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Alnylam Pharmaceuticals (ALNY) has drawn market attention after announcing plans to present new clinical and real-world data on its ATTR and hypertension RNAi programs at the ESC Congress 2026 in Munich.
See our latest analysis for Alnylam Pharmaceuticals.
Despite the ESC Congress announcement, Alnylam Pharmaceuticals' share price has been under pressure, with the stock down 41% year to date and the 1 year total shareholder return declining 47%, although the 3 year total shareholder return remains positive.
If you are looking beyond Alnylam Pharmaceuticals' RNAi pipeline, this could be a helpful moment to see what else is moving across healthcare and biotech through 41 healthcare AI stocks
The recent drop in Alnylam Pharmaceuticals' share price sits against a wide gap to both analyst targets and intrinsic value estimates. So where does fair value really look anchored before you weigh the next move in this stock?
Most Popular Narrative: 46% Undervalued
The most followed narrative values Alnylam Pharmaceuticals at $434.72 per share, which sits well above the last close at $236.22, and frames a long term RNAi growth story that depends heavily on the TTR franchise and broader pipeline execution.
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.
International expansion for AMVUTTRA in major markets (Germany, Japan, Brazil, EU) is only just starting and is expected to contribute meaningful incremental revenue in the second half of the year and beyond, with global rollouts benefiting from favorable reimbursement dynamics for high-impact orphan drugs.
Curious what earnings path and margin profile have to line up for that higher fair value on Alnylam Pharmaceuticals. The narrative leans on compounded revenue growth, rising profitability and a richer future earnings multiple. The key question is which set of assumptions you agree with and how far out you think this RNAi pipeline can stretch that story.
Result: Fair Value of $434.72 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, keep in mind that Alnylam Pharmaceuticals still faces concentration risk around the TTR franchise, as well as potential margin pressure if R&D and SG&A spending outpace revenue.
Find out about the key risks to this Alnylam Pharmaceuticals narrative.
Another View On Alnylam Pharmaceuticals' Valuation
The earlier fair value of $434.72 for Alnylam Pharmaceuticals is built on long term earnings forecasts and margin expansion. The market is pricing the stock on a current P/E of 40.8x, compared with a fair ratio of 32.4x, the US Biotechs industry at 17.4x and peers at 34x. That premium suggests investors are already paying up for growth, so the question is how comfortable you are with that gap.
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
Sentiment around Alnylam Pharmaceuticals is mixed, so this is a useful time to check the numbers yourself and stress test your views. To see what optimism is building around the stock, start with its 3 key rewards
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This article by Simply Wall St is general in nature. 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. 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.
Companies discussed in this article include ALNY .
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