INSMED Inc INSM
We are a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. Our commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. To complement our internal research and development, we also actively evaluate in-licensing and acquisition opportunities for commercial products, product candidates and technologies.
Our two commercial products, ARIKAYCE® and BRINSUPRI®, are both part of the Respiratory therapeutic area. ARIKAYCE is approved in the US as ARIKAYCE (amikacin liposome inhalation suspension), in Europe as ARIKAYCE Liposomal 590 mg Nebuliser Dispersion and in Japan as ARIKAYCE inhalation 590mg (amikacin sulfate inhalation drug product). ARIKAYCE received accelerated approval in the US in September 2018 for the treatment of MAC lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options in a refractory setting. In October 2020, the European Commission (EC) approved ARIKAYCE Liposomal for the treatment of nontuberculous mycobacterial (NTM) lung infections caused by MAC in adults with limited treatment options who do not have cystic fibrosis (CF). In March 2021, Japan's Ministry of Health, Labour and Welfare (MHLW) approved ARIKAYCE for the treatment of patients with NTM lung disease caused by MAC who did not sufficiently respond to prior treatment with a multidrug regimen. NTM lung disease caused by MAC (which we refer to as MAC lung disease) is a rare and often chronic infection that can cause irreversible lung damage and can be fatal.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $606.4M | $363.7M | $305.2M | $245.4M | $188.5M | $164.4M | $136.5M | $9.8M | $0 | $0 |
| Cost of revenue | $122.9M | $85.7M | $65.6M | $55.1M | $44.2M | $39.9M | $24.2M | $2.4M | $0 | $0 |
| Gross profit | $483.5M | $278.0M | $239.6M | $190.2M | $144.3M | $124.5M | $112.3M | $7.4M | $0 | $0 |
| R&D | $771.1M | $598.4M | $571.0M | $397.5M | $272.7M | $181.2M | $131.7M | $145.3M | $109.7M | $122.7M |
| SG&A | $701.2M | $461.1M | $344.5M | $265.8M | $234.3M | $203.6M | $210.8M | $168.2M | $79.2M | $50.7M |
| Total operating expenses | $1.85B | $1.24B | $1.01B | $702.7M | $563.6M | $429.6M | $371.7M | $317.2M | $188.9M | $173.4M |
| Operating income | -$1.25B | -$878.3M | -$709.6M | -$457.3M | -$375.1M | -$265.2M | -$235.2M | -$307.3M | -$188.9M | -$173.4M |
| Interest expense | $83.8M | $84.9M | $81.7M | $26.4M | $40.5M | $29.6M | $27.7M | $25.5M | $5.9M | $3.5M |
| Pre-tax income | -$1.27B | -$910.1M | -$747.0M | -$480.2M | -$436.4M | -$292.7M | -$253.6M | -$324.1M | -$192.9M | -$176.2M |
| Income tax | $5.0M | $3.7M | $2.6M | $1.4M | $1.8M | $1.4M | $777.0K | $201.0K | $272.0K | $98.0K |
| Net income | -$1.28B | -$913.8M | -$749.6M | -$481.5M | -$434.7M | -$294.1M | -$254.3M | -$324.3M | -$192.6M | -$176.3M |
| EPS, basic | -6.42 | -5.57 | -5.34 | -3.91 | -3.88 | -3.01 | -3.01 | — | — | — |
| EPS, diluted | -6.42 | -5.57 | -5.34 | -3.91 | -3.88 | -3.01 | -3.01 | -4.22 | -2.89 | -2.85 |
| Shares, diluted (wtd. avg.) | 199.0M | 164.0M | 140.4M | 123.0M | 112.1M | 97.6M | 84.6M | 76.9M | 66.6M | 61.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $510.4M | $555.0M | $482.4M | $1.07B | $716.8M | $532.8M | $487.4M | $495.1M | $381.2M | $162.6M |
| Short-term investments | $919.6M | $878.8M | $298.1M | $74.2M | $0 | — | — | — | — | — |
| Receivables | $140.9M | $52.0M | $41.2M | $29.7M | $24.4M | $16.6M | $19.2M | $5.5M | $0 | — |
| Inventory | $132.1M | $98.6M | $83.2M | $69.9M | $67.0M | $49.6M | $28.3M | $7.0M | $0 | — |
| Total current assets | $1.79B | $1.62B | $929.1M | $1.27B | $837.0M | $622.9M | $555.2M | $518.9M | $389.4M | $168.4M |
| Property, plant and equipment | $102.9M | $80.1M | $65.4M | $56.5M | $53.0M | $54.0M | $60.2M | $22.6M | $12.4M | $10.0M |
| Goodwill | $136.1M | $136.1M | $136.1M | $136.1M | $136.1M | $0 | — | — | — | — |
| Other intangibles | $97.7M | $58.7M | $63.7M | $68.8M | $73.8M | $49.3M | $53.7M | $58.7M | $58.2M | — |
| Total assets | $2.26B | $2.03B | $1.33B | $1.66B | $1.24B | $796.2M | $742.3M | $604.6M | $462.0M | $238.0M |
| Accounts payable | $79.9M | $73.0M | $65.4M | $50.5M | $35.8M | $42.9M | $13.2M | $17.7M | $14.7M | $10.4M |
| Short-term debt | — | — | — | — | — | — | — | — | $0 | — |
| Total current liabilities | $468.9M | $297.5M | $225.6M | $190.2M | $135.2M | $118.8M | $85.2M | $79.7M | $44.7M | $28.0M |
| Long-term debt | $541.0M | $1.10B | $1.16B | $1.13B | $566.6M | $356.3M | $335.9M | $316.6M | $55.6M | $54.8M |
| Total liabilities | $1.53B | $1.74B | $1.66B | $1.57B | $833.0M | $520.3M | $480.6M | $396.3M | $101.0M | $83.5M |
| Retained earnings | -$5.64B | -$4.36B | -$3.45B | -$2.70B | -$2.27B | -$1.83B | -$1.54B | -$1.28B | -$957.9M | -$765.2M |
| Total equity | $739.0M | $285.4M | -$331.9M | $88.0M | $410.5M | $275.9M | $261.7M | $208.3M | $361.1M | $154.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$935.0M | -$683.9M | -$536.2M | -$400.4M | -$363.3M | -$219.3M | -$250.6M | -$258.0M | -$159.6M | -$146.7M |
| Depreciation and amortisation | $10.4M | $6.0M | $5.5M | $5.3M | $9.1M | $9.1M | $5.2M | $3.6M | $2.9M | $2.4M |
| Stock-based compensation | $152.7M | $96.8M | $74.8M | $57.7M | $46.0M | $36.2M | $27.0M | $26.2M | $18.1M | $18.0M |
| Capital expenditure | $32.6M | $21.9M | $13.3M | $9.9M | $7.3M | $6.2M | $42.3M | $13.1M | $3.0M | $4.2M |
| Investing cash flow | -$64.6M | -$583.2M | -$223.6M | -$34.6M | -$64.3M | -$6.8M | -$42.3M | -$14.8M | -$3.0M | -$4.2M |
| Financing cash flow | $954.1M | $1.34B | $168.4M | $793.3M | $612.5M | $271.0M | $285.3M | $386.7M | $381.1M | $30.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104506-26-000009.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $9.8M | $136.5M | $164.4M | $188.5M | $245.4M | $305.2M | $363.7M | $606.4M |
| Gross profit | $0 | $0 | $7.4M | $112.3M | $124.5M | $144.3M | $190.2M | $239.6M | $278.0M | $483.5M |
| Net income | -$176.3M | -$192.6M | -$324.3M | -$254.3M | -$294.1M | -$434.7M | -$481.5M | -$749.6M | -$913.8M | -$1.28B |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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