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.
- Symbol
- INSM
- Exchange
- Nasdaq
- Sector
- Healthcare
- Industry
- Biotechnology
- Market cap
- $26.37B
- 52 week range
- 90.39 - 212.75
Valuation
- Share price
- $118.34 (close of 2026-09-23)
- P/E (TTM)
- -29.33x
- Price to book
- 34.82x
- Price to free cash flow
- -32.65x
- Enterprise value
- $26.41B
- Book value per share
- $3.47
Price performance
| Period | Change |
|---|
| 1 day | -2.20% |
| 5 days | -1.32% |
| 1 month | -5.91% |
| 3 months | +15.85% |
| 6 months | -17.81% |
| Year to date | -32.00% |
| 1 year | -18.60% |
| 3 years | +352.20% |
| 5 years | +329.08% |
| 10 years | +701.76% |
| All time | -28.28% |
Profitability and growth
- Return on equity
- -172.78%
- Return on invested capital
- -152.94%
- Return on assets
- -56.38%
- Return on capital employed
- -69.43%
- Gross margin
- 79.73%
- Net margin
- -210.54%
- EBITDA margin
- -203.87%
- Revenue growth
- 66.73%
- Net income growth
- -39.73%
- Free cash flow growth
- -37.09%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -3.06%
- Current ratio
- 3.72x
- Net debt to EBITDA
- -0.05x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $606.42M
- Cost of revenue
- $122.94M
- Gross profit
- $483.49M
- EBITDA
- $-1.24B
- 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% | -152.94% |
| 2024-12-31 | 76.43% | -251.24% | -320.20% | -99.89% |
| 2023-12-31 | 78.52% | -245.59% | 225.83% | -182.10% |
| 2022-12-31 | 77.53% | -196.26% | -547.50% | -238.46% |
| 2021-12-31 | 76.57% | -230.63% | -105.89% | -122.02% |
| 2020-12-31 | 75.75% | -178.87% | -106.60% | -179.25% |
| 2019-12-31 | 82.26% | -186.37% | -97.20% | -137.34% |
| 2018-12-31 | 75.36% | -3297.17% | -155.70% | -1033.00% |
| 2017-12-31 | - | - | -53.36% | -531.99% |
| 2016-12-31 | - | - | -114.11% | -371.44% |
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
Next earnings report
- Next confirmed report
- 2026-10-29
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-06 | Jun/2026 | - |
| 2026-05-07 | - | - |
| 2026-02-19 | - | - |
| 2025-10-30 | - | - |
| 2025-08-07 | - | - |
| 2025-05-08 | - | - |
| 2025-02-20 | - | - |
| 2024-10-31 | - | - |
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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