$ALNY

ALNYLAM PHARMACEUTICALS, INC.

CIK:0001178670|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 1,290,948	$ 773,689	$ 2,458,123	$ 1,367,878
Operating costs and expenses:
Cost of goods sold	298,261	142,029	505,781	212,212
Cost of collaborations and royalties	190	924	3,792	1,782
Research and development	413,134	323,621	778,000	588,743
Selling, general and administrative	347,922	323,314	670,473	563,263
Total operating costs and expenses	1,059,507	789,888	1,958,046	1,366,000
Income (loss) from operations	231,441	(16,199)	500,077	1,878
Other (expense) income:
Interest expense	(82,051)	(61,456)	(151,337)	(119,765)
Interest income	28,143	27,486	54,741	56,159
Other income (expense), net	273	8,860	(4,022)	18,051
Total other expense, net	(53,635)	(25,110)	(100,618)	(45,555)
Income (loss) before income taxes	177,806	(41,309)	399,459	(43,677)
Provision for income taxes	(13,312)	(30,919)	(28,974)	(46,802)
Net income (loss)	$ 164,494	$ (72,228)	$ 370,485	$ (90,479)
Net income (loss) per common share - basic (in dollars per share)	$ 1.23	$ (0.55)	$ 2.78	$ (0.70)
Net income (loss) per common share — diluted (in dollars per share)	$ 1.21	$ (0.55)	$ 2.71	$ (0.70)
Weighted-average common shares - basic (in shares)	133,606	130,628	133,244	130,155
Weighted-average common shares - diluted (in shares)	138,281	130,628	138,249	130,155
Statements of Comprehensive Income (Loss)
Net income (loss)	$ 164,494	$ (72,228)	$ 370,485	$ (90,479)
Other comprehensive (loss) income:
Unrealized (losses) gains on marketable securities	(3,635)	(343)	(7,287)	687
Foreign currency translation (losses) gains	(3,698)	7,855	(4,932)	3,771
Defined benefit pension plans, net of tax	89	53	178	108
Total other comprehensive (loss) income	(7,244)	7,565	(12,041)	4,566
Comprehensive income (loss)	157,250	(64,663)	358,444	(85,913)
Net product revenues
Revenues:
Total revenues	1,172,109	672,212	2,208,236	1,140,750
Net revenues from collaborations
Revenues:
Total revenues	47,165	61,496	129,240	160,681
Royalty revenue
Revenues:
Total revenues	$ 71,674	$ 39,981	$ 120,647	$ 66,447

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 370,485	$ (90,479)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	27,452	28,349
Non-cash interest expense on liabilities related to the sale of future royalties and development funding	145,279	112,307
Stock-based compensation expense	156,779	168,392
Realized and unrealized loss on marketable equity securities	0	2,306
Deferred income taxes	11,967	19,374
Other	11,272	(37,864)
Changes in operating assets and liabilities:
Accounts receivable, net	(142,023)	(144,347)
Inventory	(3,044)	17,359
Prepaid expenses and other assets	(65,692)	(25,992)
Accounts payable, accrued expenses and other liabilities	(114,416)	490
Deferred revenue	(831)	(40,400)
Net cash provided by operating activities	397,228	9,495
Cash flows from investing activities:
Purchases of property, plant and equipment	(56,513)	(23,263)
Purchases of marketable securities	(837,297)	(861,199)
Sales and maturities of marketable securities	485,986	856,850
Proceeds from maturity of restricted and other investments	66,725	58,075
Purchases of restricted and other investments	(22,000)	(58,075)
Other investing activities	(25,900)	0
Net cash used in investing activities	(388,999)	(27,612)
Cash flows from financing activities:
Proceeds from exercise of stock options and other types of equity, net	46,718	130,587
Proceeds from liabilities related to the sale of future royalties and development funding	12,000	0
Repayment of liabilities related to the sale of future royalties and development funding	(6,752)	(6,825)
Other financing activities	(15)	0
Net cash provided by financing activities	51,951	123,762
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9,509)	41,564
Net increase in cash, cash equivalents and restricted cash	50,671	147,209
Cash, cash equivalents and restricted cash, beginning of period	1,658,807	968,652
Cash, cash equivalents and restricted cash, end of period	1,709,478	1,115,861
Supplemental disclosure of cash flows:
Cash paid for interest	122,314	107,418
Cash paid for taxes	14,734	1,098
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	0	8,537
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable and accrued expenses	$ 24,032	$ 4,081

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,708,318	$ 1,657,250
Marketable debt securities	1,599,829	1,251,234
Accounts receivable, net	912,739	777,567
Inventory	97,110	82,719
Prepaid expenses and other current assets	302,176	281,892
Total current assets	4,620,172	4,050,662
Property, plant and equipment, net	554,143	513,147
Operating lease right-of-use assets	183,359	194,916
Deferred tax assets	113,792	125,975
Restricted investments	22,171	22,170
Other assets	65,132	59,461
Total assets	5,558,769	4,966,331
Current liabilities:
Accounts payable	108,016	115,721
Accrued expenses	1,095,980	1,080,197
Operating lease liabilities	45,933	45,518
Deferred revenue	4,014	4,845
Liabilities related to the sale of future royalties and development funding	258,570	220,068
Total current liabilities	1,512,513	1,466,349
Operating lease liabilities, net of current portion	210,495	225,087
Convertible debt	1,010,981	1,007,784
Liabilities related to the sale of future royalties and development funding, net of current portion	1,461,510	1,470,341
Other liabilities	9,152	7,594
Total liabilities	4,204,651	4,177,155
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value per share, 5,000 shares authorized and no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value per share, 250,000 shares authorized; 133,734 shares issued and outstanding as of June 30, 2026; 132,376 shares issued and outstanding as of December 31, 2025	1,337	1,324
Additional paid-in capital	7,716,958	7,510,473
Accumulated other comprehensive loss	(32,138)	(20,097)
Accumulated deficit	(6,332,039)	(6,702,524)
Total stockholders' equity	1,354,118	789,176
Total liabilities and stockholders' equity	$ 5,558,769	$ 4,966,331