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奥尼兰姆制药（ALNY）与博士伦健康（BHC）财务数据对比。点击上方公司名可切换其他公司
博士伦健康的季度营收约是奥尼兰姆制药的2.5倍（$2.8B vs $1.1B），奥尼兰姆制药净利率更高（17.0% vs -3.7%，领先20.7%），奥尼兰姆制药同比增速更快（84.9% vs 9.3%），博士伦健康自由现金流更多（$403.0M vs $140.3M），过去两年奥尼兰姆制药的营收复合增速更高（49.0% vs 14.0%）
奥尼兰姆制药是美国生物制药企业，2002年成立，总部位于马萨诸塞州剑桥市，专注于研发及商业化针对基因明确疾病的RNA干扰（RNAi）疗法，2016年入选福布斯「100家最具创新力成长企业」榜单。
博士伦健康公司（Bausch Health）是一家业务多元化的北美跨国制药企业，全球总部位于加拿大魁北克省拉瓦尔，美国总部设在新泽西州布里奇沃特。公司专注于胃肠病、肝病、神经科、皮肤科、牙科、医疗美容等领域的药物研发、生产及销售，同时提供品牌药和仿制药产品，业务覆盖全球市场。
ALNY vs BHC — 直观对比
营收规模更大
BHC
是对方的2.5倍
$1.1B
营收增速更快
ALNY
高出75.7%
9.3%
净利率更高
ALNY
高出20.7%
-3.7%
自由现金流更多
BHC
多$262.7M
$140.3M
两年增速更快
ALNY
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $2.8B |
| 净利润 | $186.4M | $-103.0M |
| 毛利率 | 75.6% | — |
| 营业利润率 | 12.0% | 17.0% |
| 净利率 | 17.0% | -3.7% |
| 营收同比 | 84.9% | 9.3% |
| 净利润同比 | 322.6% | -205.1% |
| 每股收益（稀释后） | $1.44 | $-0.30 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ALNYBHC
| Q4 25 | $1.1B | $2.8B | ||
| Q3 25 | $1.2B | $2.7B | ||
| Q2 25 | $773.7M | $2.5B | ||
| Q1 25 | $594.2M | $2.3B | ||
| Q4 24 | $593.2M | $2.6B | ||
| Q3 24 | $500.9M | $2.5B | ||
| Q2 24 | $659.8M | $2.4B | ||
| Q1 24 | $494.3M | $2.2B |
净利润ALNYBHC
| Q4 25 | $186.4M | $-103.0M | ||
| Q3 25 | $251.1M | $179.0M | ||
| Q2 25 | $-66.3M | $148.0M | ||
| Q1 25 | $-57.5M | $-58.0M | ||
| Q4 24 | $-83.8M | $98.0M | ||
| Q3 24 | $-111.6M | $-85.0M | ||
| Q2 24 | $-16.9M | $10.0M | ||
| Q1 24 | $-65.9M | $-64.0M |
毛利率ALNYBHC
| Q4 25 | 75.6% | — | ||
| Q3 25 | 84.2% | — | ||
| Q2 25 | 81.6% | — | ||
| Q1 25 | 88.2% | — | ||
| Q4 24 | 82.7% | — | ||
| Q3 24 | 83.6% | — | ||
| Q2 24 | 89.8% | — | ||
| Q1 24 | 89.0% | — |
营业利润率ALNYBHC
| Q4 25 | 12.0% | 17.0% | ||
| Q3 25 | 29.5% | 23.1% | ||
| Q2 25 | -2.1% | 17.5% | ||
| Q1 25 | 3.0% | 12.2% | ||
| Q4 24 | -17.7% | 21.8% | ||
| Q3 24 | -15.4% | 12.7% | ||
| Q2 24 | 7.4% | 16.2% | ||
| Q1 24 | -8.8% | 13.1% |
净利率ALNYBHC
| Q4 25 | 17.0% | -3.7% | ||
| Q3 25 | 20.1% | 6.7% | ||
| Q2 25 | -8.6% | 5.8% | ||
| Q1 25 | -9.7% | -2.6% | ||
| Q4 24 | -14.1% | 3.8% | ||
| Q3 24 | -22.3% | -3.4% | ||
| Q2 24 | -2.6% | 0.4% | ||
| Q1 24 | -13.3% | -3.0% |
每股收益（稀释后）ALNYBHC
| Q4 25 | $1.44 | $-0.30 | ||
| Q3 25 | $1.84 | $0.48 | ||
| Q2 25 | $-0.51 | $0.40 | ||
| Q1 25 | $-0.44 | $-0.16 | ||
| Q4 24 | $-0.66 | $0.24 | ||
| Q3 24 | $-0.87 | $-0.23 | ||
| Q2 24 | $-0.13 | $0.03 | ||
| Q1 24 | $-0.52 | $-0.17 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.7B | $1.3B |
| 总债务越低越好 | — | $20.8B |
| 股东权益账面价值 | $789.2M | $-554.0M |
| 总资产 | $5.0B | $26.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ALNYBHC
| Q4 25 | $1.7B | $1.3B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $966.4M | $1.2B | ||
| Q3 24 | $1.1B | $719.0M | ||
| Q2 24 | $968.5M | $595.0M | ||
| Q1 24 | $681.9M | $733.0M |
总债务ALNYBHC
| Q4 25 | — | $20.8B | ||
| Q3 25 | — | $21.0B | ||
| Q2 25 | — | $21.7B | ||
| Q1 25 | — | $21.5B | ||
| Q4 24 | — | $21.6B | ||
| Q3 24 | — | $21.5B | ||
| Q2 24 | — | $21.7B | ||
| Q1 24 | — | $22.1B |
股东权益ALNYBHC
| Q4 25 | $789.2M | $-554.0M | ||
| Q3 25 | $233.9M | $-565.0M | ||
| Q2 25 | $250.6M | $-764.0M | ||
| Q1 25 | $115.4M | $-1.2B | ||
| Q4 24 | $67.1M | $-1.3B | ||
| Q3 24 | $32.4M | $-1.2B | ||
| Q2 24 | $-3.1M | $-1.2B | ||
| Q1 24 | $-219.3M | $-1.1B |
总资产ALNYBHC
| Q4 25 | $5.0B | $26.4B | ||
| Q3 25 | $4.9B | $26.8B | ||
| Q2 25 | $4.6B | $27.3B | ||
| Q1 25 | $4.2B | $26.4B | ||
| Q4 24 | $4.2B | $26.5B | ||
| Q3 24 | $4.2B | $26.5B | ||
| Q2 24 | $4.0B | $26.5B | ||
| Q1 24 | $3.8B | $26.9B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $163.6M | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $140.3M | $403.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 14.4% |
| 资本支出强度资本支出/营收 | 2.1% | 3.3% |
| 现金转化率经营现金流/净利润 | 0.88× | — |
| 过去12个月自由现金流最近4个季度 | $465.4M | $1.0B |
8季度趋势，按日历期对齐
经营现金流ALNYBHC
| Q4 25 | $163.6M | $495.0M | ||
| Q3 25 | $325.1M | $405.0M | ||
| Q2 25 | $153.7M | $289.0M | ||
| Q1 25 | $-118.3M | $211.0M | ||
| Q4 24 | $-94.7M | $601.0M | ||
| Q3 24 | $43.7M | $405.0M | ||
| Q2 24 | $124.2M | $380.0M | ||
| Q1 24 | $-81.5M | $211.0M |
自由现金流ALNYBHC
| Q4 25 | $140.3M | $403.0M | ||
| Q3 25 | $313.0M | $314.0M | ||
| Q2 25 | $139.4M | $190.0M | ||
| Q1 25 | $-127.3M | $96.0M | ||
| Q4 24 | $-103.8M | $495.0M | ||
| Q3 24 | $39.5M | $334.0M | ||
| Q2 24 | $116.1M | $302.0M | ||
| Q1 24 | $-94.5M | $129.0M |
自由现金流率ALNYBHC
| Q4 25 | 12.8% | 14.4% | ||
| Q3 25 | 25.1% | 11.7% | ||
| Q2 25 | 18.0% | 7.5% | ||
| Q1 25 | -21.4% | 4.2% | ||
| Q4 24 | -17.5% | 19.3% | ||
| Q3 24 | 7.9% | 13.3% | ||
| Q2 24 | 17.6% | 12.6% | ||
| Q1 24 | -19.1% | 6.0% |
资本支出强度ALNYBHC
| Q4 25 | 2.1% | 3.3% | ||
| Q3 25 | 1.0% | 3.4% | ||
| Q2 25 | 1.8% | 3.9% | ||
| Q1 25 | 1.5% | 5.1% | ||
| Q4 24 | 1.5% | 4.1% | ||
| Q3 24 | 0.8% | 2.8% | ||
| Q2 24 | 1.2% | 3.2% | ||
| Q1 24 | 2.6% | 3.8% |
现金转化率ALNYBHC
| Q4 25 | 0.88× | — | ||
| Q3 25 | 1.29× | 2.26× | ||
| Q2 25 | — | 1.95× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.13× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 38.00× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ALNY
| TTR | $858.3M | 78% |
| Rare | $136.4M | 12% |
| GIVLAARI | $56.3M | 5% |
| Collaborative Arrangement | $40.9M | 4% |
| ONPATTRO | $12.0M | 1% |
BHC
| Bausch Lomb | $1.4B | 50% |
| Salix Segment | $693.0M | 25% |
| International Rx | $306.0M | 11% |
| Diversified Segment | $255.0M | 9% |
| Solta Medical Segment | $137.0M | 5% |
