Insmed Incorporated INSM

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 109.31 USD on Nov 2, 2026, −37.2% year to date

Quant rating

Quant rating B Rank 163 of 565 in Health Care

Growth A 29 of 565
Valuation C 259 of 565
Quality C 250 of 565
Revisions B 181 of 565
Momentum C 299 of 565

Wall Street consensus Buy (1.80)Average target 194.29 USD +77.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 24.0B
Enterprise value: 23.6B
52-week range: 90.41 – 212.59
3-year range: 22.00 – 212.59
Dividend yield: –
Beta (5 years): 0.81
Shares outstanding: 219M
Next earnings: Feb 17, 2027

About the company

Insmed Incorporated is a global biopharmaceutical company. It is advancing a diverse range of approved and mid- to late-stage investigational medicines and drug discovery. Its advanced programs are in pulmonary and inflammatory conditions, including a therapy approved in the United States, Europe, and Japan to treat a chronic, debilitating lung disease. Its pre-clinical research programs encompass a range of technologies and modalities, including gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue. Its first commercial product, ARIKAYCE (amikacin liposome inhalation suspension), is used for the treatment of Mycobacterium avium complex lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options. Its pipeline includes clinical-stage programs, brensocatib, TPIP, and INS1201 and pre-clinical research programs. Its INS1148 is an investigational monoclonal antibody.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	606	364	305	245	188	–
Revenue growth	66.7%	19.2%	24.4%	30.2%	14.6%	29.8%
EPS (basic, normalized)	−6.42	−5.57	−5.34	−3.91	−3.88	–
EPS growth	–	–	–	–	–	–
Gross margin	79.7%	76.4%	78.5%	77.5%	76.6%	77.8%
Net margin	−210.5%	−251.2%	−245.6%	−196.3%	−230.6%	−226.9%
ROE	−249.3%	–	–	−193.2%	−126.7%	−189.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,147
Current ratio	2.86x
Long-term debt (mil)	709
Net debt (mil)	−424
Total equity (mil)	726
Net debt / equity	−0.58x
Net debt / EBITDA	0.34x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	606	+66.7%	38.8x	−1,230	−47.7%	−19.1x	−6.42	−15.3%	−17.0x
2026	1,826	+201.1%	12.9x	−377	+69.3%	−62.4x	−1.63	+74.6%	−67.1x
2027	3,010	+64.9%	7.8x	166	+144.0%	142.0x	0.96	+158.9%	113.9x
2028	3,684	+22.4%	6.4x	846	+409.7%	27.9x	3.51	+266.2%	31.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,826	+1.0%	+6.5%	+7.6%	−1.63	−0.5%	+34.8%	+37.3%
2027	3,010	+4.2%	+7.3%	+6.0%	0.96	+20.3%	+85.7%	−3.2%
2028	3,684	−5.2%	−3.6%	−8.6%	3.51	+0.2%	+0.1%	−14.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	75.5	90.3	93.4	104	92.8	107	142	264	306	425
Sales mean (mil)	77.8	88.0	93.0	103	92.1	104	116	171	303	393
Surprise	−2.9%	+2.7%	+0.4%	+1.6%	+0.8%	+3.5%	+23.1%	+53.9%	+0.9%	+8.3%
EPS reported	−1.06	−1.94	−1.27	−1.32	−1.42	−1.70	−1.75	−1.54	−0.76	−0.06
EPS mean	−1.23	−1.27	−1.22	−1.16	−1.33	−1.29	−1.34	−1.29	−0.96	−0.78
Surprise	+13.9%	−53.2%	−4.4%	−13.4%	−6.6%	−31.4%	−30.7%	−19.3%	+20.8%	+92.3%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
INSM Insmed Incorporated	24.0B	0.34x	−210.5%	33.01x	−67.1x	113.9x	−62.4x	142.0x
ARGX argenx SE	55.0B	−4.75x	31.1%	6.50x	30.7x	23.7x	25.8x	18.8x
ONC BeOne Medicines AG	44.5B	−5.30x	5.4%	7.27x	45.3x	33.7x	31.6x	24.4x
EXEL Exelixis Inc	17.1B	−0.99x	33.7%	9.36x	20.5x	17.6x	14.9x	13.2x
ASND Ascendis Pharma A/S	16.5B	2.94x	−31.7%	10.26x	15.1x	23.8x	34.1x	19.2x
MDGL Madrigal Pharmaceuticals, Inc.	10.0B	1.67x	−30.1%	19.01x	−68.3x	70.9x	−53.4x	64.6x
Mean		−1.01x	−33.7%	14.24x	−4.0x	47.3x	−1.6x	47.0x
Median		−0.32x	−12.4%	9.81x	17.8x	28.7x	20.4x	21.8x

Technical analysis

1M−1.6%
3M+10.9%
1Y−42.3%
3Y+337.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Insmed Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	606	364	305	245	188	164
Cost of revenue	123	85.7	65.6	55.1	44.2	39.9
Gross profit	483	278	240	190	144	125
Selling, general & administrative expenses	701	461	345	266	234	204
Research & development	771	598	571	398	273	181
Depreciation/amortization	6.0	5.1	5.1	5.1	5.1	5.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	0	0	17.7	0
Other operating expenses	252	91.7	28.7	−20.8	7.3	0
Operating income	−1,247	−878	−710	−457	−393	−265
Net interest income (expense)	−23.1	−31.6	−39.6	−15.4	−40.3	−27.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.8	−0.2	2.2	−7.5	−3.3	0.4
Net income before taxes	−1,272	−910	−747	−480	−436	−293
Provision for taxes	5.0	3.7	2.6	1.4	−1.8	1.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−1,277	−914	−750	−482	−435	−294
Extraordinary items	–	–	–	–	–	–
Net income	−1,277	−914	−750	−482	−435	−294
EBIT, normalized	−1,247	−878	−710	−457	−375	−265
EBITDA, normalized	−1,228	−865	−696	−445	−360	−250
Basic EPS, normalized	−6.42	−5.57	−5.34	−3.91	−3.88	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Insmed Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,430	1,434	780	1,148	717	533
Receivables	141	52.0	41.2	29.7	24.4	16.6
Total inventory	132	98.6	83.2	69.9	67.0	49.6
Prepaid expenses	91.2	37.2	24.2	25.5	28.9	24.0
Other current assets	0	0	0	0	0	0
Total current assets	1,794	1,622	929	1,273	837	623
Property, plant & equipment	139	116	104	102	95.5	97.2
Goodwill	136	136	136	136	136	–
Intangibles	97.7	58.7	63.7	68.8	73.8	49.3
Long-term investments	–	–	–	0	50.0	–
Note receivable	–	–	–	–	–	–
Other long-term assets	97.4	93.2	96.6	76.1	51.0	26.8
Total assets	2,265	2,025	1,330	1,656	1,244	796
Liabilities
Accounts payable	86.4	77.2	68.7	52.6	35.8	42.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	379	217	154	136	98.8	74.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.3	3.0	2.6	1.2	0.6	1.1
Other current liabilities	0	0	0	0	0	0
Total current liabilities	469	298	226	190	135	119
Long-term debt	725	1,289	1,337	1,303	581	371
Minority interest	–	–	–	–	–	–
Other liabilities	332	154	98.8	75.3	117	30.4
Total liabilities	1,526	1,740	1,662	1,568	833	520
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.1	1.8	1.5	1.4	1.2	1.0
Additional paid-in capital	6,372	4,646	3,113	2,782	2,674	2,105
Retained earnings (accumulated deficit)	−5,637	−4,360	−3,446	−2,697	−2,265	−1,831
Treasury stock	–	–	–	–	–	–
Other equity	1.5	−2.3	−0.7	0.8	1.0	0.2
Total equity	739	285	−332	88.0	410	276
Total liabilities & shareholders' equity	2,265	2,025	1,330	1,656	1,244	796

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Insmed Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−1,277	−914	−750	−482	−435	−294
Depreciation, depletion & amortization	19.2	13.7	13.3	12.3	15.3	15.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	403	219	239	62.2	115	62.5
Changes in working capital	−80.3	−3.2	−39.2	6.6	−58.6	−3.0
Cash from operations	−935	−684	−536	−400	−363	−219
Investing activities
Capital expenditures	−32.6	−21.9	−13.3	−9.9	−7.3	−6.8
Other investing cash flows	−32.0	−561	−210	−24.7	−57.0	0
Cash from investing	−64.6	−583	−224	−34.6	−64.3	−6.8
Financing activities
Financing cash flow items	0	−3.7	−1.2	−18.4	−16.8	0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	954	1,345	170	812	629	271
Cash from financing	954	1,341	168	793	613	271
Foreign exchange effects	0.9	−1.3	−0.2	−1.0	−0.9	0.5
Net change in cash	−44.6	72.7	−592	357	184	45.3
Free cash flow	−968	−706	−550	−410	−371	−226

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.