ALNY vs VRTX: Alnylam Pharmaceuticals and Vertex Pharmaceuticals compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Vertex Pharmaceuticals is the larger company, worth $123.0B, about 4.0 times Alnylam Pharmaceuticals.
- Alnylam Pharmaceuticals grew revenue faster over the last year (+66.9% vs +12.4%).
- On earnings, Vertex Pharmaceuticals is the cheaper stock (28.8x vs 57.4x).
- Alnylam Pharmaceuticals's price assumes faster free cash flow growth: about 21% a year, against 14% for Vertex Pharmaceuticals (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 | VRTX |
|---|---|---|
| Market cap | $30.6B | $123.0B |
| Share price | $232.68 | $505.64 |
| Revenue (last fiscal year) | $3.7B | $12.0B |
| Free cash flow (last fiscal year) | $465M | $3.2B |
| Revenue growth, last year | +66.9% | +12.4% |
| Revenue growth per year, last 5 fiscal years | +44.8% | +12.2% |
| Operating margin | — | 38.0% |
| Net margin | — | 35.0% |
| Return on equity | 54.1% | 21.8% |
| P/E (trailing) | 57.4x | 28.8x |
| Price / free cash flow | 65.7x | 38.5x |
| EV / EBITDA | 43.5x | 21.2x |
| FCF growth the price implies | 20.7% | 13.6% |
| Dividend yield | — | — |
| Debt / equity | 3.11x | 0.35x |
| Fundamental grade | B | B |
| Superinvestors holding it | 5 | 5 |
| 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% |
Vertex Pharmaceuticals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.6B | $2.4B | 36.7% |
| 2022 | $8.9B | $3.9B | 48.2% |
| 2023 | $9.9B | $3.3B | 38.8% |
| 2024 | $11.0B | -$790M | -2.1% |
| 2025 | $12.0B | $3.2B | 34.8% |
Where the revenue comes from
Alnylam Pharmaceuticals · by products, 2025
Net product revenues$3.0B80%
Net revenues from collaborations$553M15%
Royalty revenue$174M5%
Vertex Pharmaceuticals · by products, 2025
Product revenues, net$12.0B100%
Other revenues$31M0%
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 Vertex Pharmaceuticals?
Vertex Pharmaceuticals (VRTX), at $123.0B against $30.6B.
Is ALNY or VRTX cheaper?
By trailing P/E, Vertex Pharmaceuticals (28.8x) is cheaper than Alnylam Pharmaceuticals (57.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ALNY or VRTX?
Alnylam Pharmaceuticals: revenue grew +66.9% over the last year, against +12.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.