Insmed
INSM · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Insmed reported revenue of $606M in the fiscal year ended Dec 2025, up 66.7% from the year before. Operating income was −$1.2B, an operating margin of −205.6%, and net income was −$1.3B. Operating cash flow of −$935M less capital expenditure of $33M left free cash flow of −$968M. Net debt was $31M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $188M | $245M | $305M | $364M | $606M |
| Cost of revenue | $44M | $55M | $66M | $86M | $123M |
| Gross profit | $144M | $190M | $240M | $278M | $483M |
| Research & development | $273M | $398M | $571M | $598M | $771M |
| Selling, general & admin | – | $266M | $345M | $461M | $701M |
| Operating income | −$375M | −$457M | −$710M | −$878M | −$1.2B |
| Interest expense | $40M | $26M | $82M | $85M | $84M |
| Pre-tax income | −$436M | −$480M | −$747M | −$910M | −$1.3B |
| Income tax | −$2M | $1M | $3M | $4M | $5M |
| Net income | −$435M | −$482M | −$750M | −$914M | −$1.3B |
| Diluted EPS | −3.88 | −3.91 | −5.34 | −5.57 | −6.42 |
| Diluted shares | 112M | 123M | 140M | 164M | 199M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $717M | $1.1B | $482M | $555M | $510M |
| Receivables | $24M | $30M | $41M | $52M | $141M |
| Inventory | $67M | $70M | $83M | $99M | $132M |
| Current assets | $837M | $1.3B | $929M | $1.6B | $1.8B |
| Net PP&E | $53M | $56M | $65M | $80M | $103M |
| Goodwill | $136M | $136M | $136M | $136M | $136M |
| Total assets | $1.2B | $1.7B | $1.3B | $2B | $2.3B |
| Payables | $36M | $50M | $65M | $73M | $80M |
| Current liabilities | $135M | $190M | $226M | $298M | $469M |
| Short-term debt | – | – | $0 | – | – |
| Long-term debt | $567M | $1.1B | $1.2B | $1.1B | $541M |
| Total liabilities | $833M | $1.6B | $1.7B | $1.7B | $1.5B |
| Shareholders' equity | $410M | $88M | −$332M | $285M | $739M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$363M | −$400M | −$536M | −$684M | −$935M |
| Capital expenditure | $7M | $10M | $13M | $22M | $33M |
| Free cash flow | −$371M | −$410M | −$550M | −$706M | −$968M |
| Depreciation & amortisation | $9M | $5M | $6M | $6M | $10M |
| Stock-based compensation | $46M | $58M | $75M | $97M | $153M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.2% | 24.4% | 19.2% | 66.7% |
| Gross margin | 76.6% | 77.5% | 78.5% | 76.4% | 79.7% |
| Operating margin | −199.0% | −186.4% | −232.5% | −241.5% | −205.6% |
| Net margin | −230.6% | −196.3% | −245.6% | −251.2% | −210.5% |
| Return on equityBlank when equity is negative | −105.9% | −547.5% | – | −320.2% | −172.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −33.8% | −31.2% | −64.3% | −50.8% | −69.4% |
| Free cash flow margin | −196.6% | −167.2% | −180.1% | −194.1% | −159.6% |
| Cash conversion (CFO ÷ net income) | 0.84x | 0.83x | 0.72x | 0.75x | 0.73x |
| Receivable days | 47 | 44 | 49 | 52 | 85 |
| Inventory days | 554 | 463 | 463 | 420 | 392 |
| Payable days | 296 | 334 | 364 | 311 | 237 |
| Interest cover | −9.27x | −17.3x | −8.69x | −10.3x | −14.9x |
| Debt ÷ equity | 1.38x | 12.8x | – | 3.87x | 0.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$150M | $51M | $673M | $548M | $31M |
| Current ratio | 6.19x | 6.69x | 4.12x | 5.45x | 3.83x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.