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Friday 6 November 2026
Export INSM’s income statement to Excel — free account
Insmed, Inc.
INSM Healthcare Biotechnology
Insmed, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $606.4 million, up 66.7% from fiscal 2024.
- Revenue
- +268.4%
- EPS
- +73.8%
- Free cash flow
- +81.1%
- Total debt
- +0.27%
Quarter to September 2026, against a year earlier
111.61
2.85
+2.62%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 10 | 136 | 164 | 188 | 245 | 305 | 364 | 606 | 1,520 | +80.2% | 1,856 | 2,977 | 3,923 | +86.3% | |
| Gross margin, % | 0.00 | 0.00 | 75.36 | 82.26 | 75.75 | 76.57 | 77.53 | 78.52 | 76.43 | 79.73 | 84.40 | +79.7 pt | ||||||
| EBT | (176) | (193) | (324) | (254) | (293) | (436) | (480) | (747) | (910) | (1,272) | (598) | +24.6% | ||||||
| EBT margin, % | 0.00 | 0.00 | (3,295.13) | (185.80) | (178.02) | (231.57) | (195.69) | (244.76) | (250.22) | (209.71) | (39.35) | (209.7) pt | ||||||
| Net income | (176) | (193) | (324) | (254) | (294) | (435) | (482) | (750) | (914) | (1,277) | (606) | +24.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 0.00 | 0.13 | 1.61 | 1.68 | 1.68 | 1.99 | 2.17 | 2.22 | 3.05 | 6.95 | n/m | |||||
| Earnings | (2.85) | (2.89) | (4.22) | (3.01) | (3.01) | (3.88) | (3.91) | (5.34) | (5.57) | (6.42) | (2.82) | +9.4% | ||||||
| Cash flow | (2.37) | (2.40) | (3.36) | (2.96) | (2.25) | (3.24) | (3.25) | (3.82) | (4.17) | (4.70) | (2.72) | +7.9% | ||||||
| Capex | (0.07) | (0.05) | (0.19) | (0.50) | (0.07) | (0.06) | (0.08) | (0.09) | (0.13) | (0.16) | (0.15) | +10.3% | ||||||
| Free cash flow | (2.44) | (2.44) | (3.55) | (3.46) | (2.32) | (3.31) | (3.33) | (3.91) | (4.30) | (4.86) | (2.87) | +8.0% | ||||||
| Book value | 2.50 | 5.42 | 2.71 | 3.09 | 2.83 | 3.66 | 0.71 | (2.36) | 1.74 | 3.71 | 3.32 | +4.5% | ||||||
| Shares, m | 62 | 67 | 77 | 85 | 98 | 112 | 123 | 140 | 164 | 199 | 213 | +13.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | 0.00 | 14.80 | 19.76 | 16.20 | 9.62 | 13.78 | 31.14 | 57.12 | 15.60 | 20.3 | ||||||
| P/B | — | — | 4.84 | 7.72 | 11.78 | 7.44 | 26.83 | 0.00 | 39.69 | 46.87 | 32.64 | 18.1 | ||||||
| EV/Sales | — | — | 0.00 | 13.92 | 18.86 | 15.54 | 9.69 | 15.13 | 30.91 | 56.05 | 15.36 | 20.0 | ||||||
| EV/FCF | — | — | (3.09) | (6.49) | (13.74) | (7.90) | (5.79) | (8.40) | (15.93) | (35.13) | (37.20) | (12.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (147) | (160) | (258) | (251) | (219) | (363) | (400) | (536) | (684) | (935) | (596) | +22.8% | |||||
| Capex | (4) | (3) | (15) | (42) | (7) | (7) | (10) | (13) | (22) | (33) | (32) | +25.6% | ||||||
| Free cash flow | (151) | (163) | (273) | (293) | (226) | (371) | (410) | (550) | (706) | (968) | (628) | +22.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 140 | 345 | 439 | 470 | 504 | 702 | 1,083 | 703 | 1,324 | 1,325 | 1,110 | +28.3% | |||||
| Net debt | (108) | (326) | (179) | (132) | (162) | (136) | 7 | 402 | (306) | (868) | (584) | +26.1% | ||||||
| Shareholders’ equity | 154 | 361 | 208 | 262 | 276 | 410 | 88 | (332) | 285 | 739 | 726 | +19.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (59.30) | (55.04) | (60.81) | (37.77) | (38.23) | (42.62) | (33.21) | (50.20) | (54.47) | (59.53) | (26.41) | (0.2) pt | |||||
| ROIC | (232.15) | (332.97) | (645.62) | (113.35) | (145.21) | (85.44) | (302.28) | (633.88) | 0.00 | 0.00 | (247.55) | +232.1 pt | ||||||
| ROE | (75.62) | (74.74) | (113.92) | (108.24) | (109.42) | (126.66) | (193.22) | 614.47 | 3,926.49 | (249.28) | (72.45) | (173.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 161 | 214 | 373 | 435 | 521 | 613 | 736 | 912 | 1,271 | 1,664 | — | +29.6% | |||||
| Revenue/emp, $m | 0.00 | 0.00 | 0.03 | 0.31 | 0.32 | 0.31 | 0.33 | 0.33 | 0.29 | 0.36 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Insmed, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GMAB Genmab A/S Sponsored ADR | $31.5B | 41.7× | 47.3× | +24.86% (above 0%: growing) | −9.26% (below 0%: shrinking) | −7.69% (below 0%: shrinking) | 92.73% | 32.47% | Compare |
| ROIV Roivant Sciences Ltd. | $26.5B | — (loss-making) | — (loss-making) | −33.55% (below 0%: shrinking) | n/m | −29.99% (below 0%: shrinking) | 80.31% | (25,380.93%) | Compare |
| INCY Incyte Corporation | $24.1B | 56.3× | 55.6× | +14.00% (above 0%: growing) | n/m | −232.97% (below 0%: shrinking) | 93.02% | (45.49%) | Compare |
| INSM Insmed, Inc. | $23.9B | — (loss-making) | — (loss-making) | +268.43% (above 0%: growing) | n/m | +81.06% (above 0%: growing) | 85.09% | (17.04%) | |
| BNTX BioNTech SE Sponsored ADR | $21.6B | — (loss-making) | — (loss-making) | −16.42% (below 0%: shrinking) | n/m | −123.82% (below 0%: shrinking) | 91.99% | 9.70% | Compare |
| ALNY Alnylam Pharmaceuticals, Inc. | $21.0B | 7.9× | 13.5× | +16.74% (above 0%: growing) | +747.64% (above 0%: growing) | −4.76% (below 0%: shrinking) | 75.19% | 23.72% | Compare |
| EXEL Exelixis, Inc. | $16.8B | 19.9× | 20.2× | +10.19% (above 0%: growing) | +22.22% (above 0%: growing) | −4.83% (below 0%: shrinking) | 96.02% | 40.75% | Compare |
| ASND Ascendis Pharma A/S | $16.6B | 18.3× | 15.4× | +119.88% (above 0%: growing) | n/m | +2,335.93% (above 0%: growing) | 91.85% | 64.98% | Compare |
| BBIO BridgeBio Pharma, Inc. | $14.5B | — (loss-making) | — (loss-making) | +192.60% (above 0%: growing) | n/m | +60.46% (above 0%: growing) | 94.21% | (3.30%) | Compare |
| Median of peers | $21.3B | 19.9× | 20.2× | +15.37% | +22.22% | −6.26% | 92.36% | 16.71% |
From the latest earnings call
- CEO Will Lewis said BRINSUPRI added approximately 7,000 new patients in the second quarter, exceeding the company’s previous expectation of approximately 6,300.
- CFO Sara Bonstein said Insmed expected to fund its operations and planned investments until reaching cash flow positivity in 2027 without raising additional capital.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
102.52%
Held by the ten largest
48.74%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 22.24m | 10.19% | +288.26k |
| Fidelity (FMR) | 16.14m | 7.40% | +2.98m |
| BlackRock | 15.81m | 7.24% | −870.16k |
| JPMorgan Chase | 10.43m | 4.78% | −13.72m |
| BAKER BROS. ADVISORS LP | 8.80m | 4.03% | +1.38m |
| Capital Group | 8.24m | 3.77% | +1.28m |
| Darwin Global Management, Ltd. | 6.43m | 2.95% | −10.37m |
| Ameriprise (Columbia Threadneedle) | 6.18m | 2.83% | +3.12m |
| Orbis Allan Gray Ltd | 6.08m | 2.78% | +4.20m |
| State Street | 6.05m | 2.77% | +500.48k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 1 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.47m | 127.86m | 523.00 |
| 2024 | 10.94m | 51.86m | 207.00 |
| 2023 | 10.41m | 17.72m | 93.00 |
| 2022 | 7.79m | 4.33m | 60.00 |
| 2021 | 7.32m | 2.81m | 82.00 |
Ownership
Directors and executive officers, together
2.10%
JPMorgan Chase & Co.2383 Madison Avenue, New York, NY
10.70%
Darwin Global Management, Ltd.3Whiteley Chambers, Don Street, St. Helier, Jersey JE2
9.50%
The Vanguard Group4100 Vanguard Blvd., Malvern, PA
8.40%
BlackRock, Inc.555 East
6.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Insmed, Inc. (INSM) Latest News
30 Oct
29 Oct
8 Oct
21 Sep
10 Sep
INSM metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Insmed is a biopharmaceutical company that develops and sells medicines for serious diseases. Its commercial products treat respiratory conditions, while its research also covers inflammation, immunology and rare diseases. William H. Lewis is its chief executive officer.
ARIKAYCE is an inhaled medicine for a lung infection caused by Mycobacterium avium complex, or MAC. In the United States, it is used with other antibacterial medicines for adults with limited or no alternative treatment options whose infection has not responded to prior treatment. It is also approved for specified patients in Europe and Japan. Patients inhale ARIKAYCE through the Lamira nebulizer, which delivers the medicine to the lungs.