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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $606M | $-1.2B | $-1.3B | $-968M | -172.8% | 66.7% | 39.7% |
| 2024 | $364M | $-819M | $-914M | $-706M | -320.2% | 19.2% | 21.9% |
| 2023 | $305M | $-660M | $-750M | $-550M | 225.8% | 24.4% | 55.7% |
| 2022 | $245M | $-447M | $-482M | $-410M | -547.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 245.36 | 305.21 | 363.71 | 606.42 |
| Operating Revenue | - | 245.36 | 305.21 | 363.71 | 606.42 |
| Cost Of Revenue | - | 55.13 | 65.57 | 85.74 | 122.94 |
| Gross Profit | - | 190.23 | 239.64 | 277.96 | 483.48 |
| Operating Expense | - | 668.36 | 920.56 | 1,064.54 | 1,478.26 |
| Research And Development | - | 397.52 | 571.01 | 598.37 | 771.09 |
| Selling General And Administration | - | 265.78 | 344.50 | 461.12 | 701.17 |
| Total Expenses | - | 723.48 | 986.14 | 1,150.28 | 1,601.20 |
| Operating Income | - | -478.12 | -680.93 | -786.57 | -994.78 |
| Total Operating Income As Reported | - | -457.32 | -709.63 | -878.25 | -1,246.77 |
| EBITDA | - | -447.36 | -660.18 | -818.79 | -1,177.72 |
| Normalized EBITDA | - | -477.72 | -673.93 | -780.18 | -986.38 |
| EBIT | - | -457.70 | -670.76 | -829.81 | -1,194.17 |
| Interest Income | - | - | 1.88 | 2.23 | 0 |
| Interest Expense | - | 22.46 | 76.26 | 80.26 | 77.58 |
| Net Interest Income | - | -26.45 | -81.69 | -84.91 | -83.80 |
| Other Non Operating Income Expenses | - | -5.94 | 1.86 | 0.03 | -1.84 |
| Other Income Expense | - | 24.42 | 15.61 | -38.58 | -193.18 |
| Interest Income Non Operating | - | - | 1.88 | 2.23 | 0 |
| Interest Expense Non Operating | - | 22.46 | 76.26 | 80.26 | 77.58 |
| Net Non Operating Interest Income Expense | - | -26.45 | -81.69 | -84.91 | -83.80 |
| Pretax Income | - | -480.15 | -747.01 | -910.06 | -1,271.75 |
| Tax Provision | - | 1.38 | 2.56 | 3.71 | 5.03 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 2.89 | -8.11 | -40.18 |
| Net Income Continuous Operations | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Net Income From Continuing And Discontinued Operation | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Net Income From Continuing Operation Net Minority Interest | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Net Income | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Net Income Common Stockholders | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Net Income Including Noncontrolling Interests | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Normalized Income | - | -511.89 | -760.43 | -883.27 | -1,125.62 |
| Diluted NI Availto Com Stockholders | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Basic Average Shares | - | 123.04 | 140.43 | 164.04 | 199.01 |
| Diluted Average Shares | - | 123.04 | 140.43 | 164.04 | 199.01 |
| Reconciled Depreciation | - | 10.33 | 10.58 | 11.01 | 16.45 |
| Reconciled Cost Of Revenue | - | 49.85 | 60.05 | 79.78 | 112.49 |
| Total Unusual Items | - | 30.36 | 13.76 | -38.61 | -191.34 |
| Total Unusual Items Excluding Goodwill | - | 30.36 | 13.76 | -38.61 | -191.34 |
| Special Income Charges | - | 20.80 | -28.70 | -91.68 | -251.99 |
| Other Special Charges | 17.69 | - | - | - | - |
| Restructuring And Mergern Acquisition | - | -20.80 | 28.70 | 91.68 | 251.99 |
| Gain On Sale Of Security | - | 9.56 | 42.45 | 53.07 | 60.66 |
| Depreciation Amortization Depletion Income Statement | - | 5.05 | 5.05 | 5.05 | 6 |
| Depreciation And Amortization In Income Statement | - | 5.05 | 5.05 | 5.05 | 6 |
| General And Administrative Expense | - | 265.78 | 344.50 | 461.12 | 701.17 |
| Other Gand A | - | 141.77 | 187.68 | 243.46 | 370 |
| Salaries And Wages | - | 124.02 | 156.82 | 217.66 | 331.16 |
| Total Other Finance Cost | - | 3.99 | 7.32 | 6.88 | 6.22 |
| Amortization | - | 5.05 | 5.05 | 5.05 | 6 |
| Amortization Of Intangibles Income Statement | - | 5.05 | 5.05 | 5.05 | 6 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Insmed Incorporatedthis co. | INSM | $22.7B | -17.81 | 30.77 | -172.8% | - |
| Mettler-Toledo International Inc. | MTD | $23.9B | 27.44 | - | -3676.8% | 20.87 |
| West Pharmaceutical Services, Inc. | WST | $22.4B | 45.41 | 7.06 | 15.5% | 28.40 |
| Quest Diagnostics Incorporated | DGX | $21.7B | 21.88 | 3.03 | 13.8% | 12.88 |
| Labcorp Holdings Inc. | LH | $21.4B |
| - |
| - |
| - |
| - |
| - |
| - |
| 24.41 |
| 2.48 |
| 10.2% |
| 13.61 |
| STERIS plc | STE | $20.7B | 26.48 | 2.88 | 10.9% | 14.02 |
| Moderna, Inc. | MRNA | $20.5B | -7.25 | 2.37 | -32.6% | -7.54 |
| Incyte Corporation | INCY | $20.2B | 15.72 | 3.91 | 24.9% | 9.75 |
| Viatris Inc. | VTRS | $18.5B | - | 1.26 | -23.9% | - |
| Peer Median | - | 24.41 | 2.88 | 10.5% | 13.61 | |