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奥尼兰姆制药（ALNY）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
奥尼兰姆制药的季度营收约是UNITED THERAPEUTICS Corp的1.4倍（$1.1B vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 17.0%，领先29.1%），奥尼兰姆制药同比增速更快（84.9% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M 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 8.0%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
ALNY vs UTHR — 直观对比
营收规模更大
ALNY
是对方的1.4倍
$790.2M
营收增速更快
ALNY
高出77.6%
7.4%
净利率更高
UTHR
高出29.1%
17.0%
自由现金流更多
UTHR
多$33.0M
$140.3M
两年增速更快
ALNY
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $790.2M |
| 净利润 | $186.4M | $364.3M |
| 毛利率 | 75.6% | 86.9% |
| 营业利润率 | 12.0% | 45.1% |
| 净利率 | 17.0% | 46.1% |
| 营收同比 | 84.9% | 7.4% |
| 净利润同比 | 322.6% | 20.9% |
| 每股收益（稀释后） | $1.44 | $7.66 |
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ALNYUTHR
| Q4 25 | $1.1B | $790.2M | ||
| Q3 25 | $1.2B | $799.5M | ||
| Q2 25 | $773.7M | $798.6M | ||
| Q1 25 | $594.2M | $794.4M | ||
| Q4 24 | $593.2M | $735.9M | ||
| Q3 24 | $500.9M | $748.9M | ||
| Q2 24 | $659.8M | $714.9M | ||
| Q1 24 | $494.3M | $677.7M |
净利润ALNYUTHR
| Q4 25 | $186.4M | $364.3M | ||
| Q3 25 | $251.1M | $338.7M | ||
| Q2 25 | $-66.3M | $309.5M | ||
| Q1 25 | $-57.5M | $322.2M | ||
| Q4 24 | $-83.8M | $301.3M | ||
| Q3 24 | $-111.6M | $309.1M | ||
| Q2 24 | $-16.9M | $278.1M | ||
| Q1 24 | $-65.9M | $306.6M |
毛利率ALNYUTHR
| Q4 25 | 75.6% | 86.9% | ||
| Q3 25 | 84.2% | 87.4% | ||
| Q2 25 | 81.6% | 89.0% | ||
| Q1 25 | 88.2% | 88.4% | ||
| Q4 24 | 82.7% | 89.7% | ||
| Q3 24 | 83.6% | 88.9% | ||
| Q2 24 | 89.8% | 89.1% | ||
| Q1 24 | 89.0% | 89.2% |
营业利润率ALNYUTHR
| Q4 25 | 12.0% | 45.1% | ||
| Q3 25 | 29.5% | 48.6% | ||
| Q2 25 | -2.1% | 45.6% | ||
| Q1 25 | 3.0% | 48.2% | ||
| Q4 24 | -17.7% | 48.6% | ||
| Q3 24 | -15.4% | 45.8% | ||
| Q2 24 | 7.4% | 44.7% | ||
| Q1 24 | -8.8% | 52.6% |
净利率ALNYUTHR
| Q4 25 | 17.0% | 46.1% | ||
| Q3 25 | 20.1% | 42.4% | ||
| Q2 25 | -8.6% | 38.8% | ||
| Q1 25 | -9.7% | 40.6% | ||
| Q4 24 | -14.1% | 40.9% | ||
| Q3 24 | -22.3% | 41.3% | ||
| Q2 24 | -2.6% | 38.9% | ||
| Q1 24 | -13.3% | 45.2% |
每股收益（稀释后）ALNYUTHR
| Q4 25 | $1.44 | $7.66 | ||
| Q3 25 | $1.84 | $7.16 | ||
| Q2 25 | $-0.51 | $6.41 | ||
| Q1 25 | $-0.44 | $6.63 | ||
| Q4 24 | $-0.66 | $6.23 | ||
| Q3 24 | $-0.87 | $6.39 | ||
| Q2 24 | $-0.13 | $5.85 | ||
| Q1 24 | $-0.52 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $789.2M | $7.1B |
| 总资产 | $5.0B | $7.9B |
| 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ALNYUTHR
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.5B | $2.8B | ||
| Q2 25 | $1.1B | $3.0B | ||
| Q1 25 | $1.0B | $3.3B | ||
| Q4 24 | $966.4M | $3.3B | ||
| Q3 24 | $1.1B | $3.3B | ||
| Q2 24 | $968.5M | $3.0B | ||
| Q1 24 | $681.9M | $2.7B |
股东权益ALNYUTHR
| Q4 25 | $789.2M | $7.1B | ||
| Q3 25 | $233.9M | $6.6B | ||
| Q2 25 | $250.6M | $7.2B | ||
| Q1 25 | $115.4M | $6.8B | ||
| Q4 24 | $67.1M | $6.4B | ||
| Q3 24 | $32.4M | $6.1B | ||
| Q2 24 | $-3.1M | $5.7B | ||
| Q1 24 | $-219.3M | $5.3B |
总资产ALNYUTHR
| Q4 25 | $5.0B | $7.9B | ||
| Q3 25 | $4.9B | $7.4B | ||
| Q2 25 | $4.6B | $7.9B | ||
| Q1 25 | $4.2B | $7.7B | ||
| Q4 24 | $4.2B | $7.4B | ||
| Q3 24 | $4.2B | $7.1B | ||
| Q2 24 | $4.0B | $6.7B | ||
| Q1 24 | $3.8B | $6.5B |
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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $140.3M | $173.3M |
| 自由现金流率自由现金流/营收 | 12.8% | 21.9% |
| 资本支出强度资本支出/营收 | 2.1% | 21.9% |
| 现金转化率经营现金流/净利润 | 0.88× | 0.95× |
| 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ALNYUTHR
| Q4 25 | $163.6M | $346.2M | ||
| Q3 25 | $325.1M | $562.1M | ||
| Q2 25 | $153.7M | $191.7M | ||
| Q1 25 | $-118.3M | $461.2M | ||
| Q4 24 | $-94.7M | $341.2M | ||
| Q3 24 | $43.7M | $377.2M | ||
| Q2 24 | $124.2M | $232.2M | ||
| Q1 24 | $-81.5M | $376.5M |
自由现金流ALNYUTHR
| Q4 25 | $140.3M | $173.3M | ||
| Q3 25 | $313.0M | $351.6M | ||
| Q2 25 | $139.4M | $129.5M | ||
| Q1 25 | $-127.3M | $386.3M | ||
| Q4 24 | $-103.8M | $254.5M | ||
| Q3 24 | $39.5M | $300.7M | ||
| Q2 24 | $116.1M | $187.1M | ||
| Q1 24 | $-94.5M | $338.3M |
自由现金流率ALNYUTHR
| Q4 25 | 12.8% | 21.9% | ||
| Q3 25 | 25.1% | 44.0% | ||
| Q2 25 | 18.0% | 16.2% | ||
| Q1 25 | -21.4% | 48.6% | ||
| Q4 24 | -17.5% | 34.6% | ||
| Q3 24 | 7.9% | 40.2% | ||
| Q2 24 | 17.6% | 26.2% | ||
| Q1 24 | -19.1% | 49.9% |
资本支出强度ALNYUTHR
| Q4 25 | 2.1% | 21.9% | ||
| Q3 25 | 1.0% | 26.3% | ||
| Q2 25 | 1.8% | 7.8% | ||
| Q1 25 | 1.5% | 9.4% | ||
| Q4 24 | 1.5% | 11.8% | ||
| Q3 24 | 0.8% | 10.2% | ||
| Q2 24 | 1.2% | 6.3% | ||
| Q1 24 | 2.6% | 5.6% |
现金转化率ALNYUTHR
| Q4 25 | 0.88× | 0.95× | ||
| Q3 25 | 1.29× | 1.66× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
