(ALNY) Alnylam Pharmaceuticals - Ratings and Ratios

Alnylam Pharmaceuticals (NASDAQ: ALNY) is a U.S.-based biotech that pioneered RNA interference (RNAi) therapeutics, translating the technology into a commercial portfolio that includes ONPATTRO and AMVUTTRA for hereditary transthyretin-mediated amyloidosis, GIVLAARI for acute hepatic porphyria, OXLUMO for primary hyperoxaluria type 1, and Leqvio for hypercholesterolemia.

Beyond its approved drugs, Alnylam’s pipeline is heavily weighted toward late-stage RNAi candidates: vutrisiran (Phase III for ATTR cardiomyopathy), Fitusiran (Phase III for hemophilia), cemdisiran (Phase III for Myasthenia Gravis, PNH, and geographic atrophy), and several Phase I/II programs targeting hypertension (Zilebesiran), metabolic-liver disease (Rapirosiran, ALN-PNP), dyslipidemia (ALN-APOC3), Huntington’s disease (ALN-HTT02), and neurodegeneration (Mivelsiran, ALN-SOD). The breadth of indications reflects Alnylam’s strategy to leverage a single RNAi platform across high-unmet-need therapeutic areas.

Strategic collaborations amplify Alnylam’s reach: joint development and commercialization agreements with Regeneron, Roche, Sanofi, Novartis, PeptiDream, Dicerna, and Ionis provide both co-funding and access to complementary delivery technologies, reducing R&D risk and expanding market access.

From a financial standpoint, Alnylam reported FY 2023 revenue of approximately $2.2 billion, driven primarily by Leqvio and ONPATTRO sales, while maintaining a cash runway of roughly 18 months at current burn rates. The company’s market capitalization hovers near $10 billion, implying a price-to-sales multiple of ~4.5×, which is modest relative to the broader RNA-targeted therapeutics sector that is projected to grow at a CAGR of 15-20 % through 2030.

Key sector drivers include the accelerating regulatory acceptance of RNA-based modalities, the expanding payer willingness to reimburse high-cost, disease-modifying therapies, and the competitive pressure from mRNA platforms that may erode market share in certain indications if Alnylam cannot sustain differentiation through superior dosing regimens or safety profiles.

Given the concentration of late-stage assets and the company’s cash position, the upside potential hinges on successful Phase III read-outs (especially vutrisiran and Fitusiran) and the ability to commercialize Leqvio at scale; a failure in any pivotal trial would materially alter the risk-reward profile.

For analysts seeking a deeper, data-driven appraisal of Alnylam’s valuation dynamics, the ValueRay platform offers granular scenario modeling that can help quantify these upside and downside catalysts.