Insmed Inc. (INSM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.1B

Revenue growth

185.8%

Net income, last twelve months

-$875.3M

Earnings per share

-$4.11

Gross margin

83.5%

Operating margin

-73.9%

Net margin

-76.9%

Free cash flow

-$807.7M

Return on equity

-115.6%

Market value

$21.2B

Cash

$544.8M

Debt

$546.8M

Debt to equity

0.72

Shares outstanding

218.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 29 October 2026.

• Total revenue rose to $524.4 million. Total company revenue was $524.4 million for the quarter, up from $142.3 million a year earlier. Nine-month revenue was $1,255.9 million.
• BRINSUPRI revenue grew 29% on quarter. BRINSUPRI revenue was $400.1 million, up 29% on the second quarter. The company attributed the growth to the U.S. market.
• ARIKAYCE revenue grew 9% on year. ARIKAYCE revenue was $124.4 million, up 9% on the third quarter of 2025, with the increase primarily from international markets.
• International ARIKAYCE sales rose 21%. U.S. ARIKAYCE revenue was $75.5 million, up 2%. International ARIKAYCE revenue was $48.9 million, up 21% from $40.3 million.
• BRINSUPRI sales almost entirely U.S.. U.S. BRINSUPRI revenue was $398.1 million, with $2.0 million international. Nine-month BRINSUPRI revenue was $917.1 million.
• ARIKAYCE in ninth year on market. ARIKAYCE has been on the market for nine years, and the company reported continued revenue growth for the product in the quarter.
• Cost of product revenues fell as share. Cost of product revenues was $78.2 million, lower as a percentage of revenue, due to BRINSUPRI sales, which have lower manufacturing costs than ARIKAYCE.
• R&D expense rose on TPIP work. R&D expenses were $270.0 million, up from $186.4 million, reflecting higher manufacturing costs, TPIP clinical development and research costs, and headcount-related compensation.
• SG&A rose on BRINSUPRI commercial spending. SG&A expenses were $253.0 million, up from $186.4 million, driven by professional fees, external expenses and headcount for BRINSUPRI commercial activities.
• Net loss narrowed to $100.3 million. Net loss was $100.3 million, or $0.46 per share, against $370.0 million, or $1.75 per share, a year earlier. Nine-month net loss was $277.1 million.
• Cash and securities about $1.1 billion. Cash, cash equivalents and marketable securities were about $1.1 billion at September 30, 2026.
• Long-term debt and royalty obligations. Long-term debt was $544.9 million and the non-current royalty financing agreement was $146.2 million at September 30, 2026.
• FDA accepted ARIKAYCE MAC sNDA. The FDA accepted the sNDA for ARIKAYCE in MAC lung disease in September 2026, as part of a combination antibacterial drug regimen.
• BRINSUPRI launched in Japan. Japan approved BRINSUPRI Tablets 25 mg for NCFB in August 2026; the company launched the product there in October.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 338 held.

Every filing

The newest filings with the SEC of 624 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

790 funds held it at 30 Jun 2026: 343 added and 229 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Insmed is a global biopharmaceutical company that develops and sells therapies for serious diseases. Its commercial portfolio and clinical pipeline are organised around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. It has two commercial products, ARIKAYCE and BRINSUPRI, both in the Respiratory area. The company describes itself as people-first and says it strives to deliver first- and best-in-class therapies.

What it sells

ARIKAYCE (amikacin liposome inhalation suspension) treats MAC lung disease, a rare and often chronic infection. It received accelerated approval in the US in September 2018 for refractory MAC lung disease, as part of a combination antibacterial drug regimen for adults with limited or no alternative treatment options. The European Commission approved it in October 2020 and Japan's Ministry of Health, Labour and Welfare in March 2021. The company launched it in Japan in July 2021. It uses the company's Pulmovance technology, which delivers amikacin to the lungs in charge-neutral liposomes. Patients take it once daily with the Lamira nebulizer, which PARI makes. The company says it is not aware of any other approved inhaled therapy specifically indicated for MAC lung disease in North America, Europe or Japan.

BRINSUPRI (brensocatib 25 mg and 10 mg tablets) is an oral, once-daily treatment for non-cystic fibrosis bronchiectasis in patients 12 years of age and older. The FDA approved it in August 2025. The European Commission approved the 25 mg tablets in November 2025 for patients with two or more exacerbations in the prior 12 months. Brensocatib inhibits DPP1, an enzyme that activates neutrophil serine proteases, and the company licensed it from AstraZeneca in October 2016. Regulatory submissions in the UK and Japan have been accepted.

Who it treats

These are the company's own estimates from external sources and internal analyses.

ARIKAYCE is reimbursed nationally in France, Belgium, the Netherlands, the UK and Ireland. In Italy no nationally reimbursed price has been agreed, so it is prescribed under Class C, where the company sets the price.

What is in development

- TPIP: an inhaled dry powder form of treprostinil palmitil, aimed at PH-ILD, PAH, PPF and IPF. The Phase 3 PALM-ILD study in PH-ILD began in the fourth quarter of 2025. The Phase 2b PAH study randomised 102 patients at 44 sites. The company says it plans a Phase 3 PAH study in the first half of 2026. - INS1148: a monoclonal antibody targeting SCF248, acquired from Opsidio in December 2025. The company says it plans Phase 2 programmes in interstitial lung disease and asthma. - Brensocatib in hidradenitis suppurativa: the Phase 2b CEDAR study is fully enrolled. The company ended its brensocatib programme in chronic rhinosinusitis without nasal polyps after the BiRCh study missed its endpoints. - ENCORE: a 425-patient Phase 3b trial of ARIKAYCE in newly diagnosed or recurrent MAC infection. It is the confirmatory trial required for the accelerated approval and may support a broader label. - INS1201 and INS1202: intrathecally delivered gene therapies for Duchenne muscular dystrophy and amyotrophic lateral sclerosis, both in Phase 1.

Pre-clinical work covers gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining and synthetic rescue.

How its products are made

The company has no in-house manufacturing other than small-scale pre-clinical work. Resilience Biotechnologies makes ARIKAYCE in Mississauga, Ontario, at a 200 kilogram scale. Patheon agreements cover added long-term capacity. Patheon Inc. makes BRINSUPRI, and Esteve Química, S.A. supplies the brensocatib active ingredient. It pays AstraZeneca tiered royalties from high single-digit to mid-teens on net sales of brensocatib products, and PARI royalties in the mid-single digits on ARIKAYCE.

Patents and competition

The company owns or licenses rights to more than 1,400 issued patents and pending applications, including more than 400 for ARIKAYCE. It lists 13 in-force US patents in the FDA Orange Book for each of ARIKAYCE and BRINSUPRI. The FDA granted ARIKAYCE a total of 12 years of exclusivity in its approved indication.

The filing says many competitors have greater human and financial resources. PAH already has marketed products, including other formulations of treprostinil. Several other entities are running bronchiectasis trials with DPP1 inhibitors.

Its people

At 31 December 2025 the company had 1,664 full-time employees. Of these, 736 work in research, clinical, regulatory, medical affairs and quality assurance, 555 in commercial activities, 266 in general and administrative roles, and 107 in technical operations, manufacturing and quality control. By location, 1,274 are in the US, 238 in Europe and 152 in Japan. None are represented by a labor union.

*From Insmed's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm)*

From the company's 10-K.