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INSM

Insmed Incorporated

INSM

Insmed Incorporated • NASDAQ
$207.77 ▲ 1.59% (+3.26)
Market Cap $44.31 B
52w High $209.77
52w Low $60.40
Dividend Yield 0%
P/E -33.57
Volume 766.24K
Outstanding Shares 213.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $142.342M ▲ $508.347M ▲ $-370.021M ▼ -259.952% ▲ $-1.75 ▼ $-344.323M ▼
Q2-2025 $107.415M ▲ $392.216M ▲ $-321.686M ▼ -299.48% ▼ $-1.7 ▼ $-297.127M ▼
Q1-2025 $92.823M ▼ $319.685M ▲ $-256.583M ▼ -276.422% ▼ $-1.42 ▼ $-232.778M ▼
Q4-2024 $104.442M ▲ $308.705M ▲ $-235.548M ▼ -225.53% ▲ $-1.32 ▼ $-211.739M ▼
Q3-2024 $93.425M $285.684M $-220.524M -236.044% $-1.27 $-196.454M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.68B ▼ $2.361B ▼ $1.415B ▲ $945.571M ▼
Q2-2025 $1.857B ▲ $2.48B ▲ $1.23B ▼ $1.25B ▲
Q1-2025 $1.199B ▼ $1.803B ▼ $1.704B ▼ $99.159M ▼
Q4-2024 $1.434B ▼ $2.025B ▼ $1.74B ▲ $285.379M ▼
Q3-2024 $1.468B $2.053B $1.57B $483.415M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-370.021M ▼ $-219.761M ▼ $-762.233M ▼ $33.41M ▼ $-949.56M ▼ $-222.179M ▼
Q2-2025 $-321.686M ▼ $-205.569M ▲ $227.835M ▲ $857.806M ▲ $881.077M ▲ $-209.053M ▲
Q1-2025 $-256.583M ▼ $-262.088M ▼ $80.412M ▼ $28.998M ▼ $-151.783M ▼ $-272.158M ▼
Q4-2024 $-235.548M ▼ $-195.979M ▼ $131.758M ▲ $159.305M ▼ $93.579M ▲ $-202.751M ▼
Q3-2024 $-220.524M $-180.916M $-1.003B $397.2M $-785.348M $-184.605M

Revenue by Products

Product Q1-2025Q2-2025
Reportable Segment
Reportable Segment
 $90.00M ▲$110.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Insmed’s income statement shows a classic late‑stage biotech profile. Revenue has been climbing steadily over the past several years, driven mainly by its approved lung infection drug, but it still remains relatively small compared with the company’s overall cost base. The underlying product economics look healthy, with strong gross margins, meaning the medicine itself is profitable after direct costs. However, research, development, and commercial expenses are far larger than revenue, so operating losses remain substantial and have generally grown as the company has invested more heavily in late‑stage trials and launch preparation. Net losses per share have deepened over time, reflecting both rising spending and the need to support a broader pipeline and commercial infrastructure. The path toward a more balanced income statement depends on successful uptake of existing products, the ramp of newly approved therapies, and the conversion of the pipeline into meaningful sales, rather than on cost cutting alone.

Balance Sheet

Balance Sheet The balance sheet reflects a company investing for growth while relying on external funding. Total assets have increased over time, helped by capital raises and the build‑out of its product portfolio and infrastructure. Insmed holds a meaningful cash position, but it has also taken on a sizeable amount of debt, which has grown notably in recent years. This creates a more leveraged capital structure and adds future interest and repayment obligations. Shareholders’ equity has been volatile, at one point dipping negative and then recovering back into positive territory as new capital was raised. Overall, the balance sheet shows adequate resources to support operations for now, but also clear dependence on continued access to capital markets and eventual improvement in operating performance to comfortably manage its obligations.

Cash Flow

Cash Flow Cash flow statements highlight ongoing cash burn. Operating cash outflows have been consistently negative and have gradually increased as Insmed has spent more on research, clinical trials, and commercialization activities. Free cash flow is also negative, with only modest capital spending on physical assets. This means most of the cash usage is tied to operating activities rather than heavy investment in factories or facilities. The company’s ability to sustain this level of cash burn hinges on its starting cash balance, access to debt or equity financing, and ultimately the pace at which product revenue grows. Until operating cash flows move closer to break‑even, funding risk remains an important consideration.

Competitive Edge

Competitive Edge Insmed has carved out a focused competitive position in rare and serious lung diseases, an area where few companies have deep specialization. Its first commercial product addresses a difficult‑to‑treat lung infection with limited existing options, and its newly approved brensocatib is the first and only approved therapy for non‑cystic fibrosis bronchiectasis, giving it a first‑mover edge. Working in orphan and rare diseases offers advantages such as longer market exclusivity, fewer direct competitors, and more supportive regulatory pathways, but it also means smaller patient populations and heavy reliance on reimbursement for high‑value therapies. Insmed competes against both large pharmaceutical firms and smaller biotechs. Its strengths lie in disease‑specific expertise, established commercial infrastructure in rare pulmonary conditions, and proprietary drug delivery technology. Its main competitive vulnerabilities are concentration in a narrow set of conditions and products, potential pushback on pricing, and the possibility that larger players could target the same disease areas over time.

Innovation and R&D

Innovation and R&D Innovation is at the core of Insmed’s story. The company’s liposomal delivery platform for lung infections allows drugs to be delivered directly to the lungs with potentially better targeting and fewer systemic side effects, which is a clear technological edge in its niche. Brensocatib is a notable innovation as a first‑in‑class oral drug that targets a key enzyme involved in inflammatory damage in the lungs. Because the same biological pathway is implicated in multiple diseases, the medicine has “pipeline‑in‑a‑pill” potential across several inflammatory conditions, though each new indication still carries meaningful clinical and regulatory risk. Beyond that, Insmed is advancing an inhaled therapy for pulmonary hypertension and exploring earlier‑stage programs, including gene therapy. The R&D strategy provides multiple shots on goal but also drives high ongoing spending and exposes the company to the usual biotech risks: trial failures, delays, safety concerns, and changing standards of care.

Summary

Insmed is a late‑stage biopharmaceutical company in the middle of a transition from being primarily a research organization to a broader commercial enterprise. Revenue has been growing from a small base, underpinned by one marketed product, but the company remains firmly loss‑making as it funds launches, expands its pipeline, and supports a larger operating footprint. The balance sheet shows increased assets and a solid, though not excessive, cash cushion, offset by a heavier debt load and a history of tapping capital markets. Cash burn from operations is significant, so financial flexibility will depend on both future fundraising options and the success of product launches. Strategically, Insmed holds a differentiated position in rare pulmonary diseases, supported by proprietary technology and first‑in‑class therapies. Its long‑term potential is closely tied to uptake of its approved drugs, the success of label expansions, and the outcome of ongoing trials in new indications. Alongside those opportunities, investors and other stakeholders need to weigh continued losses, funding needs, concentration in a few key assets, and the inherent uncertainty of drug development and commercialization.

NEWS

November 18, 2025 · 11:00 AM UTC

European Commission Approves BRINSUPRI™ (brensocatib) as the First and Only Treatment Approved for Non-Cystic Fibrosis Bronchiectasis in the European Union

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November 13, 2025 · 7:00 AM UTC

Insmed Strengthens Communities Worldwide During Fourth Annual Global Day of Good

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November 5, 2025 · 7:00 AM UTC

Insmed To Present at November and December 2025 Investor Conferences

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October 30, 2025 · 7:00 AM UTC

Insmed Reports Third-Quarter 2025 Financial Results and Provides Business Update

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October 23, 2025 · 4:05 PM UTC

Insmed Ranks No. 1 on Science's 2025 Top Biopharma Employers List

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