Insmed Incorporated
- Open
- 107.68
- Day high
- 109.18
- Day low
- 106.01
- Prev close
- 106.62
- Volume
- 364K
- Mkt cap
- $23.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 32.8
- P/S
- 28.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$34.7M over the last 3 months (0 open-market buys, 42 sales)
- 🏛Institutions accumulating (13F)
Insmed Incorporated (INSM) is a Healthcare company listed on NASDAQ. The stock is up 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 42 sales (SEC Form 4).
Insmed Incorporated (INSM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
INSM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.90 | $-0.76 | +15.6% | $306M | +1.7% |
| Feb 19, 2026 | $-1.07 | $-1.54 | -43.9% | $264M | +14.1% |
| Oct 30, 2025 | $-1.33 | $-1.75 | -31.6% | $142M | +23.3% |
| Aug 7, 2025 | $-1.30 | $-1.70 | -30.8% | $107M | +3.2% |
| May 8, 2025 | $-1.34 | $-1.42 | -6.0% | $93M | +1.5% |
| Feb 20, 2025 | $-1.17 | $-1.32 | -12.8% | $104M | +2.3% |
| Oct 31, 2024 | $-1.20 | $-1.27 | -5.8% | $93M | +0.1% |
| Aug 8, 2024 | $-1.24 | $-1.94 | -56.5% | $90M | +2.7% |
| May 9, 2024 | $-1.24 | $-1.06 | +14.5% | $76M | -2.9% |
| Feb 22, 2024 | $-1.13 | $-1.28 | -13.3% | $84M | +1.6% |
| Oct 26, 2023 | $-1.06 | $-1.10 | -3.8% | $79M | -0.1% |
| Aug 3, 2023 | $-1.10 | $-1.78 | -61.8% | $77M | +10.0% |
INSM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | Lewis Williamdirector, officer: Chair and CEO | Sell | 2,456 | $105.27 |
| Jun 26, 2026 | Lewis Williamdirector, officer: Chair and CEO | Sell | 1,292 | $106.27 |
| Jun 26, 2026 | Lewis Williamdirector, officer: Chair and CEO | Sell | 12,091 | $102.34 |
| Jun 26, 2026 | Lewis Williamdirector, officer: Chair and CEO | Sell | 3,723 | $104.28 |
| Jun 26, 2026 | Lewis Williamdirector, officer: Chair and CEO | Sell | 1,836 | $103.10 |
| Jun 26, 2026 | Lewis Williamdirector, officer: Chair and CEO | Option | 8,880 | $17.16 |
| Jun 26, 2026 | Lewis Williamdirector, officer: Chair and CEO | Option | 12,518 | $30.46 |
| Jun 24, 2026 | Butera Samueleofficer: SVP, GM, Global Respiratory | Grant | 12,570 | $102.15 |
| Jun 24, 2026 | Smith Michael Alexanderofficer: Chief Legal Officer | Sell | 1,806 | $95.82 |
| Jun 24, 2026 | Butera Samueleofficer: SVP, GM, Global Respiratory | Grant | 7,342 | — |
| Jun 10, 2026 | Lewis Williamdirector, officer: Chair and CEO | Sell | 6,515 | $94.03 |
| Jun 5, 2026 | Bonstein Saraofficer: Chief Financial Officer | Sell | 2,404 | $102.27 |
| Jun 5, 2026 | Smith Michael Alexanderofficer: Chief Legal Officer | Sell | 2,159 | $102.27 |
| Jun 5, 2026 | Flammer Martina M.D.officer: Chief Medical Officer | Sell | 2,566 | $102.27 |
| Jun 5, 2026 | Flammer Martina M.D.officer: Chief Medical Officer | Sell | 1,858 | $103.78 |
Source: INSM SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full INSM insider & 13F page →Insmed Incorporated company profile
Overview
Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company founded in 1988 and headquartered in Bridgewater, New Jersey. The company has evolved from its early days to become a specialized developer and commercializer of therapies for patients with serious and rare diseases, particularly focusing on respiratory conditions. Insmed went public in 2000 and has built its business around innovative drug delivery technologies and treatments for orphan diseases with significant unmet medical needs.
Business
Insmed operates in the biopharmaceutical industry, specifically targeting rare and serious respiratory diseases where traditional treatments have proven inadequate. The company's business centers on developing and commercializing specialized therapies that address complex medical conditions affecting relatively small patient populations. The company's flagship commercial product is ARIKAYCE, an inhaled antibiotic formulation designed to treat Mycobacterium avium complex (MAC) lung disease. MAC is a serious bacterial infection that primarily affects patients with compromised immune systems or underlying lung conditions. ARIKAYCE uses Insmed's proprietary liposomal amikacin inhalation suspension technology, which allows the antibiotic to be delivered directly to the lungs in microscopic fat-based particles, improving drug concentration at the infection site while reducing systemic side effects. Beyond ARIKAYCE, Insmed has a robust pipeline of investigational treatments. Brensocatib is an oral medication that inhibits dipeptidyl peptidase 1 (DPP-1), an enzyme involved in inflammatory processes. The drug is being developed primarily for bronchiectasis, a chronic respiratory condition characterized by damaged and widened airways that trap bacteria and mucus, leading to repeated infections and inflammation. The company is also exploring brensocatib's potential in other neutrophil-mediated diseases. Treprostinil Palmitil Inhalation Powder (TPIP) represents another significant pipeline asset, targeting pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). This inhaled formulation of a treprostinil prodrug is designed to dilate blood vessels in the lungs, reducing the elevated blood pressure that characterizes these conditions. The company also maintains early-stage research programs in gene therapy, targeting conditions such as Duchenne muscular dystrophy, amyotrophic lateral sclerosis, and Stargardt disease. Revenue distribution is currently dominated by ARIKAYCE sales, which generated approximately $364 million in 2024, representing essentially 100% of the company's commercial revenue.
Revenue model
Insmed generates revenue primarily through direct product sales of ARIKAYCE to healthcare providers, hospitals, and specialty pharmacies. The company employs a traditional pharmaceutical sales model where it prices its products based on their therapeutic value, rarity of the condition treated, and competitive landscape. ARIKAYCE is sold in the United States, Japan, and select European markets, with the U.S. representing the largest revenue contribution at approximately 70% of global sales. The company's business model involves significant upfront investment in research and development, followed by commercialization through direct sales forces and partnerships with distributors in international markets. Insmed maintains specialized sales teams that focus on educating healthcare providers about rare disease treatments and supporting patient access programs. Several factors influence Insmed's profit margins and revenue potential. Positive drivers include the expansion of ARIKAYCE into frontline treatment of MAC lung disease, which could significantly expand the addressable patient population. The anticipated launch of brensocatib for bronchiectasis represents a major growth catalyst, with management targeting an addressable market of approximately 250,000 patients in the U.S. alone. Successful development of TPIP could open additional revenue streams in the pulmonary hypertension market. Margin pressures come from several sources, including increasing research and development expenses as the pipeline advances into later-stage trials. The company faces typical pharmaceutical industry challenges such as pricing pressure from payers, competition from existing and emerging therapies, and the inherent risks of clinical trial failures. Manufacturing costs for specialized drug delivery systems like liposomal formulations and inhaled therapies tend to be higher than traditional oral medications, impacting gross margins. Additionally, the company's focus on rare diseases means smaller patient populations, requiring premium pricing to achieve commercial viability while managing the substantial costs associated with regulatory approval and market access in multiple countries.
Competitive moat
Insmed's competitive moat is moderately strong but faces several vulnerabilities. The company's primary defensive position stems from its specialized expertise in inhaled drug delivery technologies and its established presence in rare respiratory diseases. ARIKAYCE benefits from regulatory exclusivity periods and the complexity of developing competing liposomal inhalation formulations, creating barriers for potential competitors. The company's deep relationships with key opinion leaders and specialized treatment centers in rare disease communities provide additional protection. However, Insmed's moat has notable limitations. The rare disease pharmaceutical space attracts significant competition from larger pharmaceutical companies with greater resources. For ARIKAYCE, the company faces competition from combination antibiotic regimens and potentially from other companies developing MAC treatments. The bronchiectasis market for brensocatib, while currently underserved, could attract competition from major pharmaceutical companies given its size and growth potential. The company's intellectual property portfolio provides some protection, but patent expirations and the potential for generic competition pose long-term threats. Additionally, Insmed's focus on inhaled therapies, while specialized, is not unique enough to prevent well-funded competitors from developing alternative delivery mechanisms or superior formulations. The most significant competitive threat comes from larger pharmaceutical companies that could develop competing therapies with superior efficacy, safety profiles, or convenience. Companies like Vertex Pharmaceuticals have shown interest in rare respiratory diseases, and established players in pulmonary medicine could potentially develop competing treatments for PAH and PH-ILD. Insmed's relatively small size compared to major pharmaceutical companies also limits its ability to invest in multiple parallel development programs or acquire complementary assets to strengthen its competitive position.
Risks & safety
Insmed presents a moderate margin of safety with mixed risk factors requiring careful consideration. • Liquidity and Solvency: Strong cash position with approximately $403 million in cash and short-term investments as of Q1 2025, providing operational runway. Current ratio of 5.86 indicates solid short-term liquidity. However, the company burns significant cash with free cash flow of -$272 million in Q1 2025. • Debt Burden: High debt-to-equity ratio of 11.53 indicates substantial leverage, though this includes convertible debt that the company is calling. Total liabilities of $1.7 billion against $1.8 billion in total assets creates a relatively tight balance sheet structure. • Valuation Metrics: Trading at negative EBITDA multiples due to ongoing losses. Price-to-book ratio appears elevated, though this is common for development-stage biotech companies with significant intangible assets. • Operational Burn: High cash burn rate of approximately $262 million from operations in Q1 2025, though this includes substantial R&D investment for pipeline advancement. Revenue growth from ARIKAYCE provides some offset but insufficient to achieve profitability currently. • Other Considerations: Binary clinical trial risks for pipeline assets, regulatory approval uncertainties, and dependence on successful commercialization of brensocatib for near-term growth. Patent protection and competitive dynamics in rare disease markets add additional layers of risk.
Recent development
Over the past few years, Insmed has executed a strategic transformation from a single-product company to a diversified rare disease biopharmaceutical company with multiple late-stage assets. The most significant development has been the advancement of brensocatib through successful Phase 3 trials for bronchiectasis, with FDA filing acceptance and priority review status achieved in 2024. The company has substantially expanded its commercial infrastructure, growing its sales force to 184 representatives in preparation for the anticipated brensocatib launch in Q3 2025. The company has also made significant progress with its TPIP program, advancing through Phase 2 trials in both pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. Manufacturing optimization efforts have enabled higher dose delivery capabilities, potentially improving the therapy's competitive profile. For ARIKAYCE, Insmed has pursued label expansion opportunities through the ARISE and ENCORE clinical programs, aiming to move the treatment into frontline therapy for MAC lung disease rather than just refractory cases. This represents a potential multi-fold expansion of the addressable market. The company has expanded its research capabilities through strategic acquisitions, including Adrestia Therapeutics, and has built early-stage programs in gene therapy targeting conditions like Duchenne muscular dystrophy and amyotrophic lateral sclerosis. Additionally, Insmed has explored brensocatib's potential beyond bronchiectasis, initiating studies in chronic rhinosinusitis without nasal polyps and hidradenitis suppurativa. Financially, the company has strengthened its balance sheet through various funding mechanisms while managing its debt structure, including plans to call remaining convertible debt. The strategic focus has shifted toward building a sustainable, multi-product commercial organization capable of supporting multiple rare disease franchises simultaneously.
INSM company profile · for informational purposes only — not investment advice.
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