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InsmedINSM

Legal name
Insmed Inc.
Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
Nasdaq

Stock Price $INSM

Latest filings

You are here#48 of 52 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q338-K134

INSM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 134 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’16Oct ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Leadership change8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  16. $606.4M
YoY changeLargest recent move+30.2%in FY22Latest +66.7%

1 older move runs past ±150% (largest +1287.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All INSM Financial Metrics58 metrics

Income Statement16

Balance Sheet25

Cash Flow13

Per Share4

02—Overview

Insmed Financial Overview 2021–2025

Updated Nov 4, 2026

Insmed lost $1,276.8 milliona in FY2025, yet the market valued it at $37.3 billion when the year closed. That gap is the story: investors paid for a launch, not for earnings. The thesis is simple. BRINSUPRI turned a single-product, cash-burning company into a fast-scaling commercial business, and the losses now hinge on how quickly that revenue outruns spending.

Revenue grew from $188.5 million in FY2021 to $606.4 millionb in FY2025, while the net loss widened from $434.7 million to $1,276.8 million over the same span. FY2025 revenue jumped 66.7%, including $172.7 million from BRINSUPRI in just over four months after its August approval. ARIKAYCE added $433.8 million, up 19.3%. Spending kept pace: R&D reached $771.1 million and SG&A $701.2 million. Operating cash burn was $935.0 million.

The market priced that bet aggressively. The stock closed at $174.04c on the last trading days of FY2025, with EPS of -$6.42, so no meaningful P/E exists. Liquidity held at $510.4 million in cash plus $919.6 million in marketable securities, against $500.0 million of term loans at 9.6%. Momentum carried into Q3 2026, when revenue hit $524.4 million and the quarterly loss narrowed to $100.3 million.

Recent Developments (Q2 and Q3 2026)

BRINSUPRI drove a steep step-up in sales. Quarterly revenue rose from $306.0 million in Q1 2026 to $425.5 milliond in Q2 2026, a 296% year-over-year gain. BRINSUPRI revenue then grew 29% sequentially to $400.1 million in Q3 2026. Management raised 2026 BRINSUPRI guidance twice, to $1.35 billion–$1.4 billion, and lifted ARIKAYCE guidance to $460 million–$470 million. Japan approved BRINSUPRI in August 2026. CFO Sara Bonstein leaves October 30, 2026, with the CEO acting as interim financial officer.

The bull case: sales are compounding, and management expects cash flow positivity in 2027 without new capital. The bear case: Q3 2026 R&D rose 45% to $270.0 millione, and the Q2 2026 loss was helped by a $99.8 million fair-value gain. Valuation is hard to anchor. Annual EPS of -$6.42 gives no meaningful P/E at $111.59 as of October 28, 2026, not today.

What to watch: FDA action on the ARIKAYCE sNDA by January 28, 2027; naming of a permanent CFO

03—Filings

Recent SEC Filings

  1. 8-KInsmed 8-K Report, Financial Results (Oct 29, 2026)Insmed Incorporated reported third-quarter 2026 financial results on October 29, 2026, with total company revenues of $524.4 million, up from $142.3 million in the third quarter of 2025. BRINSUPRI generated $400.1 million in revenue, which the company describes as 29% growth over the second quarter of 2026, driven by strong growth in the U.S. market. ARIKAYCE revenues were $124.4 million, reflecting 9% growth over the third quarter of 2025, primarily driven by international markets. The net loss narrowed to $100.3 million, or $0.46 per share, compared with a net loss of $370.0 million, or $1.75 per share, in the prior-year quarter. The company raised the low end of its full-year 2026 revenue guidance. BRINSUPRI guidance is now $1.35 billion to $1.4 billion, up from $1.25 billion to $1.4 billion, and ARIKAYCE guidance is $460 million to $470 million, up from $450 million to $470 million. Operating expenses rose year over year, with research and development expenses of $270.0 million and SG&A expenses of $253.0 million, reflecting BRINSUPRI commercialization and TPIP clinical development. As of September 30, 2026, cash, cash equivalents, and marketable securities totaled approximately $1.1 billion. Management stated it continues to believe cash flow positivity in 2027 can be achieved without additional capital, while expecting increased investment in clinical programs and Japan commercial infrastructure in the fourth quarter of 2026. Other developments include the FDA's acceptance of the ARIKAYCE sNDA for MAC lung disease with Priority Review and a PDUFA target action date of January 28, 2027, and the launch of BRINSUPRI Tablets 25 mg in Japan following MHLW approval in August 2026. The company also enrolled more than 35% of patients in the Phase 3 PALM-ILD study of TPIP.
  2. 8-KInsmed 8-K Report, Executive Changes (Oct 20, 2026)On October 16, 2026, Insmed Incorporated's Board of Directors appointed Paul Hudson and Utpal Koppikar as directors, effective October 19, 2026. Mr. Hudson, a Class II director, was named to the Compensation Committee, and Mr. Koppikar, a Class I director, was named to the Audit Committee. Both are subject to election at the 2027 Annual Meeting of Shareholders. The filing states that Mr. Hudson most recently served as CEO of Sanofi S.A. from September 2019 through February 2026 and previously as CEO of Novartis Pharmaceuticals from 2016 to 2019. Mr. Koppikar has served as CFO of Verily Health Inc. since April 2023 and previously as EVP and CFO of Atara Biotherapeutics from 2018 to 2023. Under the director compensation arrangements described in the filing, each new director receives an annual cash retainer of $65,000, prorated for 2026, and an RSU grant with a grant date fair value of approximately $585,000 that vests in equal parts over three years. Mr. Hudson receives an additional $12,500 annual retainer for Compensation Committee service, and Mr. Koppikar receives an additional $12,500 for Audit Committee service, both prorated. The company states that neither director was selected under any arrangement and that neither has a material interest in a related-person transaction under Item 404(a). The company also furnished a press release dated October 20, 2026 under Item 7.01 (Exhibit 99.1) announcing the appointments. In it, Will Lewis, Chair and CEO, said the new directors strengthen the Board's commercial, strategic, and financial capabilities. The filing does not report financial results or guidance.
  3. 8-KInsmed 8-K Report, Executive Changes (Oct 5, 2026)Insmed Incorporated (Nasdaq: INSM) disclosed in an 8-K filed October 5, 2026 that Chief Financial Officer Sara Bonstein will step down effective October 30, 2026, after nearly seven years in the role. The filing states that the separation is not related to any disagreement with the Company on accounting practices, financial statements, internal controls, or operations. Ms. Bonstein will remain CFO through the reporting of third-quarter 2026 results and will participate in the earnings call on Thursday, October 29, 2026. The Company has commenced a search for a successor and has engaged a leading executive search firm. Ms. Bonstein will receive the benefits set forth in Section 6.e of her Amended and Restated Employment Agreement dated April 1, 2022. In the same press release, Insmed reaffirmed its full-year 2026 revenue guidance of $1.25 billion to $1.40 billion for BRINSUPRI (brensocatib) and $450 million to $470 million for ARIKAYCE (amikacin liposome inhalation suspension). Chair and CEO Will Lewis stated that the Company is well positioned to reach cash flow positivity next year and cited the company's raising of more than $4.2 billion in capital during Ms. Bonstein's tenure. Third-quarter 2026 financial results are scheduled for release on October 29, 2026, with a conference call beginning at 8:00 a.m. ET that day. For investors, the key items are the CFO transition timing, the continuity of the Q3 reporting process with the outgoing CFO still in place, and the reaffirmed 2026 product revenue guidance. The filing does not name a successor, and the press release is furnished under Item 7.01 rather than filed.
  4. 8-KInsmed 8-K Report, Financial Results (Aug 6, 2026)Insmed Incorporated reported second-quarter 2026 results on August 6, 2026, with total company revenues of $425.5 million, up from $107.4 million in the second quarter of 2025. BRINSUPRI generated $309.2 million in revenue in the quarter, with U.S. sales of $308.6 million, and the company states this reflects 49% growth over the first quarter of 2026. ARIKAYCE revenues were $116.3 million, up 8% from the prior-year quarter, driven primarily by international markets, which grew 19%. The company reported a net loss of $13.2 million, or $0.06 per share, compared with a net loss of $321.7 million, or $1.70 per share, in the second quarter of 2025. Operating loss narrowed to $1.5 million from $312.9 million, aided by a $99.8 million change in fair value of contingent consideration liabilities. Operating expenses rose, with SG&A at $247.5 million and R&D at $210.0 million, reflecting BRINSUPRI commercial investment and clinical development for TPIP. Cash, cash equivalents and marketable securities totaled approximately $1.2 billion as of June 30, 2026. Insmed raised its full-year 2026 BRINSUPRI revenue guidance to $1.25 billion to $1.40 billion from at least $1 billion, reiterated ARIKAYCE guidance of $450 million to $470 million, and raised its peak revenue estimate for its three lead programs to more than $14 billion. The company continues to expect cash flow positivity in 2027 without raising additional capital.
  5. 8-KInsmed 8-K Report, Regulation FD Disclosure (Jul 16, 2026)Insmed Incorporated (Nasdaq: INSM) reported 12-month safety and efficacy data from its ongoing open-label extension (OLE) study of treprostinil palmitil inhalation powder (TPIP), a once-daily inhaled investigational therapy in pulmonary arterial hypertension (PAH), in a press release and accompanying slide presentation filed under Item 7.01 on July 16, 2026. The study enrolled 91 patients, 60 in the TPIP Continued group and 31 in the Placebo Crossed group, and the company says both groups showed sustained or similar improvements at Month 12 in six-minute walk distance (6MWD), NT-proBNP, WHO Functional Class and REVEAL Lite 2.0 score. Mean 6MWD improvement from baseline was +55.7 meters for the TPIP Continued group and +54.1 meters for the Placebo Crossed group, and NT-proBNP was reduced by approximately 60% in both groups. On safety, the company reported that TPIP was generally well tolerated with no newly identified safety signals through Month 12 at doses up to 1,280 µg once daily. Treatment-emergent adverse events occurred in 89.0% of patients, serious TEAEs in 18.7%, and severe TEAEs in 16.5%, and TEAEs led to discontinuation in 7.7%. Four deaths occurred, none considered related to TPIP. The filing notes the study is single-arm and open-label for the TPIP Continued group, and that the efficacy endpoints are secondary and exploratory. The company stated that these data support continued development of TPIP and the recently initiated Phase 3 PALM-PAH trial, a randomized, double-blind, placebo-controlled study with 6MWD as its primary endpoint. Insmed plans to publish the 12-month OLE results in the future. The filing also states that TPIP is investigational and has not been approved for any indication in any jurisdiction.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.