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Alnylam Pharmaceuticals (BSP:A1LN34) Beneish M-Score : -2.46 (As of May. 01, 2024)


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What is Alnylam Pharmaceuticals Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Alnylam Pharmaceuticals's Beneish M-Score or its related term are showing as below:

BSP:A1LN34' s Beneish M-Score Range Over the Past 10 Years
Min: -3.79   Med: -2.55   Max: 4.78
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Alnylam Pharmaceuticals was 4.78. The lowest was -3.79. And the median was -2.55.


Alnylam Pharmaceuticals Beneish M-Score Historical Data

The historical data trend for Alnylam Pharmaceuticals's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Alnylam Pharmaceuticals Beneish M-Score Chart

Alnylam Pharmaceuticals Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.64 3.41 -2.90 -2.82 -2.46

Alnylam Pharmaceuticals Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.82 -2.70 -2.64 -2.21 -2.46

Competitive Comparison of Alnylam Pharmaceuticals's Beneish M-Score

For the Biotechnology subindustry, Alnylam Pharmaceuticals's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Alnylam Pharmaceuticals's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Alnylam Pharmaceuticals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Alnylam Pharmaceuticals's Beneish M-Score falls into.



Alnylam Pharmaceuticals Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Alnylam Pharmaceuticals for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.7574+0.528 * 1.0083+0.404 * 0.9734+0.892 * 1.699+0.115 * 0.8513
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5866+4.679 * -0.109126-0.327 * 1.0099
=-2.55

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was R$1,606 Mil.
Revenue was 2154.53 + 3706.643 + 1547.136 + 1663.054 = R$9,071 Mil.
Gross Profit was 1733.843 + 3290.266 + 1132.776 + 1377.263 = R$7,534 Mil.
Total Current Assets was R$14,615 Mil.
Total Assets was R$18,766 Mil.
Property, Plant and Equipment(Net PPE) was R$3,556 Mil.
Depreciation, Depletion and Amortization(DDA) was R$483 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,953 Mil.
Total Current Liabilities was R$4,742 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,193 Mil.
Net Income was -675.535 + 729.708 + -1339.738 + -906.822 = R$-2,192 Mil.
Non Operating Income was -99.716 + -284.756 + -171.908 + -63.831 = R$-620 Mil.
Cash Flow from Operations was -145.99 + 1775.028 + -286.3 + -867.102 = R$476 Mil.
Total Receivables was R$1,248 Mil.
Revenue was 1757.393 + 1385.915 + 1134.814 + 1061.262 = R$5,339 Mil.
Gross Profit was 1488.482 + 1170.319 + 928.827 + 883.968 = R$4,472 Mil.
Total Current Assets was R$14,122 Mil.
Total Assets was R$18,602 Mil.
Property, Plant and Equipment(Net PPE) was R$3,874 Mil.
Depreciation, Depletion and Amortization(DDA) was R$439 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,967 Mil.
Total Current Liabilities was R$4,028 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,705 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1606.091 / 9071.363) / (1248.211 / 5339.384)
=0.177051 / 0.233774
=0.7574

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(4471.596 / 5339.384) / (7534.148 / 9071.363)
=0.837474 / 0.830542
=1.0083

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (14614.619 + 3556.221) / 18765.646) / (1 - (14121.912 + 3874.41) / 18602.071)
=0.031697 / 0.032564
=0.9734

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=9071.363 / 5339.384
=1.699

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(439.385 / (439.385 + 3874.41)) / (483.32 / (483.32 + 3556.221))
=0.101856 / 0.119647
=0.8513

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(3953.071 / 9071.363) / (3966.825 / 5339.384)
=0.435775 / 0.742937
=0.5866

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((6192.745 + 4741.958) / 18765.646) / ((6705.095 + 4028.021) / 18602.071)
=0.582698 / 0.576985
=1.0099

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-2192.387 - -620.211 - 475.636) / 18765.646
=-0.109126

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Alnylam Pharmaceuticals has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.


Alnylam Pharmaceuticals Beneish M-Score Related Terms

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Alnylam Pharmaceuticals (BSP:A1LN34) Business Description

Traded in Other Exchanges
Address
675 West Kendall Street, Henri A. Termeer Square, Cambridge, MA, USA, 02142
Alnylam Pharmaceuticals is a leader in the study of RNA interference (RNAi) therapeutics. RNAi is a naturally occurring biological pathway within cells for sequence-specific silencing and regulation of gene expression. Alnylam has five drugs on the market: Onpattro and Amvuttra for hATTR amyloidosis, Givlaari for acute hepatic porphyria, Oxlumo for primary hyperoxaluria type 1, and Leqvio for hypercholesterolemia. It also has several clinical programs across various therapeutic areas: genetic medicines; cardio-metabolic diseases; hepatic infectious diseases, and CNS/ocular diseases. Upfront fees from research partnerships have boosted Alnylam's cash levels, and the company stands to see additional milestones and royalties from drugs commercialized under collaboration partnerships.

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