Insmed (INSM)
NASDAQ:INSM
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Insmed
(NASDAQ:INSM)
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Rating:58Neutral
Price Target:
$145.00
▲(0.36% Upside)
Action:ReiteratedDate:04/08/26
The score is primarily held back by very large ongoing losses and heavy cash burn despite strong revenue growth and improved leverage. Offsetting this, technicals are constructive and the latest earnings call featured strong 2026 revenue guidance and a stated path to cash-flow positivity, while recent corporate events were mixed (ENCORE positive, brensocatib Phase 2b negative).
Positive Factors
Accelerating revenue and strong gross margins
Sustained double‑digit revenue growth with gross margins near 80% indicates durable product-level economics and scalable commercialization. Strong top-line momentum coupled with high margins supports funding of R&D and commercial expansion without immediate margin erosion.
Negative Factors
Very large and rising cash burn
Substantial, growing negative operating and free cash flow means the company remains dependent on execution or external financing. Even with cash on hand, persistent large losses elevate dilution and execution risk if revenue ramps or margin improvements slip versus plan.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue and strong gross margins
Sustained double‑digit revenue growth with gross margins near 80% indicates durable product-level economics and scalable commercialization. Strong top-line momentum coupled with high margins supports funding of R&D and commercial expansion without immediate margin erosion.
Read all positive factors
Insmed (INSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$29.59B
Dividend YieldN/A
Average Volume (3M)2.28M
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth66.73%
EPS Growth-14.62%
CountryUS
Employees1,271
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-6.41
Shares Outstanding215,852,140
10 Day Avg. Volume1,977,999
30 Day Avg. Volume2,276,607
Financial Highlights & Ratios
PEG Ratio-1.93
Price to Book (P/B)50.31
Price to Sales (P/S)61.31
P/FCF Ratio-38.43
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue49.22
Enterprise Value/Gross Profit61.99
Enterprise Value/Ebitda-25.37
Forecast
1Y Price Target
$216.07Price Target Upside49.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)-2.54
Revenue Forecast (FY)$1.72B
Insmed Business Overview & Revenue Model
Company Description
Insmed Incorporated, a biopharmaceutical company, develops and commercializes therapies for patients with serious and rare diseases. The company offers ARIKAYCE for the treatment of Mycobacterium avium complex lung disease as part of a combination...
How the Company Makes Money
Insmed primarily makes money by selling its commercial product, ARIKAYCE. Revenue is generated from product sales to wholesalers/specialty distributors and other customers in the geographies where ARIKAYCE is marketed; net product revenue is affec...
Insmed Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call communicated a strongly positive commercial momentum driven by Brinsupri's launch (first full-quarter net revenue of $144.6M and guidance of at least $1B in 2026), solid ARIKAYCE growth (Japan +40% YoY) and a strong balance sheet (~$1.4B cash). Clinical progress (TPIP orphan designation and planned Phase III) and pipeline expansion via acquisitions were additional positives. Near-term challenges noted include early-stage depth of prescribing, some payer documentation requirements and increased operating spend (including ~$70M of one-time Q4 cash items). Management believes these lowlights are manageable and reiterated a path to cash flow positivity while retaining flexibility for selective business development. On balance, the highlights materially outweigh the lowlights.Positive Updates
Brinsupri Launch and 2026 Revenue Guidance
Brinsupri received approval and delivered $144,600,000 in net revenue in its first full quarter. About 11,550 new patients started Brinsupri in 2025 (reported as <5% penetration of the initial target patient cohort). Management provided 2026 revenue guidance of at least $1,000,000,000 for Brinsupri and expects total company revenue in 2026 to be more than double 2025 levels. Gross-to-net for Brinsupri is guided to mid-20s to low-30s percent in 2026, with 2025 GTN already in that range.
Negative Updates
Program Discontinuation
The company discontinued the CRS without nasal polyps program last quarter, representing a clinical pipeline setback in the inflammation area.
Read all updates
Q4-2025 Updates
Positive
Negative
Brinsupri Launch and 2026 Revenue Guidance
Brinsupri received approval and delivered $144,600,000 in net revenue in its first full quarter. About 11,550 new patients started Brinsupri in 2025 (reported as <5% penetration of the initial target patient cohort). Management provided 2026 revenue guidance of at least $1,000,000,000 for Brinsupri and expects total company revenue in 2026 to be more than double 2025 levels. Gross-to-net for Brinsupri is guided to mid-20s to low-30s percent in 2026, with 2025 GTN already in that range.
Read all positive updates
Company Guidance
Management provided clear 2026 guidance focused on Brinsupri and overall company growth: Brinsupri revenue is guided at at least $1,000,000,000 in 2026 (Brinsupri generated $144.6M net in its first full quarter and added ~11,550 new patients in 2025), and company‑wide 2026 revenue is expected to more than double 2025 levels; they reiterated a >$5,000,000,000 peak‑sales framework tied to a U.S. diagnosed TAM of ~500,000 non‑CF bronchiectasis patients (with ~250,000 patients having ≥2 exacerbations as the core opportunity) and noted 32 million COPD/asthma patients as potential upside. Payer/access and product economics specifics: >90% of targeted patient lives have reimbursement access, Brinsupri gross‑to‑net is guided to the mid‑20s to low‑30s percent in 2026 (2025 GTN was in that range), and ARIKAYCE GTN is expected in the low‑to‑mid‑20s; ARIKAYCE grew 40% in Japan in 2025 (Japan >25% of ARIKAYCE global revenues) and the upcoming ENCORE readout (expected Mar/Apr) could expand ARIKAYCE’s addressable market from ~30,000 to >200,000 patients. Financial position and cash flow: year‑end cash, cash equivalents and marketable securities were ≈$1.4B, Q4 included ~$70M of one‑time cash items, cost of product revenues in 2025 was $44.2M (16.8% of revenues), and management expects a path to cash‑flow positivity in 2026 without needing to raise capital (while remaining open to opportunistic BD financing).Insmed Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
58
Neutral
Cash Flow
25
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 606.42M | 363.71M | 305.21M | 245.36M | 188.46M |
| Gross Profit | 481.55M | 277.96M | 239.63M | 190.23M | 144.31M |
| EBITDA | -1.17B | -818.79M | -660.18M | -447.37M | -383.65M |
| Net Income | -1.28B | -913.77M | -749.57M | -481.53M | -434.65M |
Balance Sheet | |||||
| Total Assets | 2.26B | 2.03B | 1.33B | 1.66B | 1.24B |
| Cash, Cash Equivalents and Short-Term Investments | 1.43B | 1.43B | 780.45M | 1.15B | 716.78M |
| Total Debt | 768.16M | 1.31B | 1.20B | 1.18B | 612.27M |
| Total Liabilities | 1.53B | 1.74B | 1.66B | 1.57B | 833.04M |
| Stockholders Equity | 738.98M | 285.38M | -331.92M | 87.95M | 410.47M |
Cash Flow | |||||
| Free Cash Flow | -967.58M | -705.80M | -549.53M | -410.32M | -370.59M |
| Operating Cash Flow | -935.01M | -683.88M | -536.25M | -400.44M | -363.30M |
| Investing Cash Flow | -64.58M | -583.17M | -223.60M | -34.58M | -64.28M |
| Financing Cash Flow | 954.07M | 1.34B | 168.44M | 793.27M | 612.55M |
Insmed Technical Analysis
Negative
144.48
Price Trends
149.75
Negative
164.49
Negative
153.34
Negative
Market Momentum
-0.29
Positive
42.31
Neutral
5.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INSM, the sentiment is Negative. The current price of 144.48 is below the 20-day moving average (MA) of 152.22, below the 50-day MA of 149.75, and below the 200-day MA of 153.34, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 42.31 is Neutral, neither overbought nor oversold. The STOCH value of 5.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INSM.
Insmed Risk Analysis
Insmed disclosed 53 risk factors in its most recent earnings report. Insmed reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Insmed Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $19.95B | 15.46 | 29.31% | ― | 21.48% | 1853.63% | |
77 Outperform | $29.26B | ― | 11.89% | 2.23% | 5.05% | -7.01% | |
70 Outperform | $10.55B | 25.76 | 4.41% | ― | 12.53% | -49.09% | |
66 Neutral | $16.62B | 153.52 | 18.99% | ― | 19.49% | -11.88% | |
58 Neutral | $29.59B | -28.30 | -168.36% | ― | 66.73% | -14.62% | |
54 Neutral | $23.94B | -16.44 | -6.03% | ― | 11.42% | -73.28% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
INSM
Insmed
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100.78%
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Insmed Corporate Events
Business Operations and StrategyProduct-Related Announcements
Insmed Halts Brensocatib Development After Phase 2b Failure
Negative
Apr 7, 2026
On April 7, 2026, Insmed reported topline results from its Phase 2b CEDAR trial of brensocatib in adults with moderate to severe hidradenitis suppurativa, showing the study failed to meet primary and secondary efficacy endpoints at both 10 mg and ...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Insmed Reports Positive Phase 3b ENCORE ARIKAYCE Results
Positive
Mar 23, 2026
On March 23, 2026, Insmed reported positive topline results from its Phase 3b ENCORE study of ARIKAYCE plus standard multidrug therapy in patients with newly occurring MAC lung infection who had not previously received antibiotics. The trial met i...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Insmed director McGirr to step down after 2026 meeting
Positive
Feb 19, 2026
On February 17, 2026, director David W.J. McGirr informed Insmed’s board that he will not stand for re-election at the 2026 annual meeting, though he will remain on the board and continue chairing the audit committee until then, and the comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.