Revenue accelerated 66.7% YoY to $425.5M in Q2 2026 with gross margin expanding to 84.2%, yet operating income remained slightly negative at -$1.5M, reflecting heavy R&D and SG&A investment of $457.5M.
Insmed Incorporated (INSM) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 1.14B | 606.42M | 363.71M | 305.21M | 245.36M | 188.46M | 164.41M | 136.47M | 9.84M | 0 | 0 | 0 | 11.5M | 11.5M | 0 | 4.42M | 6.92M | 10.37M | 11.7M | 7.53M | 991K | 131K | 137K | 150K | 1.96M | 296K | 60K | 1K |
| Revenue Growth % | 185.76% | 66.73% | 19.17% | 24.39% | 30.19% | 14.63% | 20.48% | 1287.56% | - | - | - | -100% | 0% | - | -100% | -36.18% | -33.28% | -11.33% | 55.39% | 659.74% | 656.49% | -4.38% | -8.67% | -92.33% | 560.47% | 393.33% | 5900% | - |
| Cost of Goods Sold | 190.3M | 124.88M | 85.74M | 65.57M | 55.13M | 44.15M | 39.87M | 24.21M | 2.42M | 2.9M | 2.44M | 1.98M | 33.53M | 0 | 21.37M | 0 | 0 | 0 | 0 | 576K | 1.49M | 0 | 0 | 0 | 0 | 0 | 0 | -87K |
| COGS % of Revenue | - | 20.59% | 23.57% | 21.48% | 22.47% | 23.43% | 24.25% | 17.74% | 24.64% | - | - | - | 291.61% | - | - | - | - | - | - | 7.65% | 150.35% | - | - | - | - | - | - | -8700% |
| Gross Profit | 947.34M | 481.55M | 277.96M | 239.63M | 190.23M | 144.31M | 124.54M | 112.25M | 7.41M | -2.9M | -2.44M | -1.98M | -22.04M | 0 | -21.37M | 4.42M | 6.92M | 10.37M | 11.7M | 6.95M | -499K | 0 | 0 | 0 | 0 | 0 | 0 | 88K |
| Gross Margin % | 83.27% | 79.41% | 76.43% | 78.52% | 77.53% | 76.57% | 75.75% | 82.26% | 75.36% | - | - | - | -191.61% | - | - | 100% | 100% | 100% | 100% | 92.35% | -50.35% | - | - | - | - | - | - | 8800% |
| Gross Profit Growth % | - | 73.24% | 16% | 25.97% | 31.82% | 15.87% | 10.94% | 1414.5% | 355.5% | -18.99% | -23.01% | 91.01% | - | 100% | -583.79% | -36.18% | -33.28% | -11.33% | 68.26% | 1493.39% | - | - | - | - | - | - | -100% | - |
| Operating Expenses | 1.76B | 1.66B | 1.16B | 949.26M | 647.55M | 519.4M | 389.77M | 347.5M | 314.75M | 188.92M | 173.4M | 117.49M | 87.36M | 66.52M | 42.44M | 66.14M | 15.01M | 19.05M | 26.11M | 27.39M | 53.87M | 27.57M | 27.56M | 10.74M | 38.98M | 40.48M | 81.59M | 8.22M |
| OpEx % of Revenue | - | 273.45% | 317.9% | 311.02% | 263.92% | 275.6% | 237.07% | 254.64% | 3200.31% | - | - | - | 759.7% | 578.39% | - | 1497.31% | 216.92% | 183.62% | 223.18% | 363.82% | 5436.33% | 21041.98% | 20118.25% | 7157.33% | 1993.81% | 13676.35% | 135991.67% | 821800% |
| Selling, General & Admin | 893.59M | 701.17M | 461.12M | 344.5M | 265.78M | 234.27M | 203.61M | 210.8M | 168.22M | 79.17M | 50.68M | 43.22M | 31.07M | 18.63M | 12.66M | 11.52M | 10.31M | 9.84M | 5.06M | 8.46M | 25.68M | 5.73M | 4.24M | 3.6M | 2.98M | 4.98M | 9.55M | 2.47M |
| SG&A % of Revenue | - | 115.62% | 126.78% | 112.87% | 108.33% | 124.31% | 123.84% | 154.47% | 1710.4% | - | - | - | 270.2% | 161.97% | - | 260.88% | 148.98% | 94.86% | 43.28% | 112.3% | 2591.52% | 4374.05% | 3096.35% | 2397.33% | 152.63% | 1681.08% | 15921.67% | 247400% |
| Research & Development | 860.85M | 771.09M | 598.37M | 571.01M | 397.52M | 272.74M | 181.16M | 131.71M | 145.28M | 109.75M | 122.72M | 74.28M | 56.29M | 44.28M | 29.78M | 28.62M | 4.7M | 9.21M | 21.05M | 18.94M | 21.09M | 21.84M | 23.32M | 7.14M | 18.08M | 35.51M | 21.61M | 5.66M |
| R&D % of Revenue | - | 127.15% | 164.52% | 187.09% | 162.02% | 144.72% | 110.18% | 96.51% | 1477.2% | - | - | - | 489.5% | 385.03% | - | 648.02% | 67.94% | 88.76% | 179.9% | 251.52% | 2128.05% | 16667.94% | 17021.9% | 4760% | 924.65% | 11995.27% | 36013.33% | 565700% |
| Other Operating Expenses | 1000K | 186.02M | 96.73M | 33.75M | -15.75M | 12.39M | 5M | 4.99M | 1.25M | 300K | 119K | -33K | 141K | 3.61M | 0 | 25.99M | 0 | 0 | 0 | 0 | 7.1M | 0 | 0 | 0 | 17.92M | 0 | 50.43M | 87K |
| Operating Income | -817.54M | -1.18B | -878.25M | -709.63M | -457.32M | -375.09M | -265.23M | -235.25M | -307.34M | -188.92M | -173.4M | -117.49M | -87.36M | -55.02M | -42.44M | -61.72M | -8.09M | -8.67M | -14.41M | -20.44M | -54.37M | -27.43M | -27.43M | -10.59M | -37.02M | -40.19M | -81.53M | -8.13M |
| Operating Margin % | -71.86% | -194.04% | -241.47% | -232.51% | -186.39% | -199.03% | -161.32% | -172.38% | -3124.94% | - | - | - | -759.7% | -478.39% | - | -1397.31% | -116.92% | -83.62% | -123.18% | -271.47% | -5486.68% | -20941.98% | -20018.25% | -7057.33% | -1893.81% | -13576.35% | -135891.67% | -813000% |
| Operating Income Growth % | - | -33.99% | -23.76% | -55.17% | -21.92% | -41.42% | -12.75% | 23.46% | -62.68% | -8.95% | -47.58% | -34.49% | -58.8% | -29.64% | 31.24% | -662.72% | 6.71% | 39.81% | 29.49% | 62.41% | -98.2% | -0.03% | -159.07% | 71.41% | 7.87% | 50.71% | -902.89% | - |
| EBITDA | -797.03M | -1.16B | -867.24M | -699.05M | -446.99M | -360.91M | -251.08M | -225.06M | -302.51M | -186.02M | -170.96M | -115.51M | -86.29M | -54.34M | -41.88M | -61.38M | -8.04M | -7.97M | -13.37M | -20.03M | -51M | -14.54M | -27.39M | -10.49M | -36.68M | -38.64M | -80.75M | -8.04M |
| EBITDA Margin % | -70.06% | -191.33% | -238.44% | -229.04% | -182.18% | -191.5% | -152.71% | -164.92% | -3075.87% | - | - | - | -750.37% | -472.48% | - | -1389.54% | -116.14% | -76.81% | -114.27% | -266.08% | -5146.72% | -11096.95% | -19993.43% | -6993.33% | -1876.11% | -13055.41% | -134576.67% | -804300% |
| EBITDA Growth % | 19.69% | -33.79% | -24.06% | -56.39% | -23.85% | -43.74% | -11.56% | 25.6% | -62.62% | -8.81% | -48% | -33.86% | -58.81% | -29.75% | 31.77% | -663.57% | -0.89% | 40.4% | 33.27% | 60.72% | -250.86% | 46.93% | -161.12% | 71.4% | 5.09% | 52.14% | -903.93% | - |
| D&A (Non-Cash Add-back) | 20.51M | 16.45M | 11.01M | 10.58M | 10.33M | 14.18M | 14.15M | 10.18M | 4.83M | 2.9M | 2.44M | 1.98M | 1.07M | 680K | 561K | 343K | 54K | 707K | 1.04M | 406K | 3.37M | 12.9M | 34K | 96K | 346K | 1.54M | 789K | 87K |
| EBIT | -790.49M | -1.19B | -829.81M | -670.76M | -457.7M | -397.83M | -264.52M | -227.25M | -300M | -187M | -172.68M | -117.27M | -87.17M | -54.88M | -40.61M | -59.65M | -6.25M | 119.61M | -14.41M | -20.44M | -54.37M | -27.43M | -27.43M | -10.59M | -34.49M | -40.19M | -31.1M | -8.13M |
| Net Interest Income | -35.77M | -23.14M | -31.61M | -39.56M | -15.37M | -40.3M | -27.86M | -17.78M | -15.13M | -4.3M | -2.89M | -2.63M | -2.36M | -2.25M | 1.06M | -10K | -109K | -781K | -756K | 477K | -1.77M | -13.49M | 222K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 45.56M | 60.66M | 53.31M | 42.13M | 11.08M | 174K | 1.7M | 9.92M | 10.34M | 1.62M | 604K | 261K | 58K | 166K | 1.82M | 0 | 0 | 0 | 500K | 1.16M | 1.94M | 752K | 222K | 0 | 607K | 0 | 0 | 0 |
| Interest Expense | 81.34M | 83.8M | 84.91M | 81.69M | 26.45M | 40.47M | 29.56M | 27.7M | 25.47M | 5.92M | 3.5M | 2.89M | 2.42M | 2.41M | 763K | 10K | 109K | 781K | 1.26M | 682K | 3.7M | 14.25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -51.56M | -95.02M | -31.81M | -37.39M | -22.83M | -61.32M | -27.46M | -18.32M | -16.74M | -4M | -2.77M | -2.66M | -2.22M | -2.28M | -1.14M | 2.06M | 1.74M | 127.5M | -1.26M | 20.44M | 54.37M | 27.43M | 27.43M | 10.59M | 607K | 3.02M | 1.87M | 8.13M |
| Pretax Income | -869.11M | -1.27B | -910.07M | -747.01M | -480.15M | -436.41M | -292.69M | -253.56M | -324.08M | -192.92M | -176.18M | -120.15M | -89.58M | -57.29M | -41.37M | -59.66M | -6.36M | 118.83M | -15.67M | 0 | 0 | 0 | 0 | 0 | -36.42M | -37.17M | -79.66M | 0 |
| Pretax Margin % | -76.4% | -209.71% | -250.22% | -244.76% | -195.69% | -231.57% | -178.02% | -185.8% | -3295.13% | - | - | - | -778.97% | -498.21% | - | -1350.78% | -91.84% | 1145.54% | -133.92% | - | - | - | - | - | -1862.76% | -12557.09% | -132770% | - |
| Income Tax | 6.21M | 5.03M | 3.71M | 2.56M | 1.38M | -1.76M | 1.4M | 777K | 201K | -272K | 98K | -1.97M | -10.42M | -1.22M | 763K | 0 | 78K | 477K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 0 |
| Effective Tax Rate % | -0.71% | -0.4% | -0.41% | -0.34% | -0.29% | 0.4% | -0.48% | -0.31% | -0.06% | 0.14% | -0.06% | 1.64% | 11.63% | 2.13% | -1.84% | 0% | -1.23% | 0.4% | 0% | - | - | - | - | - | 0% | 0% | -0.25% | - |
| Net Income | -875.31M | -1.28B | -913.77M | -749.57M | -481.53M | -434.65M | -294.09M | -254.34M | -324.28M | -192.65M | -176.27M | -118.18M | -79.16M | -56.07M | -41.37M | -59.66M | -6.43M | 118.35M | -15.67M | -19.96M | -56.14M | -40.93M | -27.2M | -10.3M | -36.42M | -37.17M | -79.86M | -7.79M |
| Net Margin % | -76.94% | -210.54% | -251.24% | -245.59% | -196.26% | -230.63% | -178.87% | -186.37% | -3297.17% | - | - | - | -688.34% | -487.59% | - | -1350.78% | -92.96% | 1140.94% | -133.92% | -265.13% | -5664.88% | -31243.51% | -19856.2% | -6865.33% | -1862.76% | -12557.09% | -133103.33% | -779268.4% |
| Net Income Growth % | 15.38% | -39.73% | -21.91% | -55.66% | -10.79% | -47.8% | -15.63% | 21.57% | -68.33% | -9.29% | -49.15% | -49.3% | -41.17% | -35.53% | 30.65% | -827.32% | -105.44% | 855.41% | 21.52% | 64.44% | -37.16% | -50.46% | -164.16% | 71.72% | 2.02% | 53.46% | -924.83% | - |
| Net Income (Continuing) | -875.31M | -1.28B | -913.77M | -749.57M | -481.53M | -434.65M | -294.09M | -254.34M | -324.28M | -192.65M | -176.27M | -118.18M | -79.16M | -56.07M | -41.37M | -59.66M | -6.43M | 118.35M | -15.67M | -19.96M | -56.14M | -40.93M | -27.2M | -10.3M | -36.42M | -37.17M | -79.86M | -7.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.03 | -6.41 | -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 | -2.56 | -0.49 | 9.30 | -1.28 | -1.74 | -5.89 | -8.40 | -6.95 | -2.89 | -11.01 | -11.31 | -43.60 | -24.70 |
| EPS Growth % | 28.02% | -15.08% | -4.31% | -36.57% | -0.77% | -28.9% | 0% | 28.67% | -46.02% | -1.4% | -41.09% | -9.78% | -15% | -2.56% | 39.06% | -422.45% | -105.27% | 826.56% | 26.44% | 70.46% | 29.88% | -20.86% | -140.48% | 73.75% | 2.65% | 74.06% | -76.52% | - |
| EPS (Basic) | - | -6.41 | -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 | -2.56 | -0.49 | 9.30 | -1.28 | -1.74 | -5.89 | -8.40 | -6.95 | -2.89 | -11.01 | -11.31 | -43.60 | -24.70 |
| Diluted Shares Outstanding | 217.35M | 213.64M | 164.04M | 140.43M | 123.03M | 112.11M | 97.61M | 84.56M | 76.89M | 66.58M | 61.89M | 58.63M | 43.09M | 34.98M | 26.55M | 23.35M | 13.25M | 12.73M | 12.21M | 11.47M | 9.53M | 4.87M | 3.92M | 3.56M | 3.31M | 3.29M | 1.83M | 315.5K |
| Basic Shares Outstanding | 217.35M | 213.64M | 164.04M | 140.43M | 123.03M | 112.11M | 97.61M | 84.56M | 76.84M | 66.58M | 61.85M | 58.51M | 43.02M | 34.98M | 26.52M | 23.35M | 13.25M | 12.71M | 12.21M | 11.47M | 9.53M | 4.87M | 3.92M | 3.56M | 3.31M | 3.29M | 1.83M | 315.5K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying INSM stock.
For fiscal year 2025, Insmed Incorporated (INSM) reported total revenue of $606.4M. This represents a 60642200.0% increase compared to $0.0M in 1999.
Insmed Incorporated (INSM) reported a net loss of $1.28B for the fiscal year ending 2025.
Insmed Incorporated (INSM) reported an operating income of $-1176.7M, resulting in an operating profit margin of -194.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Insmed Incorporated (INSM) generated $481.5M in gross profit for the year, representing a gross profit margin of 79.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dilution and cash burn
Metrics are mathematically derived from official filings.
Revenue Acceleration Driven by ARIKAYCE
Insmed's revenue surged 66.7% year-over-year to $425.5M in Q2 2026, per the latest financials, with sequential growth of 39% from Q1, indicating accelerating commercial momentum for ARIKAYCE.
The 66.7% YoY growth in Q2 2026, as reported in the income statement, marks a significant acceleration from the 18.9% growth in Q2 2025. This suggests deeper market penetration in the refractory MAC segment, likely supported by increased patient starts and possibly inventory stocking at specialty pharmacies. The sequential jump from $306M in Q1 to $425.5M in Q2 is notable and may reflect one-time factors, warranting monitoring for sustainability.
Gross Margin Expansion Reflects Pricing Power
Gross margin improved to 84.2% in Q2 2026 from 73.9% a year earlier, as per the income statement, indicating enhanced manufacturing efficiency or favorable product mix, reinforcing ARIKAYCE's premium orphan drug pricing.
The 10.3 percentage point expansion in gross margin over the past year suggests that the complex liposomal manufacturing process is scaling efficiently, or that the company is realizing better yields. This structural improvement supports the moat from formulation science, but investors should note that gross margins remain sensitive to production yields and potential competition.
Operating Leverage Emerges as Losses Narrow
Operating loss narrowed to just $1.5M in Q2 2026 from $312.9M in Q2 2025, per the income statement, as revenue growth outpaced expense growth, indicating early signs of operating leverage.
The dramatic improvement in operating margin from -291% to -0.4% in Q2 2026 suggests that the fixed cost base is being spread over a larger revenue base. However, this is partly due to a one-time benefit from a $0 SBC quarter, which may not recur. The underlying trend is positive, but the sustainability of this leverage depends on continued revenue growth and disciplined expense management.
EPS Beat Clouded by One-Time Items
Q2 2026 EPS of -$0.06 beat estimates by $0.54, per the earnings release, but the quarter included zero stock-based compensation, which may have inflated the beat and warrants scrutiny.
The absence of SBC in Q2 2026 is unusual given the historical run rate of $40M+ per quarter. This one-time omission likely contributed to the narrower net loss of $13.2M. Investors should adjust for this to assess underlying earnings quality. Additionally, the net margin of -3.1% is still deeply negative, indicating that the company remains far from profitability.
R&D and SG&A Escalation Continues
R&D and SG&A expenses totaled $457.5M in Q2 2026, up from $332M in Q2 2025, per the income statement, reflecting heavy investment in Brensocatib and commercial expansion.
The combined operating expenses grew 37.8% YoY, outpacing revenue growth of 66.7% in Q2 2026, but the gap is narrowing. R&D spend of $210M remains elevated, likely funding late-stage trials and regulatory submissions. SG&A of $247.5M suggests scaling of the sales force for future launches. This cost structure is typical for a biotech transitioning to commercial stage, but the pace of increase warrants monitoring for efficiency.
Q2 2026 Marks Operational Inflection
Q2 2026 stands out as the inflection point, with operating income nearly breakeven at -$1.5M versus -$312.9M a year ago, per the income statement, signaling a potential shift toward commercial viability.
The sequential improvement from -$200.3M operating loss in Q1 2026 to -$1.5M in Q2 is unprecedented in the provided data. This inflection appears driven by a 39% revenue jump and a one-time SBC benefit. If the company can sustain revenue growth while controlling expenses, this could mark the beginning of a path to profitability. However, the reliance on one-time items and the still-negative net income suggest caution.
What Could Invalidate the Base Case
Despite the Q2 2026 beat, the zero SBC and potential inventory stocking may inflate results, while the -210% net margin and high debt/equity signal structural risks that could undermine the growth narrative.
Short-sellers would likely focus on the sustainability of the 66.7% revenue growth, questioning whether it is driven by one-time inventory builds at specialty pharmacies rather than underlying patient demand. The absence of SBC in Q2 2026 is a red flag for earnings quality, as it artificially boosts EPS. Additionally, the company's net margin of -210.5% and debt/equity of 1.04 indicate ongoing cash burn and potential dilution risk, which could pressure the stock despite the positive clinical momentum.