Alnylam Pharmaceuticals, Inc. (ALNY) Stock Analysis

Alnylam Pharmaceuticals is the global pioneer and market leader in RNAi therapeutics, generating revenue from product sales, collaborations, and royalties. Its commercial engine is increasingly concentrated in AMVUTTRA, a quarterly subcutaneous TTR silencer with clinical evidence supporting reduced cardiovascular mortality and hospitalization, while GIVLAARI, OXLUMO, ONPATTRO, collaboration revenue, and Leqvio royalties diversify the model. **Q1 2026 total revenue rose 96% year over year to $1.167 billion**, product revenue exceeded $1 billion for the first time, and non-GAAP diluted EPS of $1.99 beat consensus by 46.32%. Management reiterated 2026 net product revenue guidance of $4.9-$5.3 billion and expects sequential revenue growth through the remainder of the year. The July 2026 failure of Ionis’ eplontersen trial materially reduced direct silencer competition, although Pfizer’s Vyndaqel and BridgeBio’s Attruby remain meaningful threats. At $271.77 on July 24, 2026, ALNY trades at 8.3x sales and 67.0x earnings but only 0.49x PEG. The report views the stock as undervalued, with a probability-weighted five-year target of $435.43 and catalysts including AMVUTTRA approvals, nucresiran data, and zilebesiran progress.