Alnylam Pharmaceuticals, Inc. is a biopharmaceutical company primarily dedicated to the discovery, development, and commercialization of innovative therapeutic solutions leveraging ribonucleic acid ...
Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) is a biopharmaceutical company founded in 2002 and headquartered in Cambridge, Massachusetts. It is the pioneer in RNA interference (RNAi) therapeutics, a revolutionary approach to silence disease-causing genes. The company has developed six approved medicines, including ONPATTRO for hereditary transthyretin-mediated amyloidosis, GIVLAARI for acute hepatic ...Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) is a biopharmaceutical company founded in 2002 and headquartered in Cambridge, Massachusetts. It is the pioneer in RNA interference (RNAi) therapeutics, a revolutionary approach to silence disease-causing genes. The company has developed six approved medicines, including ONPATTRO for hereditary transthyretin-mediated amyloidosis, GIVLAARI for acute hepatic porphyria, and OXLUMO for primary hyperoxaluria type 1. Its pipeline targets a range of therapeutic areas, including cardio-metabolic, hepatic infectious, CNS, and ocular diseases. Key partners include Regeneron, Sanofi, Novartis, and Vir Biotechnology. As of 2026, Alnylam employs over 2,500 people worldwide. Financially, the company reports a market cap of ~$28.9B, a strong gross profit margin of 79.7%, and a net profit margin of 16.8%. Under CEO Yvonne Greenstreet, Alnylam continues to advance its 'Alnylam 5x25' strategy to deliver transformative medicines, emphasizing innovation, operational excellence, and patient impact.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$3.7B
+65.2%
+10.6%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$313.7M
+212.8%
-20.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+81.8%
-4.5%
-6.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+13.5%
+271.7%
-22.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+8.4%
+168.3%
-27.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$465.4M
+1192.7%
-16.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+12.5%
+761.5%
-24.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
162.0%
-91.6%
-20.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.76x
-0.6%
-2.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Thank you for standing by. My name is Sprilla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Alnylam Pharmaceuticals Q2 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to the company. You may begin.
Josh Brodsky: Good morning. I'm Josh Brodsky, Vice President of Investor Relations at Alnylam. With me today are Yvonne Greenstreet, Chief Executive Officer; Jeff Poulton, Chief Financial Officer; Tolga Tanguler, Chief Commercial Officer; and Pushkal Garg, Chief Research and Development Officer. For those of you participating via conference call, the accompanying slides can be accessed by going to the Events section of the Investors page of our website, investors.alnylam.com/events. During today's call, as outlined on Slide 2, Yvonne will offer introductory remarks and provide some general context. Jeff will review our financials and guidance. Tolga will provide an update on our global commercial progress, and Pushkal will discuss our TTR franchise, our confidence in TRITON-CM and upcoming pipeline milestones before we open the call for your questions. I would like to remind you that this call will contain remarks concerning Alnylam's future expectations, plans and prospects, which constitute forward-looking statements for the purposes of the safe harbor provisions. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important risks and uncertainties, including those discussed under the heading Risk Factors in our most recent periodic report available on our website and on file with the SEC. We disclaim any obligation to update such statements. And with that, I'll now turn the call over to Yvonne. Yvonne?
Yvonne Greenstreet: Thanks, Josh, and thank you, everyone, for joining the call today. During the second quarter, we demonstrated strong performance across all aspects of the business. Notably, it marks the first time AMVUTTRA revenues exceeded $1 billion in a single quarter, representing an annual run rate of more than $4 billion, just 15 months into the ATTR cardiomyopathy launch, a testament to both the commercial opportunity and Alnylam's execution. As we reflect on the launch, several insights reinforce our confidence in the durability of AMVUTTRA growth over the years ahead. First, this has been an impressive launch by industry benchmarks when looking across market share, access and revenue generation. Second, the fundamentals of our TTR business are strong, and they include AMVUTTRA's compelling clinical profile and label, the strong access that we established at launch, which continues to improve, and our robust and expanding provider network. Third, patient demand for AMVUTTRA continues to grow robustly, particularly in the first-line setting, which has been our focus as we aspire to market leadership, given AMVUTTRA's clinical differentiation and desirability as a …
