The company maintains a robust 83.8% gross margin, though this is currently overshadowed by aggressive R&D spending of $209.5 million that continues to drive significant operating losses.
| 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 | 819.56M | 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 % | 115.09% | 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 | 151.16M | 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 | 668.4M | 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 % | 81.56% | 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 | 1.8B | 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 | 800.88M | 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 | 828M | 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 | 3M | 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 | -1.13B | -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 % | -137.74% | -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 | -1.11B | -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 % | -135.42% | -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 % | -14.47% | -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) | 19M | 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 | -1.16B | -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 | -37.38M | -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 | 43.55M | 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 | 80.93M | 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 | -49.31M | -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 | -1.18B | -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 % | -143.76% | -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 | 5.58M | 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 % | -0.47% | -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 | -1.18B | -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 % | -144.44% | -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 % | -16.83% | -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) | -1.18B | -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) | -5.49 | -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 % | 3.36% | -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 | 215.47M | 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 | 215.47M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Clinical Pipeline Dependency
According to the most recent quarterly filings, Insmed achieved a revenue of $306.0 million, reflecting a significant growth trajectory that suggests successful penetration of the refractory MAC lung disease market and potential early-stage benefits from broader commercial efforts as the company scales its specialized pulmonary franchise.
The acceleration in top-line performance appears to be driven by increased patient adoption of ARIKAYCE, moving beyond initial launch hurdles. Investors should monitor whether this growth rate is sustainable or if it reflects temporary inventory stocking patterns within the specialty pharmacy channel.
As reported in financial statements, the company maintains a robust gross margin of 83.8%, which underscores the premium pricing power inherent in its orphan drug portfolio despite the inherent complexities and yield sensitivities associated with manufacturing stable liposomal suspensions at a commercial scale for global distribution.
While the gross margin profile is competitive with peers like Alnylam, the structural reliance on high-cost manufacturing processes warrants caution. Any disruption in production yields could disproportionately impact profitability, given the lack of operating leverage currently present in the broader income statement.
Based on the provided income statement data, Insmed continues to prioritize heavy R&D and SG&A expenditure, with R&D costs reaching $209.5 million in the latest quarter, signaling a management strategy that favors long-term pipeline development over immediate bottom-line profitability or expense discipline in the near term.
The current cost structure is heavily weighted toward clinical trials and commercial infrastructure, which effectively masks the underlying profitability of the ARIKAYCE franchise. This strategy suggests that the company is operating as a platform-focused entity rather than a mature commercial business, necessitating continued capital market access.
Data from the last ten quarters indicates a persistent pattern of negative operating income, with the most recent quarter showing a loss of $200.3 million, raising questions about the long-term viability of the current funding model without significant equity dilution or successful pipeline commercialization.
Short-sellers may focus on the widening gap between revenue growth and the escalating R&D spend, which suggests that the company remains highly vulnerable to capital market volatility. The lack of a clear path to operational self-sufficiency implies that shareholders should remain wary of potential future financing rounds.
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.