INSM

MKT CAP:$29B

Insmed Incorporated

Market Cap

$29B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$135.65-$41.47 (-23.42%)

Apr 24, 2026

Company Details

Insmed Incorporated, a biopharmaceutical company, develops and commercializes therapies for patients with serious and rare diseases. The company offers ARIKAYCE for the treatment of Mycobacterium avium complex lung disease as part of a comb...

CEO

William H. Lewis

IPO Date

Jun 1, 2000

Website

www.insmed.com

Key Metrics TTM

Revenue

$606M

+66.7% YoY

Net Income

-$1.3B

EPS (Diluted)

-$6.41

Free Cash Flow

-$998M

Revenue / Share

$2.84

Gross Margin

79.4%

Operating Margin

-194.0%

Net Margin

-210.5%

FCF Margin

-164.5%

P/S

48.2x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 19, 2026

$606M+66.7%EPS -$6.41

Q4 2025

Feb 19, 2026

$264M+152.6%EPS -$1.54

Q3 2025

Oct 30, 2025

$142M+52.4%EPS -$1.75

Q2 2025

Aug 7, 2025

$107M+18.9%EPS -$1.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$53M	$41M	-$90M
Q2 22	$65M	$49M	-$88M
Q3 22	$68M	$54M	-$128M
Q4 22	$59M	$46M	-$151M
Q1 23	$65M	$51M	-$148M
Q2 23	$77M	$61M	-$236M
Q3 23	$79M	$62M	-$148M
Q4 23	$84M	$65M	-$178M
Q1 24	$76M	$58M	-$146M
Q2 24	$90M	$69M	-$289M
Q3 24	$93M	$72M	-$213M
Q4 24	$104M	$78M	-$230M
Q1 25	$93M	$72M	-$248M
Q2 25	$107M	$79M	-$313M
Q3 25	$142M	$113M	-$366M
Q4 25	$264M	$218M	-$250M

Valuation

Quarter	P/S	P/E
Q1 22	12.8x	—
Q2 22	11.4x	—
Q3 22	12.1x	—
Q4 22	9.9x	—
Q1 23	9.3x	—
Q2 23	11.0x	—
Q3 23	13.1x	—
Q4 23	14.6x	—
Q1 24	13.1x	—
Q2 24	35.1x	—
Q3 24	38.1x	—
Q4 24	33.9x	—
Q1 25	37.9x	—
Q2 25	47.9x	—
Q3 25	60.0x	—
Q4 25	61.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$105M	-$107M
Q2 22	-$102M	-$105M
Q3 22	-$90M	-$90M
Q4 22	-$103M	-$108M
Q1 23	-$146M	-$150M
Q2 23	-$123M	-$128M
Q3 23	-$136M	-$139M
Q4 23	-$131M	-$133M
Q1 24	-$184M	-$189M
Q2 24	-$123M	-$130M
Q3 24	-$181M	-$185M
Q4 24	-$196M	-$203M
Q1 25	-$262M	-$272M
Q2 25	-$206M	-$209M
Q3 25	-$220M	-$222M
Q4 25	-$248M	-$294M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$3M
Q3 22	$582.0K
Q4 22	$5M
Q1 23	$3M
Q2 23	$5M
Q3 23	$3M
Q4 23	$2M
Q1 24	$5M
Q2 24	$7M
Q3 24	$4M
Q4 24	$7M
Q1 25	$10M
Q2 25	$3M
Q3 25	$2M
Q4 25	$47M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+32.1%	+15.2%
Q2 22	+43.8%	+14.6%
Q3 22	+44.9%	+30.0%
Q4 22	+5.7%	+35.8%
Q1 23	+22.8%	+49.3%
Q2 23	+18.4%	+103.7%
Q3 23	+16.7%	+16.0%
Q4 23	+41.1%	+24.3%
Q1 24	+15.8%	+3.6%
Q2 24	+17.0%	+21.3%
Q3 24	+18.2%	+35.3%
Q4 24	+24.8%	+27.8%
Q1 25	+22.9%	+54.3%
Q2 25	+18.9%	+10.8%
Q3 25	+52.4%	+65.7%
Q4 25	+152.6%	+53.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$13M	24.1%
Q2 22	$14M	21.9%
Q3 22	$16M	23.1%
Q4 22	$15M	25.2%
Q1 23	$16M	25.2%
Q2 23	$18M	23.8%
Q3 23	$20M	25.3%
Q4 23	$20M	23.9%
Q1 24	$21M	28.4%
Q2 24	$23M	25.8%
Q3 24	$26M	27.3%
Q4 24	$27M	25.4%
Q1 25	$39M	42.3%
Q2 25	$43M	40.0%
Q3 25	$31M	22.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$84M	$57M	—
Q2 22	$89M	$60M	—
Q3 22	$100M	$76M	—
Q4 22	$125M	$73M	—
Q1 23	$128M	$80M	—
Q2 23	$197M	$84M	—
Q3 23	$109M	$91M	—
Q4 23	$137M	$90M	—
Q1 24	$121M	$93M	—
Q2 24	$147M	$107M	—
Q3 24	$151M	$119M	—
Q4 24	$180M	$143M	—
Q1 25	$153M	$148M	—
Q2 25	$177M	$155M	—
Q3 25	$186M	$186M	—
Q4 25	$255M	—	$212M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$93M
Q2 25	$107M

Revenue by Geography

Quarter	Europe And The Rest Of The World	Japan	United States	Non-US
Q2 22	$2M	$16M	$47M	—
Q3 22	$4M	$14M	$50M	—
Q4 22	-$5M	$15M	$48M	—
Q1 23	$3M	$13M	$49M	—
Q2 23	$4M	$16M	$58M	—
Q3 23	$4M	$16M	$59M	—
Q4 23	$4M	$21M	$58M	—
Q1 24	$4M	$15M	$56M	—
Q2 24	$5M	$21M	$64M	—
Q3 24	$6M	$21M	$67M	—
Q1 25	$6M	$22M	$64M	—
Q2 25	$8M	$31M	$69M	—
Q3 25	—	—	$102M	$40M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$516M	$119M	$635M
Q2 22	$416M	$139M	$555M
Q3 22	$415M	$99M	$513M
Q4 22	$1.1B	$74M	$1.1B
Q1 23	$969M	$30M	$999M
Q2 23	$613M	$305M	$918M
Q3 23	$487M	$299M	$786M
Q4 23	$482M	$298M	$780M
Q1 24	$596M	$0	$596M
Q2 24	$1.2B	$0	$1.2B
Q3 24	$461M	$1.0B	$1.5B
Q4 24	$555M	$879M	$1.4B
Q1 25	$403M	$796M	$1.2B
Q2 25	$1.3B	$572M	$1.9B
Q3 25	$335M	$1.3B	$1.7B
Q4 25	$510M	$920M	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	119M	+0.4%	+15.4%
Q2 22	120M	+0.6%	+9.1%
Q3 22	121M	+1.0%	+3.2%
Q4 22	133M	+9.9%	+12.0%
Q1 23	136M	+2.8%	+14.7%
Q2 23	138M	+0.9%	+15.0%
Q3 23	143M	+3.9%	+18.3%
Q4 23	145M	+1.3%	+9.1%
Q1 24	148M	+2.5%	+8.9%
Q2 24	155M	+4.2%	+12.5%
Q3 24	174M	+12.3%	+21.6%
Q4 24	179M	+3.1%	+23.6%
Q1 25	181M	+1.0%	+21.8%
Q2 25	189M	+4.7%	+22.4%
Q3 25	211M	+11.7%	+21.7%
Q4 25	214M	+1.0%	+19.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$114.7K	463
Q2 22	$140.9K	463
Q3 22	$146.3K	463
Q4 22	$102.4K	579
Q1 23	$112.6K	579
Q2 23	$133.4K	579
Q3 23	$136.6K	579
Q4 23	$91.8K	912
Q1 24	$82.8K	912
Q2 24	$99.1K	912
Q3 24	$102.4K	912
Q4 24	$82.2K	1K
Q1 25	$73.0K	1K
Q2 25	$84.5K	1K
Q3 25	$112.0K	1K
Q4 25	$158.6K	2K

Revenue / Employee