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INSMED Inc

INSM Clue Score44
United States Fiscal year ends December CIK 0001104506
$100.60 +0.12% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $100.60 +245.23% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.0Operating income−173.4Net income−176.3Fiscal year 2017Revenue0.0Operating income−188.9Net income−192.6Fiscal year 2018Revenue9.8Operating income−307.3Net income−324.3Fiscal year 2019Revenue136.5 +1,287.6%Operating income−235.2Net income−254.3EPS, diluted−3.01Fiscal year 2020Revenue164.4 +20.5%Operating income−265.2Net income−294.1EPS, diluted−3.01Fiscal year 2021Revenue188.5 +14.6%Operating income−375.1Net income−434.7EPS, diluted−3.88Fiscal year 2022Revenue245.4 +30.2%Operating income−457.3Net income−481.5EPS, diluted−3.91Fiscal year 2023Revenue305.2 +24.4%Operating income−709.6Net income−749.6EPS, diluted−5.34Fiscal year 2024Revenue363.7 +19.2%Operating income−878.3Net income−913.8EPS, diluted−5.57Fiscal year 2025Revenue606.4 +66.7%Operating income−1,246.8Net income−1,276.8EPS, diluted−6.42
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.0 0.0 9.8 136.5 164.4 188.5 245.4 305.2 363.7 606.4
Growth +1,287.6% +20.5% +14.6% +30.2% +24.4% +19.2% +66.7%
Operating income −173.4 −188.9 −307.3 −235.2 −265.2 −375.1 −457.3 −709.6 −878.3 −1,246.8
Net income −176.3 −192.6 −324.3 −254.3 −294.1 −434.7 −481.5 −749.6 −913.8 −1,276.8
Growth
EPS, diluted n/a n/a n/a −3.01 −3.01 −3.88 −3.91 −5.34 −5.57 −6.42
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Fiscal year 2017Fiscal year 2018Gross margin75.4%Operating margin−3,124.9%Net margin−3,297.2%Free cash flow margin−2,756.1%Fiscal year 2019Gross margin82.3%Operating margin−172.4%Net margin−186.4%Free cash flow margin−214.6%Fiscal year 2020Operating margin−161.3%Net margin−178.9%Free cash flow margin−137.2%Fiscal year 2021Operating margin−199.0%Net margin−230.6%Free cash flow margin−196.6%Fiscal year 2022Operating margin−186.4%Net margin−196.3%Free cash flow margin−167.2%Fiscal year 2023Operating margin−232.5%Net margin−245.6%Free cash flow margin−180.1%Fiscal year 2024Operating margin−241.5%Net margin−251.2%Free cash flow margin−194.1%Fiscal year 2025Operating margin−205.6%Net margin−210.5%Free cash flow margin−159.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a 75.4% 82.3% n/a n/a n/a n/a n/a n/a
Operating margin n/a n/a −3,124.9% −172.4% −161.3% −199.0% −186.4% −232.5% −241.5% −205.6%
Net margin n/a n/a −3,297.2% −186.4% −178.9% −230.6% −196.3% −245.6% −251.2% −210.5%
Free cash flow margin n/a n/a −2,756.1% −214.6% −137.2% −196.6% −167.2% −180.1% −194.1% −159.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−146.7Capital expenditure−4.2Free cash flow−150.9Fiscal year 2017Operating cash flow−159.6Capital expenditure−3.0Free cash flow−162.6Fiscal year 2018Operating cash flow−258.0Capital expenditure−13.1Free cash flow−271.1Fiscal year 2019Operating cash flow−250.6Capital expenditure−42.3Free cash flow−292.9Fiscal year 2020Operating cash flow−219.3Capital expenditure−6.2Free cash flow−225.6Fiscal year 2021Operating cash flow−363.3Capital expenditure−7.3Free cash flow−370.6Fiscal year 2022Operating cash flow−400.4Capital expenditure−9.9Free cash flow−410.3Fiscal year 2023Operating cash flow−536.2Capital expenditure−13.3Free cash flow−549.5Fiscal year 2024Operating cash flow−683.9Capital expenditure−21.9Free cash flow−705.8Fiscal year 2025Operating cash flow−935.0Capital expenditure−32.6Free cash flow−967.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −146.7 −159.6 −258.0 −250.6 −219.3 −363.3 −400.4 −536.2 −683.9 −935.0
Capital expenditure −4.2 −3.0 −13.1 −42.3 −6.2 −7.3 −9.9 −13.3 −21.9 −32.6
Free cash flow −150.9 −162.6 −271.1 −292.9 −225.6 −370.6 −410.3 −549.5 −705.8 −967.6
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash162.6Total debt54.8Net cash (debt)107.8Shareholders’ equity154.5Debt to equity0.35Fiscal year 2017Cash381.2Total debt55.6Net cash (debt)325.6Shareholders’ equity361.1Debt to equity0.15Fiscal year 2018Cash495.1Total debt316.6Net cash (debt)178.5Shareholders’ equity208.3Debt to equity1.52Fiscal year 2019Cash487.4Total debt335.9Net cash (debt)151.5Shareholders’ equity261.7Debt to equity1.28Fiscal year 2020Cash532.8Total debt356.3Net cash (debt)176.4Shareholders’ equity275.9Debt to equity1.29Fiscal year 2021Cash716.8Total debt566.6Net cash (debt)150.2Shareholders’ equity410.5Debt to equity1.38Fiscal year 2022Cash1,074.0Total debt1,125.3Net cash (debt)−51.2Shareholders’ equity88.0Debt to equity12.79Fiscal year 2023Cash482.4Total debt1,155.3Net cash (debt)−672.9Shareholders’ equity−331.9Fiscal year 2024Cash555.0Total debt1,103.4Net cash (debt)−548.4Shareholders’ equity285.4Debt to equity3.87Fiscal year 2025Cash510.4Total debt541.0Net cash (debt)−30.5Shareholders’ equity739.0Debt to equity0.73
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 162.6 381.2 495.1 487.4 532.8 716.8 1,074.0 482.4 555.0 510.4
Total debt 54.8 55.6 316.6 335.9 356.3 566.6 1,125.3 1,155.3 1,103.4 541.0
Net cash (debt) 107.8 325.6 178.5 151.5 176.4 150.2 −51.2 −672.9 −548.4 −30.5
Shareholders’ equity 154.5 361.1 208.3 261.7 275.9 410.5 88.0 −331.9 285.4 739.0
Debt to equity 0.35 0.15 1.52 1.28 1.29 1.38 12.79 n/a 3.87 0.73

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
0.0 0.0 9.8 136.5 164.4 188.5 245.4 305.2 363.7 606.4
Growth +1,287.6% +20.5% +14.6% +30.2% +24.4% +19.2% +66.7%
0.0 0.0 2.4 24.2 39.9 44.2 55.1 65.6 85.7 122.9
n/a 0.0 7.4 112.3 n/a n/a n/a n/a n/a n/a
Growth +1,414.5%
122.7 109.7 145.3 131.7 181.2 272.7 397.5 571.0 598.4 771.1
50.7 79.2 168.2 210.8 203.6 234.3 265.8 344.5 461.1 701.2
−173.4 −188.9 −307.3 −235.2 −265.2 −375.1 −457.3 −709.6 −878.3 −1,246.8
Growth
−176.2 −192.9 −324.1 −253.6 −292.7 −436.4 −480.2 −747.0 −910.1 −1,271.7
0.1 −0.3 0.2 0.8 1.4 −1.8 1.4 2.6 3.7 5.0
−176.3 −192.6 −324.3 −254.3 −294.1 −434.7 −481.5 −749.6 −913.8 −1,276.8
Growth
Per share
n/a n/a n/a −3.01 −3.01 −3.88 −3.91 −5.34 −5.57 −6.42
n/a n/a n/a −3.01 −3.01 −3.88 −3.91 −5.34 −5.57 −6.42
Growth
61.9 66.6 76.9 84.6 97.6 112.1 123.0 140.4 164.0 199.0
61.9 66.6 76.9 84.6 97.6 112.1 123.0 140.4 164.0 199.0
Growth +7.6% +15.5% +10.0% +15.4% +14.9% +9.7% +14.1% +16.8% +21.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 29.8% a year over five years.
  • The diluted share count rose 103.9% in five years, which is dilution.
  • Operating margin is down 44.3 points on five years ago, at -205.6%.
  • A net loss in 10 of 10 years on file.