Revenue growth accelerated to 96.4% year-over-year in 2026Q1, supported by a robust 81.9% gross margin that reflects the efficiency of the proprietary siRNA manufacturing platform.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 4.29B | 3.71B | 2.25B | 1.83B | 1.04B | 844.29M | 492.85M | 219.75M | 74.91M | 89.91M | 47.16M | 41.1M | 50.56M | 47.17M | 66.72M | 82.76M | 100.04M | 100.53M | 96.16M | 50.9M | 26.93M | 5.72M | 4.28M | 176K | 0 |
| Revenue Growth % | 82.57% | 65.19% | 22.97% | 76.23% | 22.88% | 71.31% | 124.28% | 193.36% | -16.69% | 90.66% | 14.75% | -18.72% | 7.2% | -29.31% | -19.37% | -17.28% | -0.49% | 4.54% | 88.94% | 89% | 371.13% | 33.61% | 2330.68% | - | - |
| Cost of Goods Sold | 819.03M | 677.17M | 323.37M | 310.41M | 168.82M | 140.14M | 78.05M | 25.06M | 1.8M | 13.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 18.23% | 14.38% | 16.98% | 16.27% | 16.6% | 15.84% | 11.4% | 2.41% | 14.87% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 3.47B | 3.04B | 1.92B | 1.52B | 868.6M | 704.14M | 414.8M | 194.69M | 73.11M | 76.55M | 47.16M | 41.1M | 50.56M | 47.17M | 66.72M | 82.76M | 100.04M | 100.53M | 96.16M | 50.9M | 26.93M | 5.72M | 4.28M | 176K | 0 |
| Gross Margin % | 80.89% | 81.77% | 85.62% | 83.02% | 83.73% | 83.4% | 84.16% | 88.6% | 97.59% | 85.13% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | 57.76% | 26.81% | 74.75% | 23.36% | 69.75% | 113.06% | 166.31% | -4.49% | 62.31% | 14.75% | -18.72% | 7.2% | -29.31% | -19.37% | -17.28% | -0.49% | 4.54% | 88.94% | 89% | 371.13% | 33.61% | 2330.68% | - | - |
| Operating Expenses | 2.72B | 2.54B | 2.1B | 1.8B | 1.65B | 1.41B | 1.24B | 1.13B | 887.78M | 590M | 471.75M | 337.11M | 234.78M | 140.11M | 131.18M | 137.57M | 144.11M | 148.64M | 124M | 144.07M | 66.43M | 49.19M | 36.54M | 20.62M | 4.22M |
| OpEx % of Revenue | - | 68.26% | 93.48% | 98.46% | 159.4% | 167.34% | 252.25% | 516.1% | 1185.16% | 656.2% | 1000.33% | 820.27% | 464.34% | 297.05% | 196.6% | 166.24% | 144.05% | 147.86% | 128.95% | 283.07% | 246.68% | 860.53% | 854.18% | 11718.18% | - |
| Selling, General & Admin | 1.29B | 1.21B | 975.53M | 795.65M | 770.66M | 620.64M | 588.42M | 479M | 382.36M | 199.37M | 89.35M | 60.61M | 44.53M | 27.15M | 44.61M | 38.28M | 37.73M | 39.91M | 27.11M | 23.39M | 16.63M | 13.87M | 11.94M | 7.53M | 880K |
| SG&A % of Revenue | - | 32.6% | 43.39% | 43.52% | 74.29% | 73.51% | 119.39% | 217.98% | 510.44% | 221.73% | 189.47% | 147.48% | 88.06% | 57.57% | 66.86% | 46.26% | 37.71% | 39.7% | 28.2% | 45.95% | 61.76% | 242.63% | 279.08% | 4276.7% | - |
| Research & Development | 1.42B | 1.32B | 1.13B | 1B | 883.01M | 792.16M | 654.82M | 655.11M | 505.42M | 390.63M | 382.39M | 276.5M | 190.25M | 112.96M | 86.57M | 99.3M | 106.38M | 108.73M | 96.88M | 120.69M | 49.8M | 35.32M | 24.6M | 13.1M | 3.34M |
| R&D % of Revenue | - | 35.66% | 50.09% | 54.94% | 85.12% | 93.83% | 132.86% | 298.12% | 674.72% | 434.46% | 810.86% | 672.79% | 376.28% | 239.48% | 129.74% | 119.98% | 106.34% | 108.15% | 100.75% | 237.12% | 184.92% | 617.9% | 575.11% | 7441.48% | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | -2.05M | 0 | 0 | 4.17M | -3.02M | 0 | 76K | 1.82M | -47K | 331K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 752.14M | 501.58M | -176.88M | -282.18M | -785.07M | -708.65M | -828.44M | -939.43M | -814.67M | -500.09M | -424.59M | -296.01M | -404.98M | -92.94M | -129.46M | -54.82M | -44.07M | -48.11M | -27.84M | -93.18M | -39.5M | -43.47M | -32.26M | -25.06M | -4.22M |
| Operating Margin % | 17.54% | 13.51% | -7.87% | -15.43% | -75.68% | -83.94% | -168.09% | -427.5% | -1087.56% | -556.2% | -900.33% | -720.27% | -800.97% | -197.05% | -194.01% | -66.24% | -44.05% | -47.86% | -28.95% | -183.07% | -146.68% | -760.53% | -754.18% | -14236.93% | - |
| Operating Income Growth % | - | 383.56% | 37.31% | 64.06% | -10.78% | 14.46% | 11.81% | -15.31% | -62.91% | -17.78% | -43.44% | 26.91% | -335.73% | 28.21% | -136.16% | -24.39% | 8.4% | -72.84% | 70.13% | -135.89% | 9.13% | -34.74% | -28.76% | -493.49% | - |
| EBITDA | 677.12M | 557.24M | -120.22M | -228.12M | -740.6M | -661.09M | -793.67M | -922.26M | -808.24M | -486.72M | -409.46M | -276.96M | -393.05M | -82.71M | -120.42M | -49.69M | -39.13M | -42.12M | -22.11M | -89.09M | -35.69M | -40.35M | -29.82M | -24.22M | -4.19M |
| EBITDA Margin % | 15.79% | 15% | -5.35% | -12.48% | -71.39% | -78.3% | -161.03% | -419.68% | -1078.97% | -541.33% | -868.25% | -673.91% | -777.39% | -175.36% | -180.47% | -60.05% | -39.11% | -41.9% | -22.99% | -175.05% | -132.51% | -705.97% | -697.05% | -13760.8% | - |
| EBITDA Growth % | 1271.19% | 563.53% | 47.3% | 69.2% | -12.03% | 16.7% | 13.94% | -14.11% | -66.06% | -18.87% | -47.84% | 29.54% | -375.2% | 31.31% | -142.33% | -27% | 7.1% | -90.51% | 75.18% | -149.66% | 11.57% | -35.32% | -23.13% | -478.57% | - |
| D&A (Non-Cash Add-back) | 41.25M | 55.66M | 56.67M | 54.05M | 44.47M | 47.57M | 34.77M | 17.18M | 6.43M | 13.37M | 15.13M | 19.05M | 11.93M | 10.23M | 9.04M | 5.13M | 4.94M | 5.99M | 5.73M | 4.08M | 3.81M | 3.12M | 2.44M | 838K | 36K |
| EBIT | 572.34M | 501.58M | -235.52M | -312.3M | -971.02M | -709.12M | -771.1M | -885.25M | -760.67M | -500.09M | -424.59M | -296.01M | -184.21M | -92.94M | -63.57M | -57.65M | -43.74M | -47.01M | -24.66M | -79.14M | -39.5M | -43.47M | -32.26M | -20.45M | -4.22M |
| Net Interest Income | -173.87M | -141.16M | -19.87M | -25.66M | -131.16M | -141.44M | -72.69M | 33.45M | 29.26M | 12.24M | 8.31M | 5.86M | 2.56M | 1.07M | 977K | 1.21M | 2.31M | 5.38M | 13.54M | 14.31M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 109.39M | 111.47M | 121.99M | 95.56M | 24.81M | 1.58M | 11.81M | 33.45M | 29.26M | 12.24M | 8.31M | 5.86M | 2.56M | 1.07M | 977K | 1.21M | 2.31M | 5.38M | 14.41M | 15.39M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 283.27M | 252.63M | 141.86M | 121.22M | 155.97M | 143.02M | 84.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 872K | 1.08M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -165.74M | -178.43M | -200.49M | -151.34M | -341.92M | -143.49M | -27.16M | 54.18M | 54M | 9.21M | 14.48M | 5.93M | 4.38M | 1.02M | 12.87M | -2.83M | 1.07M | 1.1M | 2.31M | 12.96M | 4.89M | 558K | -390K | -4.64M | 0 |
| Pretax Income | 586.4M | 323.15M | -377.38M | -433.52M | -1.13B | -852.14M | -855.6M | -885.25M | -760.67M | -490.87M | -410.11M | -290.07M | -400.6M | -91.92M | -116.59M | -57.65M | -43M | -47.01M | -25.53M | -80.22M | -34.61M | -42.91M | -35.37M | -29.69M | 0 |
| Pretax Margin % | 13.68% | 8.7% | -16.79% | -23.71% | -108.63% | -100.93% | -173.6% | -402.85% | -1015.48% | -545.95% | -869.63% | -705.83% | -792.32% | -194.88% | -174.73% | -69.66% | -42.98% | -46.76% | -26.55% | -157.61% | -128.51% | -750.77% | -826.72% | -16871.59% | - |
| Income Tax | -22.14M | 9.4M | -99.22M | 6.72M | 4.16M | 680K | 2.68M | 863K | 823K | 0 | 0 | 0 | -40.21M | -2.69M | -10.57M | 0 | 514K | 582K | 719K | 5.25M | 0 | 0 | 390K | -4.58M | -86K |
| Effective Tax Rate % | -3.78% | 2.91% | 26.29% | -1.55% | -0.37% | -0.08% | -0.31% | -0.1% | -0.11% | 0% | 0% | 0% | 10.04% | 2.93% | 9.07% | 0% | -1.2% | -1.24% | -2.82% | -6.54% | 0% | 0% | -1.1% | 15.44% | - |
| Net Income | 577.22M | 313.75M | -278.16M | -440.24M | -1.13B | -852.82M | -858.28M | -886.12M | -761.5M | -490.87M | -410.11M | -290.07M | -360.39M | -89.22M | -106.01M | -57.65M | -43.52M | -47.59M | -26.25M | -85.47M | -34.61M | -42.91M | -32.65M | -25.03M | -4.14M |
| Net Margin % | 13.46% | 8.45% | -12.37% | -24.08% | -109.04% | -101.01% | -174.15% | -403.24% | -1016.58% | -545.95% | -869.63% | -705.83% | -712.79% | -189.17% | -158.88% | -69.66% | -43.5% | -47.34% | -27.3% | -167.92% | -128.51% | -750.77% | -763.3% | -14223.3% | - |
| Net Income Growth % | 314.02% | 212.79% | 36.82% | 61.08% | -32.64% | 0.64% | 3.14% | -16.36% | -55.13% | -19.69% | -41.38% | 19.51% | -303.92% | 15.84% | -83.9% | -32.48% | 8.56% | -81.3% | 69.29% | -146.95% | 19.36% | -31.42% | -30.44% | -505.25% | - |
| Net Income (Continuing) | 608.54M | 313.75M | -278.16M | -440.24M | -1.13B | -852.82M | -858.28M | -886.12M | -761.5M | -490.87M | -410.11M | -290.07M | -360.39M | -89.22M | -106.01M | -57.65M | -43.52M | -47.59M | -26.25M | -85.47M | -34.61M | -42.91M | -32.65M | -25.03M | -4.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.18 | 2.33 | -2.18 | -3.52 | -9.30 | -7.20 | -7.46 | -8.11 | -7.57 | -5.42 | -4.79 | -3.45 | -4.85 | -1.45 | -2.11 | -1.36 | -1.04 | -1.14 | -0.64 | -2.21 | -1.09 | -1.96 | -2.75 | -26.56 | -12.48 |
| EPS Growth % | 301.44% | 206.88% | 38.07% | 62.15% | -29.17% | 3.49% | 8.01% | -7.13% | -39.67% | -13.15% | -38.84% | 28.87% | -234.48% | 31.28% | -55.15% | -30.77% | 8.77% | -78.13% | 71.04% | -102.75% | 44.39% | 28.73% | 89.65% | -112.82% | - |
| EPS (Basic) | - | 2.39 | -2.18 | -3.52 | -9.30 | -7.20 | -7.46 | -8.11 | -7.57 | -5.42 | -4.79 | -3.45 | -4.85 | -1.45 | -2.11 | -1.36 | -1.04 | -1.14 | -0.64 | -2.21 | -1.09 | -1.96 | -2.75 | -26.56 | -12.48 |
| Diluted Shares Outstanding | 138.23M | 134.68M | 127.65M | 124.91M | 121.69M | 118.45M | 114.99M | 109.26M | 100.59M | 90.55M | 85.6M | 83.99M | 74.28M | 61.55M | 50.29M | 42.41M | 42.04M | 41.63M | 41.08M | 38.66M | 31.89M | 21.95M | 11.89M | 942.66K | 331.34K |
| Basic Shares Outstanding | 132.89M | 131M | 127.65M | 124.91M | 121.69M | 118.45M | 114.99M | 109.26M | 100.59M | 90.55M | 85.6M | 83.99M | 74.28M | 61.55M | 50.29M | 42.41M | 42.04M | 41.63M | 41.08M | 38.66M | 31.89M | 21.95M | 11.89M | 942.66K | 331.34K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory pricing negotiation exposure
According to recent financial disclosures, Alnylam achieved a 96.4% year-over-year revenue growth in 2026Q1, signaling a robust transition from a research-focused entity to a commercial-stage powerhouse driven by the sustained adoption of its core rare disease portfolio and strategic milestone payments from key global partnerships.
The acceleration in top-line performance suggests that the company's siRNA platform is successfully penetrating the ATTR-amyloidosis market. Investors should monitor whether this growth trajectory remains sustainable as the company pivots toward larger primary care indications, which may introduce different adoption dynamics compared to the orphan drug segment.
As reported in quarterly filings, Alnylam maintained a strong 81.9% gross margin in 2026Q1, reflecting the inherent cost-efficiency of its proprietary siRNA manufacturing process despite the increasing complexity of late-stage clinical trials required for its expanding cardiovascular and primary care pipeline initiatives.
The high gross margin profile appears to provide a significant buffer, allowing the company to absorb the heavy R&D expenditures necessary for platform expansion. However, the sustainability of these margins warrants further investigation as the company scales its commercial infrastructure to support broader patient populations.
Based on the most recent income statement data, Alnylam's operating margin reached 23.0% in 2026Q1, indicating that the company has successfully crossed the threshold where product revenue growth is finally outpacing the substantial fixed costs associated with its specialized sales force and ongoing clinical development programs.
This shift suggests that the business model is beginning to demonstrate meaningful operating leverage, moving away from historical periods of operating losses. Analysts should observe if this trend persists as the company continues to invest in the commercialization of its newer therapeutic assets.
Analysis of recent income statements reveals that stock-based compensation remains a material line item, reaching $70.2 million in 2026Q1, which may suggest a potential misalignment between executive incentive structures and the company's long-term GAAP profitability targets as it matures into a larger commercial entity.
While the company is showing improved net income, the reliance on stock-based compensation warrants careful scrutiny to determine the true underlying cash-generative capacity of the business. Investors should monitor whether these non-cash expenses stabilize as the company achieves more consistent, scale-driven profitability.
Quick answers to the most common questions about buying ALNY stock.
For fiscal year 2025, Alnylam Pharmaceuticals, Inc. (ALNY) reported total revenue of $3.71B.
Alnylam Pharmaceuticals, Inc. (ALNY) is profitable, generating $313.7M in net income for the fiscal year ending 2025 with a net profit margin of 8.4%.
Alnylam Pharmaceuticals, Inc. (ALNY) reported an operating income of $501.6M, resulting in an operating profit margin of 13.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Alnylam Pharmaceuticals, Inc. (ALNY) generated $3.04B in gross profit for the year, representing a gross profit margin of 81.8%. This demonstrates the company's core pricing power and production efficiency.