ALNYHIGH SIGNALFINANCIAL10-K

ALNY achieved a dramatic operational turnaround, swinging from an $8.3M operating cash outflow to $524.1M inflow while launching their new "Alnylam 2030" growth strategy and adding a sixth approved RNAi medicine.

This represents a fundamental inflection point for Alnylam, demonstrating the company has successfully transitioned from cash-burning development phase to profitable commercialization of its RNAi platform. The launch of "Alnylam 2030" strategy replacing the previous "P 5 x25" indicates management confidence in sustained growth beyond their original 2025 targets.

Comparing 2026-02-12 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

ALNY delivered exceptional financial performance across all key metrics, with operating cash flow surging over 6,400% to $524.1M positive and operating income flipping from a $176.9M loss to $501.6M profit. Revenue grew a solid 22.9% to $1.0B while accounts receivable nearly doubled to $777.6M, indicating strong sales momentum, and stockholders' equity increased over 1,000% to $789.2M. The company significantly strengthened its balance sheet with cash growing 71.5% to $1.7B, positioning it well for continued R&D investment and strategic initiatives under the new Alnylam 2030 strategy.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+6405.1%
-$8.3M→$524.1M

Operating cash flow surged 6405.1% — exceptional cash generation, highest quality earnings signal.

Stockholders Equity
Balance Sheet
+1076.3%
$67.1M→$789.2M

Equity base grew 1076.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Income
P&L
+383.6%
-$176.9M→$501.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Accounts Receivable
Balance Sheet
+91.8%
$405.3M→$777.6M

Receivables surged 91.8% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Cash & Equivalents
Balance Sheet
+71.5%
$966.4M→$1.7B

Cash position surged 71.5% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
+71.2%
$34.3M→$58.7M

Capital expenditure jumped 71.2% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
+55.2%
$202.2M→$313.7M

Net income grew 55.2% — bottom-line growth signals improving overall business health.

SG&A Expense
P&L
+24.1%
$975.5M→$1.2B

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Current Liabilities
Balance Sheet
+23.6%
$1.2B→$1.5B

Current liabilities rose 23.6% — increased short-term obligations, watch current ratio.

Revenue
P&L
+22.9%
$844.3M→$1.0B

Revenue growing 22.9% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-13
ADDED
At February 6, 2026, the registrant had 132,623,144 shares of Common Stock outstanding.
FORM 10-K SUMMARY 143 SIGNATURES 144 Alnylam, AMVUTTRA , ONPATTRO , GIVLAARI , OXLUMO , Alnylam Act , GEMINI , IKARIA and siRELIS are trademarks and registered trademarks of Alnylam Pharmaceuticals, Inc.
and other jurisdictions; the impact of laws and regulations; developments relating to our competitors and our industry; our ability to satisfy our payment obligations, and to service the interest on, or to refinance our indebtedness, including our convertible notes, or to make cash payments in connection with any conversion of our convertible notes, to the extent required; and our expectations regarding the effect of the capped call transactions and the anticipated market activities of the option counterparties and/or their respective affiliates.
To date, our efforts to advance this revolutionary approach have yielded the approval of six first-in-class RNAi-based medicines: AMVUTTRA (vutrisiran), ONPATTRO (patisiran), GIVLAARI (givosiran), OXLUMO (lumasiran), Leqvio (inclisiran) and Qfitlia (fitusiran).
In early 2026, we launched our Alnylam 2030 strategy to drive the Company s next era of growth and patient impact.
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REMOVED
At February 6, 2025, the registrant had 129,457,156 shares of Common Stock outstanding.
FORM 10-K SUMMARY 136 SIGNATURES 137 Alnylam, ONPATTRO , AMVUTTRA , GIVLAARI , OXLUMO , Alnylam Act and IKARIA are trademarks and registered trademarks of Alnylam Pharmaceuticals, Inc.
To date, our efforts to advance this revolutionary approach have yielded the approval of five first-in-class RNAi-based medicines, ONPATTRO (patisiran), AMVUTTRA (vutrisiran), GIVLAARI (givosiran), OXLUMO (lumasiran) and Leqvio (inclisiran).
In early 2021, we launched our Alnylam P 5 x25 strategy, which focuses on our planned transition to a top-tier biotech company by the end of 2025.
With Alnylam P 5 x25 , we aim to deliver transformative medicines in both rare and common diseases benefiting patients around the world through sustainable innovation and exceptional financial performance, resulting in a leading biotech profile.
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