Alnylam Pharmaceuticals (ALNY) financial statements
Alnylam Pharmaceuticals reported revenue of $3.7B in fiscal 2025, up 62.4% a year over 9 years.
Net income was $314M and the operating margin 13.5%, against -900.3% in 2016.
Free cash flow was $465M.
The diluted share count rose 57% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Alnylam Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47M | $90M | $75M | $220M | $493M | $844M | $1.0B | $1.8B | $2.2B | $3.7B |
| Cost of revenue | — | $0 | $2M | $25M | $74M | $115M | $140M | $268M | $307M | $677M |
| Gross profit | — | $90M | $73M | $195M | $419M | $729M | $897M | $1.6B | $1.9B | $3.0B |
| Research and development | $382M | $391M | $505M | $655M | $655M | $792M | $883M | $1.0B | $1.1B | $1.3B |
| Selling, general and admin | $89M | $199M | $382M | $479M | $588M | $621M | $771M | $796M | $976M | $1.2B |
| Operating income | -$425M | -$500M | -$815M | -$939M | -$828M | -$709M | -$785M | -$282M | -$177M | $502M |
| Interest expense | — | — | $0 | $0 | $84M | $143M | $156M | $121M | $142M | $253M |
| Pre-tax income | -$410M | -$491M | -$761M | -$885M | -$856M | -$852M | -$1.1B | -$434M | -$377M | $323M |
| Income tax | $0 | $0 | $823,000 | $863,000 | $3M | $680,000 | $4M | $7M | -$99M | $9M |
| Net income | -$410M | -$491M | -$761M | -$886M | -$858M | -$853M | -$1.1B | -$440M | -$278M | $314M |
| EPS (diluted) | -$4.79 | -$5.42 | -$7.57 | -$8.11 | -$7.46 | -$7.20 | -$9.30 | -$3.52 | -$2.18 | $2.33 |
| Diluted shares | 86M | 91M | 101M | 109M | 115M | 118M | 122M | 125M | 128M | 135M |
| Gross margin | — | 100.0% | 97.6% | 88.6% | 84.9% | 86.4% | 86.5% | 85.3% | 86.4% | 81.8% |
| Operating margin | -900.3% | -556.2% | -1087.6% | -427.5% | -168.1% | -83.9% | -75.7% | -15.4% | -7.9% | 13.5% |
| Net margin | -869.6% | -545.9% | -1016.6% | -403.2% | -174.1% | -101.0% | -109.0% | -24.1% | -12.4% | 8.4% |
Balance sheet
Fiscal years, from Alnylam Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $618M | $1.7B | $1.1B | $1.5B | $1.8B | $2.4B | $2.2B | $2.4B | $2.7B | $2.9B |
| Receivables | $23M | $34M | $19M | $43M | $102M | $199M | $238M | $328M | $405M | $778M |
| Inventory | — | — | $24M | $56M | $75M | $86M | $129M | $89M | $79M | $83M |
| Total current assets | $672M | $1.8B | $1.2B | $1.7B | $2.6B | $2.8B | $2.7B | $3.0B | $3.3B | $4.1B |
| Property, plant and equipment | $115M | $182M | $321M | $425M | $465M | $502M | $523M | $526M | $503M | $513M |
| Total assets | $1.3B | $2.0B | $1.6B | $2.4B | $3.4B | $3.6B | $3.5B | $3.8B | $4.2B | $5.0B |
| Total current liabilities | $132M | $144M | $179M | $353M | $585M | $696M | $768M | $968M | $1.2B | $1.5B |
| Total liabilities | $343M | $228M | $273M | $956M | $2.4B | $3.1B | $3.7B | $4.1B | $4.2B | $4.2B |
| Shareholders' equity | $920M | $1.8B | $1.3B | $1.4B | $1.0B | $588M | -$158M | -$221M | $67M | $789M |
| Net debt | -$194M | -$645M | -$420M | -$547M | -$497M | -$820M | -$866M | -$813M | -$966M | -$1.7B |
Cash flow
Fiscal years, from Alnylam Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$308M | -$383M | -$563M | -$278M | -$615M | -$642M | -$541M | $104M | -$8M | $524M |
| Capital spending | $65M | $104M | $127M | $140M | $70M | $76M | $72M | $62M | $34M | $59M |
| Free cash flow | -$372M | -$487M | -$690M | -$419M | -$685M | -$718M | -$613M | $42M | -$43M | $465M |
| Stock-based compensation | $76M | $93M | $158M | $175M | $140M | $166M | $231M | $222M | $272M | $348M |
| Net borrowing | — | — | — | — | $0 | $0 | -$762M | — | — | — |
| Free cash flow margin | -789.4% | -541.6% | -920.5% | -190.5% | -139.1% | -85.0% | -59.1% | 2.3% | -1.9% | 12.5% |
Questions
What was Alnylam Pharmaceuticals's revenue in 2025?
$3.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Alnylam Pharmaceuticals generate?
$465M in fiscal 2025 (operating cash flow minus capital spending).
From Alnylam Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.