INSMED Inc (INSM)

Price$126.29Cached quoteAs of 2026-09-05 04:19 UTC

AI: Overvalued

Price checkThe shares look overvalued because the current valuation already discounts years of strong execution.

At roughly $27.1 billion of equity value, Insmed trades near 24 times trailing twelve-month revenue of $1.14 billion and about 14–16 times the company’s guided 2026 product revenue of $1.70–$1.87 billion. That is a demanding price for a company still consuming cash. Even a generous mature valuation of six times sales would require about $4.5 billion of annual revenue before allowing for years of waiting and clinical risk. Management’s greater-than-$14-billion peak-sales ambition can support upside, but much of that success is already being paid for. Business Quant+1

Big pictureSales are accelerating fast, but durable profits and positive cash flow are only emerging.

Second-quarter revenue reached $425.5 million, while the accounting loss narrowed to $13.2 million and operating loss to $1.5 million. Cash generation is not there yet: operating cash flow was negative $88.8 million and capital spending was $6.3 million, leaving about $95 million of negative free cash flow, meaning cash left after running and investing in the business. First-half operating cash use improved to $311.6 million from $467.7 million a year earlier. Chronic lung medicines are relatively non-cyclical economically, but Insmed’s valuation remains highly sensitive to launches, approvals, and trial results. Insmed Incorporated Investor Relations+1

Business strengthA strong launch and ample liquidity reduce financing risk, though past dilution was heavy.

Brinsupri produced $309.2 million in second-quarter revenue, up 49% from the first quarter, while Arikayce added $116.3 million and grew 8% from a year earlier. At June 30, Insmed held about $1.16 billion of cash and marketable securities against a $500 million term loan, plus $1.63 billion of current assets versus $439 million of current liabilities. The trade-off is dilution: shares outstanding rose from 102.8 million in 2020 to 218.3 million, and the company raised $823 million net from common stock in 2025. There are no dividends or buybacks offsetting that dilution. Insmed Incorporated Investor Relations+2SEC+2

What could change the storyThe valuation improves if Brinsupri keeps compounding and TPIP proves itself in controlled trials.

The strongest bull case is continued Brinsupri growth toward 2026 guidance of $1.25–$1.40 billion, successful Japan commercialization, Arikayce expansion, and eventual TPIP approval; management now targets more than $14 billion of combined peak sales across its three lead programs. The bear case is that today’s valuation needs a substantial portion of that future to arrive. TPIP remains unapproved, and its encouraging 12-month extension study was open-label rather than placebo-controlled. The thesis strengthens if cash flow turns positive without another equity raise; it weakens if Brinsupri misses guidance or cash burn stops improving. Insmed Incorporated Investor Relations+2Insmed Incorporated Investor Relations+2

AI: News

Japan approves BrinsupriJapan approved Brinsupri, widening the drug’s commercial reach into another major respiratory market.

On August 24, Japan’s health ministry approved Brinsupri for non-cystic fibrosis bronchiectasis in patients aged 12 and older, making it the first approved treatment for the disease there. The drug is now approved in the United States, Europe, and Japan, broadening the addressable market and reducing regulatory uncertainty around Japanese launch plans. Shares finished about 1.5% lower that day, so the price action does not support claiming an immediate positive market reaction from the approval alone. Insmed Incorporated Investor Relations+1

Quarterly launch surpriseSecond-quarter results showed a much stronger Brinsupri launch and sharply raised near-term sales expectations.

On August 6, Insmed reported $425.5 million of quarterly revenue, including $309.2 million from Brinsupri, 49% above the first quarter. It raised 2026 Brinsupri guidance to $1.25–$1.40 billion from at least $1 billion and lifted combined peak-sales expectations for Brinsupri, TPIP, and Arikayce above $14 billion. The shares rose about 33.9% that day. The timing and magnitude make the earnings update a credible driver, although market moves can reflect multiple factors. Insmed Incorporated Investor Relations+1

TPIP durability dataTPIP’s one-year follow-up stayed encouraging, but the evidence still needs randomized confirmation.

On July 16, Insmed reported 12-month data from a 91-patient open-label extension in pulmonary arterial hypertension. Patients continuing TPIP improved six-minute walking distance by about 56 meters, while a crossover group improved about 54 meters; a heart-stress biomarker fell roughly 60% in both groups, with no newly identified safety signal. The stock closed about 2.1% lower that day, so investors did not visibly reward the update. Attribution is uncertain, and the non-placebo-controlled design limits how much value should be assigned before Phase 3 results. Insmed Incorporated Investor Relations+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$606.4M	$363.7M	$305.2M	$245.4M	$188.5M	$164.4M	$136.5M	$9.8M	$0	$0	$0	—	$11.5M	$0	$4.4M	$6.9M	$10.4M
Gross profit	$483.5M	$278.0M	$239.6M	$190.2M	$144.3M	$124.5M	$112.3M	$7.4M	$0	$0	—	—	—	—	—	—	—
Gross margin	79.73%	76.43%	78.52%	77.53%	76.57%	75.75%	82.26%	75.36%	—	—	—	—	—	—	—	—	—
Research & development	$771.1M	$598.4M	$571.0M	$397.5M	$272.7M	$181.2M	$131.7M	$145.3M	$109.7M	$122.7M	$74.3M	$56.3M	$44.3M	$29.8M	$28.6M	$4.7M	$9.2M
Operating expenses	$1.85B	$1.24B	$1.01B	$702.7M	$563.6M	$429.6M	$371.7M	$317.2M	$188.9M	$173.4M	$117.5M	$87.4M	$66.5M	$42.4M	$66.1M	$15.0M	$19.0M
Operating income	−$1.25B	−$878.3M	−$709.6M	−$457.3M	−$375.1M	−$265.2M	−$235.2M	−$307.3M	−$188.9M	−$173.4M	−$117.5M	−$87.4M	−$55.0M	−$42.4M	−$61.7M	−$8.1M	−$8.7M
Operating margin	−205.59%	−241.47%	−232.51%	−186.39%	−199.03%	−161.32%	−172.38%	−3,124.94%	—	—	—	—	−478.39%	—	−1,397.31%	−116.92%	−83.62%
EBITDA	−$1.23B	−$867.2M	−$704.1M	−$452.0M	−$366.0M	−$256.1M	−$230.0M	−$303.7M	−$186.0M	−$171.0M	−$115.5M	−$86.3M	−$54.3M	−$41.9M	−$61.4M	−$8.0M	−$8.0M
EBITDA margin	−202.88%	−238.44%	−230.70%	−184.23%	−194.20%	−155.79%	−168.57%	−3,088.34%	—	—	—	—	−472.48%	—	−1,389.54%	−116.14%	−76.81%
Net income	−$1.28B	−$913.8M	−$749.6M	−$481.5M	−$434.7M	−$294.1M	−$254.3M	−$324.3M	−$192.6M	−$176.3M	−$118.2M	−$79.2M	−$56.1M	−$41.4M	−$59.7M	−$6.4M	$118.3M
Net profit margin	−210.54%	−251.24%	−245.59%	−196.26%	−230.63%	−178.87%	−186.37%	−3,297.17%	—	—	—	—	−487.59%	—	−1,350.78%	−92.96%	1,140.94%
Basic EPSper basic share	-$6.42	-$5.57	-$5.34	-$3.91	-$3.88	-$3.01	-$3.01	-$4.22	-$2.89	-$2.85	-$2.02	-$1.84	-$1.60	-$1.56	-$29.50	-$4.90	$93.10
Diluted EPSper diluted share	-$6.42	-$5.57	-$5.34	-$3.91	-$3.88	-$3.01	-$3.01	-$4.22	-$2.89	-$2.85	-$2.02	-$1.84	-$1.60	-$1.56	-$29.50	-$4.90	$93.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.40%of listed shares

FMR LLC16.14M shares · Jun 30, 2026

View holders

Top 20 reported holders of INSM
Holder	% owned
FMR LLC	7.40%16.14M shares
BlackRock, Inc.	7.24%15.81M shares
JPMORGAN CHASE & CO	4.78%10.43M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.77%10.41M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.49%9.79M shares
BAKER BROS. ADVISORS LP	4.03%8.8M shares
Capital International Investors	3.77%8.24M shares
Darwin Global Management, Ltd.	2.95%6.43M shares
AMERIPRISE FINANCIAL INC	2.83%6.18M shares
Orbis Allan Gray Ltd	2.78%6.08M shares
STATE STREET CORP	2.77%6.05M shares
D. E. Shaw & Co., Inc.	2.69%5.88M shares
Artisan Partners Limited Partnership	2.49%5.44M shares
RTW INVESTMENTS, LP	2.22%4.84M shares
GEODE CAPITAL MANAGEMENT, LLC	1.93%4.22M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.56%3.41M shares
NORGES BANK	1.55%3.38M shares
Jupiter Topco LLC	1.19%2.61M shares
UBS Group AG	1.18%2.58M shares
CITADEL ADVISORS LLC	1.17%2.56M shares

Percentages use 218.28M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$201.7K disclosed value

Sells (SEC code S)380$326.69M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 25, 2026Form 4 · 10b5-1	Lewis WilliamChair and CEO	SellCommon Stock	1.3K	$106.27	$137.3K	258.9K
Jun 25, 2026Form 4 · 10b5-1	Lewis WilliamChair and CEO	SellCommon Stock	2.5K	$105.27	$258.5K	260.2K
Jun 25, 2026Form 4 · 10b5-1	Lewis WilliamChair and CEO	SellCommon Stock	3.7K	$104.28	$388.2K	262.7K
Jun 25, 2026Form 4 · 10b5-1	Lewis WilliamChair and CEO	SellCommon Stock	1.8K	$103.10	$189.3K	266.4K
Jun 25, 2026Form 4 · 10b5-1	Lewis WilliamChair and CEO	SellCommon Stock	12.1K	$102.34	$1.24M	268.2K

Review ownership filings at SEC.gov ↗

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INSMED Inc (INSM)

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