Insmed (INSM) financial statements
Insmed reported revenue of $606M in fiscal 2025, up 80.2% a year over 7 years.
Net income was -$1.3B.
Free cash flow was -$968M.
The diluted share count rose 222% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Insmed's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $10M | $136M | $164M | $188M | $245M | $305M | $364M | $606M |
| Cost of revenue | $0 | $0 | $2M | $24M | $40M | $44M | $55M | $66M | $86M | $123M |
| Gross profit | $0 | $0 | $7M | $112M | $125M | $144M | $190M | $240M | $278M | $483M |
| Research and development | $123M | $110M | $145M | $132M | $181M | $273M | $398M | $571M | $598M | $771M |
| Selling, general and admin | $51M | $79M | $168M | $211M | $204M | $234M | $266M | $345M | $461M | $701M |
| Operating income | -$173M | -$189M | -$307M | -$235M | -$265M | -$375M | -$457M | -$710M | -$878M | -$1.2B |
| Interest expense | $3M | $6M | $25M | $28M | $30M | $40M | $26M | $82M | $85M | $84M |
| Pre-tax income | -$176M | -$193M | -$324M | -$254M | -$293M | -$436M | -$480M | -$747M | -$910M | -$1.3B |
| Income tax | $98,000 | -$272,000 | $201,000 | $777,000 | $1M | -$2M | $1M | $3M | $4M | $5M |
| Net income | -$176M | -$193M | -$324M | -$254M | -$294M | -$435M | -$482M | -$750M | -$914M | -$1.3B |
| EPS (diluted) | -$2.85 | -$2.89 | -$4.22 | -$3.01 | -$3.01 | -$3.88 | -$3.91 | -$5.34 | -$5.57 | -$6.42 |
| Diluted shares | 62M | 67M | 77M | 85M | 98M | 112M | 123M | 140M | 164M | 199M |
| Gross margin | — | — | 75.4% | 82.3% | 75.7% | 76.6% | 77.5% | 78.5% | 76.4% | 79.7% |
| Operating margin | — | — | -3124.9% | -172.4% | -161.3% | -199.0% | -186.4% | -232.5% | -241.5% | -205.6% |
| Net margin | — | — | -3297.2% | -186.4% | -178.9% | -230.6% | -196.3% | -245.6% | -251.2% | -210.5% |
Balance sheet
Fiscal years, from Insmed's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $163M | $381M | $495M | $487M | $533M | $717M | $1.1B | $780M | $1.4B | $1.4B |
| Receivables | — | $0 | $6M | $19M | $17M | $24M | $30M | $41M | $52M | $141M |
| Inventory | — | $0 | $7M | $28M | $50M | $67M | $70M | $83M | $99M | $132M |
| Total current assets | $168M | $389M | $519M | $555M | $623M | $837M | $1.3B | $929M | $1.6B | $1.8B |
| Property, plant and equipment | $10M | $12M | $23M | $60M | $54M | $53M | $56M | $65M | $80M | $103M |
| Goodwill | — | — | — | — | $0 | $136M | $136M | $136M | $136M | $136M |
| Total assets | $238M | $462M | $605M | $742M | $796M | $1.2B | $1.7B | $1.3B | $2.0B | $2.3B |
| Total current liabilities | $28M | $45M | $80M | $85M | $119M | $135M | $190M | $226M | $298M | $469M |
| Long-term debt | $55M | $56M | $317M | $336M | $356M | $567M | $1.1B | $1.2B | $1.1B | $541M |
| Total liabilities | $83M | $101M | $396M | $481M | $520M | $833M | $1.6B | $1.7B | $1.7B | $1.5B |
| Shareholders' equity | $154M | $361M | $208M | $262M | $276M | $410M | $88M | -$332M | $285M | $739M |
| Net debt | -$108M | -$326M | -$179M | -$151M | -$176M | -$150M | $51M | $673M | $548M | $31M |
Cash flow
Fiscal years, from Insmed's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$147M | -$160M | -$258M | -$251M | -$219M | -$363M | -$400M | -$536M | -$684M | -$935M |
| Capital spending | $4M | $3M | $13M | $42M | $6M | $7M | $10M | $13M | $22M | $33M |
| Free cash flow | -$151M | -$163M | -$271M | -$293M | -$226M | -$371M | -$410M | -$550M | -$706M | -$968M |
| Stock-based compensation | $18M | $18M | $26M | $27M | $36M | $46M | $58M | $75M | $97M | $153M |
| Net borrowing | $30M | $0 | -$58M | $0 | $0 | — | — | — | — | — |
| Free cash flow margin | — | — | -2756.1% | -214.6% | -137.2% | -196.6% | -167.2% | -180.1% | -194.1% | -159.6% |
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Open INSM in InvestinglyQuestions
What was Insmed's revenue in 2025?
$606M in fiscal 2025, from its 10-K filing.
How much free cash flow does Insmed generate?
-$968M in fiscal 2025 (operating cash flow minus capital spending).
From Insmed's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.