Insmed
Commercializes rare pulmonary disease medicines while developing pulmonary, antibody and gene therapies.
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Profile
Markets ARIKAYCE for refractory MAC lung disease and BRINSUPRI for non-cystic fibrosis bronchiectasis, with pulmonary-hypertension, antibody and gene-therapy programs in development. Managed as one reportable segment, the commercial business is concentrated in the United States and depends on product approvals, reimbursement, manufacturing partners and trial execution.
Markets ARIKAYCE for refractory MAC lung disease and BRINSUPRI for non-cystic fibrosis bronchiectasis, while managing the business as one reportable segment. ARIKAYCE is an inhaled liposomal antibiotic; BRINSUPRI is an oral DPP1 inhibitor.
Commercial revenue is concentrated in the United States, with ARIKAYCE also approved in Europe and Japan. Builds pulmonary franchises through the Transave combination, a worldwide AstraZeneca license, and internal development, while advancing TPIP, INS1148, and gene-therapy candidates.
Depends on continued product approvals, payer reimbursement, physician and patient adoption, third-party manufacturing, and clinical-trial execution. ARIKAYCE's accelerated U.S. approval also carries confirmatory work supporting full approval, while non-U.S. growth depends on market-specific approvals and launches.
Company facts
Key statistics
Year to date −33.1% · Average volume (30d) 2.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 10, 2026 | Truist Financial | Target | $185 | $195 | |
| Aug 7, 2026 | Morgan Stanley | Reiterate | Overweight | $166 | $218 |
| Aug 7, 2026 | Evercore ISI | Reiterate | Outperform | $180 | $170 |
| Aug 7, 2026 | Guggenheim | Reiterate | Buy | $226 | $205 |
| Aug 7, 2026 | UBS | Reiterate | Buy | $215 | $172 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.67 | −$0.06 | +91.1% | $395.5M | $425.5M | +7.6% | +33.86% |
| May 7, 2026Q1 FY26 | −$0.96 | −$0.76 | +21.1% | $300.8M | $306.0M | +1.7% | −3.48% |
| Feb 19, 2026Q4 FY25 | −$1.07 | −$1.54 | −43.9% | $231.2M | $263.8M | +14.1% | +2.43% |
| Oct 30, 2025Q3 FY25 | −$1.33 | −$1.75 | −31.6% | $115.4M | $142.3M | +23.3% | −2.38% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $92.8M | $107.4M | $142.3M | $263.8M | $306.0M | $425.5M | |
| Gross profit | $71.5M | $79.3M | $113.0M | $219.6M | $256.5M | $358.3M | |
| Operating income | −$248.1M | −$312.9M | −$366.0M | −$249.7M | −$200.3M | −$1.5M | |
| Net income | −$256.6M | −$321.7M | −$370.0M | −$328.5M | −$163.6M | −$13.2M | |
| Diluted EPS | −$1.42 | −$1.70 | −$1.75 | −$1.54 | −$0.76 | −$0.06 | |
| Gross margin | 77.1% | 73.9% | 79.4% | 83.2% | 83.8% | 84.2% | |
| Operating margin | -267.3% | -291.3% | -257.1% | -94.6% | -65.5% | -0.4% |
Fiscal years (4-quarter sums)FY21 $188.5M · FY22 $245.4M · FY23 $305.2M · FY24 $363.7M · FY25 $606.4M
Revenue by product · Q4 FY25
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.16B · Total debt $579.9M · Total assets $2.10B · Shareholders' equity $757.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 216.75M · Float 198.42M · 91.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 16.14M | 7.45% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 15.81M | 7.29% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 10.43M | 4.81% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 10.41M | 4.80% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 9.79M | 4.52% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Melvin Md Sharoky | director | −5,000 | $127.53 |
| Aug 10, 2026 | Roger Adsett | officer: Chief Operating Officer | −239,850 | $133.27 |
| Aug 6, 2026 | Martina M.D. Flammer | officer: Chief Medical Officer | −27,173 | $128.61 |
| Jul 23, 2026 | William Lewis | director, officer: Chair and CEO | −10,700 | $106.06 |
| Jul 9, 2026 | William Lewis | director, officer: Chair and CEO | −10,699 | $117.40 |
Peers
- United Therapeutics
Established inhaled treprostinil leader across PAH and PH-ILD
- Armata Pharmaceuticals
Phage approach for Pseudomonas-infected bronchiectasis
- Liquidia
Commercial dry-powder treprostinil rival in PAH and PH-ILD
- Merck
Approved PAH biologic competing with TPIP for treatment uptake
- Sarepta Therapeutics
Commercial DMD gene-therapy benchmark for INS1201
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Insmed | $118.65 | +0.13% | $25.69B | — | — | 22.6 | +296.1% |
| United Therapeutics | $515.46 | +0.03% | $21.88B | 18.5 | 19.8 | 6.9 | −1.9% |
| Armata Pharmaceuticals | $5.37 | +0.94% | $197.1M | — | — | 59.8 | +15.7% |
| Liquidia | $68.25 | +0.87% | $6.02B | 49.4 | 15.4 | 13.3 | +1,842.7% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| Sarepta Therapeutics | $21.05 | +0.98% | $2.20B | — | 26.3 | 1.1 | −34.3% |
| Median | 49.4 | 18.5 | 6.9 | +5.1% |