ALNYLAM PHARMACEUTICALS, INC.

Listed Company

ALNYCIK 0001178670NasdaqLarge AcceleratedPharmaceutical PreparationsFY ends Dec 31

Period

FY 2025

Revenue

$3.71B

Net Income

$313.75M

Total Assets

$4.97B

Equity

$789.18M

Shares Out

133.51M

Op. Cash Flow

$524.08M

Business

Alnylam Pharmaceuticals, Inc. is a global commercial-stage biopharmaceutical company developing therapeutics based on ribonucleic acid interference (RNAi). It discovers, develops and commercializes RNAi therapeutics comprised of small interfering RNAs (siRNA) delivered via GalNAc conjugates, lipid nanoparticles (LNPs), C16 conjugates and other delivery platforms for liver, CNS, ocular and extrahepatic tissues. Key business segments include marketed product franchises (TTR and Global Rare), late- and early-stage clinical programs, and collaboration/licensing partnerships. The company sells and distributes products worldwide through direct commercialization, collaborators, distributors and payer access/value-based arrangements across major global markets.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	3,714	2,248	1,828	1,037	844
Cost of goods sold	677	307	268	140	115
Cost of collaborations and royalties	5	17	42	29	25
Research and development	1,320	1,126	1,004	883	792
Selling, general and administrative	1,211	976	796	771	621
Total operating costs and expenses	3,212	2,425	2,110	1,822	1,553
Income (loss) from operations	502	−177	−282	−785	−709
Interest expense	−253	−142	−121	−156	—
Interest income	111	122	96	25	2
Loss related to convertible debt	−42	0	0	—	—
Other income (expense), net	5	−181	−126	−134	−2
Total other expense, net	−178	−200	−151	−342	−143
Income (loss) before income taxes	323	−377	−434	−1,127	−852
(Provision for) benefit from income taxes	−9	99	−7	−4	−680,000
Net income (loss)	314	−278	−440	−1,131	−853
Net income (loss) per common share, basic (in dollars per share)	2.39	−2.18	−3.52	−9.3	−7.2
Net income (loss) per common share, diluted (in dollars per share)	2.33	−2.18	−3.52	−9.3	−7.2
Weighted average common shares, basic (in shares)	131	128	125	122	118
Weighted average common shares, diluted (in shares)	135	128	125	122	118
Unrealized gains (losses) on marketable securities	2	−4,000	11	−8	−2
Foreign currency translation gains (losses)	12	−10	12	—	—
Defined benefit pension plans, net of tax	981,000	−1	−2	—	—
Net other comprehensive loss	14	−11	21	—	—
Comprehensive income (loss)	328	−289	−419	−1,143	−842

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,657	966	813	866	820
Marketable debt securities	1,251	1,720	1,616	1,298	1,549
Marketable equity securities	0	8	11	28	67
Accounts receivable, net	778	405	328	238	199
Inventory	83	79	89	129	86
Prepaid expenses and other current assets	282	117	126	133	88
Total current assets	4,051	3,295	2,983	2,692	2,809
Property, plant and equipment, net	513	503	526	523	502
Operating lease right-of-use assets	195	191	200	215	232
Deferred tax assets	126	117	10	—	—
Restricted investments	22	69	49	49	41
Other assets	59	65	62	66	60
Total assets	4,966	4,240	3,830	3,546	3,643
Accounts payable	116	88	56	98	73
Accrued expenses	1,080	794	713	545	395
Operating lease liabilities	46	42	42	42	41
Deferred revenue	5	55	103	42	149
Liabilities related to the sale of future royalties and development funding	220	113	—	—	—
Development derivative liability	0	94	—	—	—
Total current liabilities	1,466	1,186	968	768	696
Operating lease liabilities, net of current portion	225	230	243	261	281
Convertible debt	1,008	1,025	1,021	1,017	0
Liabilities related to the sale of future royalties and development funding, net of current portion	1,470	1,334	—	—	—
Development derivative liability, net of current portion	0	393	—	—	—
Other liabilities	8	5	308	213	99
Total liabilities	4,177	4,173	4,051	3,705	3,055
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, $0.01 par value per share, 5,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.01 par value per share, 250,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 132,376 shares issued and outstanding as of December 31, 2025; 129,294 shares issued and outstanding as of December 31, 2024	1	1	1	1	1
Additional paid-in capital	7,510	7,388	6,811	6,455	6,058
Accumulated other comprehensive loss	−20	−35	−23	−45	−33
Accumulated deficit	−6,703	−7,288	−7,010	−6,569	−5,438
Total stockholders' equity	789	67	−221	−158	588
Total liabilities and stockholders' equity	4,966	4,240	3,830	3,546	3,643

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	56	57	54	44	48
Non-cash interest expense on liabilities related to the sale of future royalties and development funding	238	127	107	—	—
Stock-based compensation expense	348	272	222	231	166
Realized and unrealized loss on marketable equity securities	2	3	17	33	−56
Loss related to convertible debt	42	0	0	—	—
Change in fair value of development derivative liability	0	171	91	95	38
Deferred income taxes	−2	−107	−713,000	−1	—
Other	−30	−39	−2	−177,000	19
Accounts receivable, net	−360	−87	−88	−46	−102
Inventory	8	14	18	−34	−26
Prepaid expenses and other assets	−118	3	−9	−39	−32
Accounts payable, accrued expenses and other liabilities	75	91	81	192	88
Deferred revenue	−51	−235	55	−66	−50
Net cash provided by (used in) operating activities	524	−8	104	−541	−642
Purchases of property, plant and equipment	−59	−34	−62	−72	−76
Purchases of marketable securities	−1,305	−1,635	−1,824	−1,977	−1,656
Sales and maturities of marketable securities	1,802	1,572	1,554	2,232	1,464
Proceeds from maturity of restricted investments	60	58	58	90	42
Purchases of restricted investments	−60	−77	−58	−98	−42
Other investing activities	−2	−117,000	−4	−5	−4
Net cash provided by (used in) investing activities	436	−117	−336	169	−273
Proceeds from issuance of 0.00% Convertible Senior Notes due 2028, net	646	0	0	1,016	0
Purchases of capped calls related to 0.00% Convertible Senior Notes due 2028	−35	0	0	—	—
Repayment of 1.00% Convertible Senior Notes due 2027	−1,155	0	0	—	—
Payment of issuance costs for revolving credit agreement	−2	0	0	—	—
Proceeds from exercise of stock options and other types of equity, net	250	303	147	259	246
Proceeds from liabilities related to the sale of future royalties and development funding	6	0	0	—	—
Repayment of liabilities related to the sale of future royalties and development funding	−14	0	0	—	—
(Repayment of) proceeds from development derivative liability, net	0	−9	25	31	—
Net cash (used in) provided by financing activities	−305	294	172	426	1,247
Effect of exchange rate changes on cash, cash equivalents and restricted cash	35	−15	6	−7	−9
Net increase (decrease) in cash, cash equivalents and restricted cash	690	154	−54	46	323
Cash paid for interest	219	68	32	45	25
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	21	9	3	1	8
Capital expenditures included in accounts payable and accrued expenses	11	2	4	5	14

Filings

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