NASDAQ : INSM
Insmed Incorporated — Financial statements
Healthcare · Biotechnology · United States
Last price 112.58 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 24.70B
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Financial statements
Insmed Incorporated (INSM) reported revenue of 1.52B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.52B | 606.42M | 363.71M | 305.21M | 245.36M | 188.46M |
| Cost of Revenue | 237.07M | 122.94M | 85.74M | 65.57M | 55.13M | 44.15M |
| Gross Profit | 1.28B | 483.49M | 277.96M | 239.63M | 190.23M | 144.31M |
| Selling, General & Admin | 960.24M | 701.17M | 461.12M | 344.50M | 265.78M | 233.67M |
| Research & Development | 944.39M | 771.09M | 598.37M | 571.01M | 397.52M | 272.74M |
| Amortization of Goodwill & Intangibles | 11.15M | 6.00M | 5.05M | 5.05M | 5.05M | 5.05M |
| Operating Expenses | 1.92B | 1.48B | 1.06B | 920.56M | 668.36M | 511.47M |
| Operating Income | -633.13M | -994.78M | -786.57M | -680.93M | -478.12M | -367.16M |
| Interest Expense | -81.36M | -83.80M | -85.15M | -81.37M | -27.97M | -40.47M |
| Interest & Investment Income | 49.33M | 60.66M | 53.31M | 42.13M | 11.08M | 174.00K |
| Other Non Operating Income (Expenses) | -2.03M | -1.84M | 29.00K | 1.86M | -5.94M | -3.33M |
| EBT Excluding Unusual Items | -667.20M | -1.02B | -818.38M | -718.32M | -500.95M | -410.79M |
| Merger & Restructuring Charges | -600.00K | |||||
| Other Unusual Items | 69.14M | -251.99M | -91.68M | -28.70M | 20.80M | -25.02M |
| Pretax Income | -598.06M | -1.27B | -910.07M | -747.01M | -480.15M | -436.41M |
| Income Tax Expense | 7.55M | 5.03M | 3.71M | 2.56M | 1.38M | -1.76M |
| Net Income | -605.61M | -1.28B | -913.77M | -749.57M | -481.53M | -434.65M |
| Net Income to Common | -605.61M | -1.28B | -913.77M | -749.57M | -481.53M | -434.65M |
| Shares Outstanding (Basic) | 216.36M | 199.01M | 164.04M | 140.43M | 123.03M | 112.11M |
| Shares Outstanding (Diluted) | 216.36M | 199.01M | 164.04M | 140.43M | 123.03M | 112.11M |
| EPS (Basic) | -2.80 | -6.42 | -5.57 | -5.34 | -3.91 | -3.88 |
| EPS (Diluted) | -2.80 | -6.42 | -5.57 | -5.34 | -3.91 | -3.88 |
| Free Cash Flow | -627.58M | -967.58M | -705.80M | -549.53M | -410.32M | -370.59M |
| Free Cash Flow Per Share | -2.90 | -4.86 | -4.30 | -3.91 | -3.33 | -3.31 |
| Gross Margin | 84.40% | 79.73% | 76.43% | 78.52% | 77.53% | 76.57% |
| Operating Margin | -41.66% | -164.04% | -216.27% | -223.10% | -194.87% | -194.82% |
| Profit Margin | -39.85% | -210.54% | -251.24% | -245.59% | -196.26% | -230.63% |
| Free Cash Flow Margin | -41.30% | -159.55% | -194.06% | -180.05% | -167.23% | -196.64% |
| EBITDA | -611.03M | -980.46M | -777.70M | -667.64M | -465.83M | -351.90M |
| EBITDA Margin | -40.21% | -161.68% | -213.82% | -218.75% | -189.86% | -186.72% |
| D&A For EBITDA | 22.09M | 14.31M | 8.88M | 13.29M | 12.29M | 15.26M |
| EBIT | -633.13M | -994.78M | -786.57M | -680.93M | -478.12M | -367.16M |
| EBIT Margin | -41.66% | -164.04% | -216.27% | -223.10% | -194.87% | -194.82% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 396.56M | 510.44M | 555.03M | 482.37M | 1.07B | 716.78M |
| Short-Term Investments | 750.06M | 919.60M | 878.80M | 298.07M | 74.24M | |
| Cash & Short-Term Investments | 1.15B | 1.43B | 1.43B | 780.45M | 1.15B | 716.78M |
| Receivables | 259.27M | 140.86M | 52.01M | 41.19M | 29.71M | 24.35M |
| Inventory | 163.95M | 132.07M | 98.58M | 83.25M | 69.92M | 67.01M |
| Prepaid Expenses | 136.66M | 91.24M | 37.24M | 24.18M | 25.47M | 28.90M |
| Total Current Assets | 1.71B | 1.79B | 1.62B | 929.06M | 1.27B | 837.04M |
| Property, Plant & Equipment | 217.39M | 139.21M | 115.58M | 104.39M | 102.08M | 95.52M |
| Long-Term Investments | 50.04M | |||||
| Goodwill | 136.11M | 136.11M | 136.11M | 136.11M | 136.11M | 136.11M |
| Other Intangible Assets | 119.04M | 74.61M | 30.76M | 30.97M | 31.17M | 31.37M |
| Long-Term Deferred Charges | 19.40M | 23.04M | 27.89M | 32.74M | 37.59M | 42.44M |
| Other Long-Term Assets | 27.61M | 97.38M | 93.23M | 96.57M | 76.10M | 50.99M |
| Total Assets | 2.23B | 2.26B | 2.03B | 1.33B | 1.66B | 1.24B |
| Accounts Payable | 84.30M | 79.91M | 73.03M | 65.39M | 50.46M | 35.78M |
| Accrued Expenses | 450.47M | 303.35M | 187.48M | 128.21M | 108.01M | 81.64M |
| Current Portion of Leases | 11.80M | 12.81M | 12.32M | 10.64M | 8.13M | 10.14M |
| Other Current Liabilities | 50.00M | 72.80M | 24.70M | 21.39M | 23.64M | 7.60M |
| Total Current Liabilities | 596.58M | 468.87M | 297.53M | 225.63M | 190.24M | 135.17M |
| Long-Term Debt | 691.09M | 703.83M | 1.26B | 1.31B | 1.27B | 566.59M |
| Long-Term Leases | 28.04M | 32.89M | 33.18M | 38.04M | 44.49M | 35.54M |
| Other Long-Term Liabilities | 184.14M | 319.99M | 144.70M | 87.75M | 60.49M | 95.74M |
| Total Liabilities | 1.50B | 1.53B | 1.74B | 1.66B | 1.57B | 833.04M |
| Common Stock | 2.19M | 2.14M | 1.79M | 1.48M | 1.36M | 1.19M |
| Additional Paid-In Capital | 6.64B | 6.37B | 4.65B | 3.11B | 2.78B | 2.67B |
| Retained Earnings | -5.91B | -5.64B | -4.36B | -3.45B | -2.70B | -2.27B |
| Comprehensive Income & Other | -40.00K | 1.46M | -2.29M | -745.00K | 756.00K | 968.00K |
| Shareholders' Equity | 726.21M | 738.98M | 285.38M | -331.92M | 87.95M | 410.47M |
| Total Liabilities & Equity | 2.23B | 2.26B | 2.03B | 1.33B | 1.66B | 1.24B |
| Total Debt | 730.94M | 749.54M | 1.31B | 1.36B | 1.33B | 612.27M |
| Net Cash (Debt) | 415.69M | 680.51M | 123.88M | -578.58M | -177.60M | 154.56M |
| Net Cash Per Share | 1.92 | 3.42 | 0.76 | -4.12 | -1.44 | 1.38 |
| Filing Date Shares Outstanding | 219.38M | 215.55M | 181.00M | 148.49M | 136.41M | 118.90M |
| Total Common Shares Outstanding | 219.32M | 214.26M | 179.38M | 147.98M | 135.65M | 118.74M |
| Working Capital | 1.11B | 1.33B | 1.32B | 703.43M | 1.08B | 701.87M |
| Book Value Per Share | 3.31 | 3.45 | 1.59 | -2.24 | 0.65 | 3.46 |
| Tangible Book Value | 471.06M | 528.25M | 118.50M | -499.00M | -79.33M | 242.99M |
| Tangible Book Value Per Share | 2.15 | 2.47 | 0.66 | -3.37 | -0.58 | 2.05 |
| Land | 1.96M | 1.96M | ||||
| Buildings | 10.44M | 10.44M | ||||
| Machinery | 62.91M | 55.49M | 41.17M | 36.51M | 29.35M | 26.16M |
| Construction In Progress | 47.85M | 42.41M | 51.13M | 35.45M | 29.53M | 27.78M |
| Leasehold Improvements | 55.27M | 53.40M | 38.06M | 38.05M | 37.06M | 36.07M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -605.61M | -1.28B | -913.77M | -749.57M | -481.53M | -434.65M |
| Depreciation & Amortization | 22.09M | 14.31M | 8.88M | 13.29M | 12.29M | 15.26M |
| Other Amortization | 10.52M | 11.07M | 11.73M | 7.32M | 3.99M | 31.04M |
| Loss (Gain) From Sale of Investments | -27.20M | -38.35M | -18.92M | -9.70M | 1.53M | |
| Stock-Based Compensation | 167.27M | 152.71M | 96.83M | 74.78M | 57.69M | 46.02M |
| Other Operating Activities | -39.37M | 282.32M | 134.55M | 166.85M | -974.00K | 37.61M |
| Change in Accounts Receivable | -195.75M | -88.31M | -12.93M | -11.96M | -6.42M | -8.12M |
| Change in Inventory | -44.63M | -31.52M | -17.04M | -13.61M | -1.71M | -17.46M |
| Change in Accounts Payable | 212.36M | 100.07M | 44.59M | 15.15M | 50.01M | -7.58M |
| Change in Other Net Operating Assets | -95.29M | -60.55M | -17.79M | -28.80M | -35.30M | -25.43M |
| Operating Cash Flow | -595.62M | -935.01M | -683.88M | -536.25M | -400.44M | -363.30M |
| Capital Expenditures | -31.95M | -32.56M | -21.92M | -13.29M | -9.88M | -7.29M |
| Cash Acquisitions | -6.70M | |||||
| Sale (Purchase) of Intangibles | -45.00M | -30.00M | ||||
| Investment in Securities | 620.75M | -2.01M | -561.25M | -213.73M | -24.71M | -50.29M |
| Other Investing Activities | 3.42M | |||||
| Investing Cash Flow | 543.80M | -64.58M | -583.17M | -223.60M | -34.58M | -64.28M |
| Long-Term Debt Issued | 150.00M | 500.00M | 575.00M | |||
| Long-Term Debt Repaid | -4.93M | -2.61M | -1.22M | -601.00K | -238.66M | |
| Net Debt Issued (Repaid) | -3.25M | -4.93M | 147.39M | -1.22M | 499.40M | 336.34M |
| Issuance of Common Stock | 117.43M | 959.00M | 1.20B | 170.87M | 311.66M | 291.92M |
| Other Financing Activities | -3.74M | -1.22M | -17.78M | -15.72M | ||
| Financing Cash Flow | 114.19M | 954.07M | 1.34B | 168.44M | 793.27M | 612.55M |
| Foreign Exchange Rate Adjustments | -564.00K | 931.00K | -1.31M | -250.00K | -996.00K | -933.00K |
| Net Cash Flow | 61.80M | -44.59M | 72.66M | -591.66M | 357.25M | 184.03M |
| Free Cash Flow | -627.58M | -967.58M | -705.80M | -549.53M | -410.32M | -370.59M |
| Free Cash Flow Margin | -41.30% | -159.55% | -194.06% | -180.05% | -167.23% | -196.64% |
| Free Cash Flow Per Share | -2.90 | -4.86 | -4.30 | -3.91 | -3.33 | -3.31 |
| Levered Free Cash Flow | -456.76M | -564.05M | -418.30M | -384.98M | -199.98M | -181.08M |
| Unlevered Free Cash Flow | -411.57M | -517.90M | -371.97M | -341.44M | -186.49M | -186.83M |
| Cash Interest Paid | 53.31M | 55.35M | 40.57M | 35.79M | 10.16M | 10.89M |
| Cash Income Tax Paid | 5.18M | 4.14M | 2.50M | 1.96M | 1.72M | 1.56M |
| Change in Working Capital | -123.31M | -80.30M | -3.18M | -39.22M | 6.58M | -58.58M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 24.39B | 37.12B | 12.35B | 4.43B | 2.71B | 3.22B |
| Enterprise Value | 23.98B | 36.18B | 12.04B | 5.00B | 3.02B | 2.98B |
| Last Close Price | 112.58 | 174.04 | 69.04 | 30.99 | 19.98 | 27.24 |
| PS Ratio | 16.25 | 61.21 | 33.96 | 14.53 | 11.03 | 17.11 |
| PB Ratio | 34.00 | 50.23 | 43.28 | -13.36 | 30.78 | 7.86 |
| P/TBV Ratio | 52.43 | 70.27 | 104.23 | 13.27 | ||
| EV/Sales Ratio | 15.98 | 59.66 | 33.11 | 16.38 | 12.32 | 15.81 |
| Debt / Equity Ratio | 1.01 | 1.01 | 4.59 | -4.09 | 15.07 | 1.49 |
| Net Debt / Equity Ratio | -0.57 | -0.92 | -0.43 | -1.74 | 2.02 | -0.38 |
| Net Debt / EBITDA Ratio | 0.68 | 0.69 | 0.16 | -0.87 | -0.38 | 0.44 |
| Net Debt / FCF Ratio | 0.66 | 0.70 | 0.18 | -1.05 | -0.43 | 0.42 |
| Asset Turnover | 0.66 | 0.28 | 0.22 | 0.20 | 0.17 | 0.18 |
| Inventory Turnover | 1.66 | 1.07 | 0.94 | 0.86 | 0.81 | 0.76 |
| Quick Ratio | 2.36 | 3.35 | 4.99 | 3.64 | 6.19 | 5.48 |
| Current Ratio | 2.86 | 3.83 | 5.45 | 4.12 | 6.69 | 6.19 |
| Return on Equity (ROE) | -72.45% | -249.28% | -193.22% | -126.66% | ||
| Return on Assets (ROA) | -17.25% | -28.99% | -29.30% | -28.50% | -20.61% | -22.50% |
| Return on Capital Employed (ROCE) | -38.90% | -55.40% | -45.50% | -61.70% | -32.60% | -33.10% |
| Earnings Yield | -2.52% | -3.44% | -7.40% | -16.91% | -17.79% | -13.48% |
| FCF Yield | -2.54% | -2.61% | -5.71% | -12.39% | -15.16% | -11.49% |
| Buyback Yield / Dilution | -13.66% | -21.32% | -16.81% | -14.14% | -9.74% | -14.86% |