olivLaw · US equity research
Insmed, Inc. INSM
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Insmed is a global biopharmaceutical company with commercial products in respiratory disease, ARIKAYCE and BRINSUPRI. In the second quarter of 2026 total revenues were 425.5 million USD, and BRINSUPRI generated 309.2 million USD. The 2026 BRINSUPRI guidance was raised to 1.25-1.40 billion USD, showing fast US launch growth, but profitability remains uncertain and the company reported a net loss.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Insmed, Inc. (INSM) stock was 110.00 USD (+5.32% on the day), with market capitalisation 24.1 bn USD, beta 0.73, 52-week range 91.88–211.41 USD. Latest reported quarter (Q3 2026): revenue of 524.4 m USD (+268.4% YoY), net income of -100.3 m USD, diluted EPS -0.46 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 87.53 – 112.10
- in the upper half of the band · %B 0.91 · band width 24.6%
- SMA 50 / 200
- 111.66 / 124.61
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.69 / -3.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.9% | −1.1% | +7.0 pp | — |
| 3 months | +11.1% | −0.5% | +11.5 pp | — |
| 6 months | −19.8% | +4.4% | −24.2 pp | — |
| Year to date | −36.8% | +12.3% | −49.1 pp | — |
| 1 year | −39.8% | +13.5% | −53.4 pp | +28.5% |
| 3 years | +342.7% | +76.4% | +266.2 pp | +82.1% |
| 5 years | +229.0% | +63.7% | +165.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 104.4 m | 92.8 m | 107.4 m | 142.3 m | 263.8 m | 306.0 m | 425.5 m | 524.4 m |
| Cost of revenue | 26.2 m | 21.3 m | 28.1 m | 29.4 m | 44.2 m | 47.4 m | 67.2 m | 78.2 m |
| Research & development | 179.7 m | 152.6 m | 177.2 m | 186.4 m | 254.9 m | 209.5 m | 210.0 m | 270.0 m |
| SG&A | 142.5 m | 147.5 m | 154.8 m | 186.4 m | 212.5 m | 247.3 m | 247.5 m | 253.0 m |
| Operating income | -230.4 m | -248.1 m | -312.9 m | -366.0 m | -319.7 m | -153.3 m | -1.5 m | -89.4 m |
| Interest expense | 21.6 m | 21.6 m | 21.2 m | 20.4 m | 20.6 m | 20.1 m | 20.3 m | 20.4 m |
| Pre-tax income | -234.3 m | -255.7 m | -320.4 m | -368.7 m | -326.9 m | -162.1 m | -11.4 m | -97.7 m |
| Income tax | 1.3 m | 912.0 k | 1.2 m | 1.3 m | 1.6 m | 1.5 m | 1.9 m | 2.7 m |
| Net income | -235.5 m | -256.6 m | -321.7 m | -370.0 m | -328.5 m | -163.6 m | -13.2 m | -100.3 m |
| Diluted EPS | -1.32 ≈ | -1.42 | -1.70 | -1.75 | -1.54 ≈ | -0.76 | -0.06 | -0.46 |
| Operating cash flow | -196.0 m | -262.1 m | -205.6 m ≈ | -219.8 m ≈ | -247.6 m | -222.7 m | -88.8 m ≈ | -36.5 m ≈ |
| Capex | 6.8 m | 10.1 m | 3.5 m ≈ | 2.4 m ≈ | 16.6 m | 3.5 m | 6.3 m ≈ | 5.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.8 m | 136.5 m | 164.4 m | 188.5 m | 245.4 m | 305.2 m | 363.7 m | 606.4 m |
| Revenue YoY | unavailable | +1,287.6% | +20.5% | +14.6% | +30.2% | +24.4% | +19.2% | +66.7% |
| Net income | -324.3 m | -254.3 m | -294.1 m | -434.7 m | -481.5 m | -749.6 m | -913.8 m | -1.3 bn |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -3.01 | -3.01 | -3.88 | -3.91 | -5.34 | -5.57 | -6.42 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -3,297.2% | -186.4% | -178.9% | -230.6% | -196.3% | -245.6% | -251.2% | -210.5% |
| Free cash flow | -271.1 m | -292.9 m | -225.6 m | -370.6 m | -410.3 m | -549.5 m | -705.8 m | -967.6 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 510.4 m USD
- Financial debt
- 541.0 m USD
- Net debt
- 30.5 m USD
- Equity
- 739.0 m USD
- Total assets
- 2.3 bn USD
- Debt / equity
- 0.73x
- Current ratio
- 3.83x
- ROE
- -249.3%
- ROA
- -59.5%
- FCF margin
- -159.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 164.4 m | 188.5 m | 245.4 m | 305.2 m | 363.7 m | 606.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 39.9 m | 44.2 m | 55.1 m | 65.6 m | 85.7 m | 122.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 124.5 m ≈ | 144.3 m ≈ | 190.2 m ≈ | 239.6 m ≈ | 278.0 m ≈ | 483.5 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Research & development | 181.2 m | 272.7 m | 397.5 m | 571.0 m | 598.4 m | 771.1 m | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | — | — | 265.8 m | 344.5 m | 461.1 m | 701.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -265.2 m | -375.1 m | -457.3 m | -709.6 m | -878.3 m | -1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 9.1 m | 9.1 m | 5.3 m | 5.5 m | — | — | SEC (XBRL)· 22 Feb 2024verified |
| EBITDA | -256.1 m ≈ | -366.0 m ≈ | -452.0 m ≈ | -704.1 m ≈ | — | — | SEC (XBRL)· 22 Feb 2024derived |
| Interest expense | 29.6 m | 40.5 m | 26.4 m | 81.7 m | 84.9 m | 83.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -292.7 m | -436.4 m | -480.2 m | -747.0 m | -910.1 m | -1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 1.4 m | -1.8 m | 1.4 m | 2.6 m | 3.7 m | 5.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -294.1 m | -434.7 m | -481.5 m | -749.6 m | -913.8 m | -1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -3.01 | -3.88 | -3.91 | -5.34 | -5.57 | -6.42 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 97.6 m | 112.1 m | 123.0 m | 140.4 m | 164.0 m | 199.0 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 532.8 m | 716.8 m | 1.1 bn | 482.4 m | 555.0 m | 510.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 16.6 m | 24.4 m | 29.7 m | 41.2 m | 52.0 m | 140.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 49.6 m | 67.0 m | 69.9 m | 83.2 m | 98.6 m | 132.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 622.9 m | 837.0 m | 1.3 bn | 929.1 m | 1.6 bn | 1.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 54.0 m | 53.0 m | 56.5 m | 65.4 m | 80.1 m | 102.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 0 | 136.1 m | 136.1 m | 136.1 m | 136.1 m | 136.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 49.3 m | 73.8 m | 68.8 m | 63.7 m | 58.7 m | 97.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 796.2 m | 1.2 bn | 1.7 bn | 1.3 bn | 2.0 bn | 2.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 42.9 m | 35.8 m | 50.5 m | 65.4 m | 73.0 m | 79.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | — | — | — | 0 | — | 0 | SEC (XBRL)· 29 Oct 2026verified |
| Long-term debt | 356.3 m | 566.6 m | 1.1 bn | 1.2 bn | 1.1 bn | 541.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 118.8 m | 135.2 m | 190.2 m | 225.6 m | 297.5 m | 468.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 520.3 m | 833.0 m | 1.6 bn | 1.7 bn | 1.7 bn | 1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 275.9 m † | 410.5 m † | 88.0 m † | -331.9 m † | 285.4 m † | 739.0 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -219.3 m | -363.3 m | -400.4 m | -536.2 m | -683.9 m | -935.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 6.2 m | 7.3 m | 9.9 m | 13.3 m | 21.9 m | 32.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | -225.6 m ≈ | -370.6 m ≈ | -410.3 m ≈ | -549.5 m ≈ | -705.8 m ≈ | -967.6 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -6.8 m | -64.3 m | -34.6 m | -223.6 m | -583.2 m | -64.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 271.0 m | 612.5 m | 793.3 m | 168.4 m | 1.3 bn | 954.1 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 24.1 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -46.6% | 0 (vs peers) | 24% |
| Net margin · Quality | -39.9% | 10 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 35.2% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.9x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.6% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INSMED INC (INSM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 606.4 m USD in 2025; YoY growth 66.7%; net margin -39.9%; ROE -72.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 35.2%
- Current ratio: 2.9x
What contradicts it
- ROIC: -46.6%
- Net margin: -39.9%
- Interest coverage: -6.9x
- FCF yield: -2.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 10 companies
Only companies with a capitalisation between 2.6 bn and 166.1 bn (within 8× of the company's); 365 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −40% / +343% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| REGNRegeneron Pharmaceuticals, Inc. | — | 20.6 | 14.9% | 28.5% | +1.0% | +19% / +13% |
1- and 3-year price returns: for INSM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Insmed is a global biopharmaceutical company with commercial products in respiratory disease, ARIKAYCE and BRINSUPRI. In the second quarter of 2026 total revenues were 425.5 million USD 3, and BRINSUPRI generated 309.2 million USD 3. The 2026 BRINSUPRI guidance was raised to 1.25-1.40 billion USD 3, showing fast US launch growth, but profitability remains uncertain and the company reported a net loss.
SWOT
Strengths
- Rapid revenue growth from BRINSUPRI and an established commercial base with ARIKAYCE across several regions.
- Diversified clinical portfolio across three therapeutic areas, including advanced programs such as TPIP with active Phase 3 studies.
- Orphan drug status and exclusivity for ARIKAYCE, which can protect the market in the approved indication.
Weaknesses
- The company reports net losses and has not yet achieved durable profitability, leaving it dependent on access to capital.
- Heavy dependence on two commercial products, so market or approval problems could seriously affect revenue.
- High operating expenses, especially for sales and research, which in some periods grow faster than revenue.
Opportunities
- ARIKAYCE label expansion and approval in Japan could open new patient groups.
- If TPIP studies in pulmonary hypertension and fibrosis are positive, the company could enter very large markets.
- International launches of BRINSUPRI, particularly in Japan and the UK, could add further growth.
Threats
- Pressure from US pricing and reimbursement policies could slow launches and reduce net revenue.
- Clinical studies may be delayed or yield negative results, and interim data can change as new information arrives.
- Competition from other pulmonary hypertension therapies and the risk of losing major customers could weigh on sales.
Risks
- Dependence on approved productshigh
The company's prospects depend heavily on the success of ARIKAYCE and BRINSUPRI. If sales or maintenance of approvals do not go well, the impact on revenue could be significant 1.
- Regulatory approvalshigh
The company could fail to obtain approval for new indications or markets, and lack of approvals could limit commercialization of its products 1.
- Supply and manufacturingmedium
The company relies on third-party suppliers for products and devices, and supply disruptions could affect sales and clinical studies 1.
- Debt and need for capitalmedium
The company has debt in the form of a term loan and a royalty financing arrangement, and the need for additional funds could dilute existing shareholders 1.
- Reporting and projectionslow
Interim results and company forecasts may change, and delays in clinical studies could affect the timing of launches 12.
Investment thesis
What would need to be true (bull case)
- If the BRINSUPRI launch continues its recent growth, company revenue could rise significantly in the coming years, in line with the raised guidance 3.
- If TPIP studies confirm its differentiated profile, the company could access large markets in pulmonary hypertension and pulmonary fibrosis.
- If the ARIKAYCE label expansion is approved, the product could reach more patients and strengthen its steady revenue base.
What would break the thesis
- The company is not yet profitable, and large losses and expenses could strain the balance sheet if sales slow.
- Dependence on two products means any approval, reimbursement or competitive problem could have a major impact on the company.
- Peak revenue estimates for the lead programs are company projections, and achieving them depends on studies and markets that remain uncertain.
What to watch
- BRINSUPRI US sales trend and delivery against annual guidanceQ3 2026
- Regulatory decision on brensocatib in Japansecond half of 2026
- ENCORE data review and progress on full approval for ARIKAYCE2026
- Progress of Phase 3 TPIP studies in pulmonary hypertension and pulmonary fibrosis2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Insmed presents itself as a people-first biopharmaceutical company aiming for first- and best-in-class therapies for serious diseases, organized into three therapeutic areas: Respiratory, Immunology & Inflammation and Neuro & Other Rare 1. The commercial portfolio includes ARIKAYCE, approved in the US, EU and Japan for MAC lung disease, and BRINSUPRI, approved in the US in August 2025 for non-cystic fibrosis bronchiectasis 1.
Beyond the commercial products, Insmed develops clinical candidates such as TPIP for pulmonary hypertension and pulmonary fibrosis, INS1148, a monoclonal antibody acquired in December 2025, and INS1201 and INS1202, intrathecal gene therapies for DMD and ALS 13. The company also describes a broad preclinical program using technologies such as gene therapy and AI-driven protein engineering 1.
Segments
TPIP and pipeline
TPIP is an inhaled formulation for pulmonary hypertension associated with interstitial lung disease, with Phase 3 studies underway 3. The company raised its combined peak revenue estimate for its three lead programs to more than 14 billion USD, with more than 7 billion for BRINSUPRI, more than 6 billion for TPIP and more than 1 billion for ARIKAYCE 3. These are company projections, not results.
Trends
- BRINSUPRI US launchtailwind
Rapid growth in BRINSUPRI US sales, at 308.6 million USD in the second quarter of 2026 3, points to solid demand from patients and physicians. If the launch keeps this pace, it could support revenue growth in the coming years.
- Pricing and reimbursement policyheadwind
The company says it is evaluating the effect of evolving US policies, which could affect the timing of international launches 3. Pricing and reimbursement pressure is a factor that could weigh on long-term revenue.
- ARIKAYCE label expansiontailwind
In July 2026 the company submitted a supplemental application to the FDA for ARIKAYCE in newly diagnosed patients 3. If approved, the expansion could open the market to more patients, but outcomes remain uncertain.
Competitive position
Insmed operates in a competitive and changing environment, and the company acknowledges it may not always adapt successfully 1. In bronchiectasis it says it is not aware of other approved therapies in the US, Europe or Japan 1.
For MAC lung disease, ARIKAYCE is compared with intravenous amikacin, an established drug with administration and toxicity limits 1. In pulmonary hypertension, TPIP will compete with other prostanoids, but the company argues it may offer a differentiated profile 1.
- Intravenous amikacin
Established antibiotic used for NTM infections, limited by intravenous administration and toxicity to hearing, balance and kidneys, per the company filing.
- Other prostanoids for pulmonary hypertension
Competing treatments for pulmonary hypertension, against which the company says TPIP could have a differentiated profile.
- Lamira device supplier
The partner that develops and manufactures the inhalation device used with ARIKAYCE, relevant to the supply chain.
- Other bronchiectasis therapies
The company says it is not aware of other approved bronchiectasis therapies in the US, Europe or Japan, so direct competition is currently limited.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report20 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report16 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Insmed, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Insmed, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Insmed, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.