ALNYMEDIUM SIGNALOPERATIONAL10-K

Alnylam launched a new "Alnylam 2030" strategic plan while adding a sixth approved RNAi medicine (Qfitlia) to its commercial portfolio.

The company has transitioned from its previous "P5x25" strategy to a new long-term vision extending to 2030, suggesting management confidence in sustained growth opportunities. The addition of Qfitlia (fitusiran) expands Alnylam's commercial footprint in rare diseases and demonstrates continued execution on bringing novel RNAi therapeutics to market.

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

Alnylam delivered solid growth across key metrics with revenue expanding roughly 23% to $1.0B, supported by substantially higher accounts receivable indicating strong sales momentum. The company maintained its innovation investment with R&D expenses growing 17% to $1.3B while SG&A increased 24% to support commercial expansion. Cash position strengthened meaningfully to $1.7B, providing substantial financial flexibility for the new 2030 strategic initiatives.

FINANCIAL STATEMENT CHANGES
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.

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.

Current Assets
Balance Sheet
+22.9%
$3.3B→$4.1B

Current assets grew 22.9% — improving short-term liquidity or inventory/receivables build.

Interest Expense
P&L
-22.3%
$156.0M→$121.2M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

R&D Expense
P&L
+17.2%
$1.1B→$1.3B

R&D investment increased 17.2% — signals commitment to future product development, though near-term margin impact.

Total Assets
Balance Sheet
+17.1%
$4.2B→$5.0B

Asset base grew 17.1% — expansion through organic growth, acquisitions, or capital deployment.

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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