Insmed Inc (INSM)
Insmed Incorporated develops and commercializes therapies for patients with serious and rare diseases in the United States, Europe, Japan, and internationally. The company offers ARIKAYCE for the treatment of refractory nontuberculous mycobacterial lung infections, as well as is in phase 3 clinical trial for the treatment of mycobacterium avium complex lung disease as part of a combination antibacterial drug regimen for adult patients. It also develops brensocatib, an oral reversible inhibitor of dipeptidyl peptidase 1(DPP1) that is in phase 3 clinical trial for the treatment of bronchiectasis; and in phase 2 clinical trial for the treatment of chronic rhinosinusitis without nasal polyps and hidradenitis suppurativa. In addition, the company is developing treprostinil palmitil inhalation powder, an inhaled formulation of a treprostinil prodrug treprostinil palmitil, which is in phase 3 clinical trial for the treatment of pulmonary hypertension associated with interstitial lung disease; and phase 2 clinical trial for the treatment of pulmonary arterial hypertension. Further, it develops INS1201, a microdystrophin adeno-associated virus gene replacement therapy which is in phase 1 clinical trial for the treatment of Duchenne muscular dystrophy, as well as it is also developing pre-clinical research programs for gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue. In addition, it provides INS1148, monoclonal antibody targeting stem cell factor called SCF248 that is in phase-2 clinical trial for the treatment of interstitial lung disease, and asthma; and INS1202, an intrathecally delivered gene therapy which is in phase 1 of clinical trial for the treatment of amyotrophic lateral sclerosis. The company was founded in 1988 and is headquartered in Bridgewater, New Jersey.
- Ticker
- INSM
- Exchange
- Nasdaq
- Sector
- Healthcare
- Industry
- Biotechnology
- Market cap
- $25.09B
- 52-week range
- $90.39 - $212.75
Valuation
- Share price
- $114.41 (close of Nov 6, 2026)
- P/E (TTM)
- -40.66x
- Price to book
- 34.55x
- Price to free cash flow
- -39.98x
- Enterprise value
- $25.28B
- Book value per share
- $3.31
Price performance
| Period | Change |
|---|---|
| 1 day | +5.19% |
| 5 days | +1.63% |
| 1 month | +8.72% |
| 3 months | -13.69% |
| 6 months | -16.54% |
| Year to date | -34.26% |
| 1 year | -38.38% |
| 3 years | +379.91% |
| 5 years | +242.24% |
| 10 years | +920.61% |
| All time | -30.66% |
Short interest
- As of
- Oct 15, 2026
- Short % of float
- 6.92%
- Shares short
- 13.48M
- Days to cover
- 4.13
- Change since prior report
- -2.34%
- Source
- FINRA consolidated short interest
Members of Congress who disclosed INSM trades
Gilbert Ray Cisneros · Josh Gottheimer
Super investors holding INSM
Ken Griffin (Citadel) · Lee Ainslie (Maverick Capital LTD) · Stanley Druckenmiller (Duquesne Family Office) · Ray Dalio (Bridgewater Associates)
Profitability and growth
- Return on equity
- -172.78%
- Return on invested capital
- -94.05%
- Return on assets
- -56.38%
- Return on capital employed
- -69.43%
- Gross margin
- 79.73%
- Net margin
- -210.54%
- EBITDA margin
- -202.88%
- Revenue growth
- 66.73%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -2.50%
- Current ratio
- 2.86x
- Net debt to EBITDA
- -0.38x
Latest reported year
- Period end
- Dec 31, 2025
- Fiscal year
- 2025
- Revenue
- $606.42M
- Cost of revenue
- $122.94M
- Gross profit
- $483.49M
- EBITDA
- -$1.23B
- Net income
- -$1.28B
- Earnings per share
- $-6.42
- Research and development
- $771.09M
- Interest expense
- $83.80M
- Shares outstanding
- 199.01M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $606.42M | $483.49M | -$1.28B | -$6.42 |
| 2024-12-31 | $363.71M | $277.96M | -$913.77M | -$5.57 |
| 2023-12-31 | $305.21M | $239.63M | -$749.57M | -$5.34 |
| 2022-12-31 | $245.36M | $190.23M | -$481.53M | -$3.91 |
| 2021-12-31 | $188.46M | $144.31M | -$434.65M | -$3.88 |
| 2020-12-31 | $164.41M | $124.54M | -$294.09M | -$3.01 |
| 2019-12-31 | $136.47M | $112.25M | -$254.34M | -$3.01 |
| 2018-12-31 | $9.84M | $7.41M | -$324.28M | -$4.22 |
| 2017-12-31 | - | - | -$192.65M | -$2.89 |
| 2016-12-31 | - | - | -$176.27M | -$2.85 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 79.73% | -210.54% | -172.78% | -94.05% |
| 2024-12-31 | 76.43% | -251.24% | - | -61.23% |
| 2023-12-31 | 78.52% | -245.59% | - | -81.37% |
| 2022-12-31 | 77.53% | -196.26% | - | -36.13% |
| 2021-12-31 | 76.57% | -230.63% | -105.89% | -36.50% |
| 2020-12-31 | 75.75% | -178.87% | -106.60% | -38.96% |
| 2019-12-31 | 82.26% | -186.37% | -97.20% | -35.71% |
| 2018-12-31 | 75.36% | -3,297.17% | -155.70% | -58.56% |
| 2017-12-31 | - | - | -53.36% | -45.28% |
| 2016-12-31 | - | - | -114.11% | -82.86% |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $510.44M | $540.96M |
| 2024-12-31 | $555.03M | $1.10B |
| 2023-12-31 | $482.37M | $1.16B |
| 2022-12-31 | $1.07B | $1.13B |
| 2021-12-31 | $716.78M | $566.59M |
| 2020-12-31 | $532.76M | $356.32M |
| 2019-12-31 | $487.43M | $335.94M |
| 2018-12-31 | $495.07M | $316.56M |
| 2017-12-31 | $381.17M | $55.57M |
| 2016-12-31 | $162.59M | $54.79M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | -$967.58M | $152.71M |
| 2024-12-31 | -$705.80M | $96.83M |
| 2023-12-31 | -$549.53M | $74.78M |
| 2022-12-31 | -$410.32M | $57.69M |
| 2021-12-31 | -$370.59M | $46.02M |
| 2020-12-31 | -$225.59M | $36.16M |
| 2019-12-31 | -$292.92M | $26.97M |
| 2018-12-31 | -$271.07M | $26.24M |
| 2017-12-31 | -$162.62M | $18.07M |
| 2016-12-31 | -$150.91M | $18.04M |
Investor relations
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-10-29 | Sep 2026 | -$0.34 |
| 2026-08-06 | Jun 2026 | -$0.69 |
| 2026-05-07 | Mar 2026 | -$0.90 |
| 2026-02-19 | Dec 2025 | -$1.07 |
| 2025-10-30 | Sep 2025 | -$1.32 |
| 2025-08-07 | Jun 2025 | -$1.30 |
| 2025-05-08 | Mar 2025 | -$1.36 |
| 2025-02-20 | Dec 2024 | -$1.15 |
Filings and sources
- Company website
- insmed.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Understanding these figures
Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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