01—Abstract
Summary
Summary of the 10-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Insmed Incorporated's 10-K for fiscal year 2025 reports product revenues, net of $606.4 milliona, up from $363.7 million in 2024, an increase of $242.7 million or 66.7%.
The growth reflects $172.7 millionb of US BRINSUPRI sales following FDA approval in August 2025, plus ARIKAYCE revenue of $433.8 million, which grew 19.3%, with international sales up 40.9%. The company remains loss-making: its 2025 net loss was $1,276.8 million (2024: $913.8 million), and its accumulated deficit reached $5.6 billion. Operating expenses rose sharply, with R&D at $771.1 million and SG&A at $701.2 million, both driven by BRINSUPRI commercialization and pipeline spending.
Net cash used in operating activities was $935.0 millionc. Liquidity is supported by cash and cash equivalents of $510.4 million and marketable securities of $919.6 million at year-end, and the company states these fund operations for at least the next 12 months. Debt consists of $500.0 million in term loans at a fixed 9.6% rate maturing in 2028 and 2029, plus a royalty financing agreement with OrbiMed.
The company also reports that its three largest customers accounted for 74%d of gross product revenue in 2025. Key pipeline catalysts include ENCORE topline data for ARIKAYCE expected by April 2026, CEDAR Phase 2b topline data for brensocatib in hidradenitis suppurativa in the second quarter of 2026, and a planned Phase 3 TPIP PAH study in the first half of 2026.
The filing shows that the BRINSUPRI launch is the main driver of revenue and expense growth. Investors will be focused on whether ARIKAYCE obtains full approval through ENCORE and how quickly BRINSUPRI sales scale against continued heavy spending.
02—Key points
Key Highlights
- Product revenues, net rose 66.7% to $606.4 million in 2025, including $172.7 million from BRINSUPRI US sales after its August 2025 FDA approval.
- ARIKAYCE revenue grew 19.3% to $433.8 million, with international sales up 40.9% to $153.5 million.
- Net loss widened to $1,276.8 million in 2025 from $913.8 million in 2024, and the accumulated deficit reached $5.6 billion.
- R&D expenses increased to $771.1 million and SG&A expenses to $701.2 million, both driven by commercialization and pipeline investment.
- Cash and cash equivalents of $510.4 million plus marketable securities of $919.6 million support operations for at least the next 12 months, per management.
- Debt includes $500.0 million of term loans at a fixed 9.6% rate, and the company has a royalty financing agreement with OrbiMed.
- Three largest customers accounted for 74% of gross product revenue in 2025, down from 85% in 2024.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 19, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $606.42M$363.71M | +66.7% |
| Cost of Revenue | $122.94M$85.74M | +43.4% |
| Gross Profit | $483.49M$277.96M | +73.9% |
| R&D Expenses | $771.09M$598.37M | +28.9% |
| SG&A Expenses | $701.17M$461.12M | +52.1% |
| Operating Expenses | $1.85B$1.24B | +49.2% |
| Operating Income | -$1.25B-$878.25M | −42.0% |
| Interest Expense | $83.80M$84.91M | −1.3% |
| Net Income | -$1.28B-$913.77M | −39.7% |
| EPS (Basic) | $-6.42$-5.57 | −15.3% |
| EPS (Diluted) | $-6.42$-5.57 | −15.3% |
| Shares Outstanding (Basic) | 199.01M164.04M | +21.3% |
| Shares Outstanding (Diluted) | 199.01M164.04M | +21.3% |
05—Questions
Frequently Asked Questions
What drove the revenue increase in 2025?
Product revenues, net increased by $242.7 million, or 66.7%, to $606.4 million. The largest contributor was $172.7 million of US BRINSUPRI sales following its August 2025 FDA approval, while ARIKAYCE sales grew 19.3% to $433.8 million.
How much cash does the company have and is it sufficient?
At December 31, 2025, the company held $510.4 million of cash and cash equivalents and $919.6 million of marketable securities. Management states that these funds will enable it to fund operations for at least the next 12 months, though it may raise additional capital.
What are the key near-term catalysts?
The company anticipates reporting topline data from the ENCORE trial for ARIKAYCE by April 2026, topline data from the Phase 2b CEDAR study of brensocatib in hidradenitis suppurativa in the second quarter of 2026, and plans to initiate a Phase 3 study of TPIP in PAH in the first half of 2026.
What is the company's debt position?
The company carries $500.0 million of principal in Term Loans bearing a fixed 9.6% interest rate, with maturities extending to September 30, 2029 and acceleration to February 1, 2028 on certain events. It also has a royalty financing agreement with OrbiMed, which pays royalties on ARIKAYCE and brensocatib net sales.
How concentrated is the customer base?
Three largest customers accounted for 74% of total gross product revenue for 2025, compared with 85% for 2024. The company notes that losing any of these customers could adversely affect results.
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