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Alnylam Pharmaceuticals - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Alnylam Pharmaceuticals (ISIN: US02043Q1076, WKN: A0CBCK) Kursdatum: 21.07.2017 Kurs: 82,020 USD
Beschreibung Daten
Symbol ALNY
Marktkapitalisierung 7.020.912.128,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Pharma
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 15.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
-18,86 -22,82 0,00% -32,47 72,87 -17,12 148,87 7,63

Firmenbeschreibung

 

 

 

 

 

12.

QUARTERLY FINANCIAL

DATA (UNAUDITED)

 

 

 

The following information

has been derived from unaudited consolidated financial statements

that, in the opinion of management, include all recurring

adjustments necessary for a fair statement of such

information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

 

 

 

 

March 31,

2015

 

 

June 30,

2015

 

 

September 30,

2015

 

 

December 31,

2015

 

 

 

 

 

(In thousands, except

per share data)

 

 

 

 

Revenues

 

 

$

18,537

  

 

$

8,685

  

 

$

6,324

  

 

$

7,551

  

 

 

 

Operating

expenses

 

 

 

70,759

  

 

 

81,629

  

 

 

84,654

  

 

 

100,063

  

 

 

 

Net loss

 

 

$

(50,777

 

$

(71,783

 

$

(76,792

 

$

(90,721

 

 

 

Net loss per common share

— basic and diluted

 

 

$

(0.62

 

$

(0.85

 

$

(0.91

 

$

(1.07

 

 

 

Weighted-average common

shares — basic and diluted

 

 

 

82,074

  

 

 

84,353

  

 

 

84,633

  

 

 

84,871

  

 

 

 

 

 

 

 

 

Three Months

Ended

 

 

 

 

 

March 31,

2014

 

 

June 30,

2014

 

 

September 30,

2014

 

 

December 31,

2014

 

 

 

 

 

(In thousands, except

per share data)

 

 

 

 

Revenues

 

 

$

8,275

  

 

$

7,295

  

 

$

10,972

  

 

$

24,019

  

 

 

 

Operating

expenses

 

 

 

277,339

  

 

 

52,300

  

 

 

56,171

  

 

 

69,731

  

 

 

 

Net loss

 

 

$

(250,943

 

$

(44,074

 

$

(43,989

 

$

(21,389

 

 

 

Net loss per common share

— basic and diluted

 

 

$

(3.70

 

$

(0.58

 

$

(0.58

 

$

(0.28

 

 

 

Weighted-average common

shares — basic and diluted

 

 

 

67,786

  

 

 

75,835

  

 

 

76,408

  

 

 

76,957

  

 

 

 

Operating expenses for

the three months ended March 31, 2014 include a $224.7 million

charge to in-process research and development expense in connection

with the purchase of the Sirna RNAi assets from Merck. During the

three months ended June 30, 2014, we recorded a credit of $3.9

million to in-process research and development expense, resulting

in $220.8 million in-process research and development expense

recorded for the year ended December 31, 2014 as a result of

this asset acquisition. See Note 3, “Significant

Agreements,” for further information.

 

Firmenstrategie

 

 

Basis of

Presentation and Principles of Consolidation

 

The accompanying

consolidated financial statements reflect the operations of Alnylam

and our wholly-owned subsidiaries. All intercompany accounts and

transactions have been eliminated.

 

RevenueRecognitionPolicyTextBlock

 

Revenue

Recognition

We have entered

into collaboration agreements with leading pharmaceutical and life

sciences companies, including Novartis Pharma AG and one of its

affiliates (which assigned its rights and obligations to Arrowhead

Research Corporation, or Arrowhead, in early 2015), F.

Hoffmann-La Roche Ltd (which assigned its rights and

obligations to Arrowhead in 2011), Takeda, Kyowa Hakko Kirin Co.,

Ltd., or Kyowa Hakko Kirin, Cubist, Monsanto, Sanofi Genzyme and

MDCO. The terms of our collaboration agreements typically include

deliverables such as non-refundable license fees, funding of

research and development, payments based upon achievement of

clinical and pre-clinical development milestones, regulatory

milestones, manufacturing services, sales milestones and royalties

on product sales. These agreements are generally referred to as

multiple element arrangements.

We apply the

accounting standard on revenue recognition for multiple element

arrangements. The fair value of deliverables under the arrangement

may be derived using a “best estimate of selling price”

if vendor specific objective evidence and third-party evidence is

not available. Deliverables under the arrangement will be separate

units of accounting provided that (i) a delivered item has

value to the customer on a standalone basis and (ii) if the

arrangement includes a general right of return relative to the

delivered item, delivery or performance of the undelivered item is

considered probable and substantially in the control of the

vendor.

We recognize

upfront license payments as revenue upon delivery of the license

only if the license has standalone value of the undelivered

performance obligations, typically including research and/or

steering committee services, can be determined. If the fair value

of the undelivered performance obligations can be determined, such

obligations would then be accounted for separately as performed. If

the license is considered to not have standalone value, the

arrangement would then be accounted for as a single unit of

accounting and the license payments and payments for performance

obligations are recognized as revenue over the estimated period of

when the performance obligations are performed or deferred

indefinitely until the undelivered performance obligation can be

determined. As a biotechnology entity with unique and specialized

delivered and undelivered performance obligations, we have been

unable to demonstrate standalone value in our multiple element

arrangements.

 

Whenever we

determine that an arrangement should be accounted for as a single

unit of accounting, we determine the period over which the

performance obligations will be performed and revenue will be

recognized. Revenue is recognized using either a proportional

performance or straight-line method. We recognize revenue using the

proportional performance method when the level of effort required

to complete our performance obligations under an arrangement can be

reasonably estimated and such performance obligations are provided

on a best-efforts basis. Direct labor hours or full-time

equivalents are typically used as the measure of performance. The

amount of revenue recognized under the proportional performance

method is determined by multiplying the total payments under the

contract, excluding royalties and payments contingent upon

achievement of milestones, by the ratio of level of effort incurred

to date to estimated total level of effort required to complete our

performance obligations under the arrangement. Revenue is limited

to the lesser of the cumulative amount of payments received or the

cumulative amount of revenue earned, as determined using the

proportional performance method, as of the period ending

date.

If we cannot

reasonably estimate the level of effort to complete our performance

obligations under an arrangement, we recognize revenue under the

arrangement on a straight-line basis over the period we are

expected to complete our performance obligations. Revenue is

limited to the lesser of the cumulative amount of payments received

or the cumulative amount of revenue earned, as determined using the

straight-line method, as of the period ending date.

Significant

management judgment is required in determining the level of effort

required under an arrangement and the period over which we are

expected to complete our performance obligations under an

arrangement. Steering committee services that are not

inconsequential or perfunctory and that are determined to be

performance obligations are combined with other research services

or performance obligations required under an arrangement, if any,

in determining the level of effort required in an arrangement and

the period over which we expect to complete our aggregate

performance obligations.

Many of our

collaboration agreements entitle us to additional payments upon the

achievement of performance-based milestones. These milestones are

generally categorized into three types; development milestones

which are generally based on the advancement of our pipeline and

initiation of clinical trials, regulatory milestones which are

generally based on the submission, filing or approval of regulatory

applications such as a new drug application in the United States,

and commercialization milestones which are generally based on

meeting specific thresholds of sales in certain geographic areas.

If the achievement of a milestone is considered probable at the

inception of the collaboration, the related milestone payment is

included with other collaboration consideration, such as upfront

fees and research funding, in our revenue model. Milestones that

are tied to regulatory approval are not considered probable of

being achieved until such approval is received. Milestones tied to

counter-party performance are not included in our revenue model

until the performance conditions are met. Upfront and ongoing

development milestones are not subject to refund if the development

activities are not successful.

We perform an

assessment to determine whether a substantive milestone exists at

the inception of our collaborative arrangements. In evaluating if a

milestone is substantive, we consider whether uncertainty exists as

to the achievement of the milestone event at the inception of the

arrangement, the achievement of the milestone involves substantive

effort and can only be achieved based in whole or part on the

performance or the occurrence of a specific outcome resulting from

our performance, the amount of the milestone payment appears

reasonable either in relation to the effort expected to be expended

or to the projected enhancement of the value of the delivered

items, there is any future performance required to earn the

milestone, and the consideration is reasonable relative to all

deliverables and payment terms in the arrangement. When a

substantive milestone is achieved, the accounting rules permit us

to recognize revenue related to the milestone payment in its

entirety.

To date, we

have not recorded any substantive milestones under our

collaborations because we have not identified any milestones that

meet the required criteria listed above. We have deferred

recognition of payments for achievement of non-substantive

milestones and recognized revenue over the estimated period of

performance applicable to each collaborative arrangement. As these

milestones are achieved, we will recognize as revenue a portion of

the milestone payment, which is equal to the percentage of the

performance period completed when the milestone is achieved,

multiplied by the amount of the milestone payment, upon achievement

of such milestone. We will recognize the remaining portion of the

milestone payment over the remaining performance period under the

proportional performance method or on a straight-line

basis.

For revenue

generating arrangements where we, as a vendor, provide

consideration to a licensor or collaborator, as a customer, we

apply the accounting standard that governs such transactions. This

standard addresses the accounting for revenue arrangements where

both the vendor and the customer make cash payments to each other

for services and/or products. A payment to a customer is presumed

to be a reduction of the selling price unless we receive an

identifiable benefit for the payment and it can reasonably estimate

the fair value of the benefit received. Payments to a customer that

are deemed a reduction of selling price are recorded first as a

reduction of revenue, to the extent of both cumulative revenue

recorded to date and probable future revenues, which include any

unamortized deferred revenue balances, under all arrangements with

such customer, and then as an expense. Payments that are not deemed

to be a reduction of selling price are recorded as an

expense.

We evaluate our

collaborative agreements for proper classification in our

consolidated statements of comprehensive loss based on the nature

of the underlying activity. Transactions between collaborators

recorded in our consolidated statements of comprehensive loss are

recorded on either a gross or net basis, depending on the

characteristics of the collaborative relationship. We generally

reflect amounts due under our collaborative agreements related to

cost-sharing of development activities as revenue.

Amounts

received prior to satisfying the above revenue recognition criteria

are recorded as deferred revenue in the accompanying consolidated

balance sheets. Although we follow detailed guidelines in measuring

revenue, certain judgments affect the application of our revenue

policy. For example, in connection with our existing collaboration

agreements, we have recorded on our consolidated balance sheet

short-term and long-term deferred revenue based on our best

estimate of when such revenue will be recognized. Short-term

deferred revenue consists of amounts that are expected to be

recognized as revenue in the next 12 months. Amounts that we

expect will not be recognized within the next 12 months are

classified as long-term deferred revenue. However, this estimate is

based on our current operating plan and, if our operating plan

should change in the future, we may recognize a different amount of

deferred revenue over the next 12-month period.

The estimate of

deferred revenue also reflects management’s estimate of the

periods of our involvement in certain of our collaborations. Our

performance obligations under these collaborations consist of

participation on steering committees and the performance of other

research and development services. In certain instances, the timing

of satisfying these obligations can be difficult to estimate.

Accordingly, our estimates may change in the future. Such changes

to estimates would result in a change in revenue recognition

amounts. If these estimates and judgments change over the course of

these agreements, it may affect the timing and amount of revenue

that we recognize and record in future periods. At

December 31, 2015, we had short-term and long-term deferred

revenue of $15.4 million and $53.0 million, respectively, related

to our collaborations.

 

SegmentReportingDisclosureTextBlock

EarningsPerSharePolicyTextBlock

 

Net Loss

Per Common Share

We compute

basic net loss per common share by dividing net loss by the

weighted-average number of common shares outstanding. We compute

diluted net loss per common share by dividing net loss by the

weighted-average number of common shares and dilutive potential

common share equivalents then outstanding. Potential common shares

consist of shares issuable upon the exercise of stock options

(using the treasury stock method), and unvested restricted stock

awards. Because the inclusion of potential common shares would be

anti-dilutive for all periods presented, diluted net loss per

common share is the same as basic net loss per common

share.

 

The following

table sets forth for the periods presented the potential common

shares (prior to consideration of the treasury stock method)

excluded from the calculation of net loss per common share because

their inclusion would be anti-dilutive, in thousands:

 

     At December 31,  
     2015      2014      2013  
 

Options to purchase common stock

 
     9,960         8,169         8,713   
 

Unvested restricted common stock

 
     19         30         500   
    

 

 
 

 

 
      

 

 
 

 

 
      

 

 
 

 

 
 
     9,979         8,199         9,213