Alnylam Pharmaceuticals, Inc.

NasdaqGS-ALNY

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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	-123.8	-195.3	-82.8	9.9	-450.1	-613.4
Net Income
Depreciation & Amortization	28.3	28.2	28.5	4.5	49.5	4.5
Depreciation and Amortization
Amortization and Interest Accretion Related to Operating Leases
Stock Based Compensation	168.4	137.4	134.6	105.9	115.7	170.9
Stock-Based Compensation Expense
Other Adjustments	129.4	46.1	109.1	130.5	80.9	156.7
Non-Cash Interest Expense on Liability Related to the Sale of Future Royalties
Realized and Unrealized Loss on Marketable Equity Securities
Realized Loss on Sale of Marketable Equity Securities
Loss on Extinguishment of Debt
Change in Fair Value of Development Derivative Liability
Gain on Litigation Settlement
Charge for 401(k) Company Stock Match
Deferred Income Taxes
Other
Changes in Trade Receivables	-144.3	-96.6	10.1	-104.1	16.2	-91.7
Accounts Receivable, Net
Billed and Unbilled Collaboration Receivables
Changes in Inventories	17.4	6.8	6.8	16.8	1.6	-26.9
Inventory
Changes in Accounts Payable	26.4	21.5	69.6	80.1	0.8	172.4
Change in Accounts Payable
Accounts Payable, Accrued Expenses and Other Liabilities
Changes in Accrued Expenses	—	—	—	—	—	—
Change in Accrued Expenses and Other
Changes in Unearned Revenue	-40.4	-15.9	-219.5	42.2	12.9	-53.7
Deferred Revenue
Changes in Other Operating Activities	-26	17	-13.8	43.9	-53	34.1
Proceeds from Landlord Lease Incentive for Tenant Improvements
Prepaid Expenses and Other Assets
Operating Lease Liability
Cash from Operating Activities	35.4	-51	42.6	329.6	-225.5	-247.3
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-23.3	-13.3	-21	-32.4	-29.8	-38.1
Purchases of Property, Plant and Equipment
Purchases of Investments	-919.3	-936.3	-775.7	-1,010.6	-871.4	-946.4
Purchases of Marketable Securities
Purchases of Restricted Investments
Proceeds from Sale of Investments	914.9	866.5	763	796	816.2	1,163.2
Sales and Maturities of Marketable Securities
Proceeds from Maturity of Restricted Investments
Other Investing Activities	—	-0.1	—	-4.4	—	-4.6
Change in Restricted Cash
Other Investing Activities
Cash from Investing Activities	-27.6	-83.2	-33.7	-251.4	-84.9	174
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Long-Term Debt	—	—	—	—	—	1,016.1
Proceeds from Convertible Debt, Net
Proceeds from Term Loan Facility
Repayments of Long-Term Debt	—	—	—	—	—	-762.1
Repayment of Term Loan Facility
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	254
Issuance of Common Shares	130.6	144.3	158.6	55.7	91.8	209.7
Proceeds from Exercise of Stock Options and Other Types of Equity, Net
Offering Proceeds, Net of Costs
Proceeds from Issuance of Common Stock to Sanofi Genzyme
Proceeds from Issuance of Common Stock to Strategic Partners, Net of Closing Costs
Repurchases of Common Shares	—	—	—	—	—	—
Payments for Repurchase of Common Stock for Employee Tax Withholding
Net Issuance / (Repurchases) of Common Shares	130.6	144.3	158.6	55.7	91.8	209.7
Other Financing Activities	-32.7	-10.6	1.8	16.7	8	-103.3
Purchases of Capped Calls Related to Convertible Debt
Proceeds from the Sale of Future Royalties
Proceeds from Development Derivative, Net
Payment of Transaction Costs Related to Sale of Future Royalties and Term Loan Facility
Other Financing Activities
Cash from Financing Activities	97.8	133.8	160.4	72.4	99.8	360.5
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	12.2	-64.2	21.7	297.2	-255.3	-285.4
NOPAT	0.7	-246.6	4.6	121.1	-376.6	-446.3
Levered Free Cash Flow	-141.3	-151.1	-232.2	165	-468.2	-267.3
Unlevered Free Cash Flow	-16.8	-202.4	-144.7	276.2	-394.6	-354.2
Net Change in Cash	105.6	-0.4	169.4	150.6	-210.6	287.2