Income StatementBalance SheetCash FlowSegments
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Insmed Business Segments

Business, geographic, and product segment breakdowns

Insmed generates $819.6M in annual revenue across 2 key segments: AstraZeneca milestone ($1.5M), and PARI milestones ($202.5K). The company-wide operating margin is -140.56%. Based on the Q1 2026 filing.

AstraZeneca milestone (TTM)$1.5MPARI milestones (TTM)$202.5K
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$23.2B
ROE-294.46%

Products & Services

Product revenues, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
ARIKAYCE external R&D expenses—$92.8M—$114.3M—$98.1M

R&D

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TPIP external R&D expenses$20.7M$9.2M$20.6M$28.8M$35.6M$37.3M
Other external R&D expenses$35.5M$28.1M$28.4M$36.6M$36.8M$32.7M
Brensocatib external R&D expenses$24.0M$20.7M$33.6M$19.4M$22.9M$18.5M
ARIKAYCE external R&D expenses$15.1M$12.1M$11.0M$9.2M$9.1M$8.6M
INS1148$0.0$10.0M$10.0M$10.0M$10.0M—

Additions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
AstraZeneca milestone—$11.3M$11.3M$11.3M$11.3M$0.0
PARI milestones$0.0$0.0$0.0$0.0$0.0$0.0

Intangible Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
AstraZeneca milestone—$237.3K$237.3K$237.3K$237.3K$818.0K
PARI milestones$50.5K$50.5K$50.5K$50.5K$50.5K$51.0K

Intangibles, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
AstraZeneca milestone$0.0——$29.7M$44.1M$43.2M
PARI milestones$1.2M——$1.0M$962.0K$911.0K

Geographic

Future minimum rental payments under Bridgewater

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Bridgewater, NJ Facility————$14.6M—
San Diego$18.9M———$18.0M—

Product revenues, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
International—$28.5M—$40.3M—$35.9M

Business Segments

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product revenues, net$104.4M$92.8M$107.4M$142.3M$263.8M$306.0M
Other segment items$113.1M$119.7M$127.7M$150.9M$165.7M$210.5M
Net loss—-$256.6M—-$370.0M—-$163.6M
SG&A compensation and benefit-related expenses$53.2M$54.8M$51.3M$62.3M$80.1M$74.8M
R&D compensation and benefit-related expenses$58.8M$53.6M$56.4M$63.8M$75.4M$72.1M
Cost of product revenues (excluding amortization of intangible assets)$26.2M$21.3M$28.1M$29.4M$44.2M$47.4M
Change in fair value of contingent consideration—$18.3M$59.0M$104.7M$70.0M-$47.0M
Interest Expense$106.2M-$21.6M-$21.2M$20.4M$106.2M$20.1M
Investment income$55.4M-$13.9M-$13.2M$18.3M$69.5M$12.0M
Depreciation$1.5M$1.9M$2.5M$2.5M$3.6M$2.9M
Intangible Amortization$1.3M$1.3M$1.3M$1.5M$1.9M$2.1M
Provision for income taxes$1.3M$912.0K$1.2M$1.3M$1.6M$1.5M