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奥尼兰姆制药（ALNY）与福泰制药（VRTX）财务数据对比。点击上方公司名可切换其他公司
福泰制药的季度营收约是奥尼兰姆制药的2.9倍（$3.2B vs $1.1B），福泰制药净利率更高（37.3% vs 17.0%，领先20.3%），奥尼兰姆制药同比增速更快（84.9% vs 9.5%），福泰制药自由现金流更多（$348.6M 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 8.9%）
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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
ALNY vs VRTX — 直观对比
营收规模更大
VRTX
是对方的2.9倍
$1.1B
营收增速更快
ALNY
高出75.4%
9.5%
净利率更高
VRTX
高出20.3%
17.0%
自由现金流更多
VRTX
多$208.3M
$140.3M
两年增速更快
ALNY
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $3.2B |
| 净利润 | $186.4M | $1.2B |
| 毛利率 | 75.6% | 85.4% |
| 营业利润率 | 12.0% | 37.8% |
| 净利率 | 17.0% | 37.3% |
| 营收同比 | 84.9% | 9.5% |
| 净利润同比 | 322.6% | 30.5% |
| 每股收益（稀释后） | $1.44 | $4.64 |
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ALNYVRTX
| Q4 25 | $1.1B | $3.2B | ||
| Q3 25 | $1.2B | $3.1B | ||
| Q2 25 | $773.7M | $3.0B | ||
| Q1 25 | $594.2M | $2.8B | ||
| Q4 24 | $593.2M | $2.9B | ||
| Q3 24 | $500.9M | $2.8B | ||
| Q2 24 | $659.8M | $2.6B | ||
| Q1 24 | $494.3M | $2.7B |
净利润ALNYVRTX
| Q4 25 | $186.4M | $1.2B | ||
| Q3 25 | $251.1M | $1.1B | ||
| Q2 25 | $-66.3M | $1.0B | ||
| Q1 25 | $-57.5M | $646.3M | ||
| Q4 24 | $-83.8M | $913.0M | ||
| Q3 24 | $-111.6M | $1.0B | ||
| Q2 24 | $-16.9M | $-3.6B | ||
| Q1 24 | $-65.9M | $1.1B |
毛利率ALNYVRTX
| Q4 25 | 75.6% | 85.4% | ||
| Q3 25 | 84.2% | 86.5% | ||
| Q2 25 | 81.6% | 86.3% | ||
| Q1 25 | 88.2% | 86.9% | ||
| Q4 24 | 82.7% | 85.5% | ||
| Q3 24 | 83.6% | 85.8% | ||
| Q2 24 | 89.8% | 85.9% | ||
| Q1 24 | 89.0% | 87.3% |
营业利润率ALNYVRTX
| Q4 25 | 12.0% | 37.8% | ||
| Q3 25 | 29.5% | 38.6% | ||
| Q2 25 | -2.1% | 38.8% | ||
| Q1 25 | 3.0% | 22.7% | ||
| Q4 24 | -17.7% | 35.2% | ||
| Q3 24 | -15.4% | 40.3% | ||
| Q2 24 | 7.4% | -132.9% | ||
| Q1 24 | -8.8% | 42.4% |
净利率ALNYVRTX
| Q4 25 | 17.0% | 37.3% | ||
| Q3 25 | 20.1% | 35.2% | ||
| Q2 25 | -8.6% | 34.8% | ||
| Q1 25 | -9.7% | 23.3% | ||
| Q4 24 | -14.1% | 31.4% | ||
| Q3 24 | -22.3% | 37.7% | ||
| Q2 24 | -2.6% | -135.8% | ||
| Q1 24 | -13.3% | 40.9% |
每股收益（稀释后）ALNYVRTX
| Q4 25 | $1.44 | $4.64 | ||
| Q3 25 | $1.84 | $4.20 | ||
| Q2 25 | $-0.51 | $3.99 | ||
| Q1 25 | $-0.44 | $2.49 | ||
| Q4 24 | $-0.66 | $3.62 | ||
| Q3 24 | $-0.87 | $4.01 | ||
| Q2 24 | $-0.13 | $-13.92 | ||
| Q1 24 | $-0.52 | $4.21 |
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 | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $789.2M | $18.7B |
| 总资产 | $5.0B | $25.6B |
| 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ALNYVRTX
| Q4 25 | $1.7B | $6.6B | ||
| Q3 25 | $1.5B | $6.3B | ||
| Q2 25 | $1.1B | $6.4B | ||
| Q1 25 | $1.0B | $6.2B | ||
| Q4 24 | $966.4M | $6.1B | ||
| Q3 24 | $1.1B | $6.5B | ||
| Q2 24 | $968.5M | $5.8B | ||
| Q1 24 | $681.9M | $10.2B |
股东权益ALNYVRTX
| Q4 25 | $789.2M | $18.7B | ||
| Q3 25 | $233.9M | $17.3B | ||
| Q2 25 | $250.6M | $17.2B | ||
| Q1 25 | $115.4M | $16.5B | ||
| Q4 24 | $67.1M | $16.4B | ||
| Q3 24 | $32.4M | $15.6B | ||
| Q2 24 | $-3.1M | $14.8B | ||
| Q1 24 | $-219.3M | $18.5B |
总资产ALNYVRTX
| Q4 25 | $5.0B | $25.6B | ||
| Q3 25 | $4.9B | $24.9B | ||
| Q2 25 | $4.6B | $24.0B | ||
| Q1 25 | $4.2B | $22.9B | ||
| Q4 24 | $4.2B | $22.5B | ||
| Q3 24 | $4.2B | $22.2B | ||
| Q2 24 | $4.0B | $20.1B | ||
| Q1 24 | $3.8B | $23.9B |
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 | $498.0M |
| 自由现金流经营现金流 - 资本支出 | $140.3M | $348.6M |
| 自由现金流率自由现金流/营收 | 12.8% | 10.9% |
| 资本支出强度资本支出/营收 | 2.1% | 4.7% |
| 现金转化率经营现金流/净利润 | 0.88× | 0.42× |
| 过去12个月自由现金流最近4个季度 | $465.4M | $3.2B |
8季度趋势，按日历期对齐
经营现金流ALNYVRTX
| Q4 25 | $163.6M | $498.0M | ||
| Q3 25 | $325.1M | $1.2B | ||
| Q2 25 | $153.7M | $1.1B | ||
| Q1 25 | $-118.3M | $818.9M | ||
| Q4 24 | $-94.7M | $584.6M | ||
| Q3 24 | $43.7M | $1.4B | ||
| Q2 24 | $124.2M | $-3.8B | ||
| Q1 24 | $-81.5M | $1.3B |
自由现金流ALNYVRTX
| Q4 25 | $140.3M | $348.6M | ||
| Q3 25 | $313.0M | $1.1B | ||
| Q2 25 | $139.4M | $927.4M | ||
| Q1 25 | $-127.3M | $778.2M | ||
| Q4 24 | $-103.8M | $492.0M | ||
| Q3 24 | $39.5M | $1.3B | ||
| Q2 24 | $116.1M | $-3.8B | ||
| Q1 24 | $-94.5M | $1.2B |
自由现金流率ALNYVRTX
| Q4 25 | 12.8% | 10.9% | ||
| Q3 25 | 25.1% | 37.0% | ||
| Q2 25 | 18.0% | 31.3% | ||
| Q1 25 | -21.4% | 28.1% | ||
| Q4 24 | -17.5% | 16.9% | ||
| Q3 24 | 7.9% | 47.0% | ||
| Q2 24 | 17.6% | -144.5% | ||
| Q1 24 | -19.1% | 46.0% |
资本支出强度ALNYVRTX
| Q4 25 | 2.1% | 4.7% | ||
| Q3 25 | 1.0% | 3.3% | ||
| Q2 25 | 1.8% | 4.9% | ||
| Q1 25 | 1.5% | 1.5% | ||
| Q4 24 | 1.5% | 3.2% | ||
| Q3 24 | 0.8% | 2.4% | ||
| Q2 24 | 1.2% | 2.6% | ||
| Q1 24 | 2.6% | 2.5% |
现金转化率ALNYVRTX
| Q4 25 | 0.88× | 0.42× | ||
| Q3 25 | 1.29× | 1.15× | ||
| Q2 25 | — | 1.04× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.19× |
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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
