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奥尼兰姆制药（ALNY）与渤健（BIIB）财务数据对比。点击上方公司名可切换其他公司
渤健的季度营收约是奥尼兰姆制药的2.1倍（$2.3B vs $1.1B），奥尼兰姆制药净利率更高（17.0% vs -2.1%，领先19.1%），奥尼兰姆制药同比增速更快（84.9% vs -7.1%），渤健自由现金流更多（$468.0M 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 -0.2%）
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。
渤健是总部位于美国马萨诸塞州剑桥市的跨国生物技术企业，专注于神经系统疾病治疗领域。公司核心产品包括用于多发性硬化症的特菲达、万立能等多款药物，以及治疗脊髓性肌萎缩症的诺西那生钠、治疗弗里德赖希共济失调的Skyclarys，致力于为神经疾病和罕见病患者提供创新疗法。
ALNY vs BIIB — 直观对比
营收规模更大
BIIB
是对方的2.1倍
$1.1B
营收增速更快
ALNY
高出92.1%
-7.1%
净利率更高
ALNY
高出19.1%
-2.1%
自由现金流更多
BIIB
多$327.7M
$140.3M
两年增速更快
ALNY
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $2.3B |
| 净利润 | $186.4M | $-48.9M |
| 毛利率 | 75.6% | 78.3% |
| 营业利润率 | 12.0% | -2.5% |
| 净利率 | 17.0% | -2.1% |
| 营收同比 | 84.9% | -7.1% |
| 净利润同比 | 322.6% | -118.3% |
| 每股收益（稀释后） | $1.44 | $-0.35 |
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ALNYBIIB
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $1.2B | $2.5B | ||
| Q2 25 | $773.7M | $2.6B | ||
| Q1 25 | $594.2M | $2.4B | ||
| Q4 24 | $593.2M | $2.5B | ||
| Q3 24 | $500.9M | $2.5B | ||
| Q2 24 | $659.8M | $2.5B | ||
| Q1 24 | $494.3M | $2.3B |
净利润ALNYBIIB
| Q4 25 | $186.4M | $-48.9M | ||
| Q3 25 | $251.1M | $466.5M | ||
| Q2 25 | $-66.3M | $634.8M | ||
| Q1 25 | $-57.5M | $240.5M | ||
| Q4 24 | $-83.8M | $266.7M | ||
| Q3 24 | $-111.6M | $388.5M | ||
| Q2 24 | $-16.9M | $583.6M | ||
| Q1 24 | $-65.9M | $393.4M |
毛利率ALNYBIIB
| Q4 25 | 75.6% | 78.3% | ||
| Q3 25 | 84.2% | 73.4% | ||
| Q2 25 | 81.6% | 77.1% | ||
| Q1 25 | 88.2% | 74.1% | ||
| Q4 24 | 82.7% | 76.2% | ||
| Q3 24 | 83.6% | 74.1% | ||
| Q2 24 | 89.8% | 77.8% | ||
| Q1 24 | 89.0% | 76.3% |
营业利润率ALNYBIIB
| Q4 25 | 12.0% | -2.5% | ||
| Q3 25 | 29.5% | 22.0% | ||
| Q2 25 | -2.1% | 28.1% | ||
| Q1 25 | 3.0% | 12.8% | ||
| Q4 24 | -17.7% | 11.9% | ||
| Q3 24 | -15.4% | 18.3% | ||
| Q2 24 | 7.4% | 28.3% | ||
| Q1 24 | -8.8% | 20.3% |
净利率ALNYBIIB
| Q4 25 | 17.0% | -2.1% | ||
| Q3 25 | 20.1% | 18.4% | ||
| Q2 25 | -8.6% | 24.0% | ||
| Q1 25 | -9.7% | 9.9% | ||
| Q4 24 | -14.1% | 10.9% | ||
| Q3 24 | -22.3% | 15.8% | ||
| Q2 24 | -2.6% | 23.7% | ||
| Q1 24 | -13.3% | 17.2% |
每股收益（稀释后）ALNYBIIB
| Q4 25 | $1.44 | $-0.35 | ||
| Q3 25 | $1.84 | $3.17 | ||
| Q2 25 | $-0.51 | $4.33 | ||
| Q1 25 | $-0.44 | $1.64 | ||
| Q4 24 | $-0.66 | $1.82 | ||
| Q3 24 | $-0.87 | $2.66 | ||
| Q2 24 | $-0.13 | $4.00 | ||
| Q1 24 | $-0.52 | $2.70 |
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 | — |
| 总债务越低越好 | — | $6.3B |
| 股东权益账面价值 | $789.2M | $18.3B |
| 总资产 | $5.0B | $29.4B |
| 负债/权益比越低杠杆越低 | — | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资ALNYBIIB
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $966.4M | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $968.5M | — | ||
| Q1 24 | $681.9M | — |
总债务ALNYBIIB
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $6.3B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $6.3B |
股东权益ALNYBIIB
| Q4 25 | $789.2M | $18.3B | ||
| Q3 25 | $233.9M | $18.2B | ||
| Q2 25 | $250.6M | $17.6B | ||
| Q1 25 | $115.4M | $17.0B | ||
| Q4 24 | $67.1M | $16.7B | ||
| Q3 24 | $32.4M | $16.4B | ||
| Q2 24 | $-3.1M | $15.9B | ||
| Q1 24 | $-219.3M | $15.2B |
总资产ALNYBIIB
| Q4 25 | $5.0B | $29.4B | ||
| Q3 25 | $4.9B | $29.2B | ||
| Q2 25 | $4.6B | $28.3B | ||
| Q1 25 | $4.2B | $28.0B | ||
| Q4 24 | $4.2B | $28.0B | ||
| Q3 24 | $4.2B | $28.3B | ||
| Q2 24 | $4.0B | $26.8B | ||
| Q1 24 | $3.8B | $26.6B |
负债/权益比ALNYBIIB
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.36× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | — | 0.41× |
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 | $511.9M |
| 自由现金流经营现金流 - 资本支出 | $140.3M | $468.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 20.5% |
| 资本支出强度资本支出/营收 | 2.1% | 1.9% |
| 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 | $2.1B |
8季度趋势，按日历期对齐
经营现金流ALNYBIIB
| Q4 25 | $163.6M | $511.9M | ||
| Q3 25 | $325.1M | $1.3B | ||
| Q2 25 | $153.7M | $160.9M | ||
| Q1 25 | $-118.3M | $259.3M | ||
| Q4 24 | $-94.7M | $760.9M | ||
| Q3 24 | $43.7M | $935.6M | ||
| Q2 24 | $124.2M | $625.8M | ||
| Q1 24 | $-81.5M | $553.2M |
自由现金流ALNYBIIB
| Q4 25 | $140.3M | $468.0M | ||
| Q3 25 | $313.0M | $1.2B | ||
| Q2 25 | $139.4M | $134.3M | ||
| Q1 25 | $-127.3M | $222.2M | ||
| Q4 24 | $-103.8M | $721.6M | ||
| Q3 24 | $39.5M | $900.6M | ||
| Q2 24 | $116.1M | $592.3M | ||
| Q1 24 | $-94.5M | $507.3M |
自由现金流率ALNYBIIB
| Q4 25 | 12.8% | 20.5% | ||
| Q3 25 | 25.1% | 48.4% | ||
| Q2 25 | 18.0% | 5.1% | ||
| Q1 25 | -21.4% | 9.1% | ||
| Q4 24 | -17.5% | 29.4% | ||
| Q3 24 | 7.9% | 36.5% | ||
| Q2 24 | 17.6% | 24.0% | ||
| Q1 24 | -19.1% | 22.1% |
资本支出强度ALNYBIIB
| Q4 25 | 2.1% | 1.9% | ||
| Q3 25 | 1.0% | 1.8% | ||
| Q2 25 | 1.8% | 1.0% | ||
| Q1 25 | 1.5% | 1.5% | ||
| Q4 24 | 1.5% | 1.6% | ||
| Q3 24 | 0.8% | 1.4% | ||
| Q2 24 | 1.2% | 1.4% | ||
| Q1 24 | 2.6% | 2.0% |
现金转化率ALNYBIIB
| Q4 25 | 0.88× | — | ||
| Q3 25 | 1.29× | 2.73× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | — | 2.85× | ||
| Q3 24 | — | 2.41× | ||
| Q2 24 | — | 1.07× | ||
| Q1 24 | — | 1.41× |
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% |
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
