INSM on Nasdaq

INSMED Inc

American pharmaceutical preparations company based in Bridgewater.

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Last updated Oct 18, 2026.

Overview

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  • TickerINSM on Nasdaq
  • IndustryPharmaceutical Preparations
  • HeadquartersBridgewater, United States
  • Incorporated inVA2
  • Business address700 Us Highway 202/206, Bridgewater, Nj 088072
  • Filer categoryLarge accelerated filer2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-205.6%Operating margin3
-210.5%Net margin3
66.7%Revenue growth, 20253
-172.8%Return on equity3
0.73×Debt to equity3
-$967.6MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Arikayce brought in 72% of the revenue INSMED Inc broke down this way in fiscal 2025.

  1. Arikayce$433.8M372%up 19% from 2024
  2. Brinsupri$172.7M328%
Products and services by year
Products and services202320242025
Arikayce$305.2M$363.7M$433.8M
Brinsupri$0$0$172.7M

Regions

United States brought in 75% of the revenue INSMED Inc broke down this way in fiscal 2025.

  1. United States$453.0M375%up 78% from 2024
  2. Outside the United States$153.5M325%up 41% from 2024
Regions by year
Regions202320242025
United States$224.2M$254.8M$453.0M
Outside the United States$81.0M$108.9M$153.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue7¢$122.9M
  • Research and development46¢$771.1M
  • Selling, general and admin42¢$701.2M
  • Interest5¢$83.8M
  • Income tax0¢$5.0M

Out of $606.4M in revenue.3 The company lost money this year.

Financial statements

Revenue45673$606.4M in 2025+344% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $136.5M$136.5M20192020: $164.4M$164.4M2020+20%2021: $188.5M$188.5M2021+15%2022: $245.4M$245.4M2022+30%2023: $305.2M$305.2M2023+24%2024: $363.7M$363.7M2024+19%2025: $606.4M$606.4M2025+67%
Operating income45673-$1.2B in 2025+430% since 2019
-$1.5B-$1.0B-$500.0M02019: -$235.2M-$235.2M20192020: -$265.2M-$265.2M2020+13%2021: -$375.1M-$375.1M2021+41%2022: -$457.3M-$457.3M2022+22%2023: -$709.6M-$709.6M2023+55%2024: -$878.3M-$878.3M2024+24%2025: -$1.2B-$1.2B2025+42%
Net income45673-$1.3B in 2025+402% since 2019
-$1.5B-$1.0B-$500.0M02019: -$254.3M-$254.3M20192020: -$294.1M-$294.1M2020+16%2021: -$434.7M-$434.7M2021+48%2022: -$481.5M-$481.5M2022+11%2023: -$749.6M-$749.6M2023+56%2024: -$913.8M-$913.8M2024+22%2025: -$1.3B-$1.3B2025+40%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Product revenues, net$606.4M$363.7M$305.2M
Cost of product revenues (excluding amortization of intangible assets)$122.9M$85.7M$65.6M
Research and development$771.1M$598.4M$571.0M
Selling, general and administrative$701.2M$461.1M$344.5M
Amortization of intangible assets$6.0M$5.1M$5.1M
Change in fair value of deferred and contingent consideration$252.0M$91.7M$28.7M
Total operating expenses$1.9B$1.2B$1.0B
Operating loss-$1.2B-$878.3M-$709.6M
Investment income$60.7M$53.3M$42.1M
Interest expense-$83.8M-$84.9M-$81.7M
Change in fair value of interest rate swap$0-$236.0K$320.0K
Other (expense) income, net-$1.8M$29.0K$1.9M
Loss before income taxes-$1.3B-$910.1M-$747.0M
Provision for income taxes$5.0M$3.7M$2.6M
Net loss-$1.3B-$913.8M-$749.6M
Basic net loss per share (in dollars per share)-$6.42-$5.57-$5.34
Diluted net loss per share (in dollars per share)-$6.42-$5.57-$5.34
Weighted average basic common shares outstanding (in shares)199.0M shares164.0M shares140.4M shares
Weighted average diluted common shares outstanding (in shares)199.0M shares164.0M shares140.4M shares
Net loss, basic-$1.3B-$913.8M-$749.6M
Net loss, diluted-$1.3B-$913.8M-$749.6M
Foreign currency translation gains (losses)$3.3M-$1.9M-$2.2M
Unrealized gain on marketable securities$444.0K$311.0K$713.0K
Total comprehensive loss-$1.3B-$915.3M-$751.1M

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Leadership

Who has led INSMED Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Geoffrey Allan2007–2009

Chair

  1. Geoffrey Allan2007–2009

President

  1. Geoffrey Allan2007–2009
  2. Steve C. Glover2007–2009

Chief financial officer

  1. Kevin P. Tully2006–2011
  2. Andrew T. Drechsler2012–2017
  3. Paolo Tombesi2017–2019
  4. Sara Bonstein2020–now

Chief operating officer

  1. Ronald D. Gunn2007
  2. Roger Adsett2019–now
2010201520202025
Board members and other officers (36)

Timeline

  1. May 1, 2011Founded INSMED Inc is founded56
  2. Jun 22, 2007New chief executive Geoffrey Allan becomes CEO12

Filings

688 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 318 insider forms, 39 large holders, 251 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Sep 11, 20264 EDGAR
  3. Sep 10, 2026144 EDGAR
  4. Aug 19, 20264 EDGAR
  5. Aug 17, 2026144 EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Aug 12, 20264 EDGAR
  8. Aug 10, 2026144 EDGAR
  9. Aug 7, 20264 EDGAR
  10. Aug 6, 2026144 EDGAR
  11. Aug 6, 20268-K EDGAR
  12. Aug 6, 202610-Q EDGAR
  13. Aug 6, 2026SCHEDULE 13G/A EDGAR
  14. Jul 24, 20264 EDGAR
  15. Jul 23, 2026144 EDGAR
  16. Jul 22, 2026SCHEDULE 13G/A EDGAR
  17. Jul 16, 20268-K EDGAR
  18. Jul 10, 20264 EDGAR
  19. Jul 9, 2026144 EDGAR
  20. Jul 8, 20264 EDGAR

The 688 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 39 such filings since October 2021, the latest 10:

  1. Aug 14, 2026SCHEDULE 13G/A
  2. Aug 6, 2026SCHEDULE 13G/A
  3. Jul 22, 2026SCHEDULE 13G/A
  4. May 15, 2026SCHEDULE 13G/A
  5. May 6, 2026SCHEDULE 13G
  6. Apr 30, 2026SCHEDULE 13G
  7. Mar 27, 2026SCHEDULE 13G/A
  8. Jan 21, 2026SCHEDULE 13G/A
  9. Nov 14, 2025SCHEDULE 13G/A
  10. Nov 14, 2025SCHEDULE 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC16,143,583$1.7B0.1%+2,983,416
BlackRock, Inc.15,807,984$1.7B0.0%−870,162
Vanguard Portfolio Management LLC10,407,962$1.1B0.1%+36,160
Jpmorgan Chase & Co10,428,170$1.1B0.1%−13,722,329
Vanguard Capital Management LLC9,790,865$1.0B0.0%+148,734
Baker Bros. Advisors LP8,796,111$937.8M4.7%+1,375,000
Capital International Investors8,238,124$878.3M0.2%+2,642,930
Darwin Global Management, Ltd.6,431,163$673.6M17.9%−10,374,021
Ameriprise Financial Inc6,179,571$658.9M0.1%+3,121,853
Orbis Allan Gray Ltd6,076,487$647.9M2.2%+4,203,663
State Street Corp6,052,174$645.3M0.0%+500,475
D. E. Shaw & Co., Inc.5,877,959$626.7M0.4%+252,134
Artisan Partners Limited Partnership5,441,718$580.2M0.9%−1,085,583
Rtw Investments, LP4,842,880$516.3M4.4%No change
Geode Capital Management, LLC4,220,155$448.8M0.0%−230,234
Norges Bank3,377,641$360.1M0.0%New
Jupiter Topco LLC2,605,181$277.8M0.1%New
UBS Group AG2,584,446$275.6M0.0%+846,965
Citadel Advisors LLC2,556,973$272.6M0.2%+374,402
Franklin Resources Inc2,273,222$242.4M0.1%−344,029
Maverick Capital Ltd2,150,762$229.3M2.1%New
Millennium Management LLC2,048,005$218.4M0.2%+890,219
Qube Research & Technologies Ltd1,682,334$179.4M0.2%+1,533,819
Westfield Capital Management Co LP1,629,561$173.7M0.6%+161,102
Integral Health Asset Management, LLC1,600,000$170.6M7.0%+100,000

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

10 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 10, 2026Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000−1.6%Report
Oct 3, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000+52.2%Report
Sep 22, 2025Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000+47.3%Report
Aug 8, 2025Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000+30.6%Report
Jul 7, 2025Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000+22.0%Report
Jun 16, 2025Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−30.4%Report
Apr 9, 2025Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000−6.2%Report
Jun 21, 2024Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000−4.2%Report
May 28, 2024Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000−60.8%Report
Dec 6, 2022Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000+326.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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