NET INCOME (LOSS) PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Years Ended December 31,
(In thousands, except per share amounts)	2025		2024		2023
Net income (loss), as reported	$	313,747	$	(278,157)	$	(440,242)
Adjustment for the elimination of interest expense on the convertible debt	—		—		—
Net income (loss), for use in diluted income per share	$	313,747	$	(278,157)	$	(440,242)

Weighted-average common shares — basic	131,004		127,651		124,906
Effect of dilutive securities:
Options to purchase common stock, inclusive of performance-based stock options	2,265		—		—
Restricted stock units, inclusive of performance-based restricted stock units	1,407		—		—
Employee stock purchase program	8		—		—
Weighted-average common shares — diluted	134,684		127,651		124,906

Net income (loss) per common share — basic	$	2.39	$	(2.18)	$	(3.52)
Net income (loss) per common share — diluted	$	2.33	$	(2.18)	$	(3.52)

Schedule of Common Shares Excluded from the Calculation of Diluted Net Loss Per Common Share

The following table sets forth the potential common shares excluded from the calculation of diluted net loss per common share because their inclusion would be anti-dilutive:


	Years Ended December 31,
(In thousands)	2025	2024	2023
Options to purchase common stock, inclusive of performance-based stock options	118	5,136	7,422
Restricted stock units, inclusive of performance-based restricted stock units	7	2,679	2,058
Convertible debt	3,238	3,616	3,616
Total	3,363	11,431	13,096

ALNYLAM PHARMACEUTICALS, INC. 10-K