Alnylam Pharmaceuticals, Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: base FCF $800M (vs TTM FCF of $819.9M through Jun-2026, reflecting AMVUTTRA/Leqvio royalty scale-up), Years 1-5 FCF growth 20%/yr (deliberately below management's own guided 25% revenue CAGR through 2030 under the 'Alnylam 2030' strategy, to stay conservative on margin durability), Years 6-10 growth fades to 8%/yr, discount rate 9.5% (commercial-stage biopharma with real product revenue but still meaningful pipeline/competitive risk), terminal growth 3%, plus net cash of $320.7M (cash + short-term investments of $3,308M less total debt of $2,987M); divided by 133.81M shares outstanding.

Reasoning: Alnylam is now commercial-stage with multiple approved RNAi products (Onpattro, Givlaari, Oxlumo, Amvuttra) plus Leqvio royalties from Novartis, and free cash flow has swung from -$42.6M (FY2024) to $465.4M (FY2025) to ~$819.9M (TTM Jun-2026), so a revenue/FCF-based DCF is now more appropriate than a pipeline rNPV; growth assumptions are anchored to management's own publicly guided 25% revenue CAGR target through 2030.