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Alnylam Pharmaceuticals Inc ALNY

Morningstar Rating
$149.45 −4.94 (3.20%)
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Company Report

Alnylam Earnings: Robust Uptake of Amvuttra Drives Sales; Shares Undervalued

Narrow-moat Alnylam reported strong year-end results highlighted by $1.2 billion in net product revenues, representing a 39% increase year over year. Strong demand for next-generation drug Amvuttra (for ATTR amyloidosis with polyneuropathy) is driving sales, comprising 45% of product revenue in 2023. We forecast Alnylam will achieve 2024 net product sales of roughly $1.44 billion, representing a 16% increase from 2023. We maintain our fair value estimate of $199 per share, and we view shares as undervalued, currently trading in 4-star territory.

Price vs Fair Value

ALNY is trading at a 24% discount.
Price
$152.07
Fair Value
$381.00
Uncertainty
High
1-Star Price
$889.48
5-Star Price
$715.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Alnylam's Nobel-prize-winning technology and massive intellectual property in RNA interference helped the firm create an entirely new class of therapeutics for difficult to treat diseases.

Bears

Alnylam's valuation rests on its ability to maintain six-figure pricing and payers' willingness to continue reimbursement, which could be affected by shifts in healthcare drug policy.

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News

Trading Information

Previous Close Price
$154.39
Day Range
$149.32154.50
52-Week Range
$143.52218.88
Bid/Ask
$149.00 / $155.40
Market Cap
$18.82 Bil
Volume/Avg
666,571 / 883,883

Key Statistics

Price/Earnings (Normalized)
Price/Sales
10.55
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield

Company Profile

Alnylam Pharmaceuticals is a leader in the study of RNA interference (RNAi) therapeutics. RNAi is a naturally occurring biological pathway within cells for sequence-specific silencing and regulation of gene expression. Alnylam has five drugs on the market: Onpattro and Amvuttra for hATTR amyloidosis, Givlaari for acute hepatic porphyria, Oxlumo for primary hyperoxaluria type 1, and Leqvio for hypercholesterolemia. It also has several clinical programs across various therapeutic areas: genetic medicines; cardio-metabolic diseases; hepatic infectious diseases, and CNS/ocular diseases. Upfront fees from research partnerships have boosted Alnylam's cash levels, and the company stands to see additional milestones and royalties from drugs commercialized under collaboration partnerships.
Sector
Healthcare
Industry
Biotechnology
Stock Style Box
Mid Growth
Total Number of Employees
2,100

Competitors

Valuation

Metric
ALNY
IONS
INCY
Price/Earnings (Normalized)
16.21
Price/Book Value
16.672.47
Price/Sales
10.558.123.49
Price/Cash Flow
206.4817.32
Price/Earnings
ALNY
IONS
INCY

Financial Strength

Metric
ALNY
IONS
INCY
Quick Ratio
2.865.423.55
Current Ratio
3.085.903.75
Interest Coverage
−3.36−3.42260.45
Quick Ratio
ALNY
IONS
INCY

Profitability

Metric
ALNY
IONS
INCY
Return on Assets (Normalized)
−5.60%−9.69%12.82%
Return on Equity (Normalized)
−63.31%16.79%
Return on Invested Capital (Normalized)
−16.93%−11.68%14.10%
Return on Assets
ALNY
IONS
INCY
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