<div id="readability-page-1"><div><h2>Q1 2026 earnings shift Alnylam’s story</h2> <p>Alnylam Pharmaceuticals (ALNY) has just posted first quarter 2026 results that moved from a net loss to a net profit, with combined net product revenues above US$1 billion and a 121% year-over-year increase.</p> <p>See our latest analysis for Alnylam Pharmaceuticals.</p> <p>Despite the strong Q1 results and recent analyst commentary, Alnylam’s 1-month share price return of 6.56% and year to date share price return of 25.55% are negative, even as the 5-year total shareholder return of 131.61% points to strong long term compounding.</p> <p>If this kind of volatility has you looking beyond a single biotech stock, it could be a good moment to scan other opportunities in healthcare AI using the 33 healthcare AI stocks.</p> <p>So with Alnylam now profitable, a market value around US$39.5b and the stock trading at roughly a 51% discount to the average analyst price target, is there still an opportunity here or is the market already pricing in future growth?</p> <h2>Most Popular Narrative: 39.4% Undervalued</h2> <p>Alnylam’s most followed narrative points to a fair value of about $491.92 against a last close of $297.93, so the story assumes a lot of future growth still to come.</p> <blockquote> <p><em>The rapid and robust uptake of AMVUTTRA for ATTR-CM in its first full quarter post-approval, combined with near-universal first-line payer access and minimal patient out-of-pocket costs, indicates a much larger addressable market for Alnylam's RNAi therapies as diagnostics and disease awareness improve, supporting sustained double-digit revenue growth.</em></p> </blockquote> <p><em>Read the complete narrative.</em></p> <p>Want to see what keeps that growth engine running in this narrative? Revenue build, margin shift and a premium future earnings multiple do most of the heavy lifting.</p> <p>The fair value estimate is built using a 7.10% discount rate and hinges on stronger earnings, rising profitability and a higher valuation multiple than the broader US market, all extrapolated from the RNAi franchise and pipeline outlined above.</p> <p><strong>Result: Fair Value of $491.92 (UNDERVALUED)</strong></p> <p>Have a read of the narrative in full and understand what's behind the forecasts.</p> <p>However, this story can break if AMVUTTRA pricing and margins come under pressure, or if heavy TTR reliance bites harder as competition and payer scrutiny build.</p> <p>Find out about the key risks to this Alnylam Pharmaceuticals narrative.</p> <h2>Another way to look at the valuation</h2> <p>That 39.4% undervalued fair value of $491.92 comes from a forward earnings narrative, but the current P/E of 73.9x tells a very different story. It is well above the US Biotechs industry at 17.3x, peers at 42x, and even the fair ratio of 29.8x. This points to clear valuation risk. Which signal do you trust more right now?</p> <p>See what the numbers say about this price — find out in our valuation breakdown.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5149aa9f-da65-4a13-90d5-9471dce7a862/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA1LTA1?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5149aa9f-da65-4a13-90d5-9471dce7a862/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA1LTA1"/><figcaption>NasdaqGS:ALNY P/E Ratio as at May 2026</figcaption></figure><h2>Next Steps</h2> <p>With such a mixed message on valuation and future expectations, it makes sense to look at the full picture yourself and move quickly to form your own view using the 3 key rewards and 1 important warning sign.</p> <h2>Ready to hunt for more investment ideas?</h2> <p>If Alnylam has sharpened your focus, use this momentum to compare it with other ideas, refine your watchlist and keep your capital working harder for you.</p> <ul> <li>Zero in on quality at a discount by checking companies highlighted in the 48 high quality undervalued stocks.</li> <li>Strengthen the defensive side of your portfolio using the solid balance sheet and fundamentals stocks screener (44 results) to spot financially resilient stocks.</li> <li>Add some under-the-radar potential by scanning the screener containing 25 high quality undiscovered gems before the crowd pays attention.</li> </ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

ALNY

<p>Alnylam Pharmaceuticals (ALNY) reported a significant turnaround in Q1 2026, moving from a net loss to a net profit with revenues exceeding $1 billion, marking a 121% year-over-year increase. Despite this, the stock has seen a 6.56% return over the past month and a 25.55% year-to-date return, with a market value of approximately $39.5 billion. Analysts suggest the stock is undervalued at a fair value of $491.92, indicating potential for future growth, although valuation risks remain due to high P/E ratios compared to industry peers.</p>

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Alnylam Pharmaceuticals (ALNY) Valuation After Q1 2026 Profit Breakthrough And Revenue Surge