Insmed Incorporated (INSM) Research

Forward Estimates

EPS Estimates

Current Qtr

$-0.78

$-1.09$-0.58

vs $-1.70+54.4%

13 analysts

Next Qtr

$-0.60

$-1.14$-0.35

vs $-1.75+65.6%

13 analysts

Current Yr

$-2.76

$-4.29$-1.84

vs $-6.42+57.0%

14 analysts

Next Yr

$0.35

$-1.91$1.64

vs $-2.76+112.6%

15 analysts

Revenue Estimates

Current Qtr

$391.49M

$374.84M$414.37M

vs $107.42M+264.5%

18 analysts

Next Qtr

$465.75M

$435.36M$485.00M

vs $142.34M+227.2%

18 analysts

Current Yr

$1.70B

$1.61B$1.77B

vs $606.42M+179.7%

20 analysts

Next Yr

$2.79B

$2.19B$3.17B

vs $1.70B+64.2%

20 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for INSM on EDGAR.

INSM filing events and research context
Filed	Item	Context
Feb 19, 2026	business	Insmed is a global biopharmaceutical company focused on developing and commercializing therapies for serious respiratory, immunological, and inflammatory diseases. Its commercial portfolio includes ARIKAYCE, an inhaled treatment for NTM lung disease, and BRINSUPRI, an oral DPP1 inhibitor for non-cystic fibrosis bronchiectasis (NCFB) approved in the U.S. in 2025. The company’s clinical pipeline features TPIP, an inhaled treprostinil prodrug for pulmonary hypertension and interstitial lung disease, alongside early-stage gene therapy programs for Duchenne muscular dystrophy and ALS. The company faces significant operational and financial risks. It relies heavily on a limited number of third-party contract manufacturers and suppliers, such as Resilience, Patheon, and PARI, for the production of its commercial products and clinical candidates. Any disruption in these relationships or failure to maintain regulatory compliance could severely impact supply and revenue. Furthermore, Insmed has a history of operating losses, with an accumulated deficit of $5.6 billion as of year-end 2025. It remains dependent on external financing and debt, including significant term loans and royalty-based financing arrangements, to fund its R&D and commercial expansion. The company also faces intense competition, potential generic entry, and evolving regulatory scrutiny regarding drug pricing and gene therapy development, all of which could materially affect its long-term profitability and stock value.
Feb 19, 2026	mda	Insmed (INSM) is a global biopharmaceutical company focused on three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. The company’s commercial portfolio features ARIKAYCE, an inhalation suspension for respiratory conditions, and BRINSUPRI, an oral treatment for non-cystic fibrosis bronchiectasis (NCFB) approved in the U.S. and EU in 2025. Financial performance in 2025 was marked by significant growth, with total net product revenues reaching $606.4 million, up 66.7% from 2024. This was driven by the launch of BRINSUPRI ($172.7 million in U.S. sales) and 19.3% growth in ARIKAYCE. Despite revenue gains, the company remains unprofitable, reporting an accumulated deficit of $5.6 billion. Operating expenses are substantial, driven by heavy R&D investment—totaling $771.1 million in 2025—to support clinical programs including TPIP, brensocatib for hidradenitis suppurativa (HS), and gene therapies INS1201 and INS1202. Liquidity remains a priority; Insmed maintains a strong cash position, bolstered by $823.3 million in net proceeds from a 2025 equity offering and a $150 million term loan. Management expects current cash and marketable securities to fund operations for at least 12 months, though future profitability depends on successful commercialization and the advancement of its clinical pipeline.
Feb 19, 2026	risk_factors	Insmed’s business is heavily concentrated on the commercial success of its two primary products, ARIKAYCE and BRINSUPRI. ARIKAYCE, approved for refractory MAC lung disease, is subject to an accelerated approval pathway requiring the successful completion of the ENCORE confirmatory trial; failure to meet these requirements or demonstrate clinical benefit could lead to the withdrawal of regulatory approval. Similarly, BRINSUPRI’s revenue growth depends on market penetration in the U.S. and E.U. and securing additional international approvals. Both products are drug-device combinations, making the company dependent on third-party manufacturers like PARI for the Lamira delivery system. Financial analysts should note that Insmed has a history of operating losses and a significant accumulated deficit, necessitating ongoing capital raises and reliance on debt, including a senior secured term loan and royalty financing arrangements. These financial obligations impose restrictive covenants and potential dilution. Furthermore, the company faces intense competition, pricing pressure from government payors (including potential IRA-related negotiations), and the inherent risks of pharmaceutical R&D, particularly regarding its novel gene therapy pipeline. Operational risks include reliance on third-party contract research organizations and manufacturers, potential cybersecurity threats, and the complexities of managing rapid global expansion.

Filed

Item

Context

Feb 19, 2026

business

Insmed is a global biopharmaceutical company focused on developing and commercializing therapies for serious respiratory, immunological, and inflammatory diseases. Its commercial portfolio includes ARIKAYCE, an inhaled treatment for NTM lung disease, and BRINSUPRI, an oral DPP1 inhibitor for non-cystic fibrosis bronchiectasis (NCFB) approved in the U.S. in 2025. The company’s clinical pipeline features TPIP, an inhaled treprostinil prodrug for pulmonary hypertension and interstitial lung disease, alongside early-stage gene therapy programs for Duchenne muscular dystrophy and ALS. The company faces significant operational and financial risks. It relies heavily on a limited number of third-party contract manufacturers and suppliers, such as Resilience, Patheon, and PARI, for the production of its commercial products and clinical candidates. Any disruption in these relationships or failure to maintain regulatory compliance could severely impact supply and revenue. Furthermore, Insmed has a history of operating losses, with an accumulated deficit of $5.6 billion as of year-end 2025. It remains dependent on external financing and debt, including significant term loans and royalty-based financing arrangements, to fund its R&D and commercial expansion. The company also faces intense competition, potential generic entry, and evolving regulatory scrutiny regarding drug pricing and gene therapy development, all of which could materially affect its long-term profitability and stock value.

Feb 19, 2026

mda

Insmed (INSM) is a global biopharmaceutical company focused on three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. The company’s commercial portfolio features ARIKAYCE, an inhalation suspension for respiratory conditions, and BRINSUPRI, an oral treatment for non-cystic fibrosis bronchiectasis (NCFB) approved in the U.S. and EU in 2025. Financial performance in 2025 was marked by significant growth, with total net product revenues reaching $606.4 million, up 66.7% from 2024. This was driven by the launch of BRINSUPRI ($172.7 million in U.S. sales) and 19.3% growth in ARIKAYCE. Despite revenue gains, the company remains unprofitable, reporting an accumulated deficit of $5.6 billion. Operating expenses are substantial, driven by heavy R&D investment—totaling $771.1 million in 2025—to support clinical programs including TPIP, brensocatib for hidradenitis suppurativa (HS), and gene therapies INS1201 and INS1202. Liquidity remains a priority; Insmed maintains a strong cash position, bolstered by $823.3 million in net proceeds from a 2025 equity offering and a $150 million term loan. Management expects current cash and marketable securities to fund operations for at least 12 months, though future profitability depends on successful commercialization and the advancement of its clinical pipeline.

Feb 19, 2026

risk_factors

Insmed’s business is heavily concentrated on the commercial success of its two primary products, ARIKAYCE and BRINSUPRI. ARIKAYCE, approved for refractory MAC lung disease, is subject to an accelerated approval pathway requiring the successful completion of the ENCORE confirmatory trial; failure to meet these requirements or demonstrate clinical benefit could lead to the withdrawal of regulatory approval. Similarly, BRINSUPRI’s revenue growth depends on market penetration in the U.S. and E.U. and securing additional international approvals. Both products are drug-device combinations, making the company dependent on third-party manufacturers like PARI for the Lamira delivery system. Financial analysts should note that Insmed has a history of operating losses and a significant accumulated deficit, necessitating ongoing capital raises and reliance on debt, including a senior secured term loan and royalty financing arrangements. These financial obligations impose restrictive covenants and potential dilution. Furthermore, the company faces intense competition, pricing pressure from government payors (including potential IRA-related negotiations), and the inherent risks of pharmaceutical R&D, particularly regarding its novel gene therapy pipeline. Operational risks include reliance on third-party contract research organizations and manufacturers, potential cybersecurity threats, and the complexities of managing rapid global expansion.

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INSM filing events and research context

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