Alnylam Pharmaceuticals, Inc.

ALNY

Pharmaceutical Preparations

Mkt Cap

$18.93B

PE

-57.00

Debt

$1.022B

Cash

$684.7M

EV

$19.27B

FCF

$127.8M

Market Cap

$18.93B

P/E Ratio

-57.00

Debt

$1.022B

Cash

$684.7M

EV

$19.27B

FCF

$127.8M

Charts data: {"Earnings":[{"time":"2014-12-30","value":-360395000},{"time":"2015-12-30","value":-290073000},{"time":"2016-12-30","value":-410108000},{"time":"2017-12-30","value":-490874000},{"time":"2018-12-30","value":-761497000},{"time":"2019-12-30","value":-886116000},{"time":"2020-12-30","value":-858281000},{"time":"2021-12-30","value":-852824000},{"time":"2022-12-30","value":-1131156000},{"time":"2023-12-30","value":-440242000}],"Sales":[{"time":"2014-12-30","value":50561000},{"time":"2015-12-30","value":41097000},{"time":"2016-12-30","value":47159000},{"time":"2017-12-30","value":89912000},{"time":"2018-12-30","value":74908000},{"time":"2019-12-30","value":219750000},{"time":"2020-12-30","value":492853000},{"time":"2021-12-30","value":844287000},{"time":"2022-12-30","value":1037418000},{"time":"2023-12-30","value":1828292000}],"Net Margins":[{"time":"2014-12-30","value":-7.1279246850339195},{"time":"2015-12-30","value":-7.058252427184466},{"time":"2016-12-30","value":-8.696282788015013},{"time":"2017-12-30","value":-5.459493727199929},{"time":"2018-12-30","value":-10.165763336359268},{"time":"2019-12-30","value":-4.032382252559727},{"time":"2020-12-30","value":-1.741454348456842},{"time":"2021-12-30","value":-1.010111490523957},{"time":"2022-12-30","value":-1.0903570209886468},{"time":"2023-12-30","value":-0.24079414010453473}],"Assets":[{"time":"2014-12-30","value":1079595000},{"time":"2015-12-30","value":1386510000},{"time":"2016-12-30","value":1262810000},{"time":"2017-12-30","value":1994730000},{"time":"2018-12-30","value":1574802000},{"time":"2019-12-30","value":2395134000},{"time":"2020-12-30","value":3407061000},{"time":"2021-12-30","value":3643304000},{"time":"2022-12-30","value":3546359000},{"time":"2023-12-30","value":3829880000}],"Stockholders Equity":[{"time":"2014-12-30","value":936267000},{"time":"2015-12-30","value":1264714000},{"time":"2016-12-30","value":920221000},{"time":"2017-12-30","value":1766431000},{"time":"2018-12-30","value":1301965000},{"time":"2019-12-30","value":1438692000},{"time":"2020-12-30","value":1016247000},{"time":"2021-12-30","value":588203000},{"time":"2022-12-30","value":-158223000},{"time":"2023-12-30","value":-220644000}],"ROE":[{"time":"2014-12-30","value":-0.38492759009983263},{"time":"2015-12-30","value":-0.2293585743496158},{"time":"2016-12-30","value":-0.4456625093319974},{"time":"2017-12-30","value":-0.2778902770614873},{"time":"2018-12-30","value":-0.5848828501534219},{"time":"2019-12-30","value":-0.6159177919943949},{"time":"2020-12-30","value":-0.8445594427339023},{"time":"2021-12-30","value":-1.449880398433874},{"time":"2022-12-30","value":7.149124969189056},{"time":"2023-12-30","value":1.9952593317742608}],"ROA":[{"time":"2014-12-30","value":-0.37106878042228797},{"time":"2015-12-30","value":-0.209210896423394},{"time":"2016-12-30","value":-0.3247582771755054},{"time":"2017-12-30","value":-0.24608543512154527},{"time":"2018-12-30","value":-0.4830283426106901},{"time":"2019-12-30","value":-0.36960479037916044},{"time":"2020-12-30","value":-0.22632526978530762},{"time":"2021-12-30","value":-0.1945080619130328},{"time":"2022-12-30","value":-0.22137409100432304},{"time":"2023-12-30","value":-0.07367724315122144}]}

Alnylam Pharmaceuticals, Inc., a biopharmaceutical company, focuses on discovering, developing, and commercializing novel therapeutics based on ribonucleic acid interference. The company's pipeline of investigational RNAi therapeutics focuses on genetic medicines, cardio-metabolic diseases, hepatic infectious diseases, and central nervous system (CNS)/ocular diseases. Its marketed products include ONPATTRO (patisiran), a lipid complex injection for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; GIVLAARI for the treatment of adults with acute hepatic porphyria (AHP); and OXLUMO (lumasiran) for the treatment of primary hyperoxaluria type 1 (PH1). In addition, the company is developing givosiran for the treatment of adolescent patients with AHP; patisiran for the treatment of transthyretin amyloidosis, or ATTR amyloidosis, with cardiomyopathy; cemdisiran to treat complement-mediated diseases; ALN-AAT02 for the treatment of AAT deficiency-associated liver disease; ALN-HBV02 to treat chronic HBV infection; Zilebesiran to treat hypertension; and ALN-HSD to treat NASH. Further, it offers Fitusiran for the treatment of hemophilia and rare bleeding disorders, Inclisiran to treat hypercholesterolemia, lumasiran for the treatment of advanced PH1 and recurrent renal stones, and vutrisiran for the treatment of ATTR amyloidosis, which is in phase 3 clinical trial. Alnylam Pharmaceuticals, Inc. has strategic collaborations with Regeneron Pharmaceuticals, Inc. to discover, develop, and commercialize RNAi therapeutics for a range of diseases by addressing therapeutic targets expressed in the eye and CNS; and Sanofi Genzyme to discover, develop, and commercialize RNAi therapeutics. It also has license and collaboration agreements with Novartis AG; Vir Biotechnology, Inc.; Dicerna Pharmaceuticals, Inc.; Ionis Pharmaceuticals, Inc.; and PeptiDream, Inc. The company was founded in 2002 and is headquartered in Cambridge, Massachusetts.

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DCF

Discounted Cash Flow Valuation of Alnylam Pharmaceuticals, Inc.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$127.8M	$166.2M	$211.4M	$263.1M	$320.1M	$380.5M	$441.9M	$500.8M	$553.6M	$596.7M	$626.5M	$6.265B
DCF		$144.5M	$159.9M	$173M	$183M	$189.2M	$191M	$188.3M	$181M	$169.6M	$154.9M	$1.549B
Value	$3.283B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -

Earnings Stability -

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-710%	-870%	-550%	-1K%	-400%	-170%	-100%	-110%	-24%	-17%
ROA	-21%	-32%	-25%	-48%	-37%	-23%	-19%	-22%	-7.4%	-4.6%
ROE	-23%	-45%	-28%	-58%	-62%	-84%	-140%	710%	200%	150%

What is the average Net Margin?

The average Net Margin over the past 5 years is -304.68%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +169.09%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -26.14%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +7.21%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +94.15%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +101.69%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

Data are missing

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	-0.40	-0.06	-0.04	0.00	-0.28	-0.94	-1.66	24.34	7.99
Debt Equity	-	0.16	0.02	0.02	0.00	0.19	1.15	-6.43	-4.63	-4.66
MIN
Graham Stability	-	-	-	-	-	-	-	-	-	-

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 7.99.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 3.32.

What is the Graham’s Stability?

Graham’s Stability measure stands at -.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Data are missing

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	69%	89%	55%	76%	8.4%
Net Income	-	-	-	-	-
Stockholders Equity	-	-	-	-	-11%
FCF	-	-	-	-	-

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +89.45%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +8.44%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -10.38%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -11.33%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -.