Alnylam Pharmaceuticals, Inc. logo ALNY - Alnylam Pharmaceuticals, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 39
HOLD 12
SELL 1
STRONG
SELL
0
| PRICE TARGET: $445.67 DETAILS
HIGH: $530.00
LOW: $351.00
MEDIAN: $445.50
CONSENSUS: $445.67
UPSIDE: 49.83%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

High-Growth Software 80% confidence

Primary model: Revenue × Terminal Margin DCF

Valuation Signal Fair Value Moderate
Trading 16.1% below fair value
Current Price $297.45
Bear Case $153.25 48.5% downside ($153.25 - $297.45) / $297.45 = -48.5% 18% rev growth, 21% terminal margin
Fair Value $354.38 19.1% upside ($354.38 - $297.45) / $297.45 = 19.1% 30% rev growth, 28% terminal margin
Bull Case $513.95 72.8% upside ($513.95 - $297.45) / $297.45 = 72.8% 35% rev growth, 32% terminal margin

Adjust Assumptions

30.0%
28.0%
12.0%

Key Value Driver

Revenue growth (30%) × margin expansion to 28%

Terminal Value % of EV 64%
Implied Market Multiple 10.3x

Plain-Language Summary

Our base-case estimate uses a discounted cash flow model based on revenue growth and long-run free cash flow margins. We then blend that result with the average analyst price target of $445.67 from 52 analysts, using a 35% weight on analyst consensus. That produces an estimated intrinsic value of $354.38 per share.

Warnings

Our estimate assumes profit margins grow from 13% to 28% over 10 years. If that improvement stalls, the company is worth considerably less.
Gross margin of 82% means each dollar of revenue is highly profitable. As the company grows, overhead costs should shrink as a share of revenue, boosting overall profits.
Wall Street's average price target is $445.67 (from 52 analysts). Our estimate is 32% below the consensus -- consider that gap carefully.

Key Risks

  • Current FCF misleads — the model values future margins, not today's cash
  • SBC dilution is the hidden tax: 2-4% annual share growth compounds fast
  • Revenue deceleration is inevitable — the question is when and how steep