS | Beta 0.68 vs ALNY's 0.88 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | IONS | +144.5% vs ALNY's +34.9% |
| Efficiency (ROA) | ALNY | 6.3% ROA vs IONS's -10.8%, ROIC 19.1% vs -12.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Ionis Pharmaceuticals is a biotech company that discovers and develops RNA-targeted therapeutics for rare diseases and other serious conditions. It generates revenue primarily through royalties from partnered drugs like SPINRAZA for spinal muscular atrophy — which contributed over 70% of total revenue in recent years — plus milestone payments and research funding from pharmaceutical partners. Its key competitive advantage is its proprietary antisense technology platform, which enables precise targeting of disease-causing RNA and has produced multiple FDA-approved therapies.
Alnylam Pharmaceuticals is a biopharmaceutical company that develops and commercializes RNA interference (RNAi) therapeutics for rare genetic diseases. It generates revenue primarily from sales of its approved RNAi drugs — ONPATTRO, GIVLAARI, OXLUMO, and others — targeting conditions like hereditary transthyretin amyloidosis, acute hepatic porphyria, and primary hyperoxaluria. The company's key advantage is its pioneering RNAi technology platform and intellectual property estate, which creates a significant barrier to entry in the RNAi therapeutics space.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
IONS leads in 3 of 6 categories (Valuation Metrics, Total Returns). ALNY leads in 2 (Financial Metrics, Profitability & Efficiency).
Financial Metrics (TTM)
ALNY is the larger business by revenue, generating $3.7B annually — 3.9x IONS's $943M. ALNY is the more profitable business, keeping 8.4% of every revenue dollar as net income compared to IONS's -40.4%. On growth, ALNY holds the edge at +84.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IONSIonis Pharmaceuti… | ALNYAlnylam Pharmaceu… |
|---|---|---|
| RevenueTrailing 12 months | $943M | $3.7B |
| EBITDAEarnings before interest/tax | -$367M | $557M |
| Net IncomeAfter-tax profit | -$381M | $314M |
| Free Cash FlowCash after capex | $162.9B | $465M |
| Gross MarginGross profit ÷ Revenue | +98.3% | +81.8% |
| Operating MarginEBIT ÷ Revenue | -40.5% | +13.5% |
| Net MarginNet income ÷ Revenue | -40.4% | +8.4% |
| FCF MarginFCF ÷ Revenue | +172.6% | +12.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -10.4% | +84.9% |
| EPS Growth (YoY)Latest quarter vs prior year | -113.6% | +3.1% |
Valuation Metrics
| Metric | IONSIonis Pharmaceuti… | ALNYAlnylam Pharmaceu… |
|---|---|---|
| Market CapShares × price | $13.3B | $44.1B |
| Enterprise ValueMkt cap + debt − cash | $15.7B | $45.4B |
| Trailing P/EPrice ÷ TTM EPS | -34.10x | 142.88x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 48.96x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | 81.44x |
| Price / SalesMarket cap ÷ Revenue | 14.04x | 11.87x |
| Price / BookPrice ÷ Book value/share | 26.55x | 56.82x |
| Price / FCFMarket cap ÷ FCF | — | 94.70x |
Profitability & Efficiency
ALNY delivers a 39.8% return on equity — every $100 of shareholder capital generates $40 in annual profit, vs $-78 for IONS. ALNY carries lower financial leverage with a 3.76x debt-to-equity ratio, signaling a more conservative balance sheet compared to IONS's 5.78x. On the Piotroski fundamental quality scale (0–9), ALNY scores 6/9 vs IONS's 3/9, reflecting solid financial health.
| Metric | IONSIonis Pharmaceuti… | ALNYAlnylam Pharmaceu… |
|---|---|---|
| ROE (TTM)Return on equity | -77.9% | +39.8% |
| ROA (TTM)Return on assets | -10.8% | +6.3% |
| ROICReturn on invested capital | -12.2% | +19.1% |
| ROCEReturn on capital employed | -16.3% | +15.3% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 6 |
| Debt / EquityFinancial leverage | 5.78x | 3.76x |
| Net DebtTotal debt minus cash | $2.5B | $1.3B |
| Cash & Equiv.Liquid assets | $372M | $1.7B |
| Total DebtShort + long-term debt | $2.8B | $3.0B |
| Interest CoverageEBIT ÷ Interest expense | -3.53x | 7.20x |
Total Returns (with DRIP)
A $10,000 investment in ALNY five years ago would be worth $22,381 today (with dividends reinvested), compared to $15,014 for IONS. Over the past 12 months, IONS leads with a +144.5% total return vs ALNY's +34.9%. The 3-year compound annual growth rate (CAGR) favors IONS at 31.2% vs ALNY's 20.3% — a key indicator of consistent wealth creation.
| Metric | IONSIonis Pharmaceuti… | ALNYAlnylam Pharmaceu… |
|---|---|---|
| YTD ReturnYear-to-date | +1.9% | -16.8% |
| 1-Year ReturnPast 12 months | +144.5% | +34.9% |
| 3-Year ReturnCumulative with dividends | +126.0% | +73.9% |
| 5-Year ReturnCumulative with dividends | +50.1% | +123.8% |
| 10-Year ReturnCumulative with dividends | +134.8% | +468.4% |
| CAGR (3Y)Annualised 3-year return | +31.2% | +20.3% |
Risk & Volatility
IONS is the less volatile stock with a 0.68 beta — it tends to amplify market swings less than ALNY's 0.88 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. IONS currently trades 93.6% from its 52-week high vs ALNY's 67.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IONSIonis Pharmaceuti… | ALNYAlnylam Pharmaceu… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.68x | 0.88x |
| 52-Week HighHighest price in past year | $86.74 | $495.55 |
| 52-Week LowLowest price in past year | $23.95 | $205.87 |
| % of 52W HighCurrent price vs 52-week peak | +93.6% | +67.2% |
| RSI (14)Momentum oscillator 0–100 | 44.7 | 43.8 |
| Avg Volume (50D)Average daily shares traded | 1.7M | 1.2M |
Analyst Outlook
Wall Street rates IONS as "Buy" and ALNY as "Buy". Consensus price targets imply 38.5% upside for ALNY (target: $461) vs 9.8% for IONS (target: $89).
| Metric | IONSIonis Pharmaceuti… | ALNYAlnylam Pharmaceu… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $89.13 | $461.06 |
| # AnalystsCovering analysts | 32 | 51 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Ionis Pharmaceutica… (IONS) | 100 | 158.83 | +58.8% |
| Alnylam Pharmaceuti… (ALNY) | 100 | 295.44 | +195.4% |
Alnylam Pharmaceuti… (ALNY) returned +124% over 5 years vs Ionis Pharmaceutica… (IONS)'s +50%. A $10,000 investment in ALNY 5 years ago would be worth $22,381 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Ionis Pharmaceutica… (IONS) | $373M | $944M | +153.2% |
| Alnylam Pharmaceuti… (ALNY) | $47M | $3.7B | +7775.4% |
Ionis Pharmaceuticals, Inc.'s revenue grew from $373M (2016) to $944M (2025) — a 10.9% CAGR. Alnylam Pharmaceuticals, Inc.'s revenue grew from $47M (2016) to $3.7B (2025) — a 62.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Ionis Pharmaceutica… (IONS) | -16.2% | -40.4% | -149.1% |
| Alnylam Pharmaceuti… (ALNY) | -8.7% | 8.4% | +197.1% |
Ionis Pharmaceuticals, Inc.'s net margin went from -16% (2016) to -40% (2025). Alnylam Pharmaceuticals, Inc.'s net margin went from -9% (2016) to 8% (2025).
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Ionis Pharmaceutica… (IONS) | -0.72 | -2.38 | -230.6% |
| Alnylam Pharmaceuti… (ALNY) | -4.79 | 2.33 | +148.6% |
Ionis Pharmaceuticals, Inc.'s EPS grew from $-0.72 (2016) to $-2.38 (2025). Alnylam Pharmaceuticals, Inc.'s EPS grew from $-4.79 (2016) to $2.33 (2025).
Chart 5Free Cash Flow — 5 Years
Ionis Pharmaceuticals, Inc. generated $-320M FCF in 2025 (-2581% vs 2021). Alnylam Pharmaceuticals, Inc. generated $465M FCF in 2025 (+165% vs 2021).
IONS vs ALNY: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is IONS or ALNY a better buy right now?
Alnylam Pharmaceuticals, Inc. (ALNY) offers the better valuation at 142.9x trailing P/E (49.0x forward), making it the more compelling value choice. Analysts rate Ionis Pharmaceuticals, Inc. (IONS) a "Buy" — based on 32 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — IONS or ALNY?
Over the past 5 years, Alnylam Pharmaceuticals, Inc. (ALNY) delivered a total return of +123.8%, compared to +50.1% for Ionis Pharmaceuticals, Inc. (IONS). A $10,000 investment in ALNY five years ago would be worth approximately $22K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ALNY returned +468.4% versus IONS's +134.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — IONS or ALNY?
By beta (market sensitivity over 5 years), Ionis Pharmaceuticals, Inc. (IONS) is the lower-risk stock at 0.68β versus Alnylam Pharmaceuticals, Inc.'s 0.88β — meaning ALNY is approximately 29% more volatile than IONS relative to the S&P 500. On balance sheet safety, Alnylam Pharmaceuticals, Inc. (ALNY) carries a lower debt/equity ratio of 4% versus 6% for Ionis Pharmaceuticals, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — IONS or ALNY?
Alnylam Pharmaceuticals, Inc. (ALNY) is the more profitable company, earning 8.4% net margin versus -40.4% for Ionis Pharmaceuticals, Inc. — meaning it keeps 8.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ALNY leads at 13.5% versus -40.5% for IONS. At the gross margin level — before operating expenses — IONS leads at 98.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is IONS or ALNY more undervalued right now?
Analyst consensus price targets imply the most upside for ALNY: 38.5% to $461.06.
06Which pays a better dividend — IONS or ALNY?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is IONS or ALNY better for a retirement portfolio?
For long-horizon retirement investors, Alnylam Pharmaceuticals, Inc. (ALNY) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.88), +468.4% 10Y return). Both have compounded well over 10 years (ALNY: +468.4%, IONS: +134.8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between IONS and ALNY?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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