Alnylam Pharmaceuticals (ALNY) is back in focus after announcing plans to present fresh clinical and real world data on AMVUTTRA and zilebesiran at the European Society of Cardiology Congress 2026 in Munich.

Against this backdrop, Alnylam Pharmaceuticals’ share price has been under pressure, with the stock down 14.15% over the past 30 days and 40.28% year to date, while the 1 year total shareholder return declined 47.38% despite a positive 21.30% total shareholder return over five years. Investors now seem focused on whether the upcoming ESC data can shift sentiment after this recent loss of momentum.

Compare Alnylam Pharmaceuticals to other RNA and biotech players under pressure and see which ones are holding up better in our hand picked 75 resilient stocks with low risk scores.

Bulls point to Alnylam Pharmaceuticals’ RNAi platform, late stage assets and recent profitability, while bears flag the sharp share price slide and valuation metrics. Which side does the current valuation actually support?

Most Popular Narrative: 45% Undervalued

At a last close of $239, the most followed narrative pegs Alnylam Pharmaceuticals at a fair value of $434.72, which implies a sizeable gap for investors to interpret.

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.

Want to know what kind of revenue curve that implies for Alnylam Pharmaceuticals. Or how much higher margins and future earnings power need to run to support that valuation. The narrative leans heavily on one franchise and a sharply higher profit base. Curious which specific growth assumptions have to line up for $434.72 to make sense.

Based on this narrative, Alnylam Pharmaceuticals relies on strong projected revenue expansion, rising profitability and a higher future earnings base, all discounted at 7.33%, to justify a near doubling from the last close. The fair value rests on material earnings growth over several years and a future P/E multiple that remains well above the broader biotech industry, which means the market would need to keep assigning a premium to this RNAi story for the numbers to work.

Result: Fair Value of $434.72 (UNDERVALUED)

However, Alnylam Pharmaceuticals still faces concentration risk around the TTR franchise and potential pricing or reimbursement pressure that could quickly challenge this positive growth narrative.

Another View: What Multiples Say About Alnylam Pharmaceuticals

There is a very different read on Alnylam Pharmaceuticals when you look at simple earnings multiples instead of narrative driven fair value estimates. The stock trades on a P/E of 41.3x, which is richer than both the US Biotechs industry at 17.7x and the peer average at 34.3x.

The fair ratio estimate for Alnylam Pharmaceuticals is a P/E of 32.5x. If the market were to move closer to that level, today’s price would imply less upside and more valuation risk than the 45% undervalued story suggests. Which lens do you trust more for your own decision making?

Next Steps

Curious whether the cautious tone around Alnylam Pharmaceuticals matches your own view? Take a closer look at the details, and then weigh the 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.