This beaten-down biotech has a better story than its stock chart suggests.
This beaten-down biotech has a better story than its stock chart suggests.
It's been a horrible, lousy, rotten year so far for Alnylam Pharmaceuticals (ALNY -1.11%) investors. Feel free to add any other similar adjectives you'd like.
Alnylam's share price has plunged more than 40% year to date. Only one other large-cap stock in the entire healthcare sector has performed worse. Alnylam's impressive 69% gain in 2025 has been almost completely erased.
The drugmaker's financials look great. It's now solidly profitable. But investors are clearly treating Alnylam like it's a broken biotech stock.
Just how profitable is Alnylam?
Not long ago, Alnylam was hemorrhaging cash. The company posted net losses throughout 2024. As recently as the second quarter of last year, Alnylam's bottom line reflected a net loss of $16.2 million based on generally accepted accounting principles (GAAP).
However, Alnylam has experienced a dramatic transformation in profitability since then. It recorded impressive earnings of $251 million in the third quarter of 2025. This total was significantly boosted by funds received from its collaboration with Roche (RHHBY +3.45%).
But Alnylam remained profitable going forward, relying less on collaboration revenue. Sales skyrocketed for Amvuttra as it gained momentum in the transthyretin amyloid cardiomyopathy (ATTR-CM) market.
In the second quarter of 2026, Alnylam's GAAP net income totaled $164.5 million. Its adjusted earnings were much higher at $251.8 million. Meanwhile, the company's revenue soared 67% year over year to $1.29 billion. As icing on the cake, Alnylam's cash position (including cash, cash equivalents, and marketable securities) stood at $3.3 billion at the end of the quarter.
ALNY Alnylam Pharmaceuticals
Averytin News Financial update.