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Low leverage; ~$1.1B convertible notes, net cash positive with ~$2.8B cash. 20% rate rise adds ~$22M annual interest cost, manageable.

Moderate sensitivity; floating-rate exposure limited. 20% rate increase (~100bps) raises cost of capital but minimal P&L impact given net cash position.

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

1) GalNAc lipid conjugate synthesis concentrated in Asia (Japan/China CMOs); 2) RNA raw material (nucleotide) supply dependent on European fine chemical suppliers.

Moderate FX exposure; EUR (Europe ~30% ex-US rev), JPY (Japan partnership), and GBP. EUR/USD 10% devaluation could reduce reported revenue ~$80-120M annually.

Primary markets: EU (EUR exposure), Japan (JPY, hedged partially via Sanofi partnership), and emerging markets minimal. EUR devaluation is primary sovereign FX risk.

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

High; Alnylam relies on a small number of CMOs (e.g., Vetter, Lonza) for drug substance/product manufacturing—single-source risk for GalNAc conjugates exceeds 30% input cost.

Biopharmaceutical manufacturer/royalty hybrid; cloud disruption risk is low-moderate—manufacturing, clinical, and ERP systems would require 6-12 months migration if AWS terminated.

Royalty and collaboration revenue stream; cloud termination would disrupt bioinformatics pipelines and R&D data systems but commercial operations could be maintained short-term.

Low API coupling risk in commercial context; internal RNAi platform APIs are proprietary. No material third-party API dependency for core revenue generation.

Very low Howey Test risk; revenue from drug sales and licensing is clearly product/IP-based, not an investment contract. Regulatory classification as pharma, not securities.

Very High

Moderate GDPR/CCPA exposure; patient-level clinical trial data managed under strict protocols. Commercial patient data handled via specialty pharmacy intermediaries reducing direct liability.

Low-moderate; orphan drug pricing scrutiny (e.g., Onpattro, Givlaari at $450K-$575K/year) may invite pricing investigations but no current formal antitrust proceedings.

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

~60% recurring (royalties, net product sales with repeat chronic-disease patients); ~40% lumpy collaboration milestones. Chronic rare disease drives high patient retention/repeat revenue.

Primary: net product sales (Onpattro, Givlaari, Oxlumo, Leqvio royalties, Amvuttra). Secondary: collaboration/milestone payments from Sanofi, Regeneron, Novartis partnerships.

Ultra-high ASP ($450K-$575K/yr) justified by orphan indication, curative intent, and payer willingness. Stress scenario: 20% price cut reduces revenue ~$150M; still cash-flow positive.

High; orphan drug status, no direct RNAi competitors in most indications, and demonstrated clinical superiority support durable pricing power. 8/10.

70-80% product gross margin on marketed drugs; blended gross margin including collaboration revenue approximately 65-75%. Improving as volume scales.

Very low free-rider risk; drugs are prescription-only, payer-reimbursed, and patient-specific. No digital free-tier analog. Patient discontinuation is clinical, not economic switching.

Sublinear growth model; R&D headcount scales with pipeline breadth, but commercial revenue can grow significantly via price/volume without proportional headcount doubling.

Low marginal cost per incremental patient in established indications; manufacturing scale drives COGS down. 2x revenue achievable with <1.5x headcount in commercial stage.

Not applicable; Alnylam does not operate a franchise network. Distribution is via specialty pharmacy and hospital channels with standard pharma compliance frameworks.

At 10x scale, CAC improves dramatically via established KOL networks and payer contracts. Current ~$500K-$1M CAC per diagnosed rare disease patient becomes more efficient with broader diagnosis rates.

Weak direct network effects; platform network effect exists in RNAi IP licensing (more licensees validate platform) but not traditional user-growth network effects. Durable via IP moat.

6.5% Return on Assets (Excellent)

High recession resistance (Tier 1); rare disease/orphan drugs with no therapeutic alternatives are largely recession-proof as payers and governments prioritize life-threatening conditions.

Patients with rare genetic diseases (TTR amyloidosis, PH1, HAE); concentrated in high-income markets with strong rare disease reimbursement frameworks (US, EU, Japan).

Hospital systems, specialty pharmacies, and payer/government health systems as institutional customers; no single payer >15% of revenue, but US commercial+Medicare represents ~55% of revenue.

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

1.6% CapEx / Revenue (Low-CapEx Asset-Light)

0001178670

ALNY