Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing INSM more generously than it does today.
Analysis OverviewBuyUpdated May 1, 2026
Insmed Incorporated (INSM) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
35
analysts
33 bullish · 1 bearish · 35 covering INSM
Strong Buy
0
Buy
33
Hold
1
Sell
1
Strong Sell
0
Consensus Target
$217
+58.4% vs today
Scenario Range
— – —
Model bear to bull value window
Coverage
35
Published analyst ratings
Valuation Context
—
Forward P/E · Market cap $29.1B
INSM price targets
Three scenarios for where INSM stock could go
Current
~$137
Confidence
30 / 100
Updated
May 1, 2026
Market caseClosest to today
Base case
—
The base case reflects analyst consensus expectations — steady delivery without requiring a major catalyst or re-rating.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Insmed Incorporated
INSM · NASDAQHealthcareMedical - PharmaceuticalsDecember year-end
Insmed is a biopharmaceutical company focused on developing and commercializing therapies for serious rare diseases, primarily in respiratory medicine. It generates revenue primarily from sales of its approved drug ARIKAYCE for Mycobacterium avium complex lung disease, with future revenue potential from its pipeline candidates targeting bronchiectasis and pulmonary arterial hypertension. The company's competitive advantage lies in its specialized expertise in rare respiratory diseases and its focus on difficult-to-treat conditions with limited treatment options.
Market Cap
$29.1B
Revenue TTM
$447M
Net Income TTM
-$1.2B
Net Margin
-264.8%
INSM Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
8%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
-21.7%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 0 of 4Q2 2025
EPS
$-1.42/$-1.34
Revenue
$93M/$91M
Q3 2025
EPS
$-1.70/$-1.30
Revenue
$107M/$104M
Q4 2025
EPS
$-1.75/$-1.33
Revenue
$142M/$115M
Q1 2026
EPS
$-1.54/$-1.07
Revenue
$264M/$231M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $-1.42/$-1.34 | -6.0% | $93M/$91M | +1.5% |
| Q3 2025 | $-1.70/$-1.30 | -30.8% | $107M/$104M | +3.2% |
| Q4 2025 | $-1.75/$-1.33 | -31.6% | $142M/$115M | +23.3% |
| Q1 2026 | $-1.54/$-1.07 | -43.9% | $264M/$231M | +14.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$1.1B
+150.3% YoY
FY2
$1.6B
+40.2% YoY
EPS Outlook
FY1
$-1.94
+65.3% YoY
FY2
$-0.64
+67.1% YoY
Trailing FCF (TTM)-$906M
FCF Margin: -202.7%
Next Earnings
May 7, 2026
Expected EPS
$-0.96
Expected Revenue
$302M
INSM beat EPS estimates in 0 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
INSM Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $606M
Product Mix
Latest annual revenue by segment or product family
Reportable Segment
100.0%
+66.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
74.7%
+77.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
Reportable Segment is the largest disclosed segment at 100.0% of FY 2025 revenue, up 66.7% YoY.
UNITED STATES is the largest reported region at 74.7%, up 77.8% YoY.
INSM Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $19 — implies -85.7% from today's price.
Premium to Fair Value
85.7%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
INSM
-21.4x
vs
S&P 500
25.2x
185% discount
vs Healthcare Trailing P/E
INSM
-21.4x
vs
Healthcare
22.1x
196% discount
vs INSM 5Y Avg P/E
Today
-21.4x
vs
5Y Average
—
Benchmark unavailable
Forward PE
—
S&P 500
19.1x
—
Healthcare
19.0x
—
5Y Avg
—
—
Trailing PE
-21.4x
S&P 500
25.2x
-185%
Healthcare
22.1x
-196%
5Y Avg
—
—
PEG Ratio
—
S&P 500
1.75x
—
Healthcare
1.52x
—
5Y Avg
—
—
EV/EBITDA
—
S&P 500
15.3x
—
Healthcare
14.1x
—
5Y Avg
—
—
Price/FCF
—
S&P 500
21.3x
—
Healthcare
18.7x
—
5Y Avg
—
—
Price/Sales
48.1x
S&P 500
3.1x
+1434%
Healthcare
2.8x
+1587%
5Y Avg
17.9x
+168%
Dividend Yield
—
S&P 500
1.88%
—
Healthcare
1.40%
—
5Y Avg
—
—
| Metric | INSM | S&P 500 | Healthcare | 5Y Avg INSM |
|---|---|---|---|---|
| Forward PE | — | 19.1x | 19.0x | — |
| Trailing PE | -21.4x | 25.2x-185% | 22.1x-196% | — |
| PEG Ratio | — | 1.75x | 1.52x | — |
| EV/EBITDA | — | 15.3x | 14.1x | — |
| Price/FCF | — | 21.3x | 18.7x | — |
| Price/Sales | 48.1x | 3.1x+1434% | 2.8x+1587% | 17.9x+168% |
| Dividend Yield | — | 1.88% | 1.40% | — |
INSM trades above S&P 500 benchmarks on 1 of 2 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolINSM Financial Health
Verdict
Stressed
Key financial metrics for INSM are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$447M
Revenue Growth
TTM vs prior year
+30.3%
Gross Margin
Gross profit as a share of revenue
70.0%
Operating Margin
Operating income divided by revenue
-272.1%
Net Margin
Net income divided by revenue
-264.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$-5.60
Free Cash Flow (TTM)
Cash generation after capex
-$906M
FCF Margin
FCF as share of revenue — the primary cash quality signal
-202.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
-141.8%
ROA
Return on assets, trailing twelve months
-50.1%
Cash & Equivalents
Liquid assets on the balance sheet
$510M
Net Cash
Cash exceeds total debt — no net leverage
$465M
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE *
Return on equity, trailing twelve months
-125.2%
* Elevated by buyback-compressed equity — compare ROIC (-141.8%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
199M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt). ROE marked * where buyback-compressed equity base may inflate the figure.
Open full ratios pageINSM Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Concentration Risk
Insmed’s near‑term earnings are heavily dependent on a handful of products, notably Brinsupri and Aracase. Any underperformance or regulatory setback in these therapies could materially depress revenue and shareholder returns.
High Risk
Financial Sustainability
The company has historically posted net losses and a high cash burn rate, with revenue growth not yet offsetting ongoing operating expenses. Continued deficits could erode the cash runway and limit future R&D investment.
Medium
Commercialization & Launch Execution
Successful market entry of new therapies such as Brinsupri hinges on timely diagnosis, physician uptake, patient adherence, and payer access. Delays or lower‑than‑expected uptake could significantly reduce projected sales.
Medium
Regulatory Uncertainty
While Insmed has secured some approvals, additional pipeline candidates remain subject to FDA review. Rejections or delays could stall product launches and impair revenue streams.
Medium
Pipeline & Label Expansion Risk
Growth depends on advancing multiple pipeline assets and expanding product indications, requiring substantial investment and regulatory submissions. Execution risk and potential failure of these initiatives could limit future growth.
Lower
Pricing & Reimbursement
Uncertainty around pricing policies, including “most favored nation” pricing, and securing favorable reimbursement agreements may affect international launches and overall commercial success.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why INSM Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Brinsupri Double‑Digit Sales Growth
Brinsupri has shown consistent double‑digit year‑over‑year growth, indicating strong penetration into the chronic disease market. Peak sales are projected to reach approximately $9 billion in the near to mid‑term.
Arikayce 19% YoY Revenue Increase
Insmed’s other commercial product, Arikayce, recorded a 19% year‑over‑year increase, adding momentum to the company’s commercial portfolio.
Cash‑Flow Positive Path via Brinsupri
The acceleration of Brinsupri sales boosts revenue forecasts and supports a path to cash‑flow positivity without additional capital, reducing dilution risk.
TPIP Success in PAH Trials
The treprostinil palmitil inhalation powder (TPIP) has achieved success in pulmonary arterial hypertension trials, underscoring Insmed’s pipeline strength and potential for future product launches.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
INSM Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$137.09
52W Range Position
49%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$63.81
+114.8% from the low
52-Week High
$212.75
-35.6% from the high
1 Month
-16.31%
3 Month
-8.52%
YTD
-22.6%
1 Year
+102.0%
3Y CAGR
+93.6%
5Y CAGR
+33.4%
10Y CAGR
+28.6%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
INSM vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
—
vs 12.7x median
Peer median unavailable
Revenue Growth
+150.3%
vs +15.7% median
+856% above peer median
Net Margin
-264.8%
vs 3.0% median
-8991% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
INS INSM Insmed Incorporated | $29.1B | — | +150.3% | -264.8% | Buy | +58.4% |
RAR RARE Ultragenyx Pharmaceutical Inc. | $2.5B | — | +16.6% | -91.0% | Buy | +98.6% |
ALN ALNY Alnylam Pharmaceuticals, Inc. | $40.4B | 45.2x | +33.2% | 13.5% | Buy | +47.1% |
BMR BMRN BioMarin Pharmaceutical Inc. | $10.5B | 12.7x | +12.9% | 8.3% | Buy | +64.2% |
SRP SRPT Sarepta Therapeutics, Inc. | $2.4B | 7.7x | +15.7% | 3.0% | Buy | +6.9% |
ION IONS Ionis Pharmaceuticals, Inc. | $12.7B | — | +15.0% | -30.9% | Buy | +39.6% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FAQ
7 questionsINSM Investor Questions
Common questions answered from live analyst data and company financials.
01Is Insmed Incorporated (INSM) stock a buy or sell in 2026?
Insmed Incorporated (INSM) is rated Buy by Wall Street analysts as of 2026. Of 35 analysts covering the stock, 33 rate it Buy or Strong Buy, 1 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $217, implying +58.4% from the current price of $137.
02What is the INSM stock price target for 2026?
The Wall Street consensus price target for INSM is $217 based on 35 analyst estimates. The high-end target is $269 (+96.2% from today), and the low-end target is $166 (+21.1%).
03Is Insmed Incorporated (INSM) stock overvalued in 2026?
Forward earnings data for INSM is not currently available. Review the valuation table above for trailing P/E, EV/EBITDA, and price-to-sales comparisons against market and sector benchmarks.
04What are the main risks for Insmed Incorporated (INSM) stock in 2026?
The primary risks for INSM in 2026 are: (1) Concentration Risk — Insmed’s near‑term earnings are heavily dependent on a handful of products, notably Brinsupri and Aracase. (2) Financial Sustainability — The company has historically posted net losses and a high cash burn rate, with revenue growth not yet offsetting ongoing operating expenses. (3) Commercialization & Launch Execution — Successful market entry of new therapies such as Brinsupri hinges on timely diagnosis, physician uptake, patient adherence, and payer access. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Insmed Incorporated's revenue and earnings forecast?
Analyst consensus estimates INSM will report consensus revenue of $1.1B (+150.3% year-over-year) and EPS of $-1.94 (+65.3% year-over-year) for the upcoming fiscal year. The following year, analysts project $1.6B in revenue.
06When does Insmed Incorporated (INSM) report its next earnings?
Insmed Incorporated is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $-0.96 and revenue of $302M. Over recent quarters, INSM has beaten EPS estimates 8% of the time.
07How much free cash flow does Insmed Incorporated generate?
Insmed Incorporated (INSM) had a free cash outflow of $906M in free cash flow over the trailing twelve months — a free cash flow margin of 202.7%. INSM returns capital to shareholders through and share repurchases ($0 TTM).