INSM · Insmed Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $305.96M | - | $142.34M | $107.42M | $92.82M | - | $93.42M | $90.34M | $75.50M | - |
| Cost of Revenue | $47.42M | - | $29.36M | $28.07M | $21.28M | - | $21.17M | $20.96M | $17.46M | - |
| Gross Profit | $258.54M | - | $112.98M | $79.34M | $71.55M | - | $72.25M | $69.38M | $58.04M | - |
| R&D | $209.49M | - | $186.41M | $177.19M | $152.58M | - | $150.81M | $146.75M | $121.08M | - |
| SG&A | $247.26M | - | $118.93M | $106.57M | $93.10M | - | $118.93M | $106.57M | $93.10M | - |
| Total Operating Expenses | $459.28M | - | $508.35M | $420.29M | $340.96M | - | $306.85M | $379.24M | $221.00M | - |
| D&A | $2.93M | - | - | - | $1.88M | - | - | - | $1.59M | - |
| Operating Income | ($153.32M) | - | ($366.00M) | ($312.88M) | ($248.14M) | - | ($213.43M) | ($288.90M) | ($145.50M) | - |
| Interest Expense | $20.08M | - | $20.38M | $21.25M | $21.57M | - | $21.05M | $21.27M | $21.04M | - |
| Income Tax | $1.47M | - | $1.32M | $1.24M | $912.0K | - | $1.01M | $838.0K | $589.0K | - |
| Net Income | ($163.56M) | - | ($370.02M) | ($321.69M) | ($256.58M) | - | ($220.52M) | ($300.61M) | ($157.09M) | - |
| EPS - Basic | ($0.76) | - | ($1.75) | ($1.70) | ($1.42) | - | ($1.27) | ($1.94) | ($1.06) | - |
| EPS - Diluted | ($0.76) | - | ($1.75) | ($1.70) | ($1.42) | - | ($1.27) | ($1.94) | ($1.06) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $582.19M | $510.44M | $334.76M | $1.28B | $403.25M | $555.03M | $461.45M | $1.25B | $595.73M | $482.37M |
| Accounts Receivable | $178.56M | $140.86M | $65.26M | $55.03M | $47.75M | $52.01M | $42.32M | $40.30M | $37.16M | $41.19M |
| Inventory | $132.91M | $132.07M | $120.97M | $107.61M | $100.71M | $98.58M | $98.47M | $90.06M | $82.96M | $83.25M |
| Accounts Payable | $73.38M | $79.91M | $79.59M | $74.05M | $57.68M | $73.03M | $64.95M | $51.36M | $44.02M | $65.39M |
| Current Assets | $1.61B | $1.79B | $1.93B | $2.08B | $1.40B | $1.62B | $1.65B | $1.42B | $758.72M | $929.06M |
| Total Assets | $2.08B | $2.26B | $2.36B | $2.48B | $1.80B | $2.03B | $2.05B | $1.81B | $1.16B | $1.33B |
| Current Liabilities | $361.01M | $468.87M | $417.21M | $311.68M | $239.23M | $297.53M | $259.19M | $524.15M | $420.86M | $225.63M |
| Long-term Debt | $542.22M | $540.96M | $539.72M | $538.51M | $1.11B | $1.10B | $954.83M | $946.83M | $939.08M | $1.16B |
| Total Liabilities | $1.37B | $1.53B | $1.42B | $1.23B | $1.70B | $1.74B | $1.57B | $1.77B | $1.62B | $1.66B |
| Stockholders' Equity | $704.85M | $738.98M | $945.57M | $1.25B | $99.16M | $285.38M | $483.42M | $38.82M | ($464.81M) | ($331.92M) |
| Retained Earnings | ($5.80B) | ($5.64B) | ($5.31B) | ($4.94B) | ($4.62B) | ($4.36B) | ($4.12B) | ($3.90B) | ($3.60B) | ($3.45B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($222.74M) | - | - | - | ($262.09M) | - | - | - | ($184.03M) | - |
| Investing Cash Flow | $265.52M | - | - | - | $80.41M | - | - | - | $295.32M | - |
| Financing Cash Flow | $29.51M | - | - | - | $29.00M | - | - | - | $3.02M | - |
| CapEx | $3.48M | - | - | - | $10.07M | - | - | - | $4.68M | - |
| Free Cash Flow | ($226.22M) | - | - | - | ($272.16M) | - | - | - | ($188.71M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 84.5% | - | 79.4% | 73.9% | 77.1% | - | 77.3% | 76.8% | 76.9% | - |
| Operating margin | -50.1% | - | -257.1% | -291.3% | -267.3% | - | -228.4% | -319.8% | -192.7% | - |
| EBITDA margin | -49.2% | - | - | - | -265.3% | - | - | - | -190.6% | - |
| Net margin | -53.5% | - | -260.0% | -299.5% | -276.4% | - | -236.0% | -332.8% | -208.1% | - |
| Free cash flow margin | -73.9% | - | - | - | -293.2% | - | - | - | -250.0% | - |
| FCF / Net income | 1.38 | - | - | - | 1.06 | - | - | - | 1.20 | - |
| R&D / Revenue | 68.5% | - | 131.0% | 165.0% | 164.4% | - | 161.4% | 162.4% | 160.4% | - |
| SG&A / Revenue | 80.8% | - | 83.6% | 99.2% | 100.3% | - | 127.3% | 118.0% | 123.3% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -7.9% | - | -15.7% | -13.0% | -14.2% | - | -10.7% | -16.6% | -13.6% | - |
| Return on equity | -23.2% | - | -39.1% | -25.7% | -258.8% | - | -45.6% | -774.4% | 33.8% | - |
| Return on invested capital | -9.7% | - | -19.5% | -13.8% | -16.3% | - | -11.7% | -23.2% | -24.2% | - |
| Liquidity | ||||||||||
| Current ratio | 4.47 | 3.83 | 4.63 | 6.68 | 5.86 | 5.45 | 6.37 | 2.71 | 1.80 | 4.12 |
| Quick ratio | 4.10 | 3.54 | 4.34 | 6.33 | 5.44 | 5.12 | 5.99 | 2.53 | 1.61 | 3.75 |
| Cash ratio | 1.61 | 1.09 | 0.80 | 4.12 | 1.69 | 1.87 | 1.78 | 2.38 | 1.42 | 2.14 |
| Leverage | ||||||||||
| Debt / Equity | 0.77 | 0.73 | 0.57 | 0.43 | 11.14 | 3.87 | 1.98 | 24.39 | -2.02 | -3.48 |
| Debt / Assets | 0.26 | 0.24 | 0.23 | 0.22 | 0.61 | 0.54 | 0.47 | 0.52 | 0.81 | 0.87 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -7.6x | - | -18.0x | -14.7x | -11.5x | - | -10.1x | -13.6x | -6.9x | - |
| Equity multiplier | 2.95 | 3.06 | 2.50 | 1.98 | 18.18 | 7.10 | 4.25 | 46.63 | -2.49 | -4.01 |
| Liabilities / Assets | 0.66 | 0.67 | 0.60 | 0.50 | 0.94 | 0.86 | 0.76 | 0.98 | 1.40 | 1.25 |
| Efficiency | ||||||||||
| Asset turnover | 0.15 | - | 0.06 | 0.04 | 0.05 | - | 0.05 | 0.05 | 0.07 | - |
| Inventory turnover | 0.36 | - | 0.24 | 0.26 | 0.21 | - | 0.21 | 0.23 | 0.21 | - |
| Days sales outstanding | 213d | - | 167d | 187d | 188d | - | 165d | 163d | 180d | - |
| Days inventory outstanding | 1023d | - | 1504d | 1399d | 1728d | - | 1698d | 1568d | 1735d | - |
| Days payable outstanding | 565d | - | 989d | 963d | 989d | - | 1120d | 894d | 920d | - |
| Cash conversion cycle | 671d | - | 682d | 623d | 926d | - | 743d | 837d | 994d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 50.0x | - | 32.3x | 15.2x | 139.1x | - | 26.2x | 267.0x | - | - |
| P / S | 115.2x | - | 214.2x | 177.4x | 148.6x | - | 135.7x | 114.7x | 53.3x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 229.6% | - | 52.4% | 18.9% | 22.9% | - | 18.2% | 17.0% | 15.8% | - |
| Revenue CAGR (3y) | 67.4% | - | 28.1% | 18.1% | 20.5% | - | 26.0% | 25.8% | 23.4% | - |
| Revenue CAGR (5y) | 50.1% | - | 26.7% | 20.4% | 20.3% | - | 19.2% | 24.7% | 28.1% | - |
| Gross profit growth (YoY) | 261.4% | - | 56.4% | 14.4% | 23.3% | - | 15.9% | 14.4% | 13.0% | - |
| Operating income growth (YoY) | 38.2% | - | -71.5% | -8.3% | -70.5% | - | -44.5% | -22.7% | 1.8% | - |
| Net income growth (YoY) | 36.3% | - | -67.8% | -7.0% | -63.3% | - | -38.8% | -22.8% | 1.7% | - |
| EPS growth (YoY) | 46.5% | - | -37.8% | 12.4% | -34.0% | - | -14.4% | -9.0% | 9.4% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 16.9% | - | - | - | -44.2% | - | - | - | -26.1% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 610.8% | 158.9% | 95.6% | 3119.5% | - | - | - | - | -940.9% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$606.42M totalReportable Segment$606.42M · 100.0%
Product / service
$452.95M totalARIKAYCE$280.29M · 61.9%
BRINSUPRI$172.66M · 38.1%
Geographic
$606.42M totalUS$452.95M · 74.7%
Non Us$153.47M · 25.3%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing INSMED Inc against the 5 most active filers in the same SIC group.