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 |
| 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 |
| Operating Income | - | -478.12 | -680.93 | -786.57 | -994.78 |
| EBITDA | - | -447.36 | -660.18 | -818.79 | -1,177.72 |
| EBIT | - | -457.70 | -670.76 | -829.81 | -1,194.17 |
| Pretax Income | - | -480.15 | -747.01 | -910.06 | -1,271.75 |
| Tax Provision | - | 1.38 | 2.56 | 3.71 | 5.03 |
| Net Income | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Net Income Common Stockholders | - | -481.53 | -749.57 | -913.77 | -1,276.78 |
| Total Expenses | - | 723.48 | 986.14 | 1,150.28 | 1,601.20 |
| Interest Expense | - | 22.46 | 76.26 | 80.26 | 77.58 |
| Interest Income | - | - | 1.88 | 2.23 | 0 |
| Research And Development | - | 397.52 | 571.01 | 598.37 | 771.09 |
| Selling General And Administration | - | 265.78 | 344.50 | 461.12 | 701.17 |
| Normalized EBITDA | - | -477.72 | -673.93 | -780.18 | -986.38 |
| Normalized Income | - | -511.89 | -760.43 | -883.27 | -1,125.62 |
| Market Cap | 29,176.73 | 29,176.73 | 29,176.73 | 29,176.73 | 29,176.73 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Insmed Incorporatedthis co. | INSM | - | -22.85 | 39.48 | -172.8% | - |
| Incyte Corporation | INCY | $18.5B | 14.64 | 3.65 | 24.9% | 8.96 |
| Waters Corporation | WAT | $18.4B | 47.33 | 11.88 | 25.1% | 30.39 |
| Zimmer Biomet Holdings, Inc. | ZBH | $18.1B | 25.05 | 1.39 | 5.6% | 11.09 |
| Align Technology, Inc. | ALGN | $13.7B | 33.09 |
| - |
| - |
| - |
| - |
| - |
| - |
| 3.35 |
| 10.1% |
| 15.31 |
| The Cooper Companies, Inc. | COO | $12.6B | 33.53 | 1.53 | 4.6% | 14.33 |
| Solventum Corporation | SOLV | $11.9B | 7.64 | 2.35 | 30.8% | 6.29 |
| DaVita Inc. | DVA | $11.3B | 13.41 | -15.38 | -114.7% | 8.41 |
| Universal Health Services, Inc. | UHS | $11.1B | 7.15 | 1.46 | 20.5% | 5.71 |
| Peer Median | - | 19.85 | 1.94 | 15.3% | 10.03 | |