ALNYALNYLAM PHARMACEUTICALS, INC.

Pharmaceutical Preparations

Revenue: $3.7B; 65% YoY
Operating margin: 13.5%; 272% YoY
EBITDA: $556M; 557% YoY
Market cap: $22.1B
Employees: 300,000; $12K revenue each
Net debt / EBITDA: -1.9×; −$1.1B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$10M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
167% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$12K · 25th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$22.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$44M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$844M	$1.0B	$1.8B	$2.2B	$3.7B	65%
Operating income	−$709M	−$785M	−$282M	−$177M	$502M	384%
Net income	−$853M	−$1.1B	−$440M	−$278M	$314M	213%
Operating cash flow	−$642M	−$541M	$104M	−$8M	$524M	6405%
Capex	$76M	$72M	$62M	$34M	$59M	71%
Stock-based comp	$166M	$231M	$222M	$272M	$348M	28%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $44M · 279
Net: −$44M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$15M	$77M	306	125
FY2024	$11M	$30M	181	93
FY2023	$9M	$11M	147	94
FY2022	$5M	$19M	183	90
FY2021	$10M	$18M	130	100