ALNY vs ONC: Alnylam Pharmaceuticals and BeiGene compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- BeiGene is the larger company, worth $34.1B, close to Alnylam Pharmaceuticals's $30.6B.
- Alnylam Pharmaceuticals grew revenue faster over the last year (+66.9% vs +29.6%).
- On earnings, Alnylam Pharmaceuticals is the cheaper stock (57.4x vs 74.1x).
- Alnylam Pharmaceuticals's price assumes faster free cash flow growth: about 21% a year, against 13% for BeiGene (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ALNY | ONC |
|---|---|---|
| Market cap | $30.6B | $34.1B |
| Share price | $232.68 | $354.47 |
| Revenue (last fiscal year) | $3.7B | $5.3B |
| Free cash flow (last fiscal year) | $465M | $942M |
| Revenue growth, last year | +66.9% | +29.6% |
| Revenue growth per year, last 5 fiscal years | +44.8% | +46.0% |
| Operating margin | — | 15.1% |
| Net margin | — | 10.7% |
| Return on equity | 54.1% | 12.7% |
| P/E (trailing) | 57.4x | 74.1x |
| Price / free cash flow | 65.7x | 36.2x |
| EV / EBITDA | 43.5x | 31.5x |
| FCF growth the price implies | 20.7% | 12.7% |
| Dividend yield | — | — |
| Debt / equity | 3.11x | 0.77x |
| Fundamental grade | B | B |
| Superinvestors holding it | 5 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Alnylam Pharmaceuticals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $844M | -$718M | -83.9% |
| 2022 | $1.0B | -$613M | -75.7% |
| 2023 | $1.8B | $42M | -15.4% |
| 2024 | $2.2B | -$43M | -7.9% |
| 2025 | $3.7B | $465M | 13.5% |
BeiGene
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.2B | -$1.6B | -122.3% |
| 2022 | $1.4B | -$1.8B | -126.4% |
| 2023 | $2.5B | -$1.7B | -49.1% |
| 2024 | $3.8B | -$633M | -14.9% |
| 2025 | $5.3B | $942M | 8.4% |
Where the revenue comes from
Alnylam Pharmaceuticals · by products, 2025
Net product revenues$3.0B80%
Net revenues from collaborations$553M15%
Royalty revenue$174M5%
BeiGene · by products, 2025
Product revenue, net$5.3B99%
Other revenue$61M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ALNY in InvestinglyQuestions
Which is bigger, Alnylam Pharmaceuticals or BeiGene?
BeiGene (ONC), at $34.1B against $30.6B.
Is ALNY or ONC cheaper?
By trailing P/E, Alnylam Pharmaceuticals (57.4x) is cheaper than BeiGene (74.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ALNY or ONC?
Alnylam Pharmaceuticals: revenue grew +66.9% over the last year, against +29.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.