ALNYAlnylam Pharmaceuticals, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.1×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ALNY?
Alnylam Pharmaceuticals, Inc. keeps 14% of every revenue dollar as operating profit, against −77% for the median Biotechnology name.
Operating margin · Biotechnology median −77% · 12 months to Q4 2025
- Cash conversion
- 1.08×
Cash conversion · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 36%
R&D as % of revenue
- Gross margin
- 82%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −168% |
| FY2021 | −84% |
| FY2022 | −76% |
| FY2023 | −15% |
| FY2024 | −7.9% |
| FY2025 | 14% |
Details›
- Gross margin12 months to Q4 2025
- 82%
- Operating margin12 months to Q4 2025
- 14%
- Net margin12 months to Q4 2025
- 7.3%
- Free cash flow margin
- 13%
- R&D as % of revenue
- 36%
- Revenue, trailing twelve months
- $3.71B
- Free cash flow, trailing twelve months
- $465M
- Net income, trailing twelve months
- $272M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.